New Jersey investors set target on Saipan casino venture

New Jersey investors set target on Saipan casino venture

According to the Commonwealth Casino Commission (CCC) of the Commonwealth of the Northern Mariana Islands (CNMI), two American investors are reportedly interested in operating a casino on Saipan. According to the Saipan Tribune, Andrew Yeom, the executive director of CCC, has been contacted by two investors from New Jersey about the company.

Online Casino

Online and Retail Casino Possibilities 

CNMI land-based and online casino operations are being investigated by the New Jersey investors, according to reports, but there is no specific confirmation as to which casinos the investors intend to invest their money in at this time.

The Imperial Palace on Saipan is reportedly being discussed, according to rumors that are circulating. Because of the COVID-19 outbreak, this establishment was forced to close in 2020. To make matters even more complicated, the CCC suspended IPI’s license in April 2021 because the company had failed to meet the requirements of its license agreement.

It was found that IPI did not comply with the license requirements in five different sections. The company failed to pay the $15.5 million annual fees, failed to contribute $20 million to the community benefit fund in 2018 and 2019, failed to pay the money it owed to its vendors, failed to pay the $3.1 million annual regulatory fees in October, and failed to meet the $2 billion capital requirement, among other things. It was costly for IPI to be negligent, as the company was forced to sell assets in order to pay off the debt. IPI’s license will be suspended until the company complies with the requirements, according to Edward DeLeon Guerrero, the CCC’s chair; a meeting with the regulator is scheduled for later this month in order to assess progress and determine whether IPI’s license will be revoked permanently.

A Great Casino for US Players

Our Rating

  • Welcome Package of Up To $12,250
  • Lots of Payment Options including Bitcoin
  • Great Slot Selection From Top Providers
  • Excellent 24/7 Support
RedDog Casino

Legit Investors

Yeom was the person who prompted IPI’s license suspension. He stated that this specific license is exclusive and that the New Jersey investors are legitimate and legitimately invested. Because of the exclusive license, Yeom stated that he is unable to comment on the developments, at least not until the situation with IPI has been resolved. If IPI were to lose its license, Saipan would be able to issue additional licenses to other companies in the future. Two Senators have urged the Northern Mariana Islands’ Commonwealth to introduce new legislation that would allow the Commonwealth Lottery Commission to issue a second license in the event that IPI’s license is revoked, which has been requested by two Senators.

There are two bills that have been introduced in the Senate, and one of the states that if IPI’s exclusive license is revoked, the CNMI should seize the opportunity to revise its gambling regulations and improve the overall gambling industry. The outcome of the entire situation is now dependent on whether IPI will pay the $15.5 million casino license fee, the $3 million regulatory fees, and the $6.6 million fine.

A Great Casino for US Players

Our Rating

  • Welcome Package of Up To $12,250
  • Lots of Payment Options including Bitcoin
  • Great Slot Selection From Top Providers
  • Excellent 24/7 Support
RedDog Casino

 

Avatar

About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.