In a series of court hearings, Imperial Pacific International has made various excuses as to why it has been unable to meet its commitments. The lawyer for Chairwoman Cui Li Jie claims that she is ignorant of the US legal system and is, in any case, powerless to fulfill the court’s demands. Attorney Michael Dotts, meanwhile, is arguing that IPI simply does not have the funds to pay what it owes under the consent judgment. However, in another case dealing with sexual harassment, former CNMI Senator Ray N. Yumul appears to have begun his work representing IPI as its CEO.
With continued and future disruptions on land-based casino revenues, industry executives are asking whether online casino platforms, which have seen rapid growth rates, can play a role in assisting stalled revenue lines and help them move beyond these difficult times.
Hong Kong-listed R&F Properties is seeking new financing and a casino operator partner for the Midan City development in Incheon, attempting to recover from Caesars Entertainment’s abandonment of the partnership.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
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.