Saipan casino operator Imperial Pacific International (IPI) just received a $500m cash injection from a Japanese firm.
On Wednesday, Saipan’s Lottery Commission okayed two amendments to IPI’s casino license agreement, including reducing the minimum stake IPI is required to hold in its unfinished Imperial Palace casino resort from 51% to a mere 10%.
Within hours, IPI informed the Hong Kong Stock Exchange that it had reached a deal with Japanese “institution” GCM Ltd, in which the latter company will invest the not inconsiderable sum of $500m in Imperial Palace’s phase one. IPI added that the first $100m tranche of this investment “has already been made as of 15 May 2019.”
GCM stands for Global Capital Management, and GCM’s bare-bones website says the company is involved in real estate and financial products, including management of ‘distressed’ assets. If you had to use only one word that describes IPI’s Imperial Palace project, you could do a lot worse than ‘distressed.’