Hong Kong-based casino operator Imperial Pacific International Holdings has confirmed that its permanent casino being developed on the Pacific island of Saipan will have a wide range of VIP gaming facilities.
Speaking to local media outlet the Saipan Tribune, David Largent, marketing and public affairs director for Imperial Pacific International (CNMI) LLC said that the casino would have over 300 gaming tables and machines.
Another executive while addressing Saipan Chamber of Commerce has discussed more specific features of the gaming floor. According to the report, there will be around 48 baccarat tables available with a majority of them dedicated to VIP gamblers. The gaming arena will have two VIP rooms each having four tables as well as a transaction cage dedicated for the casino’s high rollers. The report also said that the VIP facilities will be available to only those who are members of a separate club called Imperial VIP Club.
Imperial Pacific which has an exclusive casino license for the island currently operates the Best Sunshine Live casino out of temporary premises. The launch of the $7 billion Imperial Pacific Resort which is its permanent facility has been delayed but according to local media its date of opening is to be confirmed shortly.
The group is reported to be facing a number of financial difficulties. Moody’s Services recently issued a negative outlook for Imperial Pacific International stating that it was at very high risk of defaulting on its enormous debt. The ratings firm has cut its rating to ‘Caa1’ and has indicated that it might further downgrade it in the near future.
In a statement, Kaven Tsang, a Moody’s vice president and senior credit officer said
The downgrade of Imperial Pacific’s corporate family rating reflects our concern over the company’s trend of weak operating cash flow. The downgrade also reflects our consideration that the high collection risk on the company’s accounts receivables will unlikely improve further over the next 12-18 month.
Latest results reveal that for the year of 2016 the group has recorded gross revenue of HKD7.49 billion ($964.2 million). Its VIP gambling rolling chip volume has jumped 57.1 percent year-on- year in March, according to a recent filing made by the company to the Hong Kong Stock Exchange.
The company was thought to have also been under investigation by the Federal Bureau of Investigation (FBI) for allegations of using illegal labor. It has however clarified the FBI has targeted contractors in its probe and not the company or its officials.