Receiver reopens online auction for Imperial Pacific’s Saipan casino equipment sale – IAG

Casino gaming equipment belonging to casino operator Saipan Imperial Pacific International (CNMI) LLC is back on the market and is set to be auctioned from next month after a local court lifted a suspension of the sale.

The first of two IPI equipment auctions is scheduled for October 7, followed by the second on December 9. Both will present gated bids with all auction items to be posted no later than 5 days prior to

The sale comes nearly a year after an initial plan to hold six auctions for the equipment was put on hold following an offer by IPI to place around US$2 million in an escrow account pending the judgment of a related court case. The auction was further delayed when the IPI said it was to receive $150 million in funding from an investor that would allow it to settle its outstanding debts.

That investment never materialized, with receivership Clear Management Ltd, a company run by veteran industry executive Tim Shepherd, now recalled to resume selling assets.

“We remained on hold as the legal wrangling continued,” Shepherd said. Inside the Asian Game.

“Our concern is obviously that this very valuable gaming equipment has spent another year in the wet and damp environment of a closed casino on a tropical island.

“The good news is that IPI has purchased from world-class vendors like Light & Wonder and Aristocrat, so the gear we’ve seen is still in great condition. There’s a lot of gear that’s not never taken out of their box.

“Additionally, the industry has recovered globally and we have already been approached by new interested parties keen to meet the demand for quality casino equipment that is barely used or not used at all in a sale. at auctions like this.”

Shepherd said Clear Management would assess the possibility of holding more auctions if necessary towards the end of the year.

Interested buyers can bid by email via [email protected]

Imperial Palace‧Saipan closed in March 2020 due to the COVID-19 pandemic and has remained closed ever since, with IPI’s casino license suspended by the Commonwealth Casino Commission last year following a a series of complaints for non-compliance with various requirements under its license. OK.

As reported by AGIthe total amount owed by the IPI to the CNMI government in unpaid licensing and regulatory fees is expected to exceed US$100 million on October 1, 2022.