Imperial Pacific
Corporate brand
UnclaimedImperial Pacific is the former name and corporate identity of a Hong Kong-listed investment holding company that expanded from food products into casino and resort operations in the Northern Mariana Islands.
Last updated August 31, 2026
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Overview
Imperial Pacific International Holdings Limited was a Hong Kong-based investment holding company whose corporate identity changed substantially during the 2010s. The business began as First Natural Foods Holdings, a food-sector company involved in frozen and functional food products. It listed on the Main Board of the Hong Kong Stock Exchange in February 2002, but later encountered severe financial and governance difficulties. Trading was suspended in December 2008, and provisional liquidators were appointed in January 2009 as part of a restructuring process. The liquidators were discharged in September 2012, after which trading resumed. The company became associated with a major strategic shift after announcing the proposed acquisition of Macau-based junket operator Hengsheng in December 2013. In May 2014, First Natural Foods changed its name to Imperial Pacific International Holdings. The renamed group increasingly concentrated on gaming, tourism, and resort development rather than its original food activities. Its principal operating vehicle in the Northern Mariana Islands was Best Sunshine International, which received a 25-year casino license in August 2014, with an option for a further 15 years. Imperial Pacific planned an exceptionally large integrated casino resort on Saipan. Early plans called for approximately US$3.14 billion of investment and 2,229 hotel rooms; the proposed budget later increased to approximately US$7.1 billion, with plans for more than 4,200 rooms and 1,600 gaming tables. The company also raised approximately US$99.8 million in December 2014 to support its development program. Best Sunshine opened a temporary casino, Best Sunshine Live, in the DFS T-Galleria Mall in July 2015. The facility initially operated with six baccarat tables and reportedly cost approximately US$25 million to construct. A larger casino resort in Garapan later began limited operations, with a soft opening in July 2017 under the Grand Mariana Casino Hotel and Resort name, although construction and development work continued. The casino expansion produced substantial reported revenue and tax activity but was accompanied by regulatory, labor, environmental, and legal controversies. Imperial Pacific reported a half-year net profit of HK$837.3 million in 2016, while Best Sunshine was described as a major taxpayer in the Northern Mariana Islands. The company also attempted to focus more closely on gaming by announcing in March 2016 that it intended to sell non-gaming subsidiaries. At the same time, construction of the Saipan resort attracted scrutiny after a construction worker died in March 2017. Investigations and raids by United States authorities examined alleged immigration, labor, money-laundering, wire-fraud, and corruption issues. The company disputed some allegations and sued Bloomberg for defamation after an investigative report concerning the construction site and worker's death. Further pressure came from wage-and-hour litigation, an Equal Employment Opportunity Commission lawsuit alleging sexual harassment and discrimination, environmental fines, disputes over unpaid obligations to a community benefit fund, and a Financial Crimes Enforcement Network investigation into possible Bank Secrecy Act violations. Typhoon Yutu also disrupted casino operations in November 2018. In April 2024, Imperial Pacific filed for Chapter 11 bankruptcy and stated that it owed creditors approximately US$165.8 million. In August 2025, Team King Investment acquired the property and casino license through an auction for US$12.95 million, reportedly relieving approximately US$169 million in liabilities. The post-acquisition future of the Imperial Pacific corporate structure, the Saipan property, and the brand remains unclear.
History
Imperial Pacific originated as First Natural Foods Holdings, a Hong Kong food-sector company involved in frozen and functional food products. It was listed on the Main Board of the Hong Kong Stock Exchange on 11 February 2002. The company later experienced financial distress: trading was suspended on 15 December 2008, and provisional liquidators were appointed on 7 January 2009 to oversee restructuring. The liquidators were discharged on 4 September 2012, and trading resumed the following day. The early corporate history also included governance controversy. In 2013, Hong Kong's Securities and Futures Commission brought proceedings against founder and former chairman Yeung Chung-lung over allegations that he had withdrawn HK$84 million from the company's account in December 2008. The same year, First Natural Foods announced a proposed HK$400 million acquisition of Macau junket operator Hengsheng. This transaction reflected a transition from the company's original food activities toward gaming-related businesses. In May 2014, the company changed its name to Imperial Pacific International Holdings. Its new strategy centered on casinos and integrated resorts in the Commonwealth of the Northern Mariana Islands. Best Sunshine International, a subsidiary, received a 25-year license in August 2014 to build and operate a casino on Saipan, with an option to extend the license for another 15 years. The proposed development expanded rapidly in scale. Initial plans called for US$3.14 billion of spending and 2,229 hotel rooms; the budget later rose to US$7.1 billion, with more than 4,200 rooms and 1,600 gaming tables contemplated. Imperial Pacific raised US$99.8 million in December 2014 for the project. Best