Imperial Pacific 2016 VIP turnover totals US$32.4 billion

Imperial Pacific International Holdings has posted US$32.4 billion  in unaudited VIP table games rolling chip turnover for the full-year 2016, according to the company’s filing to the Hong Kong Stock Exchange.

In November, the Saipan temporary casino reported US$1.7 billion in VIP rolling chip turnover.

While monthly VIP revenues have remained strong, the operator hit a snag after it was revealed that a bond offering that it was planning to use to fund construction of its Saipan casino had been put on hold.

According to the news outlet, the firm had planned to raise between US$200 million to US$400 million, but investors wanted a higher yield than the 10-11 percent that that company was willing to offer, said sources quoted by Bloomberg.

The company is currently building the Imperial Pacific Resort & Hotel on Saipan, with phase 1 of the development project expected to be completed in early 2017.

The casino resort will include more than 200 gaming tables and over 350 slot machines. The 14-storey hotel building will offer more than 340 opulent hotel suites including 15 deluxe villas.

More news from this jurisdiction

Pacific IslandsThursday, Apr 20, 2017

Saipan’s casino regulator is urging Imperial Pacific International to get involved in the recent fiasco involving illegal workers at IPI’s casino construction site.

Pacific IslandsWednesday, Apr 19, 2017

A representative from the Commonwealth of Northern Mariana Islands’ legislature has criticized the government over ongoing issues relating to workers at Imperial Pacific’s casino construction site, the Saipan Tribune reports.

Pacific IslandsMonday, Apr 17, 2017

More than 50 Chinese construction workers hired to build the Imperial Pacific Hotel & Resort gathered in a protest on Friday demanding to be paid their wages.

Pacific IslandsTuesday, Apr 11, 2017

Imperial Pacific’s new casino is set to feature more than 300 gaming tables and 48 baccarat tables once it gets the go-ahead to open to the public.

Pacific IslandsTuesday, Apr 11, 2017

The Secretary of the U.S. Department of Homeland Security, John Kelly, will decide whether the CNMI can continue a visa-waiver program for Chinese and Russian tourists, Marianas Variety reported, citing an interview with a U.S. official.

Pacific IslandsTuesday, Apr 04, 2017

Tonga Prime Minister Akilisi Pohiva has shot down the idea of a casino resort being developed in the country.

Pacific IslandsMonday, Apr 03, 2017

The U.S. Federal Bureau of Investigation has arrested two people in connection with the death of a construction worker at Imperial Pacific International Holdings Ltd’s Saipan casino site, according to Bloomberg.