International Entertainment Corp has warned it expects its losses to increase in the second half of 2021 due to the impact of Covid-19 restrictions on its operations in the Philippines.
The Philippines.- International Entertainment Corp has announced it expects to post a loss of $136.6m for the second half of the financial year 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.
International Entertainment said revenue from hotel operations and gaming operations in the Philippines had declined due to entry restrictions and varying levels of community quarantine in the country. It will report its full results on February 28.
IEC has received a signed Cooperation Agreement from PAGCOR for the development of its New Coast Hotel property in Manila. The agreement is valid until March 31, 2031. It had been postponed due to the enhanced community quarantine (ECQ) imposed in Manila between August 6 to August 21.
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.