IEC subsidiary signs contract for phase II of New Coast Hotel Manila
Construction work is expected to be completed by the end of this year.
The Philippines.- International Entertainment Corporation (IEC) has announced that its wholly-owned subsidiary New Coast Leisure (NCLI) has signed a PHP1.05bn (US$18.6m) contract with Kimberland related to work on phase II of New Coast Hotel Manila. The work is scheduled to be completed by the end of 2025.
The contract covers designing, constructing, furnishing and demolishment of wall finishes, ceiling and floor finishes, fixture cabinets and chandeliers, aircons, electricity systems, plumbing and fire-protection systems on the ground and third floor of the casino and the guest rooms and common areas.
The company said: “As part of the planned renovation at the Hotel and Casino, the Phase II construction works will continue to improve the appearance and condition of hotel facilities, modernise outdated amenities, enhance the overall quality of the hotel and elevate customers experiences at both the casino and hotel.
“As previously disclosed, the series of renovation work will create additional gaming space on the ground floor of the casino, as a result, the maximum number of gaming tables in the casino will increase from the current number of approximately 80 to over 110, and the maximum number of slot machines in the casino will increase from the current number of approximately 500 to over 920.
“The company is optimistic that the enlargement in gaming capacity of the casino will improve the future revenue of the casino. Further, having considered the entering into of the Phase II construction contract is in line with the group’s business strategies, and the terms of the Phase II construction contract are reached after the group’s standard tender process with reference to various factors, including but not limited to prevailing market rates of similar construction works, the board is of the view that the terms of the Phase II construction contract are on normal commercial terms and are fair and reasonable and in the interests of the company and the shareholders as a whole.”
IEC began casino operations at the New Coast Hotel Manila property last May, under a provisional gaming licence granted by the Philippine Amusement and Gaming Corporation (PAGCOR) on September 27, 2023.
