Imperial Pacific outlines array of new revenue and funding sources, says outstanding license fees could be repaid in final bid to save Saipan casino

April 5, 2022 World Industry Updates

Imperial Pacific International has outlined several new sources of revenue and funding as it looks to avoid revocation of its Saipan casino license and resume operations at Imperial Palace‧Saipan.

Ahead of a meeting with the Commonwealth Casino Commission next month to determine the company’s fate, IPI issued a clarification announcement on Monday in which it addressed issues giving rise to a disclaimer of opinion on continuing operations contained in its 2020 Annual Results. The company has not yet released its audited results for 2021, although its preliminary results showed a FY loss of US$88 million.

Notably, IPI said its controlling shareholder Inventive Star Limited, wholly-owned by former Chairwoman Cui Ji Lie, and other related parties have undertaken to provide additional funding to settle the group’s “operational needs, liabilities, potential liabilities related to litigation, the casino annual license fee and the social benefit fund and capital investments as and when necessary.”