Imperial Pacific International Holdings Ltd., the mother company of Saipan casino exclusive licensee Best Sunshine International, Ltd., has warned of a \u201csignificant\u201d loss for its operations in 2014.<\/p>\n
The Hong Kong-listed firm said it expects to \u201crecord a significant increase in net loss for the year ended Dec. 31, 2014.\u201d<\/p>\n
In a security filing, the holdings firm reported a net loss of $1.93 million for 2013, after it last reported a profit in 2012, a report from GGRAsia.com said.<\/p>\n
Imperial Pacific also reported a net loss of $2.5 million for the six months ending June 30, 2014.<\/p>\n
The company attributed the loss to the \u201cincrease in operating costs and impairments in the food-processing segment and to the increase in expenses related to the development of the casino resort in Saipan.\u201d<\/p>\n
Imperial Pacific, through Best Sunshine, has moved forward on its plans to invest more than $7 billion to construct an integrated casino resort in the CNMI with about 2,000 rooms.<\/p>\n
Best Sunshine recently closed the deal on an amended casino agreement that will allow the company to open a \u201clive\u201d training facility in Garapan.<\/p>\n
The temporary casino will cost Best Sunshine $25 million and employ 500 personnel and is set to start operations next month.<\/p>\n
The construction of Phase 1 of the company\u2019s integrated resort plan, a hotel with 250 rooms, meanwhile is also expected to commence.<\/p>\n
According to a GGRAsia.com report, Imperial Pacific is also an investor in the profit stream of Macau junket firm Hengsheng Group. \u201cIn January, the Hong Kong-listed company said the profit stream from the Macau junket firm\u2014amounting to HKD10.7 million\u2014had fallen short of guarantees made by the vendor\u2019s side,\u201d the report states.<\/p>\n","protected":false},"excerpt":{"rendered":"
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