High roller sued by Imperial Pacific International due to failing to pay back credit

Casinos across the world offer players an option to borrow funds, which allows players to visit a venue without carrying a ton of cash. This option comes in quite handy for high rollers who want to spend six and seven figure amounts when playing their favorite games. The casino credit line is opened, and the player must pay the amount back in a certain period of time. If not paid back, the casino has the right to take legal action for the funds. This is exactly what Imperial Pacific International has done, after a high roller of China did not pay back a large sum of cash borrowed via a line of credit.

Imperial Pacific International’s attorneys, Catherine J. Cachero, and Sean E. Frink, are working on a lawsuit filed by the company in CNMI Superior Court, involving a man named, Yonglun Bao. The gambler was in Saipan when he was provided a credit of up to $20 million, of which he failed to pay back $5 million that he borrowed.

According to Mvariety.com, the company wants the court to issue an order that will direct the player to pay back the amount based on the loan agreement plus all interest at 1% per month accruing up to the time frame in which the order was issued. The company also wants the case to go to jury trial.

In the lawsuit, it states that Imperial Pacific and Bao created the loan agreement and a promissory note where the casino operator would be the lender and provided Bao with as much as $20 million with one loan or more upon the players request. The suit states that the player did not pay back the money he borrowed by the maturity date, with the agreement stating that the annual interest rate for a loan that is overdue being 24%.

Based on additional terms of the agreement, Bao also agreed to pay the company’s attorney’s fees and/or collection agency fees, along with costs and expenses if there was or was not a lawsuit created by Imperial Pacific if he failed to repay the money on or before the maturity date was reached.

This is the second lawsuit involving Imperial Pacific International to be discussed this week, as earlier it was announced the company is suing Bloomberg and two reporters due to defamation claims.