Imperial Pacific International Holdings Ltd (“Imperial Pacific”) is a company listed on the Main Board of Hong Kong Stock Exchange (HKEx stock code: 1076).Committed to delivering world-class entertainment experiences, the Group focuses on developing and operating integrated resorts and leisure facilities. Building on a culture of innovation and the international expertise of our industry-leading management team, Imperial Pacific is pioneering cutting-edge concepts in entertainment and tourism – appealing to elite travellers with sophisticated, discerning tastes. The Group is currently developing a deluxe integrated resort on the Island of Saipan. Saipan is the largest island of the Northern Mariana Islands (CNMI), a Commonwealth of the United States in the western Pacific Ocean. Geographically, it is the nearest US territory to China. Recognized for its disciplined business approach and robust financial background, the Group won the initial 25-year exclusive integrated Casino Resort Development License on Island of Saipan in August 2014. Under the License, Imperial Pacific has committed to invest a minimum of US$ 7.1 billion in developing hotels, casinos, dining and entertainment facilities on the island.
Imperial Pacific International said the company is not part of an investigation into racketeering, harbouring illegal aliens and money laundering being carried out by the U.S. Department of Justice.
Two executives from Imperial Pacific International and one from its contractor MCC International face arrest if they return to U.S. soil after being indicted on 71 counts including, racketeering, international promotion of money laundering, harboring and employing illegal aliens.
Imperial Pacific International is seeking permission to form a restricted account, instead of posting a bond, that will allow it to maintain cash flow to pay employees on time, according to local media reports.
Seven Chinese workers, who were hired by subcontractors of Imperial Pacific International, are seeking $11.58 million in damages from the operator due to injuries suffered on site and poor working conditions, local media reports.
The Commonwealth Casino Commission has adopted an order requiring Imperial Pacific to maintain enough working capital to pay three months of wages in a bank either in the Commonwealth of Northern Mariana Islands or U.S. bank, local media reports.
Saipan casino operator Imperial Pacific on Monday announced it has entered into an MOU with a company called Zhongfeng International Investment Holdings with the aim of raising up to HK$50 million in a bonds offering. According to the company’s announcement, Zhongfeng has expressed the intention to subscribe to convertible bonds issued by IPI. The face […]
Commonwealth Casino Commission (CCC) executive director Charlie Atalig has filed a complaint against IPI for allegedly failing to contribute $40 million in community benefits and funds between 2018 and 2019, local media reports. The executive director has asked the CCC to declare that IPI committed two separate violations in regards to self-reporting, and asked the […]
Imperial Pacific International (IPI) has pleaded to the U.S. District Court for the NMI to stay or suspend proceedings related to a lawsuit filed by Pacific Rim Land Development LLC, or risk shutting down permanently. In April, Chief Judge Ramona V. Mangola ordered IPI to pay $5.65 million to Pacific Rim in a lawsuit for […]
Imperial Pacific International has cited the need for a more efficient and effective organization in order to endure the economic hardship caused by the COVID-19 pandemic. The company made the comments to Marianas Variety after the resignation of its chief financial officer Ed Chen. “We fully appreciate Mr. Chen’s contribution to our company. However, we […]
A U.S. District Court in the Commonwealth of Northern Mariana Islands has backed a contractor seeking $5.65 million from Imperial Pacific International, declining the company’s petition to dismiss the case.
Imperial Pacific International, which operates the only casino on the island of Saipan, has reportedly announced the temporary shutdown of its property from 12 a.m. on Tuesday.
Imperial Pacific International has reached a settlement with the government of the Commonwealth of the Northern Marianas Islands on the amount it must pay for its business gross revenue tax. The agreement is that IPI will pay about US$18 million in outstanding taxes, US$10 million which has just been paid and the balance of about […]
Imperial Pacific International has opened the doors to its new VIP beachfront villas, completing the ‘first milestone’ of Phase 1, Marianas Variety reports. IPI senior vice president Donald Browne and vice president for construction Eric Poon took local reporters on Saturday on a tour of the east wing of the hotel-casino in Garapan. The new […]
The six-member CNMI House of Representatives' minority bloc asked Speaker Blas Jonathan Attao to appoint a special committee to investigate Governor Ralph Torres on allegations of public corruption, fraud, waste, and abuse of public funds, with some of the suspicions focusing on his relationship with casino operator Imperial Pacific International (IPI).
Commonwealth Casino Commission Executive Director Edward Deleon Guerrero has revealed that Mark Brown has resigned as CEO of Imperial Pacific International (IPI), effective December 8.
Members of the Commonwealth Casino Commission grilled Imperial Pacific International Vice President for Construction Eric Poon last week, clearly doubting that the firm was being forthright about its problems maintaining its construction workforce.
