Imperial Pacific International Holdings Ltd. Is failing in its effort to turn the obscure island into a gambling hub to Rival Macau.
A Hong Kong based Company which attracted attentions of the Gaming industry for the major volumes of bets recorded in its saipan operation, has reported a 51% decline in its first half revenue that sent earnings tumbling more than by 90%. Imperial Pacific has faced problems that required it to delay paying its some saipan workers in August, according to local media.
Last Month, Saipan regulator approved four junket operators that can work with Imperial to bring high stakes players. Operators have also received a extension of two and half years, to complete the 340 hotel room that it has committed to complete to atop the gambling facility, slow progress is due to the shortage of Workers.
Local Garment Manufacturing Industry collapsed in the early 2000s, at that time island was left with virtually no economic base, until now when Imperial Pacific casino, opened in 2015 began posting betting volumes that shocked industry Veterans.
Imperial Pacific have always disputes with the assertion, countering that it implies with all relevant regulations and has anti money laundering procedure in place.
Now, Imperial Pacific began posting per table betting volumes that outstripped the grandest Macau Casino, “What was largely unknown at the time was the amount of uncollected debt that was rapidly accruing”. Said Andrew Klebanow, a Senior Partner at Global Market Advisors, a gaming industry Consultancy.