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 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.

Pacific IslandsTuesday, Jan 03, 2017

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.

Pacific IslandsTuesday, Dec 27, 2016

A bond offering that Imperial Pacific was planning to use to fund construction of its Saipan casino has been put on hold, according to sources.

Pacific IslandsMonday, Dec 19, 2016

Saipan’s Labor Secretary Thomas E. Perez has requested for the federal court to issue a warrant to inspect the construction site of Imperial Pacific Resort in Garapan after an Occupational Safety and Health Administration was denied entry, Saipan Tribune reports.

Pacific IslandsMonday, Dec 05, 2016

Imperial Pacific’s temporary casino in Saipan raked in US$1.7 billion in VIP rolling chip for the month of November, according to its filing to the Hong Kong Stock Exchange.

Pacific IslandsTuesday, Nov 29, 2016

Imperial Pacific International Holdings Ltd., the operator of a casino in Saipan, may see a downgrade in its credit rating at Moody’s Investors Service.

Pacific IslandsThursday, Nov 24, 2016

Commonwealth Casino Commission officials have praised the efforts made by Imperial Pacific in hiring and training the local workforce in line with its employment plan and federal requirements.