Imperial Pacific International Holdings Ltd. informed the Hong Kong Stock Exchange on Wednesday that it has entered into a written amendment to its casino licence agreement with the Commonwealth of the Northern Mariana Islands (CNMI), which would allow the company to establish and operate a ‘temporary casino’ in Garapan, on the Island of Saipan. Imperial Pacific’s current plan is to launch the temporary casino in 2015, the company told the stock exchange after trading hours on Wednesday. The company, also known as an investor in the profit stream of Macau junket operator Hengsheng Group, noted in the Wednesday filing that it would seek further legal advice before operating the temporary casino project in order to comply with all applicable laws and listing rules of the Hong Kong Stock Exchange. The project is still subject to the supervision of the CNMI Casino Commission for ‘proper regulation of the temporary casino and the Saipan Casino Law’. In a circular filed with the stock exchange in late November, Imperial Pacific announced its business plan to construct and operate a casino-resort project on the Island of Saipan, which will comprise a town hotel plus integrated resort with gaming facilities in five phases. The company said in the circular that it would invest US$7.1 billion (HK$55.1 billion) in the casino-resort project, whereby the first phase could be ready by 2016. The last phase of the project is expected to be ready by 2020, along with the eventual completion of 4,252 rooms, 300 villas and 1,600 gaming tables, according to the circular. In August last year, Imperial Pacific was granted a 25-year licence to build and operate a casino on Saipan, with an option to extend the licence for a further 15 years. SL.
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