Two luxury Rolls Royce vehicles, part of the assets of Imperial Pacific International (IPI) LLC, the troubled Saipan casino operator, were up for sale via an auction that closed on April 11. The luxury cars were able to find new owners, after the company in charge of auctioning the assets, Clear Management Ltd, confirmed the sale of the two vehicles, as announced by IAG.

While one of the cars was sold for $163,000, the live online auction saw the second car sell for $170,000. This means that the sales of the cars brought approximately $333,000.

The two Rolls Royce vehicles are only a couple of the total outstanding assets belonging to IPI that are likely going to be sold. Counting the two recently sold cars, so far, there are 11 vehicles belonging to IPI that have been sold.

However, the operator’s assets include many more cars that may go for auction this summer. In total, more than 100 vehicles that are a part of the operator’s assets are likely to go for sale through auctions.

Previously, Danny Ewing, Clear Management’s operations director and former IPI employee, revealed that the company anticipates significant interest from different jurisdictions. “We expected strong interest in these from CNMI and Guam, but what has surprised us is the interest from the Philippines and mainland USA,” he said.

While the two luxury vehicles found new owners, they have to be aware that the transportation of the cars would require additional expenses. Still, considering that a 2021 Rolls Royce can cost approximately $300,000 or even more, the buyers definitely were in for a good deal. How much extra they would pay for the transport also depends on the destination.

Auction for IPI’s Two Crystal Dragons Continues

IPI’s two luxury vehicles were sold but the auction for the operator’s famed Crystal Dragons is still ongoing. The two unique art pieces were put up for auction back in mid-March and their sale came after high-end liquor belonging to the operator was sold.

The two Crystal Dragons are more than 60 meters long and consist of crystal gems. The unique sculptures were made with 2.5 million Swarovski crystals.

A state-of-the-art lighting system allows the Crystal Dragons to change color, underlining further their uniqueness. IPI’s Crystal Dragons were put up for auction with an initial bidding price of $100,000. While those are unique pieces of art, their size and restricted utility make them difficult to sell. Yet, according to Ewing, a number of potential buyers, primarily from the Middle East, have shown interest in the sculptures. The auction for the Crystal Dragons will close on August 22, 2024.

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Saipan’s troubled casino operator, Imperial Pacific International (IPI) LLC, is again making headlines as its assets go under the hammer in a new auction organized by the appointed receiver. This time, the spotlight falls on IPI’s prestigious collection of Rolls Royce cars and its famed Crystal Dragons. The online auction, facilitated by Clear Management Ltd, commenced on Monday, 18 March, following the recent sale of IPI’s high-end liquor.

Luxury Cars Are Looking for a New Owner

The first vehicle auction is scheduled to close on 11 April, with the Crystal Dragon auction concluding on 22 August. Interested parties can purchase 11 cars varying significantly in value. Two 2017 Rolls-Royce Ghosts with a starting bidding price of $23,000 mark the most intriguing opportunity, providing unparalleled comfort and luxury.

According to the auction website, the two vehicles are pristine and immaculately maintained, with just under 6,000 miles traveled for the more used car. Danny Ewing, Clear Management operations director and former IPI employee, commented on the matter for media outlet IAG, noting that the two Rolls-Royce Ghosts reflected Saipan Casino’s vision to match VIP destinations like Macau.

We expected strong interest in these from CNMI and Guam, but what has surprised us is the interest from the Philippines and mainland USA.

Danny Ewing, Clear Management operations director

The auction’s winner will likely have to pay a significant amount to transport the vehicles overseas, but a low enough purchase price could justify these expenses. Such cars appeal to collectors, VIPs, or establishments like luxury hotels that value prestige and comfort. Any would-be buyer will also purchase a piece of history, taking home a part of Saipan’s failed casino resort dream.

Connoisseurs Can Purchase a Unique Piece of Art

While the two Rolls-Royce are undoubtedly impressive, the two Crystal Dragons adorning the Saipan Casino foyer represent the auction’s primary highlight. The stunning crystal gem-studded sculpture spans over 60 meters, featuring two dragons fighting over a flaming pearl. 2.5 million Swarovski crystals make up the dragons’ scales, while a state-of-the-art lighting system allows the sculpture to change color almost instantly.

Designed by renowned manufacturer LASVIT, the Saipan Crystal Dragons have an initial bidding price of $100,000. Finding a fitting buyer for the sculpture could be significantly more challenging due to its price tag, transportation difficulties, and limited utility. However, Ewing revealed that several parties have already expressed interest, raising hopes that the Dragons can find a fitting home.

The Crystal Dragons are unique art pieces and deserve a 5-star setting. All discussions to date have been with potential buyers in the Middle East.

Danny Ewing, Clear Management operations director

Amidst these auctions, IPI finds itself embroiled in revocation hearings with the Commonwealth Casino Commission (CCC) regarding its Saipan casino license. As IPI navigates these challenges, the auction of its prized assets reflects a strategic move to mitigate financial pressures amid ongoing regulatory scrutiny. Whether the auction proceeds will alleviate IPI’s woes or serve as a temporary solution remains uncertain.

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Imperial Pacific International (IPI) faced another crippling blow on Monday as the US Supreme Court rejected its petition, upholding the Ninth Circuit’s previous ruling regarding the case. This decision allows the Commonwealth Casino Commission (CCC) to proceed with the revocation hearing concerning IPI’s casino license and will likely spell the end for Imperial Palace Casino in Saipan.

The Operator Exhausted All Legal Options

The casino, operated by IPI, ceased operations in March 2020 due to the COVID-19 pandemic, suffering a license suspension in April 2021 for failure to pay its license fees. IPI contested this decision, citing force majeure as the primary reason behind its casino closure. However, the Supreme Court highlighted that the force majeure event had concluded, and IPI had to pay its dues.

IPI, in response, filed civil suits against the CCC, alleging breaches in the casino license contract and an overstepping of its regulatory role in interpreting the agreement. The following legal disputes won the beleaguered operator some extra time to resolve its most pressing issues, but its efforts appear to have been in vain.

The CCC’s final compromise gave IPI until 30 December 2023 to pay back the $62 million in missed license fees or lose its license for good. That deadline passed without any attempts from the operator to pay its dues. Following the Supreme Court’s decision, the CCC is now free to hold a revocation hearing, which will likely spell the end of this saga.

A License Revocation Seems Inevitable

Commission representatives expressed relief at the Supreme Court’s decision, welcoming the opportunity to determine the fate of IPI’s license. Commissioner Ramon Dela Cruz stressed that IPI had ample time and due process to address its financial obligations to the CNMI government. The upcoming revocation hearing is scheduled for 31 January 2024 and should finally put the matter to rest.

Attorney General Edward E. Manibusan hailed the recent legal breakthrough, stressing the importance of enforcing IPI’s obligations to the CNMI. Although a license revocation is a natural next step for the Commission, the Commonwealth will likely face difficulties collecting its dues, as IPI has exhausted most of its assets, even auctioning off its liquor inventory.

This victory is important for the people of the Commonwealth in enforcing IPI’s failure to meet its contractual and statutory obligations to the people of the CNMI.

Attorney General Edward E. Manibusan

Despite legal challenges and appeals, the ruling from the highest court in the country affirms the CCC’s authority to pursue the revocation of IPI’s casino license. Although the process includes an official hearing, it is little more than a formality. This case highlights the lengths to which even a smaller casino operator will go to salvage its business, even against overwhelming odds.

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