Imperial Pacific Casino on the Island of Saipan, owned and operated by the Imperial Pacific International group, has reported a loss of $415.3 million for the year ending December 2018. The casino has a drastic dip in revenues coming from the VIP visits, and that accounts for the massive loss in 2018.
2018 was not at all good for the Island Casino as it the operations were ceased at the venue during October last year due to the Typhoon Yutu. The VIP revenue dip was attributed to the closing of the airports during that period.
While the casino has begun operations and is open to the public, it has not been restored to its fullest potentials yet. The company is rebuilding the venue in parts. They have already been delayed as the deadline to complete the development work was in December 2018. Now the company has got an extension from island authorities and will be completed in 2021, reports casino.org.
The Imperial Palace Casino had already been indicating at a massive loss, as such the figures though huge are not as surprising.
The Imperial Palace is now open to gamblers, but it is being built in phases and is not yet finished. Imperial Pacific missed a deadline for completion in December and was granted an extension by island authorities – already its second – until February 2021.
The casino is located on remote Saipan island and due to the typhoon when the airport was closed there was no other way convenient for VIP players to visit the venue. That led to the complete shutdown of operation at the casino in October.
The company also has a massive stockpile of VIP debts, of which over $624 million had to be written off as bad debts. These debts come from just ten customers. Currently, the casino has over $1.2 billion in “debts recoverable,” and more than half of that sum has been outstanding for over a year now.
Earlier, this month the Casino was also embroiled in a controversy as the Chinese workers at the facility filed a lawsuit against the management citing illegal practices following which the top investigation agency FBI conducted a raid and found that many overseas workers were working illegally.