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 to US$23.7 million. Total land area of the two pieces of land total around 129,687 square meters.
According to the filing, one of the pieces of land includes 12 villas and a three-story public building under construction on Capitol Hill, the former Heaven II Resort.
The other land is the project site for the Casha resort hotel, which is an under-construction hotel set to have more than 1,700 when completed.
IPI said the acquisition of American Sinopan LLC in line with the business development strategy and plans of the Group.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
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Tomakomai Mayor Hirofumi Iwakura has again pressed the Hokkaido prefectural authorities led by Governor Naomichi Suzuki to rejoin the IR race in the current cycle, arguing that the nine-month delay in the national licensing timeline provides adequate opportunity to resolve environmental and other concerns.
Almost half, or 88 of the over the 200 construction workers of Imperial Pacific International, will have to leave the CNMI by the end of this month because their H-2B visas are expiring.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.
Before the Covid-19 crisis, tourism in the Greater Mekong Sub-Region was at a record high, on track to welcome 80 million visitors in 2019, generating some $90 billion in revenue.