IPI Vice-President for Construction Eric Poon has told the local media that he expects Phase 1 of the resort hotel construction to be completed by December 31, as workers from Mongolia are helping to reinforce the construction team.
Imperial Pacific International said it assisted in an investigation by enforcement officers on Saipan on Nov. 7, adding the probe does not affect its daily casino operations.
sexual harassment, verbal abuse, worker rights, equal opportunities, lawsuit, high rollers
The Commonwealth Casino Commission in the Commonwealth of Northern Mariana Islands will discuss an application for four new junket operators on Thursday, together with a contract extension for Imperial Pacific International’s (IPI) chairman.
A discrimination lawsuit filed against Imperial Pacific International from the company’s former director of operations has been placed under advisement by the District Court of the NMI Chief Judge Ramona V. Manglona after a motion hearing on Wednesday, Marianas Variety reports. Manglona said a written decision will be issued shortly. The lawsuit stems from Joshua […]
Significantly reduced VIP gaming revenue caused Imperial Pacific International to swing to a loss of HK$1.9 billion (US$239.6 million) in the first six months of 2019, down from a profit of HK$79 million in the prior-year period. According to the Saipan casino operator, VIP rolling chip volume reached HK$8.3 million in the year, down 91.7 […]
Saipan casino operator Imperial Pacific International said it expects to record a loss for the first half of 2019, due mainly to a decrease in revenue and impairment of trade receivables. While the casino company did not give any further details into its profit warning, the operator is known to derive most of its revenue […]
Imperial Pacific International has announced it has entered into a sale and purchase agreement to acquire a 50 percent stake in American Sinopan LLC, a company developing on two pieces of land in Saipan. According to a filing from IPI on Wednesday night, the consideration for the equity stake in the Hong Kong-owned company amounts […]
Saipan casino operator Imperial Pacific International has turned to Italian construction workers to finish its project in Garapan. According to the Saipan Tribune, quoting local sources, less than 100 Italian workers recently arrived in Saipan to help finish the project. Sources said the hired Italians will work on the facade of the building, but it […]
The Commonwealth Casino Commission has asked the Superior Court to lift a temporary restraining order that blocks the release of information said to show Imperial Pacific owes millions of dollars to the Commonwealth of Northern Mariana Islands.
Hong Kong-listed Imperial Pacific International confirmed it would be interested in online gaming operations on Saipan should the government pass legislation.
A local member of parliament has introduced a bill that would impose a 10 percent tax on net gambling revenue, while House Gaming Committee Chairman Ralph Yumul has drafted another that would prevent Imperial Pacific from writing off unpaid credit from its tax obligations.
Imperial Pacific International would be interested in online gaming in Saipan if the Commonwealth of Northern Mariana Islands passes a bill to legalize the practice, local media reports.
Imperial Pacific International said it was applying tax credits earned from previous years to defer paying income tax and blamed delays in land allocation, the weather and worker issues for its troubles in completing its Saipan resort.
More than six months after super typhoon Yutu wreaked havoc across Saipan, the island has been struggling to get back to its full fighting force, further mired by falling revenues from its casino operator. According to a report from Reuters, hundreds of people remain in makeshift housing following the super typhoon, with some schools teaching […]
Imperial Pacific International says it has had issues transferring funds to pay workers for the August payroll period.
Imperial Pacific International is considering adding night shifts for its construction workers in order to complete the Imperial Pacific Resort as soon as possible, according to a report from Saipan Tribune. Last week during a meeting between IPI executives and the Commonwealth Casino Commission, IPI admitted they will not be able to finish construction of […]
Imperial Pacific International is likely going to be missing its August 2018 deadline, and is currently in the process of applying for an extension to December, Saipan Tribune reports. IPI’s request came during a presentation at the Commonwealth Casino Commission regular meeting held on Thursday. “The development of the resort hotel experienced a big jump […]
Imperial Pacific International has filed 13 more lawsuits in an effort to recover $12.75 million in debts from Hong Kong and Chinese players in its Saipan casino, local media reports.
Imperial Pacific International needs to boost the percentage of U.S. workers in its labor pool to 65 percent from 44 percent at present to meet the conditions of its casino license, local media reports.
Saipan casino operator Imperial Pacific International (IPI) is actively looking to raise its brand awareness in Japan with a series of initiatives.
