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Imperial Pacific International has announced it has entered into a sale and purchase agreement to acquire a 50% stake in American Sinopan, a company developing two pieces of land in Saipan.
A local member of parliament has introduced a bill that would impose a 10% tax on net gambling revenue, while House Gaming Committee Chairman Ralph Yumul has drafted another that would prevent local IR operator Imperial Pacific from writing off unpaid credit from its tax obligations.
The Japanese firm GCM has agreed to invest US$500 million in the first phase of Imperial Pacific’s Integrated Resort on Saipan, the company says.
Imperial Pacific International announced on Tuesday that it expects to “partially” open its casino resort by September 30.
Imperial Pacific International has resumed the operation of its Saipan casino on Sunday, November 18, after a two-day closure, according to a company announcement.
Imperial Pacific International will be temporarily shutting down its casino operations on Saipan “until further notice,” with the operator blaming a slump in tourism and damage caused by Super Typhoon Yutu.
Imperial Pacific International, which has been pushing to promote its brand in Japan, faced another setback with the loss of its Chairman and CEO Harry Cheang after less than a year on the job.
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