Bond issue recently cancelled
A soft opening of the $550 million Imperial Pacific Resort will not go off as planned before the Chinese New Year celebration on January 28. But the resort complex, on the U.S. territorial island of Saipan, is set to debut sometime during the first quarter of 2017, according to the Saipan Tribune.
Imperial Pacific, a project of Imperial Pacific International Holdings Ltd., will cover 140,000 square meters (35 acres) in Garapan, Saipan. The casino will open with 200 gaming tables and more than 350 slot machines. A 14-story hotel building will include more than 340 suites and 15 deluxe villas.
In a filing to the Hong Kong Stock Exchange, Imperial Pacific Executive Director Cai Lingli confirmed that the resort will not open in time to kick off the Year of the Fire Rooster. But the development is running on schedule, Cai said in the announcement. “The construction of the Group’s Imperial Pacific Resort in Garapan had been progressing smoothly with over 2,000 laborers working around-the-clock to ensure early completion,” he said.
Recently the firm shelved a bond offering that was meant to raise from $200 million to $400 million for the property, reported the Asia Gaming Brief. But investors wanted a higher yield than the 10 percent to 11 percent the company offered, sources told the news outlet.
