A casino developer on Saipan has been given more time to complete its proposed integrated casino resort projects.
The Imperial Pacific Resort on Saipan. Photo: Supplied./ Mark Rabago
Imperial Pacific International Limited has made a deal with the Northern Marianas government to extend the timeframe for construction.
Under the deal, the Hong Kong-based developer was granted a five-year extension to finish the Imperial Pacific Casino Resort.
The first phase of its US$7-billlion development on Saipan was supposed to finish August next year, but that has been extended until August 2023 and another phase to 2028.
In exchange, Imperial Pacific has agreed to give the CNMI US$20 million in contributions, called a Community Benefit Fund, on top of the US$15 million in annual casino license fees.