Team King Intends to Help Revive CNMI Tourism Industry

Team King Investments (CNMI) LLC seems to be all in on reviving the CNMI’s tourism industry.

This, according to Team King attorney Louie Yanza, who told Marianas Press in a phone interview, “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.”

Team King Investments closed the $12.95-million purchase of Imperial Pacific International (CNMI) LLC's casino properties last Aug. 20.

This was disclosed during a status hearing last Aug. 21 at the U.S. District Court of the Northern Mariana Islands that was presided over by CNMI-designated bankruptcy judge Robert J. Faris.

Yanza said the next order of business after the sale’s closure is the renovation of Imperial Pacific Resort in Garapan, and he said his client will do so by first reviewing the old plans.

During the status conference, Team King said it released around $6.5 million in 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 bankruptcy case. He said he will proceed with the distribution to secured creditors.

When asked if Team King is also interested in acquiring IPI’s exclusive casino license, Yanza said that’s part of the asset purchase agreement and that Team King has a nine-month window to make that happen.

Faris presided over the Chapter 11 bankruptcy hearing, with appearances from attorneys representing Hong Kong-based IPI, Team King, the creditor committees, secured creditors, and government agencies in the CNMI.

During the status conference, the parties also agreed that since the sale transaction closed on Aug. 20, 2025, the district court hereby discharges the two orders to show cause it had previously issued last June 13 and last July 25.

IPI attorney Chuck Choi apprised the court that escrow is fully funded as of Aug. 20, 2025, and the transaction has officially closed.

Committee of Debtors attorney Christopher Wong, meanwhile, told the court that the committee is working with IPI to get funds distributed to claimants and unsecured creditors.

Chief solicitor general Robby Glass also confirmed payment on the escrow was received last Aug. 20 and said he will connect with Choi and Wong as to the unsecured claims.

Manglona also addressed the Motion for Relief from Automatic Stay.

Saipan Stevedore Co. Inc. attorney Vince Seman, for his part, told the court that emails were received from Choi and Yanza and that Team King is requesting arrangement for the removal of the containers at its facility. Seman requested the official transfer date for billing purposes, which, according to their records, now amounts to around $289,000.

Yanza then informed all parties concerned that Team King will assume responsibility for any storage fees incurred after the closing date and anticipates moving the containers sometime next week. He, however, wants further accounting on the billing submitted by Saipan Stevedore.