Imperial Pacific

Imperial Pacific International Holdings Ltd
Industry Conglomerate
Founder Yeung Chung-lung
Headquarters Hong Kong
Area served
 Macau, Saipan
Key people
 CEO: Henry Cheang [1]
Parent Inventive Star Limited
Subsidiaries Best Sunshine International
Website http://www.imperialpacific.com

Imperial Pacific International Holdings Limited (SEHK: 1076 is a Chinese investment holding company. It was founded with headquarters in Hong Kong and originally named First Natural Foods Holdings until it was renamed in May 2014. It operates as a subsidiary of Inventive Star Limited.[2]

History

First Natural Foods was first listed on the main board of the Hong Kong Stock Exchange on 11 February 2002. It was principally involved most aspects of the food business, including frozen and functional food products. Trading for the group was suspended in 15 December 2008 and provisional liquidators were appointed on 7 January 2009 for restructuring. The liquidators were discharged on 4 September 2012 and trade sharing resumed the following day.[3]

In 2013, the Securities and Futures Commission (SFC) took the company's founder and former chairman Yeung Chung-lung to court for alleged embezzlement. The SFC accused him of withdrawing HK$84 million from its account in December 2008.[4]

In December 2013, First Natural Foods announced that it would buy the Macau-based junket operator Hengsheng for HK$400 million.[5] In 2013, First Natural Foods reported a profit of only 1.25 million.[6] In March 2016, Imperial Pacific announced that it would sell its non-gaming subsidiaries to focus on its gaming businesses.[7] In August 2016, Imperial Pacific reported that it had a half-year net profit of HK$837.3 million (US$108 million).[8]

In March 2018, Bloomberg reported that Imperial Pacific's offices in Saipan were raided by agents of the Federal Bureau of Investigation.[9] Imperial Pacific denied that the FBI had raided its offices or buildings.[10]

Best Sunshine International

Best Sunshine, a subsidiary of Imperial Pacific International Holdings, develops and operates casinos, hotels, and restaurants in the Commonwealth of the Northern Mariana Islands (CNMI).[11] As of June 2016, it is reportedly the largest taxpayer in the CNMI, paying US$27.8 million in business gross revenue tax.[12]

In August 2014, Imperial Pacific International was granted a 25-year license to build and operate a casino on Saipan with an option to extend the license for another 15 years.[13] Best Sunshine originally planned to spend US$3.14 billion and operate 2,229 hotel room.[14] but increased the budget to US$7.1 billion the following month to accommodate plans to operate more than 4,200 hotel rooms and 1,600 gaming tables.[15] Imperial Pacific raised US$99.8 million in December 2014 to fund these projects.[16]

Best Sunshine had a soft opening for a temporary casino with six baccarat tables in July 2015.[17] This casino, named Best Sunshine Live cost US$25 million to build.[8] It is located in Saipan's DFS T-Galleria Mall. In May 2016, Best Sunshine started targeting residents and tourists of Guam by offering charter flights between the two islands.[18] The Best Sunshine Live casino opened on 31 March 2017, though construction for the attached resort continued.[19]

The main casino, named Grand Mariana Casino Hotel and Resort was constructed in Garapan in 2016 and 2017. During this time, the Bureau of Environmental and Coastal Quality (BECQ) gave Best Sunshine multiple fines for discharging wastewater into Garapan's lagoon and violating work hour constraints.[20] Ancient human remains were discovered on the construction site, which will be re-interred some time after construction is finished.[21] The main casino was originally scheduled to open in December 2016 and expected to cost US$550 million.[22] The resort's casino had a soft opening on 6 July 2017.[23]

On 23 March 2017, one of Imperial Pacific's Chinese construction workers fell off a scaffold and died. This led the Federal Bureau of Investigations to search one of Imperial Pacific's offices and make an arrest.[24] On 15 February 2018, Bloomberg Businessweek published an investigative report on the circumstances surrounding the death of this construction worker.[25] An attorney for the Torres Brothers law firm which represented this worker said the report omitted several facts about the case.[26] Imperial Pacific disputed all allegations of wrongdoing and sued Bloomberg for defamation.[27] The Federal Bureau of Investigation and U.S. Department of Homeland Security investigated the case and charged five individuals with harboring undocumented workers.[28]