The Pacific Island of Guam needs to approve casinos to avoid losing its tourists to the Commonwealth of Northern Mariana Islands, where gambling is permitted on Saipan, Tinian and Rota, a leading academic warned. “We need to use a special request for proposal (RFP) process to get the best deal possible from a single vendor […]
Imperial Pacific International saw strong growth in VIP revenue in 2017, but increased expenses and impairments pushed the operator to post a 31.9 percent decrease in profit in 2017. Such profit was HK$637.5 million, compared to HK$935.6 million in the previous year. IPI said the drop in profit was mainly attributed to an increase in […]
China’s VIPs have an ever growing number of IRs to choose from, but Macau is unlikely to be knocked from its post as the top draw for high rollers any time soon, analysts say. Macau’s new properties on Cotai have had a significant impact in drawing VIPs back to the gambling hub, where VIP gambling […]
Imperial Pacific may request another extension to the deadline set for completion of 329 rooms for its hotel project, local media cited Commonwealth Casino Commission Executive Director Edward Deleon Guerrero as saying. He added no official request has yet been made. The company has already been granted one extension until August this year, after saying […]
Imperial Pacific’s Saipan office was allegedly raided by U.S. federal agents last week, according to a report from Bloomberg. The casino operator however said it had not heard of any official visit to its offices, and denied any wrongdoing that would prompt an investigation. It is not clear what the purpose of last week’s raid […]
The U.S. government has ordered four China-based construction contractors behind IPI’s new casino resort on Garapan to pay a collective $13.9 million in back wages and damages to employees who came from China to work on the casino’s construction site. According to a press release from the U.S. Department of Labor, investigators with the department’s […]
A lawyer representing Imperial Pacific International (CNMI) LLC told the Commonwealth Casino Commission last week that they are planning to propose an extension to resort completion deadline, local media reports. IPI general counsel Philip J. Tydingco on Thursday told CCC commissioners that he would be recommending that the Aug. 31, 2018, deadline for the completion […]
Saipan casino operator Imperial Pacific International said it is working on recruiting more U.S. workers for its hotel-casino in Garapan. According to a report from Marianas Variety, the company is aiming to have a workforce of at least 65 percent U.S. workers. Currently, 44 percent of its personnel are U.S. workers, and the rest are […]
Saipan casino operator Imperial Pacific has appointed Marco Teng as its new chairman, replacing former chairman Mark Brown, local media reports. According to reports, Marco Teng took the position of chairman on January 10, succeeding Mark Brown who announced his retirement in January to pursue other projects close to his family in the U.S. Teng […]
Imperial Pacific International has confirmed recent rumors about the departure of its chairman Mark Brown. The company, in a press release, said that he made the decision to retire from his current position to “pursue other projects closer to his family in the mainland United States.” “Mr. Brown’s leadership and expertise were a major contribution […]
Imperial Pacific Resort Pacific International chairman Mark Brown says he is confident that the company will meet its August 2018 deadline to complete its Garapan resort, according to a report from Saipan Tribune. “We are still targeting to open the entire facility in August 2018. Hopefully we can get more U.S. workers here… If we […]
The Commonwealth Casino Commission is recommending to set the maximum fine imposed on Imperial Pacific International to $200,000, local media reports. The House Gaming Committee initially proposed to set the maximum penalty to $5 million per violation. However, Edward Deleon Guerrero said the fine was “excessive,” and recommended instead a $200,000 penalty ceiling. “…In any […]
A “wind-up” petition has been filed against Imperial Pacific International over allegations that the company defaulted in paying construction management fees of approximately HK$2.6 million (US$333,284). The petition was filed in the High Court of the Hong Kong Special Administrative Region. In a filing to the Hong Kong Stock Exchange on Tuesday, Imperial Pacific said […]
Saipan casino operator Imperial Pacific International says it has invested over half-a-billion dollars into the CNMI local economy, providing a much-needed foundation for the immediate and long-term growth and expansion of the islands. “The investment is the largest by far by any single foreign investor in the CNMI,” wrote the operator in a press release, […]
37 illegal workers who worked on Imperial Pacific’s casino and hotel have refused an offer to be paid and sent back home to China, Saipan Tribune reports. According to IPI legal counsel Charles McDonald, there are currently ongoing negotiations between the 37 workers and the CNMI Department of Labor on their compensation settlement. It is […]
Imperial Pacific International says impairment of the group’s trade receivables in the six months ended June 30, 2017 amounted to HK$2.1 billion. Of this amount, IPI said approximately HK$1.3 billion comes from the company’s ten largest customers, while the remaining HK$807 million comes from the remaining customers. IPI said the provisions were made based on […]
Saipan casino operator Imperial Pacific International saw profit in 17H1 climb 8.9 percent year-on-year to HK$912 million, as VIP gamblers fuelled revenue. Gross revenue for the half year grew to HK$7.3 billion, up from HK$3.98 billion in the prior year period. IPI said the growth was mainly attributable to an increase in operating profits generated […]
