In their voluntary monthly filing with the Hong Kong Stock Exchange Saturday, Best Sunshine’s parent company?Imperial Pacific International Holdings Ltd released un-audited numbers showing the Best Sunshine Live temporary casino and training center in Garapan, Saipan had achieved US$1,655,636,000 (HK$12,847,735,360) in rolling chip volume for the month of June.
GGRAsia released a note?from?Union Gaming Securities Asia Ltd analyst Grant?Govertsen today indicating?that some of the weakened gross gaming revenue numbers coming out of Macau may be attributable to increased competition for VIPs from outside the special administrative region, “While we think most of the incremental VIP softness can be lumped into a bucket that includes factors like anti-corruption and economic weakness, it is getting harder to ignore the likely impact of jurisdictions like Saipan,” the industry news outlet reported.
Although?rolling chip volume for June was?not Best Sunshine’s top performing?month since officially opening the casino in November, the volume is still significant. Saipan has a lower tax rate than Macau and a single casino operator who can offer junket incentives?such as higher VIP rebates. On April 7 this year, Marianas Variety reported that Best Sunshine’s parent, Imperial Pacific?had been given permission by the Commonwealth Casino Commission, on a 6-month trial basis, to increase VIP rebates?from 1.3 percent to 1.8 percent. Macau caps the incentives (in the form of commissions paid to junkets) at 1.25%.
Since opening the?temporary casino and training center at the?T-Galleria?on?Beach Road in?Garapan?less than a year ago, Saipan has become?the?“fourth biggest VIP gaming hub in the world, ranked just after Macau, Las Vegas and Singapore,” according to Mark Brown, President and CEO of Best Sunshine.
Stay tuned to this space July 5 for a deeper look into Best Sunshine International in Saipan and the future of gaming development there.