Imperial Pacific warns of significantly wider loss

    Imperial Pacific International, whose Best Sunshine International unit recently won a license to operate a casino on Saipan, warned that its first-half loss is expected to increase significantly.
    In a filing with the Hong Kong Stock Exchange, the company said the loss widened because of a decline in the profit margin of its food products processing and trading business and increased operating costs from higher food prices. It also said the plans to develop an integrated resort on Saipan has pushed up administrative costs and other expenses.
    It gave no further details of the potential size of the loss, but said it have been partially offset by the recognition of accrued revenue from its share in a Macau gaming business, acquired in March this year.
    Best Sunshine beat rival bidder Marianas Stars Entertainment for the right to run a casino on Saipan and has agreed to spend just over $3 billion on an integrated resort.