On Tuesday, gaming investor Imperial Pacific International Holdings Ltd (HKG: 1076), which holds a casino license for the Pacific Island of Saipan, said its subsidiaries engaged in other business segments are being sold so that it can focus on the development of its gaming business.

Formerly known as First Natural Foods Holdings Ltd, the Hong-Kong-listed company said it had agreed on the US$257,927 sale of its entire issued share capital in Supreme Wit Ltd to Paramount Century Investment Ltd. The deal with the firm, which is principally engaged in the trading and processing of food products, also includes the disposal of a Supreme Wit subsidiary. Imperial Pacific, said, “Accordingly, the group shall cease to engage in the processing and trading of food products upon completion [of the deal],” according to GGRAsia.

Currently, Imperial Pacific operates a temporary casino on Saipan. As of December 31, 2015, the gaming venue had a total of 34 mass tables and 12 VIP tables. Two weeks ago the company reported a net loss of HKD84.37 million (US$10.87 million) for the entire 2015, compared to 2014’s loss of HKD1.56 billion. In 2015, a loss of HKD68.4 million was recorded by the food processing and trading segment.

In Tuesday’s filing, Imperial Pacific said, “In view of the continual deteriorating performance of the food processing and trading segment and in order to prioritise the resources to develop the integrated resort business on the Island of Saipan, the board has decided to dispose of the remaining portion of the food processing and trading segment to reduce further loss.”

In the March 14 filing, Imperial Pacific stated that all of the relevant permits have been obtained in order to start construction of the Grand Mariana Casino and Hotel Resort in Garapan, Saipan. The Hong Kong-based investment company has pledged it will spend up to US$7.1 billion on an abiding casino resort on Saipan, one of the fifteen Pacific islands of the U.S. Commonwealth of the Northern Mariana Islands.

According to Imperial Pacific, the Grand Mariana Casino and Hotel Resort is slated to open in December 2016, while the launch of the hotel will take place at the first quarter of 2017’s end. Between the two hotels, there will be a total of 254 rooms.

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