International Entertainment Corp has reported that it is still looking for suitable land for its New Coast Hotel property in Manila.
The Philippines.- International Entertainment Corp has revealed through a company filing that it is still negotiating with the Philippine Amusement and Gaming Corporation (PAGCOR) over the terms of its temporary gaming licence to operate a casino in Manila. IEC said it debating the scope and timeline for its IR development and has yet to find suitable land.
Last July, the company announced it had entered into a cooperation agreement with PAGCOR for the development of its New Coast Hotel property in Manila. The resort 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 will provide the gaming premises for the casino and office premises for PAGCOR to serve as its new headquarters. PAGCOR and MSPI will jointly establish the management committee, which will have six members.
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.
International Entertainment expects loss of $136.6m for H2
IEC announced it expects to post a loss of $136.6m for the second half of 2021, up by about 50 per cent year-on-year. The company attributed the increased loss to the Covid-19 pandemic and restrictions imposed in The Philippines as well as an increase in fair value losses on investment properties.