Mark Brown, chairman of Imperial Pacific International, says the Hong Kong-listed gaming operator company hopes to apply tax credits earned in recent years in lieu of taxes this year. IPI is hoping to use its available reserves to finish its long Imperial Palace resort on the island of Saipan.
According to Inside Asian Gaming, Brown’s plan follows recent news that IPI paid just US$41,000 in gross revenue taxes since last July—a fraction of the amount paid in past years ($40.9 million in 2016, $67.7 million in 2017 and $43.6 million in 2018).
Brown told the Saipan Tribune, “We were advised by our accountant that we are entitled to tax credits. It’s the same thing like your personal tax, wherein if you pay too much, you get a refund.”
Brown justified the proposal because of destruction caused by Typhoon Yutu, a Category 5 tropical cyclone that struck the island late last October, as well as the ongoing shortage of legal construction workers to finish the resort. Imperial Palace was originally due to be complete in 2017 and now has a finish date of February 2021. Brown added that once the tax credits have been applied, “we will go back to continue paying what’s due.”
“We are still here, finishing the building and we are still getting investors—800 of them at a time—and promoting Saipan in Korea and Australia,” he said. “It’s a struggle because we have a lot of people against us but, we’re still here and we plan to see this through.”
