Gambling is an important revenue stream for tourism in the Mariana Islands, a U.S. territory north of Guam. In Mariana Islands, The chairman of the House Committee on Gaming will meet with the Commonwealth Casino Commissioners to discuss Imperial Pacific International’s recent profit advisory warning.
Rep. Joseph Deleon Guerrero on Friday said following the advisory submitted by IPI to the Hong Kong Stock Exchange regarding a decrease in its revenue: “I think it’s high time that we bring the issue to the table for discussion. We will be meeting with the casino commission and find out what IPI’s status is. I also read reports about nonpayment [of vendors] and so forth so it’s a concern.”
According to Deleon Guerrero, “We want to find out what our options are, and what can be done to help improve their financial profile. We will sit down with the commission to get a clearer picture.”
Casino Commission Chairman Juan Sablan, in a separate interview, said IPI is competing with established and more aggressive casinos in the Philippines, Macau, and Vietnam.
“The casino business is like a wave, it’s up and down, so sometimes it’s up and sometimes it’s down, but it’s still a concern and we really have to be prudent with our revenues,” Sablan said.
On Thursday, IPI informed the Hong Kong Stock Exchange that it expects to record “a substantial decrease in profits for the six months ending 30 June 2018” compared with the same period last year. The company reported a profit of HK$912 million or U.S.$116 million during the same period in 2017.
IPI stated that the profit decline is “mainly attributable to a decrease in total revenue and the impairment of trade receivables.”