GGRAsia – Imp Pac raising US$6mln for phase one of Saipan casino

Imp Pac raising US$6mln for phase one of Saipan casino

Jun 19, 2017 Newsdesk Latest News, Top of the deck, World

The developer of a casino project on the Pacific island of Saipan is seeking to raise HKD46 million (US$5.9 million) net from a placing of convertible bonds for “phase one of the Saipan project and the general working capital of the group”.

So said Imperial Pacific International Holdings Ltd in a Friday filing to the Hong Kong Stock Exchange.

The company has the right to an exclusive casino licence on Saipan, the main island of the Commonwealth of the Northern Mariana Islands, a United States jurisdiction. The firm is currently operating a temporary casino facility known as Best Sunshine Live, and catering particularly to credit-based VIP play.

The permanent venue, Imperial Pacific Resort (pictured in an artist’s rendering), will feature 350 hotel rooms, 15 villas, “200 to 300 gaming tables” and “300 to 400 slot machines”, according to the company’s previous filings.

Late last month Imperial Pacific told GGRAsia that it hoped to attain a permit “soon” from the local regulator in order to open its permanent gaming venue.

The convertible bonds in the exercise announced on Friday will offer 4 percent interest per year, payable semi-annually on June 30 and December 31. The maturity date of the bonds – in a principal amount of HKD50 million – will be the second anniversary of the date of issue.

The conversion price is initially HKD0.176 per conversion share, subject to adjustment. That price represents a premium of approximately 36 percent over the closing price of HKD0.129 per share as quoted on the Hong Kong bourse on June 16, the date of the placing agreement.