IEC Set To Revamp New Coast Hotel Manila And Develop New Casino
- HK based International Entertainment Corp set to expand presence in Manila, Philippines
- Company ready to invest between $1 and $1.2 billion for Manila casino
- Investment will also cover revamp to existing property
The Philippines is holding serious discussions to shutdown its Philippine Offshore Gaming Operators or POGOs but when it comes to land based casinos, the country is very open to welcoming gaming operators.
International Entertainment Corp To Invest Over $1 Billion
International Entertainment Corp which is based in Hong Kong has announced that it intends to invest anywhere between $1 billion and $1.2 billion to develop a casino resort in Manila, Philippines. Part of this investment will cover the revamp of its New Coast Hotel Manila property which is operated by Marina Square Properties.
International Entertainment Corp has already entered into an agreement with the main gaming regulator in the Philippines. The Hong Kong based company and the Philippine Amusement and Gaming Corp (PAGCOR) have made an agreement that based on the investment, a provisional gaming license would be issued to operate this new IR casino.
This is going to be a big project for International Entertainment Corp as it confirmed that the total area for this project would cover 250,000 square metres [2.69 million sq. feet].
PAGCOR Issues Provisional License For Manila Casino
PAGCOR did not waste any time in issuing the provisional license to two subsidiaries of International Entertainment Corp. The provisional license was issued to Marina Square Properties and New Coast Leisure Inc. Part of the agreement with PAGCOR confirmed that over 95 percent of the employees hired for this project will be locals.
The two subsidiaries issued a statement and said
Pagcor shall issue the regular casino gaming licence upon completion of the project and upon approval of the licensee’s compliance with the implementation plan in relation to the actual total project cost.
The new IR project in Manila will include a casino, a 5 star hotel which will have over 800 rooms, shopping arcades, leisure facilities and restaurants. International Entertainment Corp also stated that going forward some parts of this project might be changed but the promised investment amount will not change.
In a statement, International Entertainment Corp said
The provisional licence will provide an opportunity for the group to participate in the gaming and entertainment [industries] in addition to its hospitality operations, potentially boosting “future earnings“.