Boom Times May Be Over at Island Casino for Chinese High Rollers
- Revenue declined 51 percent in first half amid high debts
- Casino on U.S. island attracted attention for huge turnover
Four years after it arrived on the remote U.S. territory of Saipan, Imperial Pacific International Holdings Ltd. is faltering in its effort to turn the obscure island into a gambling hub to rival Macau.
In August the Hong Kong-based company, which attracted attention across the gaming industry for the vast volumes of bets recorded in its Saipan operations, reported a 51 percent decline in first-half revenue that sent earnings tumbling by more than 90 percent. At the end of June it had almost 8 billion Hong Kong dollars ($1.02 billion) in uncollected debts from gamblers -- more than Macau casinos that cater to the highest of high rollers. Imperial Pacific faced problems that required it to delay paying some Saipan workers in August, according to local media and an internal memorandum seen by Bloomberg News.