Saipan Casino Resort in Northern Mariana Islands Has New Owner Following Auction
Posted on: August 25, 2025, 08:35h.
Last updated on: August 25, 2025, 10:04h.
- The casino resort in Saipan has a new owner
- The failed casino destination has sat closed since the COVID-19 pandemic
The failed, bankrupt, and incomplete casino resort in Saipan called Imperial Pacific has a new controlling owner.
In February, a court in the Northern Mariana Islands, a territory of the United States located in the northwestern Pacific Ocean, deemed a $12.95 million offer from a newly formed entity, Team King Investment, LLC, as the winning bid for the defunct property that was envisioned as a $2 billion ultra-luxury gaming and leisure travel destination. Team King was one of only two bids, with the other coming from Ji Xiaobo, whose mother, billionaire Cui Lijie, was the controlling owner of the Imperial Pacific project before it went underwater.
Marinas Variety reports that bankruptcy Judge Robert Faris approved the property transfer to Team King in an order dated April 29. The transaction’s terms and legal documents were finalized last week, formally giving Team King possession of the shuttered casino resort.
The previous owner, Imperial Pacific International, operated a casino and, at times, a hotel at Imperial Pacific for about four years until it closed during the COVID-19 pandemic in March 2020. At one time, the casino claimed to be handling billions of dollars in monthly revenue, though there were many suspicions about the gaming floor being used for money laundering.
Project Backstory
Cui, an early investor in Heng Sheng, once among the largest VIP junket groups in Macau, sought to build an extravagant resort in the Northern Mariana Islands. The local government signed off on her plans, providing her with the exclusive privileges to operate table games and slot machines on Saipan in exchange for a minimum investment of $2 billion and an annual gaming license fee of $15.5 million.
The first phase of the destination cost roughly $400 million. While the casino reported big numbers, visitation to the remote island never came close to warranting the $2 billion price tag. Imperial Pacific never reopened following the pandemic, defaulted on its gaming license obligations, and fell into financial ruin.
Its assets were auctioned off last year, including two 2017 Rolls-Royce Ghosts and the resort’s “Saipan Dragons,” a crystal art piece spanning 200 feet and weighing 40 tons, designed by world-renowned artist Lasvit using more than 2.5 million Swarovski crystals.
Ownership Concerns
Team King is led by Howyo Chi, a former director of Imperial Pacific International. Team King’s primary funder is Hiroshi Kaneko, the CEO and executive director of the Japan Kyosei Group in Hong Kong. Kyosei is an investment holding company primarily engaged in property development in China. It is publicly traded in Hong Kong.
Team King has deposited its $12.95 million bid into the creditors’ escrow account. The executed auction means Team King is “free and clear of all liens, claims, and encumbrances,” Faris wrote. Imperial Pacific cited more than $165.8 million in liabilities when it filed for bankruptcy last year.
Some creditors opposed the Team King bid because Chi was an Imperial Pacific director and Kyosei was a minor shareholder. The two now have control of the $400 million casino resort for $13 million.
The $13 million transaction doesn’t include the gaming license, but rather, an option to acquire the gaming permit in exchange for reimbursing fees.
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