International Entertainment Corporation (HK: 1009) is investing PHP 1.47B to renovate Newcoast Hotel and Casino, expanding gaming capacity and upgrading facilities.
International Entertainment Corporation (HK: 1009), a prominent investment holding company primarily engaged in hotel operations, property leasing, gaming, and live poker events, has announced a significant renovation project for Newcoast Hotel and Casino in Manila, Philippines.
The project aims to enhance the facilities and expand the gaming capacity of its casino, further solidifying its presence in the competitive Asian gaming market.
On February 14, 2025, International Entertainment Corporation's indirect wholly-owned subsidiary, NCLI, entered into a construction contract with an undisclosed contractor for a total price of PHP 1,471.68 million (approximately HK$191.32 million). The scope of the construction works is extensive, encompassing the design, demolition, construction, furnishing, and retrofitting of various elements within the casino and hotel. This includes upgrades to walls, ceilings, floor finishes, fixtures, air conditioning, electrical and plumbing systems, and fire protection.
This ambitious undertaking is part of International Entertainment Corporation's broader strategy to capitalize on the provisional gaming license granted by the Philippine Amusement and Gaming Corporation (PAGCOR). As previously disclosed, the company has committed to investing between US$1.0 billion (approximately HK$7.82 billion) and US$1.2 billion (approximately HK$9.38 billion) for the establishment and operation of the casino and hotel. Casino operations commenced in May 2024.
The renovation project is designed to complement the existing casino operations and elevate the overall guest experience. International Entertainment Corporation believes that the improvements will not only modernize the hotel's amenities but also create a more attractive environment for premium customers. The company anticipates that this will lead to increased hotel occupancy rates and higher spending activity at both the casino and hotel.
A key element of the renovation is the expansion of the casino's gaming capacity. The project will create additional gaming space on the ground floor, allowing for a significant increase in the number of gaming tables and slot machines. The number of gaming tables is projected to rise from approximately 80 to over 110, while the number of slot machines will increase from around 500 to over 920. This expansion is expected to drive future revenue growth for the casino.
International Entertainment Corporation's strategic investment in its Manila property underscores its commitment to the Asian gaming market. The company's focus on enhancing its facilities and expanding its gaming capacity positions it for continued success in the region's dynamic hospitality and entertainment industry. Investors are likely to watch closely as the renovation progresses and the expanded gaming facilities come online.
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