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BSI parent firm warns of ‘significant’ loss in 2014
Imperial Pacific International Holdings Ltd., the mother company of Saipan casino exclusive licensee Best Sunshine International, Ltd., has warned of a “significant” loss for its operations in 2014.
The Hong Kong-listed firm said it expects to “record a significant increase in net loss for the year ended Dec. 31, 2014.”
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.
Imperial Pacific also reported a net loss of $2.5 million for the six months ending June 30, 2014.
The company attributed the loss to the “increase 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.”
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.
Best Sunshine recently closed the deal on an amended casino agreement that will allow the company to open a “live” training facility in Garapan.
The temporary casino will cost Best Sunshine $25 million and employ 500 personnel and is set to start operations next month.
The construction of Phase 1 of the company’s integrated resort plan, a hotel with 250 rooms, meanwhile is also expected to commence.
According to a GGRAsia.com report, Imperial Pacific is also an investor in the profit stream of Macau junket firm Hengsheng Group. “In January, the Hong Kong-listed company said the profit stream from the Macau junket firm—amounting to HKD10.7 million—had fallen short of guarantees made by the vendor’s side,” the report states.
