IPI holds online auction of its non-gaming assets

The non-gaming assets of Imperial Pacific International (IPI), which include a sizable collection of more than 6,000 liquor bottles, are being put up for auction online, adding to the company’s troubles.

A vast variety of items are up for sale, including cars, trucks, and limousines; kitchen and laundry appliances; grand pianos; and the renowned Crystal Dragons from the Imperial Palace of Saipan hotel lobby.

The auction is overseen by Clear Management Ltd, a receiver appointed by the court. In order to raise money to satisfy a $5.69 million ruling in favor of Joshua Gray, a former IPI director of operations who successfully sued the company for discrimination, a court ordered access to IPI’s liquor vault, which was then put up for auction.

The Commonwealth Casino Commission (CCC) of Saipan is also looking into Imperial Pacific International. IPI has been given a 30-day ultimatum to pay $62 million in past-due licensing fees or risk having its license withdrawn. The CCC brought accusations against IPI in 2021, alleging a number of infractions such as failure to pay suppliers, failure to pay license fees, and failure to fulfill the capital requirement.

Original story by: IAG