Hong Kong-listed Imperial Pacific International Holdings said it’s selling its non-gaming related subsidiaries in order to focus on its integrated resort business in Saipan.
The company said it agreed to sell its entire issued share capital in Supreme Wit and its subsidiary, Highest Rich, for HK$2 million (US$257,900). The two companies are reported to have a net asset value of HK$1.4 million (US$175,000) as of Dec. 31, 2015.
Imperial Pacific, says the continued deterioration in the performance of the food processing and trading segment led to the disposal of its wholly-owned subsidiaries to reduce further losses and to prioritize resources to develop its integrated resort business on Saipan.
Imperial Pacific is the operator of the Best Sunshine temporary casino on Saipan, consisting of 12 VIP gaming tables and 34 mass tables.
The company said in previous filings it would spend as much as $7 billion on a casino resort on the island.