International Entertainment Corp has announced a cooperation agreement with PAGCOR for the development of its New Coast Hotel property in Manila.
The Philippines.- International Entertainment Corporation (IEC), has been notified by its subsidiary Marina Square Properties (MSPI) that it 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.
The agreement 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.
According to the company filling, MSPI and PAGCOR will establish a joint management committee as a governing body for the management and operations of the casino and will immediately commence casino operations.
MSPI has the authority to participate in the management of the casino through the six-member committee.
According to the cooperation agreement, MSPI will provide the gaming premises for the casino and the office premises for PAGCOR as headquarters and general head offices. It will receive a monthly fee of PHP100,000 (US$1,980) from PAGCOR plus 40 per cent of net gaming revenue.
The company said the issuance of approval by PAGCOR for the planned development is not expected before February 28, 2022. The project is expected to take at least two years to complete.
PAGCOR could return to pre-Covid-19 levels by the end of 2022
Andrea Domingo, PAGCOR chairman, has said the casino industry in the Philippines could return to pre-pandemic levels by the end of next year if the country achieves herd immunity and borders restrictions are lifted.
She also predicted PAGCOR’s revenues could reach between PHP35bn (US$701.6m) to PHP38bn in 2021.
According to the Philippine Star, Domingo said: “I think we should be able to start recovering by September, but I do not know how fast because the world economy is really down.
“When you are down, you do not spend money on entertainment and amusement as much as you would during good times.”
Department of Health secretary Francisco Duque III has said he expects the Philippines to achieve a 70 per cent vaccination rate for Covid-19 by February 2022.