Imperial Pacific International Holdings Limited is to reportedly soon have more cash to help finish building the giant Imperial Palace Saipan integrated casino resort after announcing a deal that is to involve its majority shareholder offloading about 9.79% of its stake to a third party.
According to a report from GGRAsia, Hong Kong-listed Imperial Pacific International Holdings Limited made the revelation via an official Monday filing and detailed that the arrangement is to see principal investor Inventive Star Limited sell off around 14 billion of its shares to an entity known as Guan Lian Capital Holdings Group Limited.
The casino operator moreover reportedly explained that the understanding will see the stake in its business held by Inventive Star Limited drop from about 63.47% to approximately 53.68% although it did not provide any information concerning the identity of the buyer or the price it would be paying.
In an opportune twist, Imperial Pacific International Holdings Limited reportedly later explained that Inventive Star Limited subsequently intends to lend it the proceeds of this deal so that it may complete work on its under-construction Imperial Palace Saipan. This facility on the island of Saipan began welcoming gamblers to enjoy a selection of some 350 slots and 200 gaming tables in July of 2017 but work on its adjacent 14-story hotel has since stalled and is now not expected to be completed until at least February of 2021.
However, GGRAsia reported that the local casino license held by Imperial Palace Saipan is contingent upon the opening of this hotel while Imperial Pacific International Holdings Limited has blamed a repeated series of holdups on a variety of problems ranging from bad weather to the lack of a skilled workforce. In a first attempt to bring in more cash for the seaside project, the operator secured a $500 million loan with Japanese investment firm GCM Limited in May although local sources purportedly now do not expect the facility’s full complement of services to be available until August of 2022.