Imperial Pacific International Holdings Limited Facing a Serious Ultimatum

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Imperial Pacific International Holdings Limited Facing a Serious Ultimatum
The company has a big outstanding debt and is facing serious problems moving forward

The Imperial Pacific International Holdings Limited company operations in the Commonwealth of the Northern Mariana Islands has been presented with a rather serious ultimatum. According to several local news outlets, the casino operator responsible for the Imperial Palace Saipan venue which is currently under construction has been told that it will inevitably lose its necessary casino license in fifteen days unless it immediately complies with orders and regulations which were detailed a couple of days ago.

According to one report released by Inside Asian Gaming which cited a story by the Marianas Variety news outlet, Imperial Pacific International Holdings Limited opened its casino floor located within the $650 million-worth facility in Saipan back in July of 2017. However, the company has been struggling to finish work that is currently done on its adjacent, five hundred-room hotel venue.

Due to the ongoing coronavirus pandemic, the entire venue was shuttered temporarily from the 17th of March in response to the pandemic. At the same time, the Hong Kong-listed casino operator was struggling to fulfill its financial obligations towards several different companies including Pacific Rim Land Development. According to several local news outlets, Imperial Pacific International Holdings Limited owns around $6.8 million to its former contractor, the Pacific Rim Land Development company.

Imperial Pacific International Further Criticized

Imperial Pacific International Holdings Limited was founded by Yeung Chung-lung in Hong Kong. Today, the company serves several different areas including Macau, Hong Kong as well as the United States, and Northern Mariana Islands Guam. This Chinese investment company formerly known as First Natural Foods Holdings operates as a subsidiary of successfully Inventive Star Limited. It appeared on the Hong Kong Stock Exchange back on the 11th of February of 2002.

At the time of its inception, the company was primarily involved in food businesses as suggested by its original name including functional and frozen food products. Back in 2009, the company was restructured completely. Then, in 2013 Imperial Pacific International Holdings Limited acquired the Macau-headquartered Hengsheng operator before it sold all of its non-gaming divisions in March of 2016.

At this point, Imperial Pacific International Holdings Limited decided to focus solely on its gaming subsidiaries and businesses. One of its subsidiaries that operates and develops casinos is the Best Sunshine International company which also owns restaurants and hotels. Amid failing to fulfill its financial obligations to its contractors, Imperial Pacific International Holdings Limited was also criticized by the Commonwealth Casino Commission. The company was also ordered to appoint a CEO following the departure of its former Chief Executive Officer Mark Brown who left the company in December last year.

The Company Instructed to Start Meeting Its Obligations

According to several local news outlets, Imperial Pacific International Holdings Limited was also ordered to start meeting its growing financial obligations besides appointing a news Chief Executive Officer who will replace Mark Brown. Today, the company has financial obligations to many local vendors and companies.

Unless the company does not satisfy the orders by the Commonwealth Casino Commission by the 13th of July, the regulator will suspend its casino license for its flagship Imperial Palace Saipan venue. It was also reported that the requests by the Commonwealth Casino Commission for the Asian casino operator also include depositing the payroll funds which are missing from the casino operator’s account.

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