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 IslandsTuesday, Feb 20, 2018

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

Pacific IslandsMonday, Feb 12, 2018

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

Pacific IslandsWednesday, Jan 31, 2018

Saipan casino operator Imperial Pacific has appointed Marco Teng as its new chairman, replacing former chairman Mark Brown, local media reports.

Pacific IslandsWednesday, Jan 17, 2018

The principal owner of Tinian Entertainment Corp. says he is interested in resurrecting the defunct Tinian Dynasty hotel and casino.

Pacific IslandsWednesday, Jan 10, 2018

Imperial Pacific International has confirmed recent rumors about the departure of its chairman Mark Brown.

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.