Imperial Pacific Pays License Fee, But Financial Woes Continue

It has been confirmed that Imperial Pacific International has now paid the remaining US$10.5 million which it owed to the Commonwealth Casino Commission (CCC) in license fees, but the company is reporting financial losses in the first half of 2019.

Earlier this month, Imperial Pacific failed to pay the full annual license fee of US$15.5 million on time, but this has now been rectified. Nevertheless Finance Secretary of the Commonwealth of the Northern Mariana Islands David Atalig has pointed out that the CCC could still decide to demand a fine for the delay and the company’s lack of explanation for the delayed payment.

Meanwhile, significantly reduced VIP gaming revenue caused Imperial Pacific to swing to a loss of HK$1.9 billion (about US$247 million) in the first six months of 2019, down from a profit of HK$79 million (about US$10 million) in the prior year period.

Chairman Mark Brown explained to commissioners that the cause is a sharp fall in VIP revenue of almost 92% caused by junket firms not meeting their commitments. “Business is very slow and junkets at the moment don’t want to come here,” Brown said. (AGB)