IAG FEBRUARY 2017 web - page 9

February2017
inside
asiangaming
9
Cover Story
Charlie Choi said after visiting with a delegation from the junket
trade group that included promoters and VIPs. “Clients feel safe
and confident about the fairness and integrity of the game and
casino operation.”
With just 2,900 hotel rooms in Saipan and expanding direct
flights, lodging is a potential bottleneck. The best thing IPI could do
for CNMI and itself would be securing funds to complete Imperial
Pacific resort in Saipan’s tourism hub, Garapan, initially slated to
openbeforeChineseNewYear.
Last September, IPI announced a US$400 million bond
issue for the project, until recently known as Grand Mariana. In
an October interview, Mr Brown mentioned potential bond deals
with Credit Suisse, an initial book builder along with SC Lowy and
Jefferies, Morgan Stanley andDeutsche Bank. But two days before
Christmas, Bloomberg reported the bond offering was on hold
after buyers balkeddespite interest rates reportedly as high as 11%.
The article claimed two of three bond offering managers dropped
out after a visit to Saipan raised doubts that IPI’s sweetheart deal,
including a40 year exclusive casino licensewithnogaming tax, will
remain intact.
On December 30, IPI issued a statement claiming, “certain
series of media reports have portrayed an inaccurate view of
“Roughly1.5 times the
sizeofMacau, Saipanhas
cleanairand clearwater,
plusaunique combination
of tropical activities from
surfing togolf,WorldWar II
historic sites,Pacific island
cultureandretroAmerican
beach town charm.”
1,2,3,4,5,6,7,8 10,11,12,13,14,15,16,17,18,19,...48
Powered by FlippingBook