Asian leisure enterprise International Entertainment Corporation has reportedly announced that it is still in the process of negotiating the terms of its license to bring a proposed five-star casino hotel to the Philippines capital of Manila.
According to a Monday report from Asia Gaming Brief, the Hong Kong-listed firm received a provisional license from the Philippine Amusement and Gaming Corporation (PAGCor) regulator last summer in hopes of being able to open an 800-room property complete with a large casino by the end of 2024. However, the source explained that this plan has been delayed as the company via its Marina Square Properties Incorporated subsidiary continues to negotiate with the watchdog over the specific terms of its planned 15-year authorization.
International Entertainment Corporation had reportedly been looking to bring the new unnamed gambling facility to the site of its existing New Coast Hotel Manila so as to offer punters a collection of as many as 1,600 slots in addition to approximately 100 junket-friendly gaming tables. But the operator purportedly used an official filing yesterday to note that it is still looking for a suitable site for its envisioned casino resort and remains in talks with PAGCor over the terms of its provisional gaming license.
The holder of the Asian rights for a number of live poker events including some operated under the PokerStars brand from Flutter Entertainment, International Entertainment Corporation reportedly revealed that it is additionally still talking with PAGCor about the eventual size of the planned casino hotel alongside such a venue’s opening timeline. Nevertheless, it purportedly went on to disclose that its Marina Square Properties Incorporated arm had earlier agreed to pay the regulator a monthly rent of about $1,980 and allow the state-run entity to pocket 40% of the envisioned property’s net gaming revenues.
International Entertainment Corporation reportedly moreover used the Monday filing to divulge that it chalked up a pre-tax loss for the final six months of last year of about $17.47 million, which was 50% higher than for the same period in 2020. The operator purportedly put this shortfall down to coronavirus-related restrictions in the Philippines that saw its overall revenues decrease by almost 22% to roughly $3.53 million as well as a rise in the fair value loss on its investments.
Asia Gaming Brief reported that the 370-room New Coast Hotel Manila, which was formerly known as the New World Manila Bay Hotel until undergoing a change of name last year, already offers some casino entertainment under a deal with PAGCor. The source explained that the small casino inside the 32-floor property features 174 slots alongside 24 mass-market tables that recently recorded a rise of 9% year-on-year in second-half aggregated gaming revenues to a little over $2 million.