Imperial Pacific faces a decrease in its revenue

The IPI’s second project has been delayed until February 2021. Credits: Mark Rabago / radionz.co.nz
The IPI’s second project has been delayed until February 2021. Credits: Mark Rabago / radionz.co.nz

The casino operator of the Northern Mariana Islands announced a decrease on its half-year financial report.

Northern Mariana Islands.- Imperial Pacific International shared its financial report on casino operations addressing the first half of the year. According to the official report, half year’s operations show a low on the company’s revenue, which includes VIP table games.

Imperial Pacific reported that the gaming sector achieved €392 million compared to the €780 million registered in the previous period. The company’s statement argues that the decrease was due to the football World Cup and tightening market credits.

Meanwhile, the Saipan Casino Control Commission has agreed with Imperial Pacific International (IPI) to extend its integrated resort (IR) completion deadline until February 28, 2021. Both parties have reached a deal on a written amendment to the Casino Licence Agreement that postpones the original completion date under certain conditions.

The IR was expected to be completed by August 31, 2018, but IPI said it would miss the deadline due to “the drastic reduction and non-availability of sufficient skilled and qualified construction labourers locally in Saipan and mainland USA.” However, under the new amendment, the company has been awarded more time to complete the development and the issuance of a Certificate of Occupancy Permit by the CNMI Department of Public Works.

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finance Imperial Pacific Northern Mariana Islands