Fitch Ratings downgraded the operator’s credit rating over a possible default.
Saipan.- Fitch Ratings announced that they downgraded the credit rating of the Hong Kong based company Imperial Pacific because there’s a possibility that the company will fail to fulfill the obligation of paying its loans.
The credit rating agency said that the downgrade reflects the substantial risk that Imperial Pacific presents because it will likely default on its obligations. “The downgrade of the final ratings reflects the company’s need to fund advances to customers and bear customers’ credit risk due to the lack of licensed junket operators in Saipan. So far only one junket has been licensed by the Commonwealth Casino Commission of Saipan.”
Earlier this month, Imperial Pacific announced that they will postpone the opening of the Imperial Pacific Resort to the end of March. The company had announced in August 2016 that they hoped to open the doors of its permanent casino resort by the Chinese New Year.