Imperial Pacific International Holdings Ltd has announced amendments to its casino license agreement regarding timings for its initial gaming facility, as well as phase one and two integrated resorts. Under the revised proposal requirements and implementation schedules, the initial gaming facility is required to be completed ‘no later’ than August 31, 2018. According to the […]
Imperial Pacific International Holdings Ltd is set to open its integrated resort, Imperial Pacific Resort Hotel in Saipan, on Thursday, July 6, 2017, according to a company press release on Monday. “This spectacular new casino is set to redefine luxury as part of Saipan’s exciting development into a world center of leisure and entertainment,” said […]
Imperial Pacific’s integrated casino resort in Garapan is set to open within the next two weeks, according to reports from the Marianas Variety. The decision to give IPI the “green light” for its opening was given by the regulator on Thursday in a meeting with IPI officials Henry Cheang, Eugene Sousa and Charles McDonald. During […]
Imperial Pacific International Holdings, operator of the Saipan casino resort, has announced new workforce rules banning any individuals who are not authorized to enter the construction site. On May 1, 2017, the Imperial Pacific Security Department hired Island Protection Services to secure the Garapan construction site and is ensuring that all workers, including the security […]
Saipan casino operator Imperial Pacific International Holdings on Tuesday says it has completed the issuance of convertible bonds in the principal amount of HK$50 million (US$6.4 million). Earlier this month, the operator said it was looking to raise funds to “finance the development of Phase I of the Saipan Project and as general working capital […]
Saipan casino operator 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.” Imperial Pacific made the announcement to the Hong Kong Stock Exchange on Friday, adding […]
Temporary casino operator Imperial Pacific International has announced it will no longer be reporting its monthly VIP table games rolling turnover. The company however said that an exception to the rule will be made if VIP table games rolling is under US$2.5 billion for the month. It did not give a reason for the change. […]
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. The Marianas Variety cited Commonwealth Casino Commission executive director Edward Deleon Guerrero as saying that the opening can occur once the requested information has been received and the tasks completed to […]
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, local media reports. According to the Saipan Tribune, the CCC board met with IPI representatives on Tuesday to talk about whether to allow the operator […]
Saipan’s Department of Public Works has finally approved Imperial Pacific’s conditional certificate of occupancy, bringing the casino operator one step closer to opening the casino portion of its resort project. According to local media, the permit was reportedly issued on Tuesday, with IPI now required to get approvals from the Commonwealth Casino Commission before it […]
Imperial Pacific’s temporary casino on Saipan generated VIP turnover of US$2.15 billion in the month of April, down 48.1 percent year-on-year, according to the latest company filing to the Hong Kong Stock Exchange. The Saipan casino operator has been reporting slumping VIP results over the last few months, with VIP turnover of $2.96 billion in […]
Saipan’s casino regulator is urging Imperial Pacific International to get involved in the recent fiasco involving illegal workers at IPI’s casino construction site, Marianas Variety reports. During a board meeting on Wednesday at the Joeten-Kiyu Public Library, the commissioners told IPI legal counsel Charles McDonalds that the controversy was tarnishing the company’s reputation. Commissioner Alvaro […]
More than 50 Chinese construction workers hired to build the Imperial Pacific Hotel & Resort gathered in a protest on Friday demanding to be paid their wages. According to a report from Reuters, the Chinese workers, who entered Saipan on tourist visas, demanded that the casino contractor MCC International Saipan pay their wages. Earlier this […]
Ratings firm Moody’s Investor Services shaved its rating on Imperial Pacific by one notch to “Caa1” and said it still had a negative outlook on the company, indicating it sees a significant chance of another downgrade in the medium term. The firm last cut it rating on the firm in January. “The downgrade of Imperial […]
The U.S. Federal Bureau of Investigation has arrested two people in connection with the death of a construction worker at Imperial Pacific International Holdings Ltd’s Saipan casino site, according to Bloomberg. “The FBI conducted a search and made an arrest in response to the recent death of an individual working at the construction site of […]
Saipan casino operator Imperial Pacific International Holdings Ltd. has denied news reports that its Saipan offices were raided by agents from the U.S. Federal Bureau of Investigation, according to the company’s latest filing to the Hong Kong Stock Exchange. In a filing from the operator on Friday, Imperial Pacific said that neither “the Group nor […]
Saipan casino operator Imperial Pacific International Holdings says it expects to complete construction of its casino on March 31, 2017, according to the company annual report released on Monday. “The construction of the Imperial Pacific Resort has been progressing smoothly, with over 2,000 workers working around-the-clock to ensure timely completion. It is expected that the […]
