International Entertainment announced that it has entered into an agreement with the Philippine gaming regulator, which PAGCOR has granted a provisional license to ‘establish and operate a casino and development of an Integrated Resort in the City of Manila’.
The Hong Kong Stock Exchange-listed gaming and hotel operator made the announcement on Wednesday evening after trading hours.
According to the filing, PAGCOR will issue a regular casino gaming license upon completion of the project and upon approval by PAGCOR of the licensee’s compliance with the implementation plan regarding the project costs.
The effectivity or term of the provisional license and the regular casino gaming license shall be co-terminus with the franchise of PAGCOR, which shall be effective from the date of the provisional license agreement until 11 July 2033.
International Entertainment has pledged to invest no less than $1bn and up to $1.2bn for the casino project.
Source: Asia Gaming Brief