VIPs kick in 99.5 percent of revenues
Hong Kong-listed gaming investor Imperial Pacific International Holdings Ltd., which operates the Best Sunshine Live casino on the Pacific island of Saipan, has posted record revenues and profits for the six months that ended in June.
Total revenue reached HK$3.98 billion (US$513 million), with revenue from VIP gaming operations making up 99.5 percent of that total at HK$3.82 billion, reported the Asia Gaming Brief. Mass gaming generated HK$122.2 million, while slots and electronic tables made up the difference with HK$26.8 million.
The temporary casino will operate until Chinese New Year in 2017, which starts January 28. Then operations will shift to the permanent resort, which will open in stages. The company reports it will feature up to 300 table games and about 400 slot machines.
Formerly referred to as the Grand Mariana, the resort will be known as Imperial Pacific Resort. IP’s interim report said construction “has been progressing smoothly. An additional US$83 million (HKD644.9 million) has been invested in design and construction of this super-luxurious resort, which has brought the total investment to US$143 million (HKD1.11 billion) by the end of first half of 2016.” The 350-suite resort is being designed by U.S.-based Steelman Partners LLP.
Given its outstanding results so far, Imperial Pacific says it will “continue to allocate most of its resources” to Saipan, where it has an exclusive casino license. “In addition, the group is also actively looking for other investment opportunities around the world to develop tourist resort facilities, including gaming facilities,” it added.
The casino also is looking to fill up to 3,000 staff positions, according to Bertha Leon Guerrero, Best Sunshine International’s vice president for human resources. “We have a lot of positions that we’ve put out there through newspaper announcements,” Leon Guerrero told Marianas Variety. “We are already preparing for the hotel and casino. On the gaming side, we don’t have very many skilled U.S. citizens here on the island. We rely on our contract workers for that purpose. That is still something that we need.”
Meanwhile, Imperial Pacific CEO Mark Brown says the firm got “a bargain” on the 40-year exclusive casino license in Saipan, even though it must pay US$35 million each year to retain it.
“Macau has a 35 percent tax on gross gaming revenues, but Saipan’s tax rate is only 5 percent, a number which can be reduced even further by rebates and expense deductions,” Brown said.
“Macau may always be the leading player in the global gaming industry, but we’re building something very special on Saipan and in the bargain, we are making Saipan a world-class destination resort. We’re expecting fantastic results.”
In a release, the company said Imperial Pacific also was investing “millions of U.S. dollars” to upgrade Saipan’s transportation facilities, reported GGRAsia.
