Hong Kong

Imperial Pacific agrees to settlement over winding-up bid

Imperial Pacific is the company behind the Imperial Pacific Resort on the Pacific island of Saipan, which opened its doors in July.
2017-11-06
Hong Kong
Reading time 41 seg
Hong Kong-listed casino investor has agreed a settlement with a construction consultancy called Mace Ltd over the latter’s court bid to wind up Imperial Pacific over a disputed bill.

Imperial Pacific is the backer of the Imperial Pacific Resort on the Pacific island of Saipan, which opened its doors in July. Until then, the company had been running a temporary gaming facility on Saipan called Best Sunshine Live. Saipan is part of the Commonwealth of the Northern Mariana Islands, a U.S. Pacific jurisdiction.

The agreement to pay the disputed HKD2.6-million (US$333,255) bill for construction management fees was signed on Wednesday.

“Mace Ltd shall submit an application to the High Court of Hong Kong for withdrawal of the winding-up petition and obtain the sealed order from the court as soon as possible,” read a filing from Imperial Pacific.

The casino investor had said in a Tuesday filing it was to fight Mace over the disputed bill.

For the first half of 2017, Imperial Pacific posted a net profit of HKD912.0 million, up 8.9 percent from the prior-year period.

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