Pacific Islands

Saipan casino operator Imperial Pacific International Holdings on Tuesday says it has completed the issuance of convertible bonds in the principal amount of HK$50 million (US$6.4 million).

A Saipan lawmaker wants to implement a responsible gambling program for the poker industry.

Imperial Pacific International Holdings Ltd. has announced it is looking to raise HK$46 million (US$5.9 million) through convertible bonds to “finance the development of Phase I of the Saipan Project and as general working capital of the group.”

Temporary casino operator Imperial Pacific International has announced it will no longer be reporting its monthly VIP table games rolling turnover.

Imperial Pacific has been given the go-ahead to open its casino on Saipan provided it meets certain conditions, primarily related to health and safety.

The now defunct Tinian Dynasty Hotel & Casino has been ordered to pay a $191,400 civil penalty to the U.S. Department of Labor secretary “for willful and repeated violations” of the overtime provision of the Fair Labor Standards Act.

Saipan’s casino regulator is investigating the company contracted to construct baccarat tables for Saipan’s newest casino for illegal labor practices.

The decision to allow the opening of Saipan’s newest casino operated by Imperial Pacific International will be deferred to next week after the Commonwealth Casino Commission raised concerns of safety.

Saipan’s Department of Public Works has finally approved Imperial Pacific’s conditional certificate of occupancy, bringing the casino operator one step closer to opening the casino portion of its resort project.

Ratings firm Moody’s Investor Services shaved its rating on Imperial Pacific by one notch to “Caa1” and said it still had a negative outlook on the company, indicating it sees a significant chance of another downgrade in the medium term.

Pages