Shuttered Imperial Palace Saipan Casino Resort Targeted by New Jersey Investors

March 31, 2022 Hong Kong Emerging Markets Industry Updates

The nearly defunct Imperial Palace Saipan casino could receive new life by way of two investors based in New Jersey. They reportedly have the financial means to revitalize the shuttered multibillion-dollar integrated resort.

The Saipan Tribune reported today that Andrew Yam, executive director of the Commonwealth Casino Commission, has confirmed such interest from two New Jersey businessmen.

Though the gaming regulator wouldn’t publicly identify the individuals, Yam told the Northern Mariana Islands media outlet that the two are “both legitimate.”

Yam added that he is barred from discussing the matter further because of rules that govern casino gambling on the islands. Imperial Palace maintains a monopoly on gambling in the territory, which is officially a commonwealth consisting of 14 islands in the Pacific Ocean.

Takeover Ideal
When the Commonwealth of the Northern Mariana Islands (CNMI) opted to authorize a single casino resort in Saipan, Asian interests pounced. The bidding was eventually won by Hong Kong billionaire Cui Lijie, who made her fortune through Macau’s VIP junket industry.

Cui formed Imperial Pacific International, which in turn built and opened Imperial Palace Saipan. But scandal and controversy surrounded the casino nearly since the day ground was broken on the projected $3.9 billion venture.