Imperial Pacific’s VIP slowing

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VIP rolling chip turnover from Imperial Pacific International Holdings Limited amounted to US$2.15 billion (MOP17.25 billion) in April 2017, according to a company filing with the Hong Kong Stock Exchange. The company operates a ‘temporary’ casino on the island of Saipan, as it continues construction on a larger resort.
According to previous filings of the company, the amount represents a 32.46 per cent year-on-year decrease from the US$3.18 billion recorded in April 2016, as well as a 27.36 per cent month-on-month decrease from US$2.96 billion in March 2017.
The development of Imperial Pacific’s permanent Saipan gaming and hotel venue, known as Imperial Pacific Resort, has been delayed by protests from construction workers – mainly from China – over unpaid wages and unsafe working conditions, according to previous reports.
Earlier this week, the Governor of the Commonwealth of the Northern Mariana Islands, where Imperial Pacific operates, said it will levy a 5 per cent tax upon the company’s gaming operations if such a tax is approved in the House of Representatives. In addition to the tax, the company is bound to pay a total of US$20 million to community benefits programmes due to the construction of its new casino.
Currently, Imperial Pacific pays an annual licence fee of US$15 million.
The company has been recently granted an extension of its gaming licence for both its temporary casino and on the completion date of its new casino, to August 31, 2018.