Gold99 | Saipan Casino Saga: Legal Battles and Luxury Dreams
Legal Disputes
Imperial Pacific International (IPI) is entangled in legal disputes over its casino project in the Northern Mariana Islands. Initially planned as a $3.9 billion luxury resort, IPI, helmed by Hong Kong-based tycoon Cui Lijie, faces financial woes. The company owes the U.S. territory tens of millions in back fees and regulatory dues, proposing a $31 million separation fee.
Financial Turmoil
The once-envisioned luxury resort has turned into a financial disaster for IPI. Despite significant investments, the project has failed to meet its financial obligations, leading to substantial debts owed to the U.S. territory. As a result, IPI is now seeking to resolve these outstanding debts through a proposed separation fee.
Appointment of Receiver
To address the financial challenges faced by IPI, Saipan’s Clear Management Group has been appointed as the resort’s receiver. Clear Management Group, a local strategy and advisory firm specializing in the entertainment and hospitality industries, will oversee the auctioning of the resort’s assets.
Auction of Assets
Among the assets to be auctioned off are luxury vehicles and a dragon art structure adorned with over 2.5 million Swarovski crystals. Despite the setbacks faced by the casino project, the auction presents an opportunity to liquidate assets and potentially recoup some of the financial losses incurred by IPI.
Majestic Art Auction: Saipan’s Crystal Dragons
Clear Management contacted Casino.org this week to announce the commencement of an extraordinary auction. The auction features assets from Imperial Pacific, notably the coveted crystal dragons, once the centerpiece of the resort’s grand casino hotel lobby.
The “Saipan Dragons,” spanning 200 feet and weighing 40 tons, are symbolic of Chinese mythology. Depicting two dragons engaged in a timeless battle over a flaming pearl, this artwork symbolizes spiritual energy, wisdom, prosperity, power, and immortality.
Crafted by Lasvit, a prestigious art manufacturer from Manhattan, the dragons exemplify masterful glassmaking, intricate metalwork, and cutting-edge design. Illuminated and capable of changing colors, these dragons showcase artistic innovation and technical expertise.
With a starting bid set at $100,000 and a reserved price, collectors have until August 22, 2024, to submit their bids. Don’t miss this rare opportunity to own a piece of cultural and artistic significance from the heart of Saipan’s vibrant casino scene.
Luxury Wheels at Imperial Pacific’s Auction
Luxury car aficionados will find Imperial Pacific’s vehicle auction particularly enticing.
Up for grabs are two 2017 Rolls-Royce Ghosts, boasting extended wheelbase configurations for added comfort. Current bids hover around $21,000 per vehicle, both with less than 6,000 miles on the odometer.
While the base price of a 2017 Rolls-Royce Ghost was $339,775, similar models on Autotrader fetch roughly $150,000. Transporting these beauties from the Pacific Ocean to the mainland U.S. will be no small feat, given the considerable distance.
Also up for bidding is a 2017 Cadillac Escalade with fewer than 42,000 miles, currently commanding a top bid of $13,000. The auction runs until April 11, offering enthusiasts a chance to acquire luxury vehicles at a fraction of their retail price.
Notably, this isn’t the first time a failed casino venture has dealt a blow to Rolls-Royce vehicles. The bankrupt 13 Hotel in Macau suffered a similar fate, selling off 30 Rolls-Royce Phantoms for a fraction of their original value after the project folded.
