Imperial Pacific Resort to open 17Q1

Saipan casino operator Imperial Pacific International Holdings has seemingly pushed back the opening of its new casino resort to the first quarter of 2017, deferring its earlier planned CNY opening.

In a voluntary filing from the operator on Wednesday, the company said the “‘Imperial Pacific Resort’ will commence soft opening in the first quarter of 2017.” Previously, it had worded the opening to be “by Chinese New Year.”

In its recent filing, the operator also added that construction of the resort is going smoothly, “with over 2,000 workers working around-the-clock to ensure early completion.”

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.

Earlier this week, the Saipan casino operator posted US$32.4 billion in unaudited VIP table games rolling chip turnover for the full-year 2016.

While VIP revenues have remained strong throughout the year, 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.

More news from this jurisdiction

Pacific IslandsFriday, Feb 17, 2017

Imperial Pacific International (IPI) is planning a “soft opening” of its new casino on Mar. 31, but Saipan’s casino regulator has urged caution.

Pacific IslandsWednesday, Feb 15, 2017

The company behind the $130-million Tinian Ocean View Resort and Casino has launched an online petition seeking support after the denial of a Master Siting Permit.

Pacific IslandsFriday, Feb 10, 2017

Fitch Ratings says it has not assigned a rating to Imperial Pacific International Holdings Limited's issuance of its US$70 million 8.5 percent per annum unsecured notes which was announced Wednesday.

Pacific IslandsMonday, Feb 06, 2017

Saipan casino operator Imperial Pacific says its temporary casino raked in US$5.6 billion in VIP table games rolling in January 2017.

Pacific IslandsWednesday, Feb 01, 2017

A Saipan legislator has introduced a bill that would impose a five percent tax on all gaming revenues in the CNMI.

Pacific IslandsFriday, Jan 20, 2017

Saipan casino operator Imperial Pacific International says it is happy with the progress of the 902 Consultations between the CNMI and federal governments.

Pacific IslandsWednesday, Jan 11, 2017

Fitch Ratings has downgraded its rating for Hong Kong-listed Imperial Pacific International Holdings Limited, after concerns it has still not yet secured sufficient long-term funding for the construction of its casino and resort.