Saipan casino fails at financial development

Imperial Pacific International said the casino did not achieve the expected results.

Northern Mariana Islands.- The casino company Imperial Pacific International (IPI), operator of the gaming and touristic centre in Saipan, has released its financial report revealing that operations during the first half of the year did not achieve the expected results. The analysed casino operations addressed the activities from January 2018 to June 30, 2018, according to the company’s publication.

Imperial Pacific International argued that the decrease in Saipan casino operations was due to a general low on the current economic activity and “impairment of trade receivables,” as the issued report states. Furthermore, the hiring of new personnel and further construction activity in the resort have damaged the company’s financial development during the first six months of the current year.

The casino company explained that they have not finished the construction phase of the resort and they are not able to explore the entire venue’s services. Imperial Pacific International had to add night shifts for workers in order to keep moving forward with the construction due to labour shortages and a major typhoon that led to several delays.

The Saipan Tribune reported that Eric Poon, IPI vice president for construction, detailed that the current construction work is separated in three areas, which consist of the resort hotel, the north courtyard and the hotel tower. “Everything is moving forward and on target to complete by the end of this year. We put another 10 per cent in the resort hotel’s building façade. But for us, this is not fast enough; hopefully, we can improve it in the near future,” added Poon.