CNMI Casino Commission to Discuss Imperial Pacific Bankruptcy and Tinian Online Gambling Bill

The ongoing Chapter 11 bankruptcy case of Imperial Pacific International (CNMI) LLC and the proposal to provide online gambling licenses on the island of Tinian are the two main topics of discussion at the Commonwealth Casino Commission (CCC) meeting scheduled for this Thursday, May 30.

The commissioners will consult with legal counsel regarding IPI’s bankruptcy procedures during the meeting’s executive session. IPI filed for Chapter 11 bankruptcy protection in April, owing more than $160 million.

On the other hand, creditors have called into question the legitimacy of the file, alleging that it is an attempt to rig the bankruptcy system. The CNMI Treasury, MCC International Saipan, and the CCC are acknowledged as some of IPI’s largest creditors.

Currently, vice chair Rafael S. Demapan, commissioner Mariano Taitano, and board chair Edward C. DeLeon Guerrero all reside on Saipan.

There were concerns expressed regarding Tinian and Rota’s absence, as their terms as commissioners ended in April.

But Demapan confirmed that the meeting can go forward and that the three people listed on Saipan form a quorum.

Senate Local Bill No. 23-05, sponsored by Senator Jude U. Hofschneider of Tinian, is also on the agenda.

Tinian residents would be able to get online gambling licenses under this law for up to 20 years.

In order to establish a legal framework for internet gambling, it also suggests amending the Commonwealth Code.

The CCC conference room in Springs Plaza in Gualo Rai will host the meeting starting at 10:30 a.m.

Original Story by: Asian Gaming Brief