Imperial Pacific International (IPI) has officially requested an extension to its 31 August 2018 deadline for completion of its Saipan integrated resort – but the extension request is for much longer than anticipated.
Trumping expectations that the company would look to complete construction of Imperial Pacific Resort by December 2018, IPI has instead requested an extension until December 2020 according to local media reports.
In response, the office of the governor has reportedly requested the Development Plan Advisory Committee (DPAC) – comprised of CNMI representative Pacific Century Inc and IPI representative N15 Architecture Co Inc – review the request, although DPAC has already indicated it supports granting the extension.
As reported by Marianas Variety, DSAC stated in a 16 August recommendation that, “N15 analyzed the amendment package and proposed amendment while also considering CNMI historical data as well as data from the general contractor and other team members. N15 takes the position that the [initial gaming facility] is being developed under fairly unique conditions primarily because of the geographical, political and economic conditions of the CNMI and therefore local information is an invaluable resource in determining the validity of the request.”
The recommendation also noted that Pacific Century had carried out analysis of the financial implications for the CNMI, concluding, “The analysis provides compelling evidence that the CNMI will gain maximum financial receipts by amending the [casino license agreement] to provide the development flexibility and time extension to complete the construction.”
Originally scheduled for completion in 2016, it was only 13 months ago that IPI signed a revised Casino License Agreement to complete construction of its initial gaming facility by 31 August 2018. The gaming facility incorporates a 329-room luxury hotel; 14,140 square meters of gaming area; 3,870 square meters of food and beverage outlets; 186 square meters of retail space; 930 square meters of meeting space; 15 villas; and 1,500 square meters of spa/fitness area plus associated infrastructure.
In its latest extension request, IPI cited unforeseen delays in immigration and labor-law issuance as having contributed to a shortage of workers.
RelatedPosts
