Imperial Pacific International (IPI), operator of Saipan’s currently defunct, needs investment partners to if it is to reopen its gaming floor and hotel next year.
IPI adviser Tao Xing said discussions are already underway with a number of potential companies looking to inject money into the troubled property with the aim of reopening in the first half of the year.
The operator has said it fully cooperated with the FBI when it asked for ‘certain documents and information’ at a search of IPI offices on November 7.
IPI stated: “Subsequently, a federal grand jury issued two grand jury subpoenas on IPI to provide additional documents and information in December 2020. IPI has fully cooperated with the federal government authorities in providing documents and information.”
Commission chairman, Edward Deleon Guerrero recently repeated his concern about IPI’s ‘continuous violations of the regulations.’
The company’s 2020 annual report said: “The year ended 31 December 2020, the Group’s revenue was approximately HK$26,507,000 (about US $3.39m). In 2019, it was approximately HK$539,266,000 (about US $69m).”