Pacific Islands

Imperial Pacific International is facing mounting levels of bad debt due to its practice of extending direct credit to VIPs, while it continues to struggle to make headway on completing its hotel facilities.

 

Imperial Pacific International is facing mounting levels of bad debt due to its practice of extending direct credit to VIPs, while it continues to struggle to make headway on completing its hotel facilities. Problems for Saipan’s only operator continue to mount, with the company recently denying persistent reports it has been the subject of a Federal Bureau of Investigation raid. In its most recent results, the company posted stellar topline growth, though its outstanding receivables and debt provisions also gained in tandem, with the figures showing a high degree of credit risk



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The Pacific Island of Guam needs to approve casinos to avoid losing its tourists to the Commonwealth of Northern Mariana Islands, where gambling is permitted on Saipan, Tinian and Rota, a leading academic warned.

An effort to save a program that allows the Northern Mariana Islands to import labor is likely to fail due to recent cases of abuse and visa fraud, the AP reports.

Imperial Pacific International saw strong growth in VIP revenue in 2017, but increased expenses and impairments pushed the operator to post a 31.9 percent decrease in profit in 2017.

Imperial Pacific may request another extension to the deadline set for completion of 329 rooms for its hotel project, local media cited Commonwealth Casino Commission Executive Director Edward Deleon Guerrero as saying.

Imperial Pacific’s Saipan office was allegedly raided by U.S. federal agents last week, according to a report from Bloomberg.

The casino operator however said it had not heard of any official visit to its offices, and denied any wrongdoing that would prompt an investigation.

It is not clear what the purpose of last week’s raid was, and the FBI declined to confirm or deny any ongoing cases related to the company.

In April last year, similar news reports surfaced which claimed that IPI’s offices were raided by federal agents.

The U.S. government has ordered four China-based construction contractors behind IPI’s new casino resort on Garapan to pay a collective $13.9 million in back wages and damages to employees who came from China to work on the casino’s construction site.

A lawyer representing Imperial Pacific International (CNMI) LLC told the Commonwealth Casino Commission last week that they are planning to propose an extension to resort completion deadline.

Imperial Pacific International said it “repudiates all allegations of wrongdoing” published in an investigative article by Bloomberg looking into its operations on Saipan.

Saipan casino operator Imperial Pacific International said it is working on recruiting more U.S. workers for its hotel-casino in Garapan.

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