IPI debt levels rise, construction woes persist

Imperial Pacific International is facing mounting levels of bad debt due to its practice of extending direct credit to VIPs, while it continues to struggle to make headway on completing its hotel facilities. Problems for Saipan’s only operator continue to mount, with the company recently denying persistent reports it has been the subject of a Federal Bureau of Investigation raid. In its most recent results, the company posted stellar topline growth, though its outstanding receivables and debt provisions also gained in tandem, with the figures showing a high degree of credit risk concentration on just a handful of clients. The company reported an almost three-fold rise in gross revenue for the year to HK13.2 billion ($1.68 billion), although net profit fell by almost a third to HK$637.5 million. VIP table games rolling of HK$385.9 billion was up 53.6 percent year-on-year. Mass, slots and ETG revenue edged slightly higher. The results were hit by...

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