IEC to invest at least US$1bn to expand New Coast Hotel Manila
The expansion will include the addition of more table and slot games and a sports bar.
The Philippines.- International Entertainment Corporation (IEC) has announced that it plans to invest between US$1bn and US$1.2bn to expand offerings at New Coast Hotel Manila operations
According to The Philippine Daily Inquirer, Aurelio Tablante, CEI’s executive director and head of hotel operations, said the company will expand the casino area, increase the number of gaming tables from 80 to more than 110, the number of slot machines from 500 to over 920 and the number of hotel rooms from 200 to 800. The expansion will also include a sports bar aimed at attracting a younger audience.
Tablante said the hotel’s location near Manila Port, Chinatown, and Koreatown makes it appealing to wealthy international visitors, especially Japanese tourists. The company is looking to partner with groups from Japan, South Korea, and Southeast Asia to widen its customer base.
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.
Philippine GGR to reach up to US$8.3bn in 2025, PAGCOR chairman says
Alejandro Tengco, the Philippine Amusement and Gaming Corporation (PAGCOR)’s chairman and CEO, expects the country’s gross gaming revenue (GGR) to reach between PHP450bn (US$7.77bn) and PHP480bn (US$8.3bn) this year, setting a new record. The projection is supported by the PHP40bn (US$690.7m) in GGR reported in January, an increase from PHP28.5bn (US$492.1m) in the same month last year.
PAGCOR posted an all-time revenue record of PHP112bn (US$1.92bn) in 2024, up 41 per cent in year-on-year terms. The regulator posted net operating income of PHP84.97bn (US$1.46bn), up 51 per cent year-on-year. Net income after contributions to nation-building reached PHP16.77bn (US$287m), up 146 per cent year-on-year.
