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.
The first tranche of US$100 million was paid on May 15, it said in a filing with the Hong Kong Stock Exchange, giving no further details.
Also on Tuesday, the Marianas Lottery Commission approved two new requests from Imperial Pacific which would allow it to bring in more investors and to build a 2,000-room report in Marpi.
According to local reports, Imperial Pacific, under its parent company, sought the commission’s approval to lower its minimum controlling interest from 51% to 10%.
Commission Chairman Mark Rabauliman said the move will allow Imperial Pacific to garner more interest from investors, and is reportedly part of Imperial Pacific’s plans to bring in other partners and bring on international hotel brands for the project. “Hopefully… the [investment] gets more diversified and grows. At the end of the day, we are here to support this growing enterprise,” he said.
According to Imperial Pacific Chairman Mark Brown, there has been high interest from investors wanting to invest in their project. “We had an event inviting about two hundred investors a couple of weeks ago and there is another hundred coming in the following week.” (AGB)