Sunshine first introduced gaming through Best Sunshine Live, a temporary casino at Saipan's DFS T-Galleria Mall. It held a soft opening in July 2015 with six baccarat tables and reportedly cost US$25 million. In May 2016, the company began marketing charter flights between Guam and Saipan to reach residents and visitors from Guam. Best Sunshine was described as the Northern Mariana Islands' largest taxpayer in June 2016, reporting US$27.8 million in business gross revenue tax. Imperial Pacific also announced in March 2016 that it planned to sell non-gaming subsidiaries so that the group could concentrate on gaming. The permanent Garapan project, referred to as the Grand Mariana Casino Hotel and Resort, was constructed during 2016 and 2017. The project encountered environmental and archaeological issues, including fines from the Bureau of Environmental and Coastal Quality for wastewater discharges into Garapan's lagoon and breaches of work-hour restrictions. Ancient human remains were also found at the construction site and were expected to be re-interred after construction was completed. The casino held a soft opening on 6 July 2017, although the resort remained incomplete. The construction program generated serious labor and law-enforcement scrutiny. On 23 March 2017, a Chinese construction worker fell from scaffolding and died. The FBI searched an Imperial Pacific office, and the FBI and Department of Homeland Security investigated allegations involving undocumented workers. Five people were charged with harboring undocumented workers. In 2017, the FBI also investigated alleged violations of the federal workplace visa system after workers connected with a China Metallurgical Group Corporation subsidiary were accused of being unlawfully employed on Saipan. The Department of Justice was reported to be examining possible money laundering in 2017, and the FBI executed additional search warrants at company offices in March 2018. Imperial Pacific denied allegations of wrongdoing in relation to reporting on the worker's death and sued Bloomberg for defamation. Operations were affected by Typhoon Yutu in late 2018. The Saipan casino operated on a limited basis from 2 to 15 November, closed from 16 to 18 November because of storm damage, and then resumed operations. Legal and regulatory pressure continued in 2019 and 2020. The United States Department of Labor obtained a US$3.3 million judgment concerning wage and overtime violations. The Equal Employment Opportunity Commission filed a lawsuit alleging sexual harassment and discrimination. The FBI raided company offices in November 2019 in searches involving alleged money laundering and wire fraud, while a federal grand jury sought information related to a corruption investigation involving Northern Mariana Islands Governor Ralph Torres. In March 2020, Imperial Pacific disclosed a Financial Crimes Enforcement Network investigation into possible Bank Secrecy Act violations. In June 2020, the Commonwealth Casino Commission stated that it was seeking suspension of the casino license because of unpaid community-benefit-fund obligations. Imperial Pacific filed for Chapter 11 bankruptcy in April 2024 and stated that creditors were owed approximately US$165.8 million. In August 2025, Team King Investment acquired the Saipan property and casino license at auction for US$12.95 million. The acquisition was reported as effectively clearing approximately US$169 million in liabilities. Team King was founded by Jin Song, who has been described as having business relationships with former controlling owners Cui Lijie and Ji Xiaobo. The future use of the property and the continuing status of the Imperial Pacific brand and corporate entity are not established.
- 2025
Property sold at bankruptcy auction
[1]Team King Investment acquired the Saipan property and casino license for US$12.95 million.
- 2024
Chapter 11 filing
[1]Imperial Pacific filed for Chapter 11 bankruptcy and disclosed approximately US$165.8 million in creditor claims.
- 2017
Permanent casino soft opening
[1]The Garapan casino associated with the Grand Mariana Casino Hotel and Resort opened on a soft-launch basis on 6 July.
- 2015
Best Sunshine Live soft opening
[1]The temporary Saipan casino began operations at DFS T-Galleria Mall.
- 2014
Imperial Pacific name adopted
[1]First Natural Foods Holdings changed its name to Imperial Pacific International Holdings in May.
- 2014
Saipan casino license granted
[1]Best Sunshine received a 25-year Saipan casino license with an extension option.
- 2012
Restructuring completed
[1]Provisional liquidators were discharged and trading resumed in September.
- 2008
Trading suspended
[1]Trading in the company was suspended in December amid financial and restructuring difficulties.
- 2002
Main Board listing
[1]First Natural Foods Holdings was listed on the Main Board of the Hong Kong Stock Exchange on 11 February.
Products and positioning
A high-investment gaming and integrated-resort group focused on attracting Asian gaming customers to Saipan, after transitioning away from its original food-business identity.
Temporary casino · 2015
Best Sunshine Live
A temporary casino operated by Imperial Pacific subsidiary Best Sunshine International at the DFS T-Galleria Mall in Saipan. It began a soft opening in July 2015 with six baccarat tables and served as an interim gaming venue while the larger Garapan resort was being developed.
Integrated casino resort · 2017
Grand Mariana Casino Hotel and Resort
Imperial Pacific's planned flagship Saipan development in Garapan, combining casino gaming with hotel, restaurant, and resort facilities. The casino held a soft opening in July 2017, but the wider project faced construction delays, environmental enforcement, labor controversies, storm damage, and subsequent financial distress.