A Hong Kong court has accepted evidence linking the representatives of Esteem Capital Success Ltd. with Saipan casino operator Imperial Pacific International Holdings Ltd, in relation to the funding of trips made by Saipan lawmakers to Macau and Hong Kong in late 2013, Bloomberg reports. The trips taken by Saipan legislators, including then-senator Ralph Torres, […]
Imperial Pacific, which has pledged to invest $7 billion on the Pacific island of Saipan, has requested an amendment to its Casino License Agreement to extend the deadline to complete construction of the properties. In a press release printed in local newspaper, the Marianas Variety, the company said ”the request to extend was made necessary […]
Imperial Pacific International Holdings saw its VIP table games rolling chip turnover slump 14.5 percent year-on-year to US$1.7 billion, according to the company’s filing to the Hong Kong Stock Exchange. VIP table games rolling for February was down nearly 70.2 percent sequentually from US$5.6 billion in January. The Saipan casino operator is set to hold […]
Casino operator Imperial Pacific International has requested to extend the license of its temporary casino at T-Galleria in order to buy more time for the construction of its new integrated resort, Marianas Variety reports. The casino operator was originally planning a “soft opening” of its new casino on Mar. 31, but it appears this deadline […]
Imperial Pacific International (IPI) is planning a “soft opening” of its new casino on Mar. 31, but Saipan’s casino regulator has urged caution, according to a report from Marianas Variety. On Thursday, Imperial Pacific representatives updated the Commonwealth Casino Commission and members of the House Committee on Gaming of the progress of its integrated resort […]
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. The ratings agency said the new unsecured notes are different from the US dollar senior secured notes that the company first announced on January 11. […]
Saipan casino operator Imperial Pacific says its temporary casino raked in US$5.6 billion in VIP table games rolling in January 2017, according to a company filing to the Hong Kong Stock Exchange. Imperial Pacific, which is currently building the Imperial Pacific Resort & Hotel on Saipan recently reported its temporary casino brought in a total […]
Saipan casino operator Imperial Pacific International says it is happy with the progress of the 902 Consultations between the CNMI and federal governments, Marianas Variety reports. 902 Consultations first occurred in 2007, the discussions are authorized by Section 902 of the Covenant to establish the CNMI in political union with the United States of America. […]
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. “Fitch believes IPI is on target to meet its construction deadline, but longer-term capex funding for the casino and hotel resort is […]
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 […]
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 bond offering that Imperial Pacific was planning to use to fund construction of its Saipan casino has been put on hold, according to sources speaking to Bloomberg. 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 […]
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. The OHS administration was attempting to investigate the alleged death of a worker and other […]
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. The casino operator is currently building the Imperial Pacific Resort & Hotel on Saipan, with phase 1 of the development project expected to be completed in […]
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. The ratings agency said it was concerned with the lack of funding for its project to build a new resort on the island. “The review for downgrade reflects our concerns over […]
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, local media reports. Last week, 15 individuals completed the Baccarat Dealer Training provided by the casino operator, and are now certified to work on the casino floor. […]
Commonwealth Casino Commission executive director Edward Deleon Guerrero has defended recent claims brought by a Bloomberg report against Best Sunshine in Saipan, saying it is complying with all federal AML laws, local media reports. Imperial Pacific came under the spotlight last week after it was alleged that the temporary casino had earned the suspicion of […]
Imperial Pacific International Holdings Ltd has denied it is being investigated by U.S. regulatory authorities regarding the large volumes of cash going through the casino. On Monday, an article from Bloomberg alleged the Saipan casino had earned the suspicion of the U.S. Treasury’s Financial Crimes Enforcement Network because of its significant financial flows. However, a […]
Anti-corruption policies and the ban on proxy betting has forced local junkets to expand into other gaming markets, says junket expert Tony Tong. Mr. Tong, an advisor of AGB and vice chairman of Macau Gaming Information Association (MGIA) made the comments in an interview with Calvin Ayre. Tong said the most successful junket operators have […]
Saipan casino operator Imperial Pacific says its temporary casino raked in $3.8 billion in VIP table games rolling in October. According to the company’s filing to the Hong Kong Stock Exchange on Wednesday, the results were just shy of its record $3.95 billion in VIP rollings in September. In September, CEO Mark Brown said that, […]
The arrests of Crown Resorts staff in China underscores the risk associated with global casino operators’ Chinese VIP business, said Fitch Ratings in a note on Wednesday. “The detainment is a sign to Fitch that high roller gambling by the Chinese nationals outside of China remains top of mind for Chinese authorities,” said the ratings […]
Hong Kong-listed Imperial Pacific says its temporary casino on the island of Saipan took in $3.95 billion in VIP rollings in September, its best month since opening. The figure tops the previous high set in April of $3.18 billion, after which the casino reported several months of declining or flat VIP roll. The company has […]
