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 IslandsThursday, Jun 22, 2017

A Saipan lawmaker wants to implement a responsible gambling program for the poker industry.

Pacific IslandsMonday, Jun 19, 2017

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.”

Pacific IslandsTuesday, Jun 06, 2017

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.