Imperial Pacific International has confirmed its intention to ask for a further extension to the deadline for completion of its Saipan integrated resort.
Outlining the status of construction in its 2017 Annual Report, released to investors on Friday, IPI referred to last July’s amendment to its Casino License Agreement with the Commonwealth Casino Commission (CCC) which stipulates that Imperial Pacific Resort must be completed by no later than 31 August 2018.
Instead, IPI said that, “As at the date of this report, due to delays in construction progress of Imperial Pacific Resort Hotel Saipan, the group has notified the relevant CNMI government authorities of its intended application to extend the deadline to complete the initial gaming facility.
IPI is currently expected to complete a minimum of 329 hotel rooms, 14,140 square meters of gaming area and other elements by the 31 August deadline. The company said it has currently invested US$650 million into the resort, adding that “major global construction companies, consulting firms, design and engineering firms as well as local sub-contractors are engaged.”
“The board does see certain delays in construction mainly due to labor issues caused by the main contractor and several subcontractors and to a lesser extent unfavorable weather conditions; however, with the construction work already back on track, the board believes that the issue will soon be resolved and cease hindering the progress of the project,” it said.
In better news for IPI, the company revealed that it is preparing to welcome its first outside junket operators to the property in the near future. The CCC is currently conducting investigations into a number of overseas junkets.
“With the gaming capacity to be further enhanced, we expect to commence collaboration with gaming promoters after they are granted junket operator licenses to operate on the Island of Saipan,” it said. “Due to CNMI’s lower tax regime, we believe we will be able to offer very competitive commission rates to our gaming promoters.”
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