References

  1. ↑ "Imperial Pacific names new CEO, chairman, inks new contractor". calvinayre.com. 31 January 2018. Retrieved 5 February 2018.
  2. ↑ "1076.HK Profile — IMPERIAL PAC Business Summary". Yahoo! Finance. Retrieved 31 January 2016.
  3. ↑ "SFC seeks court orders against founder and former chairman of First Natural Foods". Securities and Futures Commission. 24 April 2013. Retrieved 6 May 2016.
  4. ↑ Li, Kanis (25 April 2013). "SFC takes First Natural Foods founder to court over HK$84m embezzlement claim". South China Morning Post. Retrieved 25 April 2016.
  5. ↑ "First Natural Foods to buy Hengsheng for HK$400 Mln". Asian Gaming Brief. Retrieved 6 May 2016.
  6. ↑ Wei, Daniela; Campbell, Matthew (13 November 2016). "Big Money, Big Questions at Trump Protege's Remote Casino". Bloomberg News. Retrieved 14 November 2016.
  7. ↑ Morrison, K. (3 April 2016). "Non-gaming business of Imperial Pacific dropped to focus on Saipan". World Casino News. Retrieved 25 April 2016.
  8. 1 2 Coleman, Zach (23 August 2016). "Small Saipan casino catches up with Macau peers". Nikkei Asian Review. Nikkei. Retrieved 1 September 2016.
  9. ↑ Campbell, Matthew; Ha, K. Oanh (March 14, 2018). "Saipan Casino Operator Raided by U.S. Agents". Bloomberg News. Archived from the original on March 15, 2018. Retrieved March 15, 2018.
  10. ↑ Manabat, Bryan; Villahermosa, Cherrie Anne E. (March 16, 2018). "Imperial Pacific: Bloomberg misrepresented facts, again". Marianas Variety. Retrieved March 17, 2018.
  11. ↑ "Imperial Pacific International Holdings Limited Company Info". EquityNet.com.hk. Equity Group. Retrieved 29 January 2016.
  12. ↑ Erediano, Emmanuel T. (17 June 2016). "Best Sunshine says it has paid $27.8M in BGRT to date". Marianas Variety. Retrieved 13 July 2016.
  13. ↑ "Inside Information: Grant of Casino Resort Developer License and Resumption of Trading" (PDF). HKExnews.hk. 13 August 2014.
  14. ↑ Erediano, Emmanuel T. (13 August 2014). "NMI retirement crisis 'over'". Marianas Variety. Retrieved 23 April 2016.
  15. ↑ Ap, Tiffany (15 December 2014). "Doubts raised over US$7.1b plan for Imperial Pacific's Saipan casino". South China Morning Post. Retrieved 29 January 2016.
  16. ↑ Rabago, Mark (17 December 2014). "Imperial Pacific raises $100M". Saipan Tribune. Retrieved 29 January 2016.
  17. ↑ "Imperial Pacific has soft opening for Saipan casino". GGRAsia. TEAM Publishing and Consultancy. 28 July 2015. Retrieved 29 January 2016.
  18. ↑ Eugenio, Haidee V. (19 May 2016). "Only operating casino in Micronesia targets Guam residents, tourists". Pacific Daily News. Retrieved 21 May 2016.
  19. ↑ Master, Farah (14 April 2017). "Saipan casino workers protest for payment as FBI cites illegal labor". Reuters. Retrieved 4 May 2017.
  20. ↑ Erediano, Emmanuel T. (29 April 2016). "BECQ fines Best Sunshine for repeated violations". Marianas Variety. Retrieved 6 May 2016.
  21. ↑ Manabat, Bryan (1 August 2016). "Still no plan for re-interring ancient human remains found at Garapan hotel project site". Marianas Variety. Retrieved 16 August 2016.
  22. ↑ "Grand Mariana Casino and Saipan's lack of hotel rooms". Marianas Variety. 19 April 2016. Retrieved 25 April 2016.
  23. ↑ Villahermosa, Cherrie Anne E. (8 July 2017). "Saipan casino's soft opening draws crowds". The Guam Daily Post. Retrieved 11 July 2017.
  24. ↑ Campbell, Matthew; Farrell, Greg (1 April 2017). "FBI Makes Arrest Related to Saipan Casino Construction". Bloomberg. Retrieved 5 April 2017.
  25. ↑ Campbell, Matthew (15 February 2018). "A Chinese Casino Has Conquered a Piece of America". Bloomberg Businessweek. Retrieved 27 May 2018.
  26. ↑ Encinares, Erwin (20 February 2018). "Lawyer: Bloomberg article left out key facts". Saipan Tribune. Retrieved 27 May 2018.
  27. ↑ Stradbrooke, Steven (20 February 2018). "Casino operator Imperial Pacific suing Bloomberg for defamation". CalvinAyre.com. Retrieved 27 May 2018.
  28. ↑ Chargualaf, Alana (5 June 2018). "Woman sentenced in illegal foreign worker case". The Guam Daily Post. Retrieved 23 June 2018.
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