Imperial Pacific applies for second deadline extension

Hong Kong-listed Imperial Pacific International (IPI) has confirmed that it is still behind schedule with construction work on its Saipan integrated resort and has formerly requested a second deadline extension.

In letter to Commonwealth Casino Commissioner executive director Edward Deleon Guerrero on 23 July, IPI informed the commission that it is unable to meet the 31 August deadline to finish the Imperial Pacific Resort.

Prior to this, at the beginning of July, the company had informed the Commonwealth Casino Commission that it was unlikely it would be able to meet the August completion deadline for Imperial Palace, despite plans to introduce a night shift and bring in additional construction workers.

According to the Saipan Tribune, IPI has now requested a deadline extension through the Lottery Commission – comprised of the secretary of Finance, the commissioner for the Department of Public Safety, and the secretary of Commerce – anticipating it would need about another six months to complete the project.

Meanwhile, IPI’s chairman, Marco Teng, stepped down on 14 August. Teng had served as chairman since January 2018, and had taken on an active role in Imperial Pacific’s daily operations and key decision making as well as providing corporate direction. He reportedly wishes to “pursue [other] endeavours” following his resignation.