Team King Acquires Saipan’s Imperial Pacific Resort for $13 Million
Saipan’s Imperial Pacific Resort Faces New Ownership
The once-promising Imperial Pacific casino resort in Saipan has found a new owner after months of uncertainty. This property, which struggled for years and was affected by several challenges, has recently been purchased by Team King Investment for $13 million.
Background: The Rise and Fall of Imperial Pacific
Imperial Pacific International (IPI) originally developed the resort, with ambitious plans valued at $2 billion aimed at boosting Saipan’s tourism and casino industry. The company had also committed to paying an annual licensing fee of $15.5 million. Despite these intentions, the resort was never fully completed.
Some sections of Imperial Pacific did operate as a casino and hotel for a stretch, and the company claimed profitable operations. However, the outbreak of the COVID-19 pandemic forced a shutdown that the resort never recovered from, resulting in a permanent closure and the subsequent auctioning of its assets.
Compounding the challenges, the resort was embroiled in controversies, including allegations of money laundering occurring within its casino floor. These issues, along with IPI’s mounting debts, painted a grim financial picture that the company could not overcome.
Team King’s Acquisition and Future Prospects
In a recent development earlier this year, Team King Investment, a newly established firm, placed a bid of $12.95 million to buy Imperial Pacific. Another bid also came from Ji Xiaobo, the son of the resort’s former owner Cui Lijie, but Team King’s proposal was ultimately accepted. The deal was finalized last week, officially transferring ownership to Team King.
Despite hopes that this acquisition could revive the dormant property, some concerns linger, given that Team King is led by former IPI director Howyo Chi. Additionally, Hiroshi Kaneko, known as the CEO of Japan Kyosei Group and a previous IPI shareholder, is a leading founder of Team King.
With control over Imperial Pacific now in their hands, Team King’s next steps are crucial. Should they plan to operate casino games, securing a proper gaming license will be mandatory before reopening.
