IPI to open Saipan casino before 3Q19
Imperial Pacific International revealed it may “partially” open its Saipan casino resort by September 30, 2019.
Northern Mariana Islands.- Imperial Pacific International Holdings continues to work on its Saipan casino. However, the company has just 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 venue 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.
However, government officials say IPI is behind on monthly tax payments and, according to the company, tax revenues dropped 70%.
The Saipan Casino Control Commission agreed with Imperial Pacific International (IPI) to extend its integrated resort (IR) completion deadline until February 28, 2021. Both parties made 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 to complete the issuance of a Certificate of Occupancy Permit by the CNMI Department of Public Works.
