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07/29/2025 - Department of Public Lands Secretary Sixto K. Igisomar said he’s not imposing any new terms on the transfer of Imperial Pacific (CNMI) LLC’s lease of its Garapan property to Team King Investment (CNMI), LLC.
“I’m not adding anything new to the agreement. The agreement is as is. However, moving forward, you need to make sure that we are very clear on this. I want to make sure that I'm very comfortable as Public Lands [secretary] in overseeing all this land, that whatever you said during this court process, and you being an assignee, that we communicate and we do our checklist,” he told Marianas Press in an interview.
In a letter dated July 15, 2025, to Hiroshi Kaneko, authorized representative/manager/director of Team King Investment, Igisomar outlined the conditions DPL needs for Lease Agreement No. LA 15-002S, currently held by Imperial Pacific, to be transferred to Team King Investment.
“Given the [District] Court's schedule and the urgency of time, DPL has conducted an expedited but thorough review of the materials provided. Based on this evaluation, DPL raises no objection to the proposed assignment to Team King Investment (CNMI), LLC (Team King), with the following agreements by Team King and DPL,” he wrote.
The conditions of the DPL secretary in the lease transfer are as follows:
DPL and Team King acknowledge that the transfer of the lease to Team King means that Team King and
DPL will fully adhere to all provisions of the Lease Agreement No. LA 15-002S, including all amendments;
Team King shall comply with the requirements under Article 13 of the lease, including submittals and approvals for any transfer or change in use;
Team King shall pay the $2,500 administrative assignment fee, as well as any other applicable fees (e.g., assignment fee on capital gain attributable to leasehold interest) on the date of closing;
Team King shall convert $113,000,000 worth of cryptocurrency (Bitcoin) to U.S. dollars and deposit into a U.S. FDIC-insured financial institution within 60 days;
Team King shall submit required insurance and bonding instruments (including Performance, Construction, and/or Completion Bonds), or an alternative proposal such as a phased escrow deposit structure or a project-value deposit arrangement within 60 days;
Team King shall submit full construction plans, including blueprints and associated technical documents, for the purpose of conducting a cost-of-completion analysis within 90 days:
Team King shall submit a comprehensive Hotel Development and Operations Plan, including timeline, staffing plan, management structure, and business model within 60 days;
Team King shall execute and deliver signed hotel management contracts or operator agreements, clearly identifying roles and responsibilities within 60 days;
Team King shall deliver the Final Assignment of Lease Agreement, duly signed and legally binding immediately after closing;
Team King shall furnish all permits from Regulatory Agencies (Department of Public Works, Commonwealth Zoning Board, Coastal Resources Management, and so on) as applicable to the hotel project as soon as they are obtained;
Team King shall submit a Notarized Affidavit, as discussed in the June 26, 2025, meeting, attesting to:
A. Conversion of funds and financial readiness,
B. Construction assurance mechanisms,
C. Accuracy and completeness of all information and representations made.
All required documents, assurances, and affidavits shall be duly notarized and submitted without delay, and in any case, no later than immediately during or following the formal lease assignment transition.
Igisomar ended the letter to Kaneko by saying that he appreciates Team King Investment’s cooperation as “we work toward a resolution that aligns with both legal obligations and the broader public interest.”
Meanwhile, when asked if DPL’s rushed evaluation of Team King Investment came out positive, Igisomar said they certainly passed muster.
“Qualification-wise, they are qualified. Are they the best? I don't know if they're the best, but based on what we have so far, they are qualified to go through this process.”
He said DPL has to be very strict in following the terms of the lease agreement originally signed between the government agency and the troubled Saipan casino operator.
“We are agreeing with the assignment, and that we are also making sure our voice, our position, is very clear. We are not adding anything new to this assignment. We just want you to make sure that you follow the [terms] of the lease,” he said.
Report by Mark Rabago
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