As stated in its official press release, Imperial Pacific International Holdings Limited has just made a massive purchase. The company’s key people also announced that one of the company’s subsidiaries named Excel Earth Limited paid First Sinopan International Limited more than $23 million for several American Sinopan LCC development projects.
Later on, it was reported that Garapan-based American Sinopan LCC company actually owns around thirty-two acres of land located in Saipan which is divided into two parcels. As revealed recently, the company is currently working on constructing a public facility with three stories and twelve mansions on the first parcel. It was also reported that American Sinopan LCC also plans on building a massive 1,700-rooms included on the second parcel.
Following the news about purchasing shares of Saipan, Imperial Pacific International Holdings Limited’s key people state that the location of the property, as well as the use of both parcels included under the American Sinopan LCC firm, looks like a major business deal which is doubtlessly in line with what their company wants on their business plan.
Leading Chinese Investment Company
Imperial Pacific International Holdings Limited is one of the biggest China-based investment holding companies owned by Cui Lijie. The company was founded with its headquarters based in Hong Kong. Before being renamed to its Imperial Pacific back in 2014, the company was known as First Natural Foods Holding. Currently, Imperial Pacific is a subsidiary company of multi-billion worth Inventive Star Limited.
In its beginnings under its name of First Natural Foods, the company was listed on the Hong Kong Stock Exchange in 2002. At the time, it was involved in the food business including both functional and frozen food products. Six years later, the company’s trading group was suspended and it was appointed provisional liquidators for reconstructing in 2009.
Three years later, the provisional liquidators were done with their job and the company’s trade sharing resumed shortly. When it comes to the company’s major business deals, First Natural Foods purchase the Macau-located operator named Hengsheng for around $400 million. Before completely focusing on the gaming industry, the company sold all of its non-gaming subsidiary firms in March of 2016.
Today, the company which employs more than 1,700 employees engages in the resort and gaming business. It both operates and develops luxurious resorts which comprise of five-star hotels, casinos as well as a range of entertainment and dining facilities. Imperial Pacific International Holdings Limited-owned casinos include hundreds of gaming tables and more than three hundred slot games located in the Northern Mariana Islands or more specifically in the Saipan Island.
Imperial Palace Saipan Opened in July 2017
The company’s Imperial Palace Saipan gaming and entertainment facility with accommodation opened its doors to the public back in July of 2017. At the time, the facility offered its guests an amazing selection of hundreds of gaming tables and slot machines. However, the construction work on the massive fourteen-story hotel has suffered. One of the main reasons for this was a series of serious holdups on a wide range of issues from the lack of workforce to bad weather.
As reported by GGRAsia, the massive Saipan hotel facility is expected to open its doors to the public until February of 2021. The company behind the hotel is also hoping to speed up the process of construction with several loan deals including one deal with GCM Limited which will secure Imperial Pacific Holdings Limited around $500 million.