Imperial Pacific Saipan casino announced they will miss the completion deadline set for August.
In April the company was able to write-off bad debts. The announcement made Friday, June 29, 2018 said Imperial Pacific International Holdings is struggling to build their $7 billion integrated resort and are likely to remain in the building phase beyond August 31, 2018.
Imperial Pacific International is a Hong-Kong listed operator. They asked the Commonwealth Casino Commission to extend the completion deadline for the Imperial Pacific Resort. This time they have asked for a deadline in December of 2018.
A meeting held on Thursday by the Commonwealth Casino Commission addressed the situation. The IPI Vice President of Construction, Eric Poon, said the operator is most likely not going to be able to finish the construction on the project by August. At this time, only 68 percent of the hotel-casino is finished.
If IPI or Imperial Pacific International is unable to finish in August, then another amendment to the license agreement is required. The Commonwealth Casino Commission chair, Juan Sablan pointed out it is the sixth time the casino operator has asked to amend the license agreement.
The resort is a big jump for the company, and Poon wishes to get everything ready for the inspection and feels it can be done by the end of the year. Construction work is on the resort portion of the hotel-casino. The hotel tower, including the roof and façade are being worked on. The hotel lobby’s external works are also being worked on by the crew. Poon stated Imperial Pacific International is working closely with Development Planning Advisory Council to see how to craft their extension package.
The Commonwealth Casino Commission is running out of patience with the five amendments made to the license, already, due to construction delays. They pointed out the construction may suffer more delays once government approval is provided, and it is going to take time to get the approval.
Sablan said Imperial Pacific International should provide a more realistic date, instead of trying to rush the construction by stating end of year. Other issues relating to extensions were manpower, materials, and now construction. Sablan wants a date that is chosen based on the actual time frame it will take, not just wishes. The hotel has been in the works since 2015.
Imperial Pacific Lawsuit
Two reporters for Bloomberg are being sued over their coverage of the Imperial Pacific Saipan project.