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Imperial Pacific Reports US$32-Bln VIP Turnover 2016

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Imperial Pacific Reports US$32-Bln VIP Turnover 2016

Imperial Pacific International Holdings Ltd, a Hong Kong-listed company that has the right to an exclusive casino licence on the Pacific island of Saipan, says its 2016 unaudited VIP table games rolling chip turnover totalled nearly US$32.37 billion.

The firm is currently operating a temporary casino (pictured) – which opened in July 2015 – on Saipan, the main island of the Commonwealth of the Northern Mariana Islands, a U.S. jurisdiction.

“The actual gain or loss of the temporary casino will be determined after the review by the company’s auditors upon finalisation of the consolidated financial statements of the group,” said Imperial Pacific in its Monday filing giving the annual turnover number.

Imperial Pacific’s reported 2016 VIP rolling chip turnover is greater than the US$31.02-billion VIP gambling turnover reported in 2015 by the Venetian Macao, a flagship property of casino operator Sands China Ltd in the Macau casino market.

In 2015, Wynn Macau – at that time Wynn Macau Ltd’s only casino venue in the Chinese gambling hub – reported annual VIP rolling chip turnover of HKD449.02 billion (US$57.89 billion at current exchange rates).

In November Bloomberg News had reported – citing sources it didn’t identify by name – that the U.S. Treasury’s Financial Crimes Enforcement Network, known as FinCEN – had been investigating Imperial Pacific’s casino operating unit Best Sunshine International Ltd.

But an executive of Imperial Pacific told GGRAsia in a telephone interview – after that story was published – that it was “not possible” for the firm to facilitate any capital flight from China or elsewhere, and that it was complying with all relevant U.S. laws and regulations.

On December 22, a person dismissed by Best Sunshine reportedly filed suit in a U.S. federal court alleging illegal practices at the temporary casino, including failure to follow anti-money laundering procedures required under U.S. law.

In a statement the company said it would “vigorously defend all lawsuits questioning its employment and business practices”.

Source: GGR Asia

By Pathay Singh on 01/01/17