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, Nov 30, 2017

A mass exodus of workers on the Imperial Pacific Resort construction site could mean more delays are in store for the casino-hotel, which is aiming to complete construction by August 2018.

Pacific IslandsWednesday, Nov 22, 2017

The Commonwealth Casino Commission is recommending to set the maximum fine imposed on Imperial Pacific International to $200,000.

Pacific IslandsMonday, Nov 20, 2017

The House of Representatives is looking at increasing the maximum fine that can be imposed on players, licensees, vendors and employees of Imperial Pacific International under a new bill, local media reports.

Pacific IslandsTuesday, Nov 07, 2017

Slot machines owner Sin Ho Nam and operator Dan Bin Choi LLC are suing the CNMI government over new zoning restrictions that have forced the company to relocate its slot machines.

Pacific IslandsTuesday, Oct 31, 2017

A “wind-up” petition has been filed against Imperial Pacific International over allegations that the company defaulted in paying construction management fees of approximately HK$2.6 million (US$333,284)

Pacific IslandsWednesday, Oct 25, 2017

Saipan casino operator Imperial Pacific International says it has invested over half-a-billion dollars into the CNMI local economy.

Pacific IslandsMonday, Sep 25, 2017

37 illegal workers who worked on Imperial Pacific’s casino and hotel have refused an offer to be paid and sent back home to China.