Imperial Pacific International Holdings announced that it has signed agreements to complete the construction of IPI's casino-hotel in Garapan (Northern Mariana Islands), lease 250 hotel rooms and 15 villas, and operate a shopping center.
Various media in the area confirm that IPI Holdings has received "an indicative offer of a credit line of $100 million which is valid until 27 September 2023 from an independent financial institution."
Likewise, IPI Holdings and its subsidiaries, IPI CNMI LLC and Best Sunshine, “entered into a construction agreement with an independent construction company which has undertaken to finance and complete the remaining constructions of IPI casino hotel in Garapan.”
On the other hand, it entered into an agreement with CNI Securities Group Limited "by virtue of which the placement agent agreed to act as the sole placement agent, on a best effort basis, in order to organize independent places to subscribe bonds of up to an amount total principal of $101.9 million dollars at a coupon of 6% per annum".
Another achievement of the board is that “Inventive Star and other related parties will provide additional funding to settle the IPI CNMI LLC's operations, liabilities, potential liabilities related to litigation, the casino annual license fee and the community benefit fund and capital investments as and when necessary”.
An important contract is related to the shopping mall, more specifically it is an exclusive cooperation agreement with Fujian Jiadingsheng Supply Chain Management Co. Ltd. "to form a joint venture which has the exclusive right to operate a shopping mall with an area of 1,000 square meters at IPI for a period of four years commencing from Oct. 20”
Additionally, IPI and Sino Travel Samoa Limited have entered into an agreement whereby Sino Travel has agreed to lease 250 hotel rooms and 15 villas at IPI for a period of four years after IPI obtains all necessary licenses and approvals.
According to the authorities, IPI's obligations to the Commonwealth amount to approximately $57 million, including fees owed to the commission for three consecutive years.
To conclude, it is worth remembering what was stated by the company at the time: “Operation of the casino portion of Imperial Palace?Saipan has been suspended since 17 March 2020 to help curb the spread of the Covid-19 and subsequently the casino resort developer license has been temporarily suspended by the Commonwealth Casino Commission on April 23, 2021 pending settlement of certain outstanding fees associated with the license.”
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