Giant company goes bankrupt: final liquidation due to massive debts
Despite record industry revenues, increasing competition and heavy debts are leading to the collapse of US casino operators. Imperial Pacific International is heading for final liquidation after accumulating debts of approximately $141.6 million.
The commercial gambling industry in the US is recording unprecedented highs, with revenues reaching approximately $78.72 billion in 2025 — an increase of 9.2% compared to the previous year.
However, beneath this boom, tough competition and economic pressure are bringing down some casino operators. A US federal judge has finally approved the liquidation of Imperial Pacific International (IPI), the operator of the "Imperial Pacific Palace" resort and casino on the island of Saipan.
The company, which entangled itself in massive debts of about $141.6 million to various creditors — including tax authorities, contractors, and former employees — filed for bankruptcy protection (Chapter 11) back in April 2024.
"The dramatic decision by federal judge Robert J. Parris grants approval to distribute the company's remaining assets to creditors, while revoking its casino license. The move marks the end of one of the most resounding collapses in the territory's history."
Experts in the field explain that this fall is part of a broader trend. While in the past gamblers had to travel to specific destinations like Las Vegas or Atlantic City, today the wide spread of casinos across the US creates fierce competition and severely hurts operators' revenues.
IPI is not the only loser in this story. The company Maverick Gaming, operating under the name RunItOneTime LLC, was also forced to file for bankruptcy protection on July 14, 2025.
This occurred after the rating agency S&P Global Ratings warned that the company's financial structure was "not sustainable" due to fixed costs and high interest rates. Following the legal process, the company was forced to close the Silver Dollar casino it owned in Seattle.
