As if there weren’t already problems hounding Imperial Pacific International (IPI), the casino operator announced that its chief executive officer has left the company—barely a year after he assumed the post.
Henry Cheang stepped down from his position as CEO and chairman of IPI, effective last Friday, the casino operator said in a statement. IPI did not reveal the reason for Cheang’s resignation, but noted that they “are proud to have had Mr. Henry Cheang on our leadership team for the past three years as he has made significant contributions to our company’s success.”
Cheang, who reportedly has 12 years of experience in the Macau casino industry, was appointed chief executive in January, following the resignation of Mark Brown in December 2017. Cheang, who also filled the role of chairman since August, is reportedly the third IPI executive to leave the casino operator, according to Marianas Variety. Cheang’s predecessor, Marco Teng, stepped down from his chairman position in early August after holding the fort for seven months, followed by board executive director Cai Lingli, who resigned a week later.
In a filing with the Hong Kong Stock Exchange, IPI said Cai “wishes to devote additional time to her family and other personal business commitments,” resulting in her resignation as an executive director and chairperson of the executive committee of the board.
Cheang’s resignation is the latest episode in Imperial Pacific’s already eventful year. The company, which is building Saipan’s first integrated resort, the Imperial Palace, recently received the approval to push back the integrated resort’s opening to February 2021 after failing to meet its August 31 deadline.
However, regulators were concerned that there won’t be enough tourists to fill Imperial Pacific’s hotel rooms.
The casino operator is planning to build a casino area of more than 152,000 square feet, a 329-room luxury hotel, villas, restaurants and shops as part of the resort’s “phase one” stage, which is expected to be completed until August 2023. Phase two will be completed five years later.
Edward Deleon Guerrero, executive director of the Commonwealth Casino Commission (CCC), pointed out that the island doesn’t “have the capability to construct 2,000 rooms,” saying IPI would have to receive 2 million tourist arrivals annually in order to service all 2,000 rooms. In 2017, there were only 659,741.
