A company that has pledged to spend as much as US$7 billion on a casino resort on the Pacific island of Saipan says an indirect wholly-owned subsidiary will construct two hotels and a casino there within a six-month period. The company has proposed to construct one 5 star hotel that will have 250 rooms and a casino that will cover 2,200 square metres of space as part of the first phase of development for Grand Mariana Casino & Hotel Resort.
The island of Saipan is the largest island on the Northern Mariana Islands and is a part of the commonwealth of the United States. Imperial Pacific recently committed to the CNMI that it would construct a casino and two hotels within a 6 month period. The company will use a 100% but indirectly owned subsidiary to develop and construct the casino and two hotels. The company received permission in March to construct a temporary casino. Phase one was announced then as opening in 2016.
The company released a statement which stated “It is expected that construction work for the two town hotels and a casino with a total area of approximately 130,000 square metres would commence in the third quarter of 2015 and would complete within six months.”
Imperial Pacific’s subsidiary Imperial Pacific International (CNMI) LLC signed a contract with the Department of Public Lands in the Commonwealth of the Northern Mariana Islands that gave Imperial Pacific a 25 year lease on 59,000-square-metres of land at Garapan. Imperial Pacific has to pay a first year rental of $250,000 in advance but did not disclose what the lease amount is for the remaining number of years.
The 6 month deadline given by Imperial Pacific to construct 2 hotels and 1 casino is an exceptionally tight deadline and construction workers will have to work 24/7 to meet the deadline. The casino is expected to create 100s of jobs for the locals and generate a significant amount of tourism once the resort is opened. Previous reports suggest they may use 15,000 sq. m. of floor space at T Galleria (pictured) for a live training facility for the temporary casino.
Imperial Pacific International Holdings Ltd first started out in the frozen food industry before switching over to the casino industry when it bought the rights from a Macau junket investor to a profit stream.