Hong Kong-listed Imperial Pacific International, which operates the only casino resort in the Commonwealth of the Mariana Islands, on the island of Saipan, has lost another key executive.
Chairman and CEO Harry Cheang, who served in the role for less than a year, departed October 5. Cheang assumed the role of CEO after Mark Brown resigned in January, then took on chairman duties after the resignation of Marco Teng in August. After Teng resigned, Executive Director Cai Lingli also left. The Hong Kong-listed company gave no reason for Cheang’s departure.
Imperial Pacific Resort on Saipan has been beset by problems including missed deadlines to complete the resort, violations of labor laws, failure to make payroll on time, and a precipitous drop in profitability.
IPI wrote off nearly $750 million in uncollectable VIP gaming debts in the first half of 2018 (the debts were reportedly incurred by just 10 VIP clients). On August 31, IPI released its financial report for the six months ending June 30, during which the company’s revenue fell 51 percent year-on-year to HK$2.2 billion (US$281.6 million). Earnings fell 72.2 percent to HK$450.5 million and profits toppled 91.3 percent to HK$79 million.
The Commonwealth Casino Commission recently granted IPI a two-and-a-half year extension to complete the resort; the new deadline is February 2021. The CCC has also approved four junkets: Bula Mula LLC, Hengqin Guiji LLC, High Tides (CNMI) LLC, and Stellar Paradise CNMI LLC, joining Big Bang Entertainment, reported Asia Gaming Brief.
IPI expressed its thanks to Cheang for “significant contributions to our company’s success” over three years.
