PAGCOR grants IEC provisional licence for IR
International Entertainment has been granted a provisional licence for a casino and integrated resort in Manila.
The Philippines.- Marina Square Properties (MSPI) and New Coast Leisure (NCLI), both wholly-owned subsidiaries of International Entertainment Corporation (IEC), have been granted a provisional licence by the Philippine Amusement and Gaming Corporation (PAGCOR) to establish and operate an integrated resort in Manila.
According to a company filing issued by International Entertainment, the Provisional Licence and Regular Casino Gaming Licence will be effective from the date of the Provisional Licence Agreement until 11 July 2033.
IEC has committed to invest between US$1bn and US$1.2bn in the casino project, which is to have a minimum gross floor area of 250,000 square meters. The proposal approved by PAGCOR comprises a hotel with approximately 800 luxury rooms, a casino, restaurants, leisure facilities and shopping arcades.
