Imperial Pacific posts $1.6 billion in VIP turnover in August

VIP rolling chip turnover at Imperial Pacific’s temporary casino, Best Sunshine reached $1.6 billion in August, according to a filing to the Hong Kong Stock Exchange on Friday.

Last month, the Saipan casino announced record growth in both revenue and profit for the six months to end-June, but said further growth is likely to be capped until its new casino and hotel opens next year.

Total revenue reached HK$3.98 billion ($513 million), with revenue from VIP gaming operations making up the bulk at HK$3.82 billion. Mass gaming operations generated HK$122.2 million, while slots and ETGs came in at HK$26.8 million. Adjusted EBITDA was HK$1.24 billion, compared with a loss on that basis of HK$82.59 million.

Leo Chan, Imperial Pacific’s new CFO, previously the CFO of Macau Legend attributed the company’s success to its unrivaled location and natural assets, aided by more direct flights from Hong Kong and Manila.

When asked why there had been a drop-off in rolling chip volume since a high of $3.19 billion in April 2016, Chan said that they had a couple of unusually large transactions in that month which accounted for 25-30 percent of the rolling revenue. He pointed out that average rolling chip revenue has been around $2 billion over the last six months and that maximum capacity had been reached both in the casino and infrastructure-wise.

The temporary casino is now operating a total of 16 VIP tables, up from 12 at the year end, though its mass tables have dropped to 32 from 34.