Japans GCM Ltd to invest US500 million into Imperial Palace Saipan

first_imgIntegrated resort operator Imperial Pacific International (IPI) has revealed that Japanese firm GCM Ltd will invest US$500 million into its Saipan integrated resort in order to fund completion of the Phase 1 development.In a filing to the Hong Kong Sock Exchange overnight, IPI unveiled GCM as its newest investor, adding that the Japanese investment company had already deposited the first tranche of US$100 million as of Wednesday 15 May. Imperial Pacific adds to Board of Directors as regulator looks to impose US$375,000 fine for late license fee payment Calls for 10% gaming tax renewed as report reveals Imperial Pacific tax payments of just US$21,000 in 2019 RelatedPosts Imperial Pacific pays remaining US$10.5 million balance on annual license fee The news follows IPI’s recent announcement that it would partially open the first phase of Imperial Palace‧Saipan either “on or before” 30 September 2019. However, as reported by IAG this week, the company has also requested yet another extension to the deadline for full completion from the current deadline of 28 February 2021 to 21 August 2022.When complete, Imperial Palace‧Saipan will feature a 329-room luxury hotel; 14,140 square meters of gaming area; 3,870 square meters of food and beverage outlets; 186 square meters of retail space; 930 square meters of meeting space; 15 villas; and a 1,500-square meter spa and fitness area with associated infrastructure. Load Morelast_img read more