International Entertainment Corp has announced it has signed a cooperation agreement with PAGCOR for the development of its New Coast Hotel property in Manila.
The Philippines.- International Entertainment Corporation (IEC), through its subsidiary Marina Square Properties (MSPI), has reported that it has entered into a cooperation agreement with the Philippine Amusement and Gaming Corporation (PAGCOR) to resume work on an IR in Manila.
IEC’s New Coast Hotel will feature 250 gaming tables, 100 junket tables, 1,600 slot machines and 800 5-star luxury hotel rooms, as well as restaurants, leisure facilities and shopping arcades.
According to the cooperation agreement, MSPI shall provide the gaming premises for the casino and the office premises for PAGCOR as headquarters and general head offices.
PAGCOR and MSPI will jointly establish the management committee, which will have six members.
The functions of the management committee will include:
- Acting as a steering committee for the management and operation of the casino;
- Business planning for the operation and development of the casino;
- Budget approval and forecasting;
- Conduct of regular monthly meetings;
- Review of operational performance;
- Review and approval of operational expenses.
The management committee will jointly manage the casino. MSPI will receive from PAGCOR a monthly fee of PHP100,000 (US$1,980) plus 40 per cent of net gaming revenue.
The company sad the issuance of approval by PAGCOR for the planned development is not expected before February 28, 2022. The project is expected to take at least two years to complete.
The Provisional License and the Regular Casino Gaming License shall have an aggregate term of fifteen years from the issue date of the Provisional License or until July 11 2033, whichever comes first.
The Regular Casino Gaming Licence may be renewed subject to the same terms and conditions pursuant to the Provisional License Agreement.