🖐 CORRECTED-Chinese developer bets on high yield bond for Saipan casino | ロイター

Macau connections Fitch noted that Imperial Pacific is allowed under Commonwealth law to pay up to a 1. Reporting by Daniel Stanton; Editing by Vincent Baby.{/INSERTKEYS}{/PARAGRAPH} All accounts are pledged to the benefit of prospective investors. {PARAGRAPH}{INSERTKEYS}Saipan, an island in the Commonwealth of the Northern Mariana Islands, is the closest US territory to China and measures just The site of a battle in World War II, it legalised casinos in and is reinventing itself as a destination for Chinese tourists, who are granted day visas on arrival. Its chief compliance officer, Vic Choi, was formerly head of compliance at HSBC Bank China and once served as a senior inspector in the Hong Kong Police Force. Neighbouring island Tinian has allowed casinos for decades, but one of them ran into trouble last year for breaches of US anti-money laundering legislation. Chinese developer Imperial Pacific International Holdings is building a hotel and casino on the island, and this week held investor meetings through joint global coordinators Credit Suisse, SC Lowy and Jefferies ahead of a proposed US dollar Reg S senior secured bond. There are no restrictions on the number of tables that Imperial Pacific can operate, and it could potentially open more casinos on Saipan in the future. Its flagship project will have five-star accommodation in hotel suites, including 15 luxury villas, with more than gaming tables and slot machines, according to the company website. Imperial Pacific used to be a processor of frozen food, but discontinued that business in May this year, according to its interim annual report. Bond proceeds will be kept in an issue account that will be used only to fund construction of its Grand Mariana integrated resort via a disbursement account. It expects to open the resort in time for Lunar New Year , with the hotel opening by March , and anticipates having nine restaurants with a lofty target of 17 Michelin stars between them, according to its interim report. Credit investors have had the chance to gain exposure to casinos in Australia, Macau, the Philippines, Malaysia and Singapore through US dollar and Asian local currency bonds, but this deal will open up a new territory and another way to gain exposure to Chinese gamblers. Imperial Pacific said it had hired an international accounting firm to review its anti-money laundering procedures and would provide extensive training to all employees. The Saipan casino is expected to make use of junket operators, as is common in the Chinese territory of Macau.