While still struggling to open their $500 million Garapan, Saipan casino resort, Imperial Pacific International Holdings Limited (HKEx 1076) is still racking up the profits at their temporary casino located in a Beach Road shopping mall there. IPI released unaudited results May 2, 2017 that show VIP table turnover for April of US$2,153,087,300 (equivalent to approximately HK$16,707,957,448).

All else being equal, including collected receivables, this should put the casino’s gross profit from big players at about $61.4m factoring an average Baccarat house win percentage of 2.85%. For all of 2016 the company recorded a VIP table games win percentage of 2.84% very much in line with expectations.

The temporary casino, which was recently granted a license extension in order to keep revenues coming in while awaiting the opening of the company’s first permanent casino, has seen world record chip turnover at their tables. January saw $5.59 billion in VIP rolling volume while March was down to $2.97b.

In their annual report released in April the company recorded HK$251,241,203,000 in rolling for 2016 (about US$32.3b) and claimed impairment of trade receivables of HK$847 million (US$108,851,408) which could be presumed to be uncollected high roller debts. Still, the company recorded nearly 20 times the profit shown for 2015. However Fitch and Moody’s are not rating the company’s financial instruments highly due to receivables and several other factors.

IPI’s annual report shows 16 tables designated for VIP play and 32 for mass gaming. Mass gaming win was about 10 times VIP win on much smaller volume for 2016.

When the new casino opens VIP gaming will be phased in, eventually hosting over 200 tables between mass and VIP, as Saipan has no table limits on operators.

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