Date of Publication: August 25, 2025, 08:35h.
Updated on: August 25, 2025, 08:35h.
- Saipan’s casino resort has a new owner
- The once-promising casino destination has remained closed since the COVID-19 outbreak
The bankrupt and unfinished Imperial Pacific casino resort in Saipan has found new ownership.
In February, a court in the Northern Mariana Islands, a U.S. territory situated in the northwestern Pacific, accepted a $12.95 million bid from the newly established Team King Investment, LLC, as the successful bid for the struggling property once envisioned as a $2 billion luxury gaming and leisure destination. Team King faced off against another bidder, Ji Xiaobo, whose mother, billionaire Cui Lijie, previously controlled the Imperial Pacific venture prior to its downfall.
Marianas Variety reports that bankruptcy Judge Robert Faris sanctioned the property transfer to Team King in an order dated April 29. The agreement’s details and legal papers were concluded last week, officially granting Team King ownership of the dormant casino resort.
The former owner, Imperial Pacific International, ran a casino and intermittently a hotel at the Imperial Pacific for about four years until it ceased operations due to the COVID-19 pandemic in March 2020. At one point, the casino claimed to handle billions in monthly revenue, but allegations arose concerning its gaming floor potentially being a conduit for money laundering.
Background on the Project
Cui, an initial backer of Heng Sheng, which was one of the largest VIP junket operators in Macau, aspired to create a lavish resort in the Northern Mariana Islands. The local authorities approved her plans, granting her exclusive rights to run table games and slot machines on Saipan in return for a minimum investment commitment of $2 billion and an annual gaming license fee of $15.5 million.
The initial phase of the project cost approximately $400 million. While the casino reported impressive statistics, tourist traffic to the isolated island never justified the $2 billion valuation. Following the pandemic, Imperial Pacific did not reopen, defaulted on its gaming obligations, and faced financial collapse.
Last year, its assets were auctioned, including two 2017 Rolls-Royce Ghosts and the resort’s “Saipan Dragons,” an artistic crystal installation measuring 200 feet and weighing 40 tons, crafted by renowned artist Lasvit with over 2.5 million Swarovski crystals used in its design.
Concerns About Ownership
Team King is spearheaded by Howyo Chi, a previous director of Imperial Pacific International. The main financial backer of Team King is Hiroshi Kaneko, the CEO and executive director of the Japan Kyosei Group based in Hong Kong. Kyosei operates as an investment holding firm primarily focused on property development in China and is publicly listed in Hong Kong.
Team King has placed its $12.95 million bid into an escrow account for creditors. Judge Faris noted that this finalized auction allows Team King to hold ownership “free and clear of all liens, claims, and encumbrances.” Imperial Pacific reported over $165.8 million in liabilities at the time of filing for bankruptcy last year.
Some creditors raised objections to the Team King bid due to Chi’s previous role as a director at Imperial Pacific and Kyosei’s minor stake. Nonetheless, they will now oversee the $400 million casino resort for a mere $13 million.
It is important to note that the $13 million purchase did not incorporate the gaming license itself but included an option to acquire the gaming permit in exchange for covering specific fees.