Pacific Islands

A bond offering that Imperial Pacific was planning to use to fund construction of its Saipan casino has been put on hold, according to sources.

Saipan’s Labor Secretary Thomas E. Perez has requested for the federal court to issue a warrant to inspect the construction site of Imperial Pacific Resort in Garapan after an Occupational Safety and Health Administration was denied entry, Saipan Tribune reports.

Imperial Pacific’s temporary casino in Saipan raked in US$1.7 billion in VIP rolling chip for the month of November, according to its filing to the Hong Kong Stock Exchange.

Imperial Pacific International Holdings Ltd., the operator of a casino in Saipan, may see a downgrade in its credit rating at Moody’s Investors Service.

Commonwealth Casino Commission officials have praised the efforts made by Imperial Pacific in hiring and training the local workforce in line with its employment plan and federal requirements.

Commonwealth Casino Commission executive director Edward Deleon Guerrero has defended recent claims brought by a Bloomberg report against Best Sunshine in Saipan, saying it is complying with all federal AML laws.

Imperial Pacific International Holdings Ltd has denied it is being investigated by U.S. regulatory authorities regarding the large volumes of cash going through the casino.

Imperial Pacific International Holdings says it’s already accepting advance bookings from China and Japan for its new luxury resort scheduled to open on Saipan at Chinese New Year 2017. The company is counting on the new property to ease capacity restraints and unlock the island’s growth potential.

Saipan casino operator Imperial Pacific says its temporary casino raked in $3.8 billion in VIP table games rolling in October.

The arrests of Crown Resorts staff in China underscores the risk associated with global casino operators' Chinese VIP business, said Fitch Ratings in a note on Wednesday.

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