Food products
Frozen and functional food products
The company's historical business included frozen foods and functional food products under its former First Natural Foods identity. These activities predated the group's strategic transition toward gaming and resort development and were later targeted for disposal as Imperial Pacific concentrated on casinos.
Controversies
2020
Bank Secrecy Act investigation
Imperial Pacific disclosed that FinCEN was investigating possible violations of the Bank Secrecy Act.
2020
Casino-license suspension threat
The Commonwealth Casino Commission sought suspension of the casino license over unpaid obligations to a community benefit fund.
2019
Wage and overtime judgment
The United States Department of Labor secured a US$3.3 million judgment against Imperial Pacific for alleged wage and overtime violations.
2019
Sexual-harassment and discrimination lawsuit
The Equal Employment Opportunity Commission filed a lawsuit alleging sexual harassment and discrimination.
2019
FBI searches and corruption inquiry
The FBI searched Imperial Pacific offices in connection with alleged money laundering and wire fraud. A federal grand jury also subpoenaed the company in an investigation involving alleged corruption links to Northern Mariana Islands Governor Ralph Torres.
2017
Construction death and undocumented-worker investigation
A construction worker died after falling from scaffolding at the Saipan project. Subsequent United States investigations examined alleged workplace-visa violations and the employment of undocumented workers; five individuals were charged with harboring undocumented workers.
2017
Money-laundering investigation
The United States Department of Justice was reported to be investigating possible money laundering connected with Imperial Pacific.
2013
Alleged embezzlement by former chairman
Hong Kong's Securities and Futures Commission pursued allegations that founder and former chairman Yeung Chung-lung withdrew HK$84 million from the company's account in December 2008.
Marketing campaigns
- 2017Trump inaugural gala sponsorship
United States
Imperial Pacific sponsored a gala associated with Donald Trump's 2017 presidential inauguration.
Outcome. The available reference material does not establish a measurable business outcome.
- 2016Guam–Saipan charter-flight promotion
Guam · Northern Mariana Islands
Best Sunshine began offering charter flights between Guam and Saipan to target residents and tourists from Guam and support visitation to its casino operations.
Outcome. The available reference material does not establish the campaign's quantified commercial outcome.
Brand decisions
2025
Bankruptcy-auction sale to Team King InvestmentM&ABackground
The Saipan property and casino license were being sold during bankruptcy proceedings.
Action taken
Team King Investment acquired the property and license at auction for US$12.95 million.
Aftermath
The transaction reportedly addressed approximately US$169 million in liabilities, but the future ownership structure, operating plan, and continued use of the Imperial Pacific brand remained unclear.
Auction purchase price. US$12.95 million (August 2025)
2024
Chapter 11 bankruptcy filingOtherBackground
The company faced substantial creditor claims and prolonged operational and regulatory problems.
Action taken
Imperial Pacific filed for Chapter 11 bankruptcy protection and reported approximately US$165.8 million owed to creditors.
Aftermath
The bankruptcy process led to the later auction and sale of the Saipan property and casino license.
Reported creditor obligations. Approximately US$165.8 million (April 2024)
2017
Soft opening of the Garapan casinoProduct launchBackground
Imperial Pacific was developing a large hotel and casino resort in Garapan, Saipan.
Action taken
The casino associated with the Grand Mariana Casino Hotel and Resort began a soft opening on 6 July.
Aftermath
Operations began while construction continued, and the project subsequently experienced storm damage, regulatory disputes, and financial distress.
2016
Decision to sell non-gaming subsidiariesStrategyBackground
Imperial Pacific was increasingly focused on its Saipan gaming project and sought to simplify the group.
Action taken
The company announced that it would sell non-gaming subsidiaries and concentrate on gaming businesses.
Aftermath
The decision reinforced the group's casino-centered profile, although the resort later faced operational, legal, and financial difficulties.
2015
Launch of Best Sunshine LiveProduct launchBackground
The permanent Saipan resort was still being developed and the company needed an operating venue.
Action taken
Best Sunshine opened a temporary casino at DFS T-Galleria Mall with six baccarat tables.
Aftermath
The temporary venue provided an initial gaming operation before the planned Garapan resort opened on a soft-launch basis.
Construction cost. US$25 million (2015)
2014
Rebrand and pivot toward gamingStrategyBackground
The former First Natural Foods group was moving away from its historical food-business profile and pursuing casino and resort opportunities.
Action taken
The company changed its name to Imperial Pacific International Holdings and built its strategy around gaming development in Saipan.
Aftermath
The rebrand established the Imperial Pacific identity but exposed the company to the capital, regulatory, labor, and construction risks of a large integrated-resort project.
Sources1 sources
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