Imperial Pacific Raises Alarm On Possible 2018 Loss

Imperial Pacific Raises Alarm On Possible 2018 Loss

The management of Imperial Pacific Resorts, a casino outlet on the Saipan Pacific Island has announced the possibility of recording a loss for the year ended December, 2018 following the 2017 annual profit. While filing to Hong Kong Stock Exchange on Friday, the Imperial Pacific International Holdings Ltd mentioned that it believed that the deficit was caused by the reduction in the impairment of its trade income and the total revenue. Suffice to say that the annual profit of the group for year ending 2017 was 637.5 million HKD ($81.2 million USD), which was 32% lower than the profit the group recorded in the year ending 2016.

While presenting its provisional balance sheet that was filed in the month of August, the company mentioned that the gross operation receivables was majorly made up of money owed by the VIP gamblers on losses incurred while gaming on credit on the platform. According to the report, for a period of six months, ending in June, this outstanding debt was placed at about 13.70 billion HKD which was a bit higher than the 13.28 billion HKD recorded in the same period the previous year.

The casino business of Imperial Pacific is located in the Commonwealth of Northern Mariana Islands, a U.S. owned island in western Pacific Ocean. Imperial Pacific group has said that the full year report of the 2018 balance sheet will be made available on or before the end of March, 2019.

Few weeks ago, it was reported that the Imperial Pacific Resort will be concluded this year. This was according to Saipan media report. Early this month, the Saipan Tribute newspaper also reported that Commonwealth Casino Commission, a local regulator, has offered temporary licenses to three different gambling operators to operate in the Imperial Pacific Resort. The newspaper went further to report that a senior official of the local regulator has said that the commission is not looking into limiting the amount of junkets that may carry out business at this gaming venue. However, operators will need to obtain an approval and license before operation.

It is important to mention that the chairwoman of the Imperial Pacific, Cui Li Jie, was named by Forbes magazine in its 2018 list of the world’s United States Dollar billionaires. Suffice to mention that her name was not included in the 2019 list.

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