Date
21 August 2017
Imperial Pacific International as been granted a conditional casino license in the Northern Mariana Islands. Photo: Baidu
Imperial Pacific International as been granted a conditional casino license in the Northern Mariana Islands. Photo: Baidu

Imperial Pacific wins casino license in Northern Marianas

Imperial Pacific International Holdings Ltd. (01076.HK), an investor in Macau VIP operator Hengsheng Group, has been granted a conditional casino license in the US territory of the Northern Mariana Islands, the Hong Kong Economic Journal reported Wednesday.

The license depends on further agreement on terms and conditions between the two parties, the report said, citing a stock exchange statement.

Imperial Pacific’s stock price rose 22.8 percent to HK$1.40 (18.06 US cents) Tuesday, with HK$90.8 million worth of shares changing hands before the company requested trading be suspended until Wednesday morning.

The announcement came as Fitch Ratings Inc. said prospects for Macau gaming plays are dull despite growing opportunities elsewhere in Asia.

The rating agency has lowered its estimate for income growth in the sector this year to 10 percent from 12 percent as the VIP business limps along due to slower growth on the mainland and the FIFA World Cup.

– Contact us at [email protected]

VW/SK

Freelance journalist

EJI Weekly Newsletter

Please click here to unsubscribe