HONG KONG, Aug. 18, 2016 /PRNewswire/ -- Saipan is the
westernmost territory of the United
States, capital of the Northern Mariana Commonwealth, and
the closest U.S. outpost to Japan,
China, Korea, and Southeast Asia. Saipan is a unique tropical
isle, with spectacular beaches, verdant jungles, and volcanic
mountains. Unlike the U.S. mainland, however, Saipan allows some
visitors to stay for 45 days without a visa, a factor that has made
this Micronesian island paradise a major new destination for
increasing numbers of upmarket Chinese, Japanese and Korean
tourists.
Three years ago, an enterprising Hong
Kong-listed company, Imperial Pacific International
Holdings, Ltd., secured a license from the Saipan government to
build and operate a multi-billion dollar integrated resort and
gaming center on the island, with the intent of creating thousands
of new jobs for Saipan residents and contributing millions in new
tax revenues to build up Saipan's limited economy. Imperial
Pacific's plans for Saipan include at least a half dozen major
hotel/ casinos, private villas and other resort properties,
shopping malls (for duty free shoppers), a huge conference center,
world class golf courses designed by Greg
Norman, and the world's largest water park. The company is
also investing millions of dollars to upgrade Saipan's airport and
terminal facilities, build docks and marinas for ultra large yachts
and cruise ships, and improve access to the island's offshore coral
reefs, which provide perhaps the best diving in the world.
Last November, Mark Brown,
Imperial Pacific's Chief Executive Officer, opened Saipan's first
casino, a training facility with a handful of VIP gaming tables.
Brown, whose extensive experience in building and operating major
casinos in Atlantic City,
Las Vegas, and Macau, is uniquely qualified to head this
major new integrated casino resort development and in less than two
months, this training casino alone was generating gaming revenue
second only to Macau, the world's
most lucrative gaming center. In early 2016, Brown's company broke
ground for the $550 million Imperial
Pacific Resort, a spectacular integrated hotel resort with a casino
dominated by 100 foot crystal dragons which opens in early
2017. "We are expecting fantastic results," Brown comments,
"and are already accepting bookings from China and Japan when this very special facility opens
for business in the auspicious Chinese Year of the Chicken."
Mark Brown began his career in
the gaming industry in 1979 and quickly rose to become CEO of a
major Atlantic City casino.
Shortly thereafter, he was recruited by Donald Trump to serve as CEO of four additional
Trump casinos during the golden age of gaming in the U.S. Brown
gained additional experience working for the hugely successful
Steve Wynn in Las Vegas. The surge of new wealth
created in China and the Far East,
however, soon displaced Las Vegas
and Atlantic City and Macau, the former Portuguese colony now a part
of the Peoples Republic of China,
was on its way to becoming the world's epicenter of the gaming
industry. Brown recognized that the gaming industry was going
global and as one of the first to understand its potential, was
brought in by gaming mogul Sheldon
Adelson, who made him president of Adelson's LVS properties
in Macau.
Despite extraordinary success, however, Macau has now come under increased regulatory
and tax supervision by the Chinese government and last year, began
the transition from a pure gaming destination to a fully integrated
family destination resort. Meanwhile tourism throughout the
region continued to set revenue and traveler records and
Mark Brown joined Imperial Pacific
to search for the next great gaming/resort destination.
Saipan, once a German and then a Japanese colony, but now a
full-fledged U.S. commonwealth territory with easy access, duty
free shopping, and no visa requirement for many Asian tourists,
seemed ideal but was not only undiscovered, but also
undeveloped. The island's population had declined from nearly
80,000 twenty years ago to approximately 50,000 in 2015. Saipan's
economy was anemic and despite its relative proximity to both
China, Japan, and Korea, the island was far off most
tourist maps. All of that changed when Mark Brown and Imperial Pacific approached
Saipan's governing body and presented a development plan that would
turn the island into a world class gaming and integrated resort
destination almost overnight.
"Imperial Pacific secured a 40 year exclusive Casino Resort
Development License and although we must pay $35 million each year to retain the license, this
was quite a bargain," comments Brown, "since Macau has a 35 percent tax on revenues, but
Saipan's tax rate is only 5 percent, a number which can be reduced
even further by rebates and expense deductions." Mark Brown says Ji Xiaobo, Imperial Pacific's
charismatic young 36 year old leader, has invested heavily in
recruiting and training resort and casino operating
personnel. Mr. Ji's family, led by his mother, Cui Lijie, has
also made significant contributions to Saipan community projects,
including a grant of several million dollars donated to relief and
rebuilding of local housing and infrastructure badly damaged by
last summer's Typhoon Soudelor, the most devastating storm to hit
the island in nearly 50 years.
Mark Brown contends that "Saipan
is truly a unique, natural Pacific jewel that can't be imitated or
equaled by any other destination in the world. Macau may always be the leading player in the
global gaming industry, but we are building something very special
on Saipan and in the bargain, we are making Saipan not only a world
class destination resort, but also one of the very best investment
opportunities in the world."
About Imperial Pacific International Holdings Ltd.
Imperial Pacific International Holdings Ltd ("Imperial
Pacific") is listed on the Main Board of Hong Kong Stock Exchange
(HKEx stock code: 1076). The Company is a constituent of the Hang
Seng Composite LargeCap & MidCap Index and also eligible for
trading in the PRC through the Shanghai-Hong Kong Stock Connect
Program.
Committed to delivering world-class entertainment
experiences, Imperial Pacific focuses on developing and operating
integrated resorts and leisure facilities. Building on a culture of
innovation and the international expertise of an industry-leading
management team, Imperial Pacific is pioneering cutting-edge
concepts in entertainment and tourism – appealing to elite
travelers with sophisticated, discerning tastes.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/the-worlds-next-major-gaming-resort-is-in-the-middle-of-the-pacific-ocean-300315524.html
SOURCE Imperial Pacific International Holdings Ltd.