Imperial Pacific International (IPI) brings in the new year by holding its third auction of casino equipment in Saipan.

Imperial Pacific International (IPI) can’t stop debt-reduction auctions. Even though it is fighting to retain its Imperial Palace casino in Saipan, all that remains is a skeleton of the best independent casino in the area.

The court-appointed Clear Management Ltd. will conclude the third of six auctions to sell IPI assets on January 6. Scientific Games (now Light & Wonder) and other slot machines, gaming tables, roulette wheels, and more were auctioned on December 10.

At the first auction in October, IPI gaming equipment worth $410,000 was sold by Clear Management. The second sale ended on December 9 because IPI couldn’t get a court order to stop it. But if you owe more than $100 million in debt, you don’t have much power in negotiations.

Imperial Palace keeps getting thinner

IPI owes the Northern Mariana Islands Commonwealth Casino Commission (CCC) nearly $100 million. COVID-19 has left it unable to pay its license and regulatory payments for years.

The corporation owes creditors at least $24 million. This money is overdue. IPI also faces fresh litigation due to its financial difficulties.

Auctions continue. Clear Management is accepting closed bids for the next round, meaning most Imperial Palace chips will leave Saipan forever. IPI’s casino gambling debut is unlikely this year.

Tim Shepherd, Clear Management’s senior partner and auctioneer, told Casino.org that sales have been good despite a few “tire kickers.” Since it’s a closed-bid auction, one group “wants to acquire everything” doesn’t guarantee victory.

IPI may have concluded its financial stability fight is over. Shepherd also alleged that the business has discontinued its attempt to lift the receivership stay and that IPI’s small group of executives has been very quiet about the situation.

Getting close to the finish line

This auction will end on Friday at noon, which is the same time as noon on Saipan. Shepherd and Clear Management will probably have to sort through some last-minute bids, but they are getting messages from all over the world.

In March, there will be another auction with more slots. Shepherd has told Casino.org before that it’s been hard to keep the equipment in good shape because it hasn’t been used in a long time.

However, he explained that there’s a crew preparing all of the devices in order to make sure they’re in proper working order. It will also get all equipment that has been sold ready to be sent out.

In the meantime, IPI has not said anything. Last year, it said it was working on a big deal to raise money, but it never did. Without the money to cover its outstanding debts and, now, to buy new equipment, the future looks increasingly dim.