Imperial Pacific International Holdings Ltd, which holds a casino license on Pacific Saipan Island (pictured), allows Saipan authorities to attract outside investors up to 49% of the company’s issued equity capital.
This follows a filing with the Hong Kong Stock Exchange on Wednesday.
In late September, Imperial Pacific, which invested in a revenue stream for Macau junket company Hung Sheng Group, said in a filing that the total cost of development for the Saipan casino project is now estimated at around $7.1 billion. That’s 3.5 times the minimum amount stipulated when the Union of the Northern Mariana Islands (CNMI), a U.S. territory, encouraged investors to bid for a single casino license.
$7.1 billion is more than double the minimum amount Imperial Pacific has committed to spending in mid-August.
An Aug. 13 agreement reached between Imperial Pacific and the CNMI Lottery Commission said any change in “total equity, control or stock of the company” by more than 10% would be considered a “license transfer” and would require “explicit written approval” from the casino commission.
“On November 19, 2014, the parties entered into a written amendment to the casino license agreement to ensure that the restrictions were no longer in effect,” the filing said, adding that Imperial Pacific’s current controlling shareholder is Innovative Star Ltd.
The latest filing states that Imperial Pacific’s board will “provide in its best interest to ensure that it does not reduce its stake in the Company’s issued capital to less than 51% during the casino resort developer license period.” 슬롯사이트 순위
The CNMI Lottery Board confirmed on July 15 that Best Sunshine International, a subsidiary of Imperial Pacific, had obtained a casino license on Saipan, the largest island in the region, under the “Terms and Conditions”.
CNMI has agreed to accept a set number of fees for licensing Saipan casinos instead of requiring a license fee and taxes on gambling totals during the licensing period, as happens in many jurisdictions.