Imperial Pacific reports net loss of $21.8 million in 15H1

Imperial Pacific International Holdings, a casino license holder on the island of Saipan, reported a net loss of HK$168.8 million ($21.8 million) in 15H1, compared with a loss of HK$19.6 in the prior corresponding period.

Revenue for the six months ended June 30 fell 52.9 percent year-on-year to HK$138.2 million as administrative costs rose 400 percent to HK$167.9 million.

The company, an investor in junket operator HengSheng Group, said it incurred a loss from its gaming profit sharing business.

During the period an accrued revenue of approximately HK$6,000, compared with HK$11.8 million in 14H1, was derived from its Macau gaming business, with a segment loss of approximately HK$3 million.

“As rolling turnover generated during the period continued to drop, the expected cash inflow from this business segment decreased and therefore an impairment loss of approximately HK$3,000,000 in respect of intangible asset was recognized,” the company said.

Regarding the company’s integrated resort plans, it launched the soft opening of a “temporary casino” on July 26 and said “gaming revenue [has] started to generate.”

The site construction of the town hotel, Grand Mariana Casino and Hotel Resort, in Garapan, Saipan, which will have a total of 254 rooms and gaming facilities, began in July and will be fully complete within 16 months, the company said.