Imperial Pacific International Holdings Ltd has announced amendments to its casino license agreement regarding timings for its initial gaming facility, as well as phase one and two integrated resorts.
Under the revised proposal requirements and implementation schedules, the initial gaming facility is required to be completed ‘no later’ than August 31, 2018.
According to the company filing to the Hong Kong Stock Exchange, the initial gaming facility shall include, at a minimum, a 329 room four or five star luxury hotel; 14,140 sqm of gaming area; 3,870 sqm of food and beverage outlets; 186 sqm of retail space; 930 sqm of meeting space; 15 villas; 1,500 sqm of spa/fitness area; and associated parking, site improvements, landscaping, furnishings, fixtures, utilities and infrastructure.
Phase one is to be completed no later than August 13, 2023, and shall “result in the establishment of a fully functional integrated resort.”
Phase one is required to include: an 800 room four or five star luxury hotel; a US$100 million themed entertainment facility with amphitheater; 5,372 sqm of food and beverage outlets; 2,500 sqm of meeting space (including indoor seating space for 600 persons); 5,000 sqm of retail shops; wedding chapel; 500 sqm spa/fitness area; 10,000 sqm of gaming area (which includes back-of-house areas); and associated parking, site improvements, landscaping, furnishings, fixtures, utilities and infrastructure.
Phase two, which includes similar elements, must be required to be completed no later than August 13, 2028.
The amended casino license agreement also amends the timing and amount of contributions to the community, including a requirement for IPI to provide $10 million in ‘Commonwealth Utility Company vouchers’ within sixty days of the date of issue of the Casino Resort Developer License.
IPI is also required to contribute $10 million no later than January 1, 2018, and an additional $10 million by June 1, 2018 towards community benefits programs.
Beginning October 1, 2019 – IPI will be required to contribute $20 million to community benefit programs annually.