Team King Investment's 12.95M Bid Selected in Auction of Casino Property

According to federal court documents, Imperial Pacific International (CNMI) LLC and the official committee of general unsecured creditors has selected Team King Investment's $12.95-million bid in the auction to liquidate IPI's casino property held last Feb. 26.

In a Feb. 27, 2025 filing at the U.S. District Court for the NMI's Bankruptcy Division, IPI and the official committee of general unsecured creditors also selected $12.5-million bid of Loi Lam Sit as the back-up bidder for IPI's casino assets. Both the bids of Team King Investment and Loi Lam Sit include an option to purchase IPI's casino license and assumption of certain liabilities of the Hong Kong-based casino investor.

The Bankruptcy Division also set a 9am March 25 hearing before Bankruptcy Judge Robert J. Faris to consider the approval of the sale of IPI's casino assets to Team King Investment, free and clear of all liens, claims, and encumbrances.

The Feb. 26, 2025 auction includes IPI's primary real estate assets that include a hotel building currently under construction with a casino, a leasehold interest in approximately 19,204 square meters of land leased from the DPL under Lease Agreement No. LA-15-002S, and IPI's ownership interest in Imperial Pacific Properties, LLC, which holds a leasehold interest in eight lots adjacent to the leasehold property.