Embattled Saipan casino developer (IPI) has announced it will close its Imperial Palace Casino “until further notice” from Friday after a super typhoon devastated the Pacific island three weeks ago.

Typhoon YutuA satellite image of Super Typhoon Yutu. Somewhere under that is Saipan and the Imperial Palace Casino, which may now be even more unfinished than it was when it missed its August 31 construction deadline. (Image: Vox)

Super Typhoon Yutu struck Saipan and Tinian in the Northern Mariana Islands on the morning of October 25, killing two people and destroying more than 3,000 homes. With windspeeds of up to 180 mph, it was the most powerful tropical cyclone of 2018.

Much of Saipan and Tinian remain without power and residents face water shortages a dangerous situation considering the humidity of the climate. But despite the Mariana Islands’ status as a US overseas territory, the devastation was largely ignored by the world’s media.

Yutu caused severe damage to Saipan’s airport, and commercial flights have been grounded since. The casino relies almost completely on the remote island’s tourist industry for revenues, which has been crippled.

Like a War Zone

“Super Typhoon Yutu left a trail of destruction on Saipan and Tinian,” said IPI in statement Thursday. “The natural disaster has been heart-wrenching because the storm left our beautiful islands looking like a war zone. The island-wide destruction affected personal property, our infrastructure, and the business community. Like so many others, Imperial Pacific International, LLC was included in this trail of destruction.

Imperial Pacific also suffered millions of dollars in unexpected damage, forcing the company to make adjustments to ensure typhoon cleanup and repairs are done safely so employees and development continues to be protected.”

The company said it has been running limited operations at the still-unfinished Imperial Palace since the storm hit. It has since undertaken assessment and “made the difficult decision” to temporarily shut down casino operations.

Bankruptcy Rumors Quashed

The news of the closure comes just after IPI issued a press statement denying social media rumors that it had entered bankruptcy proceedings, which it denounced as “slanderous, fake news.” The company added it had launched legal proceedings against the unnamed source of the rumors.

In August, IPI announced profits had fallen 91.3 percent in the first six months of 2018, mostly because it had been forced to write off $733 million of unrecoverable bad debt, most of which was owed by just ten high rollers.

It missed its August 31 deadline to complete the Imperial Palace, which itself was an extension from the previous 2017 deadline. After being granted a fresh extension by the island’s authorities to February 2021 it promptly laid off 80 construction workers, leading at least to suggest the company could be facing serious problems.

 

MGM China Has Resources to Last 15 Months, Don’t Bet on Parent Selling Stake, Say Analysts  Macau Politicians Push Government to Relax Guangdong Border Controls  Gaming and Leisure Collects Nearly All April Rent, Finalizes Penn National Tropicana Deal  NHL Makes FanDuel Exclusive DFS Partner and Official Sports Betting Partner, Devils Also Get In On Deal  California’s Hustler Casino Heist Leads to Two Injured Guards, One Critically Wounded  VP Debate Showcases Key Policy Differences but Also Cordiality, 2024 Odds Unmoved  Texas Lt. Governor Dan Patrick Rains on Casino Parade  Wynn Resorts Still Loved by Short Sellers, But Affair Could Soon End  Disney CEO Bob Iger Sees ‘Seamlessness’ Between Sports Programming, Betting  Disney CEO Bob Iger Sees ‘Seamlessness’ Between Sports Programming, Betting