IPI issues profit warning for 19H1

Imperial Pacific International Logo

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 from its VIP gaming operations, which had been reduced due to lower visitation following a super typhoon last October. 

The company has also been dealing with labor shortages for the construction of its hotel and casino but has recently bolstered its construction team with workers from Italy. 

The diversify its earnings, the company in June indicated its interest in participating in online gaming operations, should the government pass the necessary legislation. 

“If approved, the group shall apply for an online gaming license and the industry would also be regulated by the Commonwealth Casino Commission,” IPI said in a statement to the Hong Kong Stock Exchange in June.