{"id":89965,"date":"2018-10-09T09:00:58","date_gmt":"2018-10-09T16:00:58","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=89965"},"modified":"2018-10-09T08:00:13","modified_gmt":"2018-10-09T15:00:13","slug":"imperial-pacific-blows-through-four-executive-directors-in-a-year","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/imperial-pacific-blows-through-four-executive-directors-in-a-year\/","title":{"rendered":"Imperial Pacific Blows Through Four Executive Directors in a Year as Latest Chairman and CEO Resigns"},"content":{"rendered":"

Imperial Pacific International has lost another executive. The controversial company is in the process of building the Imperial Palace on the Pacific island of Saipan, a project that has been beset by problems this year.<\/p>\n

\"Imperial
Too much? Imperial Pacific is going through executives like they\u2019re going out of fashion. Could disagreements about the d\u00e9cor be the root of the problem? (Image: Imperial Pacific)<\/figcaption><\/figure>\n

CEO and chairman Henry Cheang\u2019s departure after less than a year in the job will cause further disruption to the troubled venture. Cheang offered no reason for his resignation Friday.<\/p>\n

The veteran Macau casino executive joined the company in January after his predecessor as CEO, Mark Brown, resigned to \u201cto pursue other projects close to his family.\u201d<\/p>\n

Cheang took over as chairman from Marco Teng, who resigned in August 2017. Seven days later, Imperial lost executive director, Cai Lingli.<\/p>\n

FBI Raids Not Good Optics<\/strong><\/h2>\n

Whatever is actually going behind the scenes at Imperial, investors have not reacted well to the boardroom\u2019s rapidly revolving door. The company\u2019s share price has plunged by almost 57 percent on the Hong Kong Stock Exchange since October 2017.<\/p>\n

Matters weren\u2019t helped by an FBI raid on the casino construction site in March 2017 following the death of a laborer. The raid uncovered widespread labor abuses.<\/p>\n

\n

As part of the Northern Marianas Islands, Saipan is an US overseas territory and subject to federal laws. Earlier this year, several contractors were charged with numerous labor violations, including importing and harboring illegal aliens.<\/p>\n<\/div>\n

Bloomberg<\/em> reported an additional FBI raid<\/a> on Imperial Pacific\u2019s Saipan headquarters in March, which the company denied. Imperial is suing Bloomberg<\/em> for libel<\/a> over a separate article that alleged it had engaged in financial improprieties.<\/p>\n

Deadline Missed, Project Scaled Back <\/strong><\/h2>\n

In August, Imperial Palace missed its construction deadline for the casino, complaining of \u201clabor shortages.\u201d Island officials promptly gave it a more than two-year extension to complete the project. If it meets the new deadline, it will be over four years late.<\/p>\n

Imperial has also reached an agreement with regulators to amend its gambling license to downscale the casino. The company initially proposed a 329-room hotel, with wider development plans creating 2,000 more guestrooms.<\/p>\n

But Edward Deleon Guerrero, executive director of the Commonwealth Casino Commission told the company last month that the extra rooms were not necessary and that the island would have to triple its annual visitor intake to fill them all.<\/p>\n

\u201cI don\u2019t think the [island] could accommodate two million visitors a year. And I don\u2019t think we have the capability to construct 2,000 rooms,\u201d he remarked, pointedly.<\/p>\n","protected":false},"excerpt":{"rendered":"

Imperial Pacific International has lost another executive. The controversial company is in the process of building the Imperial Palace on the Pacific island of Saipan, a project that has been beset by problems this year. CEO and chairman Henry Cheang\u2019s departure after less than a year in the job will cause further disruption to the […]<\/p>\n","protected":false},"author":36,"featured_media":89967,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,21,18],"tags":[],"acf":[],"yoast_head":"\nImperial Pacific Blows Through Four Executive Directors in a Year<\/title>\n<meta name=\"description\" content=\"Imperial Pacific loses CEO and chairman Henry Cheang in latest blow to its troubles Saipan casino project, Imperial Palace.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Imperial Pacific Blows Through Four Executive Directors in a Year\" \/>\n<meta property=\"og:description\" content=\"Imperial Pacific loses CEO and chairman Henry Cheang in latest blow to its troubles Saipan casino project, Imperial Palace.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/imperial-pacific-blows-through-four-executive-directors-in-a-year\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-09T16:00:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-10-09T15:00:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/10\/imperial-palace.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1140\" \/>\n\t<meta property=\"og:image:height\" content=\"758\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/imperial-pacific-blows-through-four-executive-directors-in-a-year\/\",\"url\":\"https:\/\/www.casino.org\/news\/imperial-pacific-blows-through-four-executive-directors-in-a-year\/\",\"name\":\"Imperial Pacific Blows Through Four Executive Directors in a Year\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/imperial-pacific-blows-through-four-executive-directors-in-a-year\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/imperial-pacific-blows-through-four-executive-directors-in-a-year\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/10\/imperial-palace.jpg\",\"datePublished\":\"2018-10-09T16:00:58+00:00\",\"dateModified\":\"2018-10-09T15:00:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Imperial Pacific loses CEO and chairman Henry Cheang in latest blow to its troubles Saipan casino project, Imperial Palace.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/imperial-pacific-blows-through-four-executive-directors-in-a-year\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/imperial-pacific-blows-through-four-executive-directors-in-a-year\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/imperial-pacific-blows-through-four-executive-directors-in-a-year\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/10\/imperial-palace.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/10\/imperial-palace.jpg\",\"width\":1140,\"height\":758,\"caption\":\"Too much? 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