OKBET CASINOS | Next month, Imperial Pacific International Holdings Limited will commence the sale of its assets
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According to reports, Japanese casino equipment behemoth Angel Group Company Limited would repurchase around $300,000 worth of equipment from struggling operator Imperial Pacific International Holdings Limited.
Inside Asian Gaming reports that the action comes after a local court removed an injunction preventing the casino company’s assets from being sold at auction. This reclamation effort was planned by debt collection expert Clear Management Limited, according to the source, and will include shoes and decks valued at around $301,500.
Imperial Pacific International Holdings Limited, located in Hong Kong, allegedly inaugurated the casino under its $650 million Imperial Palace Saipan complex in July of 2017, but failed to finish construction on an adjacent 500-room hotel. The whole Saipan venture was then allegedly plunged into financial troubles as a result of its shutdown in March 2020 because to the coronavirus epidemic and the subsequent loss of its license due to fee defaults.
Imperial Pacific International Holdings Limited is believed to be in debt to the tune of more than $100 million and was reportedly ordered to conduct six auctions in order to raise funds for the partial compensation of a multitude of parties, including the government of the Commonwealth of the Northern Mariana Islands, last year. This devastating order was reportedly postponed when the company volunteered to deposit up to $2 million in escrow until the outcome of a related court case and disclosed that it will receive around $150 million from an outside investor to fully satisfy its financial commitments.
However, this investment apparently never materialized, allowing for the prior stay to be revoked and the subsequent hiring of Clear Management Limited, headed by veteran casino executive Tim Shepherd. Supposedly, the first sale of Imperial Pacific International Holdings Limited’s equipment will take place on October 7, followed by monthly public auctions through March 2023.
Shepherd allegedly announced in advance of this first date that Angel Group Company Limited has agreed to acquire the whole inventory of 201 Super Angel Eye dealing shoes owned by Imperial Pacific International Holdings Limited for $1,500 each pair. The official allegedly said that the Japanese corporation has also agreed to pay ten cents for each of the more than 1.93 million decks of unused playing cards housed at the Imperial Palace Saipan.
Shepherd allegedly said…
“We have been on standby while the legal fighting has continued, and our main worry has been that this very costly gaming equipment has spent another year in the humid and muggy atmosphere of a closed casino on a tropical island. The good news is that Imperial Pacific International Holdings Limited purchased equipment from world-class vendors such as Light & Wonder and Aristocrat Leisure Limited, thus the majority of the equipment we have seen has never been used. Globally, the sector has perked up, and we have already been contacted by new parties interested in purchasing casino equipment that has been used little or never before.
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