The Commonwealth Casino Commission says there will be no-limit on the number of junket operators allowed to do business in Saipan once the Imperial Pacific Resort and Hotel opens next year. “No number [limit] for the junket operators. The live training facility that currently operates only has five VIP rooms, but when the Grand Mariana […]
Saipan casino operator Imperial Pacific International says it will continue to abide by the conditions of its license agreement in regards to imported labor, local media reports. In a statement to local media, the company said: “[IPI] would continue to follow and meet what is required based on the exclusive casino license agreement. Currently the […]
The Commonwealth Casino Commission has asked Imperial Pacific if it still meets the required number of local hires amid recent resignations or terminations of local employees. Earlier this week, the Saipan casino operator said it will continue to abide by the conditions of its license agreement in regards to imported labor. In a statement to […]
Saipan’s gaming regulator has issued a provisional license to Korea-based junket operator, Big Bang Entertainment, local media reports. The provisional license was issued by the Commonwealth Casino Commission on August 11, 2016 to Du Young Jang who owns Big Bang Entertainment LLC, and will expire on August 31, 2017. Deleon Guerrero, executive director of the […]
Imperial Pacific is set to offer a high-yield bond to investors in order to fund the construction of the Imperial Pacific Resort and Hotel on Saipan. The pricing of the notes, including the aggregate principal amount, the offer price and the interest rate have yet to be determined, said the company in a filing to […]
Fitch Ratings says it expects to assign Imperial Pacific International Holdings Ltd a Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B(EXP)’ with a stable outlook. According to the ratings agency, the rating reflects the operator’s short operating history in Saipan, driven mostly by the volatile high-rolling VIP segment. The ratings are also “supported by a […]
Casino developer and operator Imperial Pacific International Holdings has announced it has conditionally agreed to allot and issue a total of 1 billion shares to Ally High Limited at a subscription price of HK$0.15 per share. Valued at HK$150 million ($19.3 million), the subscription shares represent approximately 0.71 percent of both existing issued share capital […]
Casino operator Imperial Pacific International Holdings is asking the US government to ease the visa cap for overseas workers in order to support its future casino. Mark Brown, chief executive of Imperial Pacific in an interview with EJ Insight, said the cap of 12,999 workers for the transitional commonwealth-only worker-1 (or CW-1) program was reached […]
VIP rolling chip turnover at Imperial Pacific’s temporary casino, Best Sunshine reached $1.6 billion in August, according to a filing to the Hong Kong Stock Exchange on Friday. Last month, the Saipan casino announced record growth in both revenue and profit for the six months to end-June, but said further growth is likely to be […]
Gaming-focused brokerage Union Gaming says its long term outlook on Macau’s VIP segment remains negative, forecasting further GGR declines in 2017 even as the mass segment has turned positive. In a note from the brokerage on Wednesday, Union Gaming analysts say real VIP GGR growth rate was notably worse in 16Q2, at a 21.3 percent […]
Imperial Pacific International Holdings Limited, the operator of Saipan’s only casino, announced record growth in both revenue and profit for the six months to end-June, though further growth is likely to be capped until its new casino and hotel opens next year. Total revenue reached HK$3.98 billion ($513 million), with revenue from VIP gaming operations […]
Saipan casino operator Imperial Pacific Holdings has begun hiring workers for its Grand Mariana resort, local media reports. The casino investor aims to fill 2,500 – 3,000 positions, according to Bertha Leon Guerrero, Best Sunshine international vice president for human resources. The resort is expected to open in the first quarter of 2017, with hotel […]
Saipan casino operator Imperial Pacific International Holdings says it is expecting to record a substantial increase in profit for the six months ended June 30, 2016. The profit in 16H1 would be a turnaround from a loss of HK$168.8 million ($21.8 million) which was recorded in 15H1. The company said the profit is mainly attributable […]
Saipan casino operator, Imperial Pacific International is another step closer to securing a land lease which will include the land hosting the Mariana Resort and Spa. According to the Saipan Tribune, the Department of Public Lands issued a notice of intent to award the casino with a lease on Friday. If the casino is successful, […]
Saipan casino operator Imperial Pacific International Holdings Ltd has announced its temporary casino Best Sunshine’s VIP table games rolling chip turnover in June was US$1.7 billion. In a filing to the Hong Kong Stock Exchange, the operator also said it will announce its unaudited VIP table games rolling for the previous month on the second […]
Imperial Pacific said its temporary casino on the island of Saipan generated VIP table roll of $2.52 billion for May, down from the $3.18 billion generated in April. Since opening in November last year, the casino has generated an average monthly roll of about $2 billion, mostly from China VIPs. The company recently said the […]
Imperial Pacific International Holdings Ltd. has announced its executive director Yuki Yu Xia has increased her shareholding in the company. According to a filing to the Hong Kong Stock Exchange, Ms Xia acquired 25 million shares of the company in the open market at the price of HK$0.15 per share for a total consideration of […]
