Saipan Correspondent
Editor’s Note: IPI (CNMI) LLC reported its revenue annually and was publicly traded in Hong Kong. In its early years, IPI reported more than 1,700 employees.
Team King Investments (CNMI) LLC has finalized its $12.95 million purchase of Imperial Pacific International’s casino assets, marking a turning point not only for the stalled Garapan resort but also for investor confidence in the Northern Marianas’ tourism-dependent economy.
Team King has ties to Imperial International, which previously owned the casino.
It is led by Howyo Chi, a former director of Imperial Pacific International. According to casino.org, Team King's primary funder is Hiroshi Kaneko, the CEO and executive director of the Jaan Kyosei Group Co. Ltd. in Hong Kong. Kyosei is an investment holding company primarily engaged in property development in China and is publicly traded in Hong Kong on the Hang Seng.
According to its 2024 annual report — released in May, the group “faced significant challenges in 2024 due to the severe downturn in China’s property market,” and said it would be pursuing other investment opportunities.
The closing of the transaction was confirmed during an Aug. 21 status hearing before U.S. District Court-designated bankruptcy judge Robert J. Faris. Escrow was fully funded on Aug. 20, clearing the way for the long-delayed sale to be completed.
“I’m very happy about the closure of this [sale] and Team King intends to bring back the hotel and bring back tourism to the CNMI,” said Team King attorney Louie J. Yanza in a phone interview from Guam, where he is based. Yanza is a member of the Guam Bar Association.
He said Team King’s immediate focus is the renovation of the Imperial Pacific Resort in Garapan, which has stood unfinished and idle since IPI shuttered operations more than four years ago. He said his client will begin by reviewing the original development plans, signaling that the project could be reshaped to meet today’s market conditions.
The purchase agreement also provides Team King with a nine-month window to acquire IPI’s exclusive casino license — once viewed as a centerpiece of Saipan’s economic strategy.
As part of the sale, Team King released $6.5 million from escrow — $5 million to the CNMI Department of Finance and $1.5 million to attorney Aaron Halegua, who represents creditors in IPI’s Chapter 11 case. Halegua said secured creditors will begin receiving distributions.
During the hearing, attorneys for IPI, Team King, creditor committees, secured creditors, and CNMI government agencies confirmed that the sale’s completion resolves two show-cause orders previously issued in June and July.
Committee of Debtors attorney Christopher Wong said his group is preparing distributions for claimants and unsecured creditors. Chief solicitor general Robby Glass confirmed receipt of the escrow payment and said his office will coordinate with IPI counsel to resolve outstanding claims.
Saipan Stevedore Co. Inc. also raised the issue of nearly $289,000 in storage fees for containers linked to IPI. Attorney Vince Seman asked the court for a formal transfer date for billing purposes.
Yanza said Team King will assume responsibility for storage fees incurred after the Aug. 20 closing, though he requested further accounting before any payment is made. He added that his client plans to begin moving the containers as soon as next week.
Beyond the courtroom, the transaction is being closely watched in the business community. For years, the unfinished IPI project symbolized broken promises and eroded investor trust in the NMI. Team King’s entry into the market could help reverse that perception.Local contractors and suppliers, many of whom were left with unpaid bills from IPI, are cautiously hopeful that Team King’s capital infusion will translate into new opportunities. Tourism stakeholders, meanwhile, see the reopening of a major hotel property as critical to attracting carriers and tour operators back to Saipan.
The NMI has struggled with declining arrivals, reduced flight access, and a reliance on federal relief funds. A successful turnaround of the Garapan resort — whether or not it includes casino operations — would signal to outside investors that the islands are once again open for business.
“The intent is clear. We want to bring the hotel back and bring back tourism,” Yanza said, emphasizing that his client views the deal as both a commercial opportunity and a chance to reset the narrative for the Commonwealth’s economy.
Imperial Pacific International (CNMI) LLC won a 40-year exclusive license to develop and operate an integrated casino resort on Saipan in 2014. The company faced significant controversy for forced labor allegations, failure to comply with legal obligations, and ultimately filed for Chapter 11 bankruptcy in April 2024 before eventually being sold to Team King Investment. mbj
— Maureen N. Maratita contributed to this story.
