Imperial Pacific looks to set a record for casino launch delays

It was supposed to be August 2017. Then, it was going to be the summer of 2018 before it was “definitely” going to be the end of 2018. A pattern began to emerge, however, and the Imperial Palace casino resort on Saipan had to request for yet another extension to its construction, with initial updates indicating the end of 2020 or into 2021. Now, the company behind the endeavor, Imperial Pacific International Holdings (IPI), is up to its old tricks, requesting yet another delay. If it’s looking to set the record for the most casino construction delays, it has to be close to reaching the top of the list, if it isn’t already there.

IPI believes it won’t be able to complete construction until August 21, 2022—a very specific date, given the company’s complete inability to perform any task on schedule. According to media channels, the extension request was not discussed by Saipan’s Lottery Commission when it met on Tuesday.

When IPI announced its first delay, it was told that any other delays would cause its license to be revoked. However, after several delays, several lawsuits over unpaid wages, several changes to its top brass and several federal investigations, it appears that regulators still haven’t wisened up and realized what IPI is really up to.

In a filing with the Hong Kong Stock Exchange last April, IPI indicated that “phase one” of Imperial Palace would be ready—at least partially—“on or before” the end of the third quarter of this year. Given its propensity for scheduling milestones and not keeping them, this isn’t a bet worth considering.

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The Daily Payoff
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