Grand Mariana to open in December
Gaming investor Imperial Pacific International Holdings Ltd., which holds a casino license for the island of Saipan in the Northern Marianas chain in the Pacific, has announced it is selling its non-gaming business units to “focus on the development of its gaming business,” according to a report in the World Casino Directory.
The company once known as First Natural Foods Holdings Ltd. has agreed to sell the assets for US$258,000 to Paramount Century Investment Ltd., a trader and processor of food products. “Accordingly,” IP announced, the company “shall cease to engage in the processing and trading of food products” when the deal closes, according to GGRAsia.
IP cited “the continual deteriorating performance of the food processing and trading segment” as a factor in its decision. It added it would “prioritize the resources to develop the integrated resort business on the Island of Saipan (and) reduce further loss” in the food business.
Imperial Pacific now operates a temporary casino on Saipan, which also serves as a training center for casino employees. It is equipped with 34 mass tables and 12 VIP tables. IP has secured permits for development of the permanent casino, to be known as the Grand Mariana Casino and Resort. The Hong Kong-based company has said it will invest up to US$7.1 billion in the complex.
Last month, Imperial Pacific reported a net loss of HKD84.37 million (US$10.87 million) for 2015, compared to a loss of HKD1.56 billion in 2014. In 2015, it lost HKD68.4 million in the food processing and trading segment.
The casino on Saipan is scheduled to open in December 2016, with the hotel to follow in the first quarter of 2017.
