• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Imp Pacific posts US$503mln loss for 2019 as VIP trade weak

Apr 01, 2020 Newsdesk Latest News, Top of the deck, World  


Imp Pacific posts US$503mln loss for 2019 as VIP trade weak

Imperial Pacific International Holdings Ltd, the developer of a casino resort (pictured) on the Pacific island of Saipan, reported a net loss of HKD3.90 billion (US$503 million) for the year ended December 31. The firm recorded a steep decline in VIP gaming income.

Its annual loss widened from the HKD2.97 billion deficit recorded for 2018, according to Imperial Pacific’s annual results filed to the Hong Kong bourse on Wednesday.

The 2019 adjusted loss before interest, taxation, depreciation and amortisation (LBITDA) was HKD2.78 billion, widened from the HKD2.68-billion in adjusted LBITDA the previous year.

Imperial Pacific reported group-wide revenue of just under HKD539.3 million for the 12 months to December 31, down 83.4 percent from a year earlier.

The Hong Kong-listed firm operates the still-under-construction property Imperial Palace Saipan on the Pacific island Saipan, in the Commonwealth of the Northern Mariana Islands (CNMI), a United States jurisdiction. For 2019, the firm said it has invested US$879 million in the “design, consulting, engineering, construction material and labour” in the casino resort project, up from US$792 million invested in the previous year.

The firm’s VIP table games rolling – accounting for most of Imperial Pacific’s casino business – declined significantly in full-year 2019. Such rolling amounted to HKD14.02 billion, as compared to HKD126.26 billion in 2018.

VIP gross gaming revenue for the latest reporting fiscal year was HKD254 million, down by 91.2 percent from approximately HKD2.91 billion in 2018.

Imperial Pacific stated in its filing that the year-on-year decline in its VIP table game rolling and gross revenue was due to “adverse market conditions and tightening market credits”.

The group attributed most of its 2019 loss to “decrease in revenue”, “provision for impairment on trade receivables”, “share of loss of a joint venture” and “increase in finance costs and income tax expenses”.

The firm noted in its 2019 annual results that its gross trade receivables during the year decreased to nearly HKD9.09 billion from HKD9.67 billion in the previous fiscal year.

Trade receivables are typically associated in the casino industry with money owed by VIP gamblers for losses they incurred while playing on credit.

The provision for impairment of trade receivables due from the group’s 10-largest debtors amounted to HKD2.74 billion in 2019, said Imperial Pacific.

The Imperial Palace Saipan casino resort has had many delays in its development.

The group noted in its latest filing the potential impact on this year’s business due to the novel coronavirus pandemic in customer source markets and the need to prevent its spread in Saipan. Last week the group confirmed it had closed the casino for 10 days starting from the stroke of midnight on March 17.

“The duration and intensity of this global health emergency and related disruptions is uncertain if travel and visitation continue to be restricted. Given the dynamic nature of these circumstances, the group has been monitoring the impact from the Covid-19 which is expected to have a material effect on the group’s results for at least the first half of 2020,” Imperial Pacific stated in its latest results filing.


  • tweet
Related articles
  • Court rejects Imperial Pacific appeal on licence suspension
    Court rejects Imperial Pacific appeal...

    Mar 17, 2022  

  • Macau police, regulator check in-house VIP ops at casinos
    Macau police, regulator check in-house...

    Feb 21, 2022  

More news
  • Foreign tourists can get S.Korean peninsula visa from June 1
    Foreign tourists can get S.Korean...

    May 20, 2022  

  • Crown Resorts’ shareholders nod Blackstone bid
    Crown Resorts’ shareholders nod...

    May 20, 2022  


Latest News

Foreign tourists can get S.Korean peninsula visa from June 1

Foreign tourists can get S.Korean peninsula visa from June 1

May 20, 2022  

South Korea on Thursday said it would from June 1 resume issuing short-term tourism visas for trips to the country’s mainland, for individual visitors and groups of tourists. Permits for...
Read More
Crown Resorts’ shareholders nod Blackstone bid

Crown Resorts’ shareholders nod Blackstone bid

May 20, 2022  

JP Morgan ups Aristocrat profit forecast 8pct for FY2022

JP Morgan ups Aristocrat profit forecast 8pct for FY2022

May 20, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”[Revenue at Okada Manila] will be around 80 percent of the pre-pandemic level in 2022 before recovering almost fully in 2023"

Satoru Aoyama, Akash Gupta and Kalai Pillay

Analysts at credit rating agency Fitch



Most Popular

  • Andrew Lo takes controlling stake in Suncity, Summit AscentAndrew Lo takes controlling stake in Suncity, Summit Ascent May 19, 2022
  • Melco to launch family attraction at Studio City in JuneMelco to launch family attraction at Studio City in June May 19, 2022
  • Bloomberry plans 3rd Philippine casino, coastal near ManilaBloomberry plans 3rd Philippine casino, coastal near Manila May 19, 2022
  • Wynn CEO, Macau execs in base pay cut in return for sharesWynn CEO, Macau execs in base pay cut in return for shares May 17, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us