Imperial Pacific International Holdings Limited has amended its casino licence agreement, announcing the initial implementation of its Saipan project Imperial Pacific Resort Hotel would be completed ‘by no later’ than August 31, 2018, a company release with the Hong Kong Stock Exchange yesterday revealed.
Imperial Pacific was granted a 25-year exclusive integrated Casino Resort Development
Licence for Saipan in 2014, committing to invest US$7.1 billion in building the Imperial Pacific Resort Hotel.
According to the initial developing licence from 2014, the development of the Imperial Pacific integrated resort would require the construction of at least 2,004 hotel rooms, 17,000 square metres of total gaming area, 200 villas and a US$100 million themed entertainment facility with an amphitheatre.
At that time, Imperial Pacific stated it would be able to develop at least 1,201 rooms, 400 gaming tables and 1,000 slot machines in 2018 during the integrated resort’s first stage of development.
In total, the company expected to be capable of preparing 4,252 rooms, 300 villas, 1,600 gaming tables and 3,500 slot machines by 2020.
A smaller endeavour
According to the newly updated requirements, as of August 18 the resort will have to include at least a 329-room 4 or 5-star luxury hotel, 14,140 square metres of gaming area and 15 villas.
The first phase of the property development will then have to be completed by no later than August 13, 2023 with the establishment of a fully functional integrated resort with 800 rooms, at least 10,000 square metres of gaming area plus themed entertainment facility with the amphitheatre.
By no later than August 13, 2028 the second phase of the resort should be completed, according to the filing, with the demanded total gaming area reduced to 7,000 square metres – and will have at least 875 rooms and 185 villas.
At the beginning of July, imperial Pacific announced it would move the operations it runs at its temporary casino Best Sunshine Live to Imperial Pacific Resort Hotel upon its opening on July 6.
The property opened on Garapan after a four-month delay, with a gaming offer of 70 gaming tables and over 190 electronic gaming machines.
According to the latest financial report by Imperial Pacific, its unaudited VIP table games rolling for May 2017 was more than US$2.5 billion, an amount similar to that registered in the same month of last year.