IPI: Value of Saipan assets down $574M on suspension of license
The parent firm of troubled Saipan casino Imperial Palace Saipan says the value of its assets has plummeted by HK$4.46 billion (US$574 million) following suspension of its casino license earlier this year.
In a filing with the Hong Kong Stock Exchange Imperial Pacific International Holdings informed shareholders and potential investors that, based on the latest draft valuation on property, plant and equipment of the Group, the revised value of property, plant and equipment under non-current assets of the Group is expected to be impaired by not less than HK$4.46 billion compared with the value at 31 December 2020.
The impairment represents a significant drop in value from HK$7.11 billion to just HK$2.65 billion, “mainly attributable to a change of major assumptions on the valuation mainly in relation to the Order issued by the Commonwealth Casino Commission.”
That order, issued in April, was for the indefinite suspension of the casino license held by IPI’s local subsidiary, Imperial Pacific International (CNMI) LLC, following a series of complaints for failure to comply with certain requirements under its license agreement.
Read more: https://www.saipantribune.com/index.php/ipi-value-of-saipan-assets-down-574m-on-suspension-of-license/