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.

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Imperial Pacific International Holdings Ltd. has announced it is looking to raise HK$46 million (US$5.9 million) through convertible bonds to “finance the development of Phase I of the Saipan Project and as general working capital of the group.”

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Temporary casino operator Imperial Pacific International has announced it will no longer be reporting its monthly VIP table games rolling turnover.

Pacific IslandsThursday, Jun 01, 2017

Imperial Pacific has been given the go-ahead to open its casino on Saipan provided it meets certain conditions, primarily related to health and safety.

Pacific IslandsWednesday, May 31, 2017

The now defunct Tinian Dynasty Hotel & Casino has been ordered to pay a $191,400 civil penalty to the U.S. Department of Labor secretary “for willful and repeated violations” of the overtime provision of the Fair Labor Standards Act.

Pacific IslandsThursday, May 25, 2017

Saipan’s casino regulator is investigating the company contracted to construct baccarat tables for Saipan’s newest casino for illegal labor practices.

Pacific IslandsWednesday, May 24, 2017

The decision to allow the opening of Saipan’s newest casino operated by Imperial Pacific International will be deferred to next week after the Commonwealth Casino Commission raised concerns of safety.