Technical support issues
The Lottery Committee aims to approve Imperial Pacific International's request to revise its casino license agreement, freeing up more time to complete the first and second phases of the project. In return, the company promised to secure stable revenues from the Community Welfare Fund, even though the project was still ongoing.
The Lottery Commission agreed to extend the deadline for completion of the second phase of Imperial Pacific International's project after a meeting on Monday. This is the company's fifth amendment to the casino licensing agreement, which has been delayed due to a number of factors.
Under the new amendment, the company must complete phase 1 of the project. The Phase 1 project involves the opening of the Imperial Pacific Resort Hotel in the tourism industry centre of Saipan Island, especially the Phase 2 deadline in karapan was also extended to 13 August 2028. It's a hotel project located in Marpi.
In return, Imperial Pacific International agreed to pay $20 million in annual fees. The company is expected to pay an annual fee of $10 million each in two equal installments every other year. The first transaction , and the second transaction is said to be . Therefore, the company will donate $20 million per year of the revised agreement to the Community Welfare Fund.
In an official statement, Gov. Ralph Torres explicitly supported the lottery committee's decision. He explained that the game authorities will give the company extra time to meet all legal requirements and ensure that construction work is carried out in a qualitative manner. Moreover, while the construction is still ongoing, Imperial Pacific International will donate $20 million annually to the Community Welfare Fund, in addition to a casino license fee worth $15 million.
In a short presentation held the Commonwealth Casino Commission (the gaming regulator of Commonwealth, Northern Mariana Islands) outlined all the benefits of the signed casino license revision. Chairman Juan Sablan welcomed the lottery committee's decision and called it a "win-win" solution to the problem.
The casino license amendment will retain the interests of both parties, which on the one hand will not result in government financial losses but vice versa, and on the other hand, Imperial Pacific International will have plenty of time to complete the two-phase project.
Friday, September 8, 2023