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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Malaysian gaming group owner Genting Berhad, the parent company of globally placed Resorts World casinos, had been trying to build a casino in Miami for about a decade. While the firm was occasionally able to get the preliminary go-ahead on various infrastructure and auxiliary support elements for the project ranging from a marina to a rail system, it never really came close to getting its foot in the door to build the magnificent waterfront casino of its dreams there (image).

The site is situated on the waterfront at Biscayne Bay in the arts and entertainment district across from Miami Beach.

Now, just four months after letting the commercial world know of its plans to offload the roughly 15-acre parcel that was once the home of the Miami Herald, it is being reported that at least five bidders are vying for the land with bids over $1 billion and one clocking in closer to a billion and a half dollars, according to Bloomberg News.

Record-breaking Bid Could be Approved “Within Weeks”

Miami real estate broker Michael Fay has confirmed that a final decision on the purchase could be made within weeks. The high bid would break records for similar parcels.

Fay told Bloomberg: “If we get what we hope to achieve, this could be the highest price paid for any development site in the country,” according to reports.

Genting is seen as a favorite to snatch up one of three full casino licenses to be tendered in downstate New York this year as it already operates a video lottery terminal (VLT) casino in Queens next to the Aqueduct Raceway, New york’s largest “casino” to date. Another license is expected by many observers to go to MGM Resorts for their VLT casino at the former family-owned Yonkers Raceway. A third is up for grabs and could see a mega-resort with Las Vegas-style gambling in any of half a dozen locations ranging from Citi Field to Coney Island, or even Times Square among other potential sites.

Genting would use proceeds from the sale to finance an expansion of its franchise in New York, according to a press release from the company on November 30, 2022, announcing its intention to offload the property.

At the time President of Genting Americas East, Robert DeSalvio commented: “In the coming months, we will be marshaling our resources with the goal of bringing a full commercial casino to our New York City property and expanding our already-tremendous offerings in Las Vegas. We are thrilled about the opportunities to expand in the two most significant gaming markets in North America.”

Genting also owns Resorts World Las Vegas and Resorts World Catskills at Monticello in upstate New York, one of four upstate casinos authorized by voters in a referendum several years ago.

Potential Billion Dollar Windfall

The company purchased the former Miami Herald site in 2011 for $236 million.

The site already has already had multiple feasibility studies as well as progress toward preliminary approvals for augmentations such as a marina and a monorail system connecting it with the city of Miami.

While it’s unclear how much was spent in maintaining and developing potential for the property, the purchase price and sales price represent a potential billion-dollar profit for the company without a single card being dealt or slot spun.

Source: Prime Miami Waterfront Property Attracts Five Bids Topping $1 Billion, Bloomberg, March 24, 2023

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