In the Commonwealth of the Northern Mariana Islands, Imperial Pacific International Holdings Limited has reportedly announced that it has secured a large loan to help it complete construction on the first stage of its Imperial Palace Saipan integrated casino resort.
According to a report from GGRAsia, the Hong Kong-listed firm used a Wednesday filing to detail that the $500 million advance for its ‘Saipan phase-one integrated resort project’ is being granted by a Japanese investments fund known as GCM Limited and that it had already received an initial $100 million tranche of this funding.
Imperial Pacific reportedly began welcoming gamblers to its under-construction Saipan venue to enjoy a selection of some 350 slots and 200 gaming tables in July of 2017. However, its license with the local Commonwealth Casino Commission was purportedly contingent upon this casino being joined by a hotel with this second facility originally scheduled to open in August of last year.
However, the casino firm subsequently blamed bad weather, labor laws and the lack of a skilled workforce among other things when it successfully applied for a near three-year extension to its agreement with the American territory’s gaming regulator. Imperial was subsequently granted until of February 2021 to complete work on its Saipan hotel but GGRAsia reported that the operator is still well behind schedule and could be forced to ask for yet another postponement.
The loan announcement comes less than a month after Imperial Pacific inked a deal to take over the lease of Saipan’s shuttered Mariana Resort and Spa while the firm is reportedly moreover rumored to be eager to secure permission to reduce its government-mandated minimum holding in the Imperial Palace Saipan development from 51% to 10%.