{"id":28628,"date":"2022-04-01T08:51:29","date_gmt":"2022-04-01T11:51:29","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=28628"},"modified":"2026-04-23T09:58:31","modified_gmt":"2026-04-23T12:58:31","slug":"imperial-pacific-posts-us88-2m-loss-for-2021","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/imperial-pacific-posts-us88-2m-loss-for-2021","title":{"rendered":"Imperial Pacific posts US$88.2m loss for 2021"},"content":{"rendered":"\n

Imperial Pacific International has shared its financial results for the year ended December 31.<\/p>\n\n\n\n\n\n\n\n

Northern Mariana Islands.-\u00a0Imperial Pacific International (IPI)\u00a0<\/strong>has reported a loss of HK$690.8m (US$88.2m) for 2021. It said it is committed to resuming work on its Saipan casino and laid out a series of steps aimed at turning around the business.<\/p>\n\n\n\n

The casino operator said its loss narrowed from the previous year’s HK$7.39bn (US$943.6m). The company did not record revenue in 2020 after the closure of its casino in March 2020 due to the Covid-19 pandemic<\/a>.<\/p>\n\n\n\n

IPI’s casino licence was suspended<\/a> in April 2021 after it violated five regulatory orders. The Commonwealth Casino Commission (CCC) ordered\u00a0IPI to pay a penalty of US$6.6m<\/a>\u00a0on top of an annual casino exclusive licence fee of US$15.5m and\u00a0regulatory fees of US$3.1m<\/strong>.<\/p>\n\n\n\n

IPI applied for judicial review of the CCC\u2019s decision but last week, the\u00a0Supreme Court of the Northern Mariana Islands\u00a0<\/strong>rejected\u00a0the appeal<\/a>.\u00a0Authorities in the Northern Mariana Islands will decide in May whether to permanently revoke the company\u2019s licence. <\/p>\n\n\n\n

Despite the hurdles, IPI is optimistic that it will be able to continue to operate as a business. The company said it is in active negotiations with the CCC over the US$15m it owes in licensing fees and a US$30m contribution to community benefit funds, fees and fines.<\/p>\n\n\n\n

The casino operator has also spoken to key creditors seeking to extend the maturity date on its debt to 2024 and beyond. It is also exploring the possibility of paying off bond-related debt by issuing new shares.\u00a0<\/p>\n\n\n\n

Two New Jersey investors interested in operating casinos in Saipan, says CCC director<\/h2>\n\n\n\n

During an interview with the Saipan Tribune, the CCC’s Andrew Yeom revealed that\u00a0two New Jersey investors<\/strong>\u00a0are interested in operating an offline and online casino in Saipan.<\/p>\n\n\n\n

Yeom said he could not give more details until the situation of current licensee Imperial Pacific International (CNMI) LLC is clarified. He would not elaborate on whether the investors were interested in buying IPI\u2019s casino complex in Garapan.<\/p>\n","protected":false},"excerpt":{"rendered":"

Imperial Pacific International has shared its financial results for the year ended December 31.<\/p>\n","protected":false},"author":176,"featured_media":19434,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Imperial Pacific International (IPI) reported a HK$690.8m loss for 2021, a significant reduction from the prior year, despite its Saipan casino remaining closed since March 2020. The company faces potential permanent license revocation in May following a Supreme Court rejection of its appeal against regulatory violations and substantial outstanding fees. Concurrently, the Commonwealth Casino Commission revealed interest from two New Jersey investors in Saipan's casino market.","focusai_entities":"Imperial Pacific International, Commonwealth Casino Commission, Andrew Yeom","focusai_location":"Northern Mariana Islands, Saipan, New Jersey, Garapan","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (0.9), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"IPI's Debt Restructuring?","query":"What specific terms are Imperial Pacific International seeking for debt maturity extensions, and what is the projected impact of a new share issuance on existing bondholders and equity valuation?"},{"label":"Saipan Market Entry?","query":"What are the specific regulatory and licensing requirements for new operators, such as the New Jersey investors, to enter the Saipan market, and what is the estimated timeline for such a process?"}],"footnotes":""},"categories":[16336,163],"tags":[14213,22674],"class_list":["post-28628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-finance-news","tag-imperial-pacific","tag-ipi"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=28628"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28628\/revisions"}],"predecessor-version":[{"id":28644,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28628\/revisions\/28644"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/19434"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=28628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=28628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=28628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}