Hong Kong-listed Imperial Pacific said its temporary casino on the island of Saipan has reached saturation point after pulling in a total VIP table games roll of $6.1 billion in the first quarter. The intake averaged about $2 billion a month. That was up about 30 percent from the average in the first two months […]
Hong Kong-listed Imperial Pacific reportedly met with officials from ratings agencies Fitch Group, Moody’s and Standard and Poor’s last week, local media reports. The agencies also met with regulators in private to discuss financial matters, the report in the Saipan Tribune said. The agencies aim to rate Imperial Pacific’s credit worthiness as the casino company […]
HK-listed Imperial Pacific announced it has formed an advisory committee to provide “sound strategic and tactical advice” including business strategy and government relations. The advisory committee members, all of which have considerable experience in governmental and regulatory policies will strengthen the company’s corporate governance, said the firm in its filing to the Hong Kong Stock […]
Hong Kong-listed Imperial Pacific International Holdings has reported its Saipan casino business raked in US$6.1 billion in VIP table game rolling chip turnover for the first quarter of 2016. The “temporary casino” on Saipan, operating through its local unit Best Sunshine, says its VIP business saw a 30 percent increase in its monthly average at […]
HK-listed Imperial Pacific, owner of Best Sunshine on Saipan, has been given approval to increase the rebate rates for VIPs, local media reports. The Saipan Casino investor said it made the request to the Commonwealth Casino Commission in order to better compete with the incentives currently offered by Macau, Hong Kong and the Philippines. The […]
Hong Kong-listed Imperial Pacific International Holdings said it’s selling its non-gaming related subsidiaries in order to focus on its integrated resort business in Saipan. The company said it agreed to sell its entire issued share capital in Supreme Wit and its subsidiary, Highest Rich, for HK$2 million (US$257,900). The two companies are reported to have […]
Imperial-Pacific owned Best Sunshine, which has been developing a $7.1 billion casino-resort in the Northern Marianas, has been eyeing the Northern Marianas Housing Corp.’s idle piece of property in the heart of the busy Garapan business district, a local source reports. Best Sunshine representatives have inquired about the property in Garapan on at least two […]
Hong Kong-listed Imperial Pacific International Holdings Ltd posted a net loss of HK$84.4 million (US$10.9 million) for the full year 2015, compared to a loss of HK$1.6 billion in 2014. According to the casino investor, total revenue for the year ended Dec. 31, 2015 was HK$931.9 million, compared to HK$558.3 from the previous year. Revenue […]
Hong Kong-listed Imperial Pacific International Holdings has announced its temporary casino on Saipan has generated VIP rolling of US$2.3 billion in January, according to a recent filing to the Hong Kong Stock Exchange. The operator of the Best Sunshine temporary casino said the number had not yet been audited, but added it would in future, […]
Imperial Pacific, operator of Best Sunshine International, has been deemed financially able to complete construction of its $500 million Grand Mariana Casino Project in Garapan, according to local media sourced from the Commonwealth Casino Commission. The commission reportedly met with Best Sunshine executives to access its ability to complete the $500 million project on Jan. […]
Hong-Kong-listed Imperial Pacific, which opened a temporary casino in July 2015, has announced that its VIP tables brought in $1.44 billion in December, 2015. The Saipan casino brought in $1.63 billion in VIP revenue in November, which was its first full month of operations. The temporary casino / training facility is part of a $7 […]
Imperial Pacific, which opened a temporary casino on the island of Saipan in July, announced that its VIP business brought in $1.63 billion in its first full month of operations. The company said in a filing with the Hong Kong Stock Exchange that it will announce its VIP roll from the previous month on the […]
Hong Kong-based investment company Imperial Pacific International announced that it will be a constituent of the MSCI China Index with effect from the close of November 30. The MSCI China Indexes consist of a range of country, composite and non-domestic indexes for the Chinese market, intended for both international and domestic investors. The company is […]
Imperial Pacific International Holdings announced that its ‘temporary casino’ on Saipan will officially open on November 27. “In addition, the temporary casino expects to commence collaboration with junket operators from December 2015 onwards,” the operator said. “The grand opening of the temporary casino supports the group’s continuous evolution of Saipan into a diversified and world-leading […]
Imperial Pacific International said that through a subsidiary has terminated a loan and profit transfer agreement with Macau casino junket Heng Sheng Group. Excel Earth Limited, a wholly owned subsidiary of the company, ended the agreement because “the downturn of Macau gaming business is expected to continue.” “The Junket shall forthwith return the unsecured, interest-free […]
Best Sunshine International has detailed plans for its luxury resort on Saipan, saying rooms will be about three times the size of those currently available on the South Pacific island. Local media cited senior vice president Tao Xing as saying at a press conference that the property will be the “most luxurious” integrated resort in […]
