A February 26, 2025 auction marked a turning point for the long-delayed Imperial Pacific International (IPI) casino project in Saipan, as locally chartered Team King Investment (CNMI) LLC emerged with the winning ¥ US$12.95 million bid. This offer includes not only the unfinished hotel-casino structure but also the option to acquire IPI’s casino license and shoulder certain liabilities linked to the bankrupt Hong Kong-based operator.

Court Approval and Complexities Ahead

On April 29, 2025, U.S. District Court Judge Robert J. Faris granted approval for the sale—describing it as “not the best, but the least bad outcome” given the stakes. The judgement enables the transfer of IPI’s assets “free and clear” of liens and encumbrances, although concerns about insider ties led to careful regulatory and legal scrutiny.

Lease Negotiations Extend the Journey

A key hurdle remains the assignment of the Department of Public Lands (DPL) lease, covering roughly 19,204 square meters of prime land in Garapan. As of mid‑July 2025, Team King and DPL have reportedly finalized the lease terms, signaling near completion of the transfer process. The company has already prepaid the annual ground rent for May 2025–April 2026, and upon formal lease assignment, will proceed swiftly to fund escrow and close the transaction.

Looking Ahead

With the transfer nearing its final stages, Team King is poised to revive the stalled Garapan resort project. Although IPI left behind estimated debts exceeding $165 million and an incomplete structure, the new owner holds the potential to breathe life into the plans—and perhaps transform the Saipan landscape with renewed momentum and investment.