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IPI sells stake to fund Saipan casino

IPI sells stake to fund Saipan casino
IPI's Saipan casino will get extra funding from the stock sale.

IPI’s Saipan casino has given the company more than one headache and the company had to sell about 9.79% of its shares to fund its costs.

Northern Mariana Islands.- Imperial Pacific International Holdings Ltd will sell 9.79% of the company to fund its Saipan casino. The company’s controlling shareholder made the decision to help with the cost of the resort, which continues to trouble them.

Guan Lian Capital Holdings Group Ltd got the right to buy 14 billion shares, they told the Hong Kong stock exchange. That’s a considerable amount of the almost 90.76 billion shares it held in Imperial Pacific International Holdings.

Recent developments

Its Saipan casino is soon to open, even as it struggled with worker complaints and strikes. As it plans to open it over the next few weeks, IPI Saipan announced the hiring of 100 Italian workers.

The new workforce will target the facade of the company’s development on the island. IPI Saipan’s new workers arrived on the island over the last few days and will rush to finish the project.

Imperial Pacific International Holdings announced it expects to open the casino resort by September 30, 2019.

The developer made the announcement to the Hong Kong Stock Exchange. It explained it hopes to open only phase 1 of its integrated resort development, called “Imperial Palace Saipan.”

The Saipan casino had opened as a temporary facility in 2015 and pushed the local economy ever since. It contributed to around 60% of government revenues through taxes and operating fees. Revenue from high roller gamblers from China is the primary money source, but the typhoon has lured them away.

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