International Entertainment to develop new IR in Manila

An integrated resort (IR) including a casino is going to be built in Manila by International Entertainment Corp, a company with a Hong Kong stock exchange listing, projecting to cost around US$1.0 billion to US$1.2 billion. This financial commitment is a component of a deal with the Philippine Amusement and Gaming Corp (Pagcor) for a temporary licence to build and run a casino.

A temporary licence to construct and run a casino and an integrated resort in Manila has been granted to International Entertainment’s two Philippine entities, Marina Square Properties Inc. and New Coast Leisure Inc. Pagcor will issue a standard casino gaming licence after the project is complete, the licensee’s compliance with the implementation plan, and the project’s total expenses have been authorised.

The proposal is for expanding and reconstructing the New Coast Hotel Manila, which is currently owned by Marina Square Properties. The integrated resort is anticipated to include at least 250,000 square metres of gross floor area, 800 or more five-star hotel rooms, a casino, dining options, entertainment venues, and shopping malls.

While some project elements may vary in response to market conditions, the investment commitment amount will not. The New Coast Hotel Manila’s casino is now leased by Pagcor from International Entertainment, which also provides gaming supplies including slot machines.

In order to manage and run the present casino and gain expertise in casino management, Marina Square Properties has collaborated with Pagcor. After receiving the temporary gaming licence, International Entertainment will take over management of the current casino, hiring at least 50% of Pagcor employees to work in the gaming industry and ensuring that 95% of the project’s workers are locals.

With the interim licence, International Entertainment will be allowed to independently manage and operate casino and gambling operations, enhancing its position in the gaming and entertainment industries alongside its hotel operations and potentially growing future profits.

Original story by: GGRAsia