Imperial Pacific International, which is planning to build a $7.1 billion integrated resort on Saipan, last month signed an agreement to purchase 11 hectares of land from a private landowner in Tanapag Village for $3.2 million. The agreement is for a 55-year lease on three plots of land measuring, 12,000 sq.m, 30,000 sq.m. and 63,001 […]
Imperial Pacific International Holdings, a casino license holder on the island of Saipan, reported a net loss of HK$168.8 million ($21.8 million) in 15H1, compared with a loss of HK$19.6 in the prior corresponding period. Revenue for the six months ended June 30 fell 52.9 percent year-on-year to HK$138.2 million as administrative costs rose 400 […]
Imperial Pacific International Holdings announced that it held a soft opening of a temporary casino in the Pacific island of Saipan on Sunday. “The Board is pleased to announce that the Licensee has launched a soft opening of the Temporary Casino on 26 July 2015,” the company said in a filing. The company said in […]
Hong Kong-listed Imperial Pacific said it has been given the green light to proceed with the construction of a new town hotel, the Grand Mariana Casino and Hotel Resort, as part of a $7 billion in planned investments in Saipan. The company said it had received a “notice to proceed” from the the Division of […]
Hong Kong-listed Imperial Pacific International Holdings announced that it will issue 127.7 billion bonus shares on July 3. On June 17, shareholders approved the issue on the basis of 15 bonus shares for every one existing share held by qualifying shareholders, the company said in a filing. “As at the Record Date, the number of […]
Alexander Sablan, head of the Saipan Chamber of Commerce, said the organization has officially asked the government to play a more active role in ensuring a planned casino development for the island is the correct size. Speaking at a Guam Chamber of Commerce meeting on Tuesday, Sablan expressed concern that a resort that was too […]
Imperial Pacific International Holdings said in a filing that it would launch and operate a “temporary casino” in the Pacific island of Saipan in the third quarter of 2015. Relating to previous announcements in which the company said it would spend as much as $7 billion on a casino resort on island, the first phase […]
A deal to power a Pacific island casino project between Imperial Pacific International and a Hong Kong-listed energy company has failed to get investors excited. Shares in Hanergy Thin Film Power Group which have been up fivefold in the past 12 months traded flat on Tuesday after the announcement of a proposed joint venture to […]
The Commonwealth of Northern Marianas Lottery has approved Imperial Pacific International Holdings’ live training center concept, under which the $7.1 billion casino developer will train about 500 casino workers while waiting for its casino-hotels to be constructed. The training center will be located at the ground floor of DFS T Galleria—from whom Imperial Pacific’s Best […]
The inauguration of Northern Marianas Governor Eloy Songao Inos was attended by four Chinese investor groups intending to build over $10 billion in casino-hotel investments. Best Sunshine International, a unit of Imperial Pacific, Alter City Group, Mega Stars Overseas Limited and Saipan Jinghua officials were present at Monday’s inauguration ceremonies held at the parking lot […]
Imperial Pacific said its share of profit from a Macau junket venture has fallen short of the agreed amount and the vendor will pay the shortfall. In a filing with the Hong Kong Stock Exchange, the company said the actual profit stream received from its investment in the Hengsheng Group was HK$10.73 million ($1.38 million). […]
“As soon as we catch up on our cash flow, we will also catch up on payroll,” a spokesperson for the casino resort in the Commonwealth of the Northern Mariana Islands told reporters.
The Coronavirus, now renamed as Covid-19, has devastated the near-term outlook for Asia’s casino operators, though analysts still expect demand to snap back sharply once the outbreak is under control. The big question is when that might be.
Imperial Pacific International is facing further disruption at its unfinished Saipan property after new visa regulations further dried up the labor pool available to complete the long-delayed project.
Imperial Pacific’s highly anticipated multi-billion dollar resort on the island of Saipan is planning to hold an opening on March 31, though it's unclear if anything will actually open. While soft openings are common, with Okada Manila for example starting limited casino operations in December ahead of a full unveiling, also on Friday, in this case, construction delays and labor issues continue to plague the site.
Imperial Pacific Holdings says its resort on the Pacific Island of Saipan will open in the first quarter of this year, despite concern over funding problems for the proposed $7 billion project. The operator, which is currently working out of a temporary facility on the island, had initially planned a Chinese New Year opening, but in a recent stock exchange filing changed the wording about its planned debut to say the Imperial Pacific Resort will hold a soft opening in Q1.
When Hong Kong‐listed Imperial Pacific said it would double its planned investment on Saipan, a tiny Pacific territory that forms part of the Commonwealth of Northern Mariana Islands, it’s fair to say eyebrows in the industry were raised.
When Hong Kong-listed Imperial Pacific announced it was doubling the size of its planned casino development on the South Pacific island of Saipan to $7 billion some analysts began scratching their heads.Local business leaders argue that the new complex, with plans for 4,000 hotel rooms, 1,600 gaming tables and 3,500 slot machines, is too large for the island to support. Saipan lacks the necessary infrastructure, transport links and manpower for such large-scale projects, prompting questions as to what is the right size.