Imperial Pacific International Holdings Ltd (1076.HK), recently reported the consolidated results for the company and its subsidiaries for the year ending Dec 31, 2016, with gross revenue of HKD7.49 billion (US$964.2 million), an increase of HKD6.77 billion ($871.56 million) from the previous year.

The announcement, which was presented after trading hours on Monday via its filing (pdf) with the Hong Kong Stock Exchange, came at the same time the Hong Kong-based company announced that its first permanent casino, Imperial Pacific Resort, in Garapan on the U.S. CNMI  of Saipan, should be complete on Friday, while the casino resort’s hotel will open in the second half of this year.

According to the filing, the company’s gaming revenue from its temporary casino, Best Sunshine Live, located in the upscale T Galleria shopping center on Beach Road in Garapan, reached HK$7.49 billion for the year. The bulk of the company’s casino revenue, some 95 percent, was derived from the VIP sector, in the amount of HK$7.13 billion, more than 11 times greater than the HK$623 million a year ago. 2016 was the first full year of operations for the casino. Additionally, revenue from mass tables rose by nearly four times to HK$261.9 million, while revenue from slot machines and ETG grew to HK$57.3 million.

For the year, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of the company reached HK$1.77 billion, an 833 percent jump, year-on-year. At the end of 2016, the company was operating 141 slots machines, 32 mass gaming tables, and 16 VIP tables inside of its temporary casino. The casino operator noted in its filing, “As casino operations on the Island of Saipan are relatively new, a significant portion of our VIP casino customers is sourced through the Group’s own marketing avenue,” and, “Such high-spending VIP players generally receive commission and allowances based on a percentage of the rolling chip turnover.”

The company’s trade receivables, often seen as a measure of unpaid VIP play, were posted at HK$5,333,904.

Per the filing, the company said that the bulk of their direct VIP patrons were from Hong Kong, China, Korea, and Macau. Best Sunshine Live has shattered all previous records for rolling chip turnover, surpassing the most prestigious junket fed rooms in Macau.

Imperial Pacific Resort (former working name; Grand Mariana Casino and Hotel Resort) is expected to house 365 slot machines and 193 gaming tables, according to the filing. It also states that once the permanent casino is launched, the company will cease operations at its temporary casino.  “The Board is pleased with the results at Best Sunshine Live [the temporary casino], particularly the VIP program where significant monthly rolling numbers were achieved,” the company stated in the filing. “After opening the new casino, to help expand client base and attract new players and clients, we expect to commence collaboration with gaming promoters after they are granted licenses to operate on the Island.”

According to the company, “a minor portion of the group’s VIP base has been sourced via a new licensed junket operator since August 2016.” The firm added that 18 gaming promoters had applied for junket licenses with the gaming regulator on the Island at the end of 2016.

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