{"id":21601,"date":"2021-08-16T10:31:53","date_gmt":"2021-08-16T13:31:53","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=21601"},"modified":"2026-04-23T16:37:13","modified_gmt":"2026-04-23T19:37:13","slug":"iec-delays-pagcor-new-coast-hotel-partnership","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/iec-delays-pagcor-new-coast-hotel-partnership","title":{"rendered":"IEC delays PAGCOR New Coast Hotel partnership"},"content":{"rendered":"\n

International Entertainment Corp has postponed a cooperation agreement with PAGCOR for the development of its New Coast Hotel property in Manila due to Covid-19 countermeasures.<\/p>\n\n\n\n\n\n\n\n

The Philippines.-\u00a0International Entertainment Corporation (IEC)<\/strong>\u00a0has reported that it has put back its cooperation agreement with the Philippine Amusement and Gaming Corporation (PAGCOR)<\/strong>\u00a0to resume work on\u00a0an IR in Manila<\/a>.<\/p>\n\n\n\n

The company said the decision was taken due to\u00a0current restrictions in Manila<\/a>\u00a0related to the\u00a0Covid-19 pandemic.<\/strong><\/p>\n\n\n\n

IEC\u2019s New Coast Hotel will feature\u00a0250 gaming tables, 100 junket tables, 1,600 slot machines\u00a0<\/strong>and 800 5-star luxury hotel rooms, as well as restaurants, leisure facilities and shopping arcades.<\/p>\n\n\n\n

Under the cooperation agreement<\/a>\u00a0announced in July, IEC’s subsidiary Marina Square Properties (MSPI),\u00a0will provide the gaming premises for the casino<\/strong>\u00a0and office premises for PAGCOR’s headquarters.<\/p>\n\n\n\n

PAGCOR and MSPI will jointly establish the management committee, which will have six members. The management committee will jointly manage the casino.\u00a0MSPI will receive from PAGCOR a monthly fee<\/strong>\u00a0of PHP100,000 (US$1,980) plus 40 per cent of net gaming revenue.<\/p>\n\n\n\n

The company said approval from PAGCOR for the planned development is not expected before February 28, 2022. The\u00a0project is expected to take at least two years to complete<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

International Entertainment Corp has postponed a cooperation agreement with PAGCOR for the development of its New Coast Hotel property in Manila due to Covid-19 countermeasures.<\/p>\n","protected":false},"author":176,"featured_media":17324,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"International Entertainment Corp (IEC) has postponed its cooperation agreement with PAGCOR for the integrated resort development at its New Coast Hotel in Manila, citing COVID-19 countermeasures. This delay impacts the timeline for the project, which includes extensive gaming and hospitality facilities, and defers the commencement of the revenue-sharing agreement where IEC's subsidiary, MSPI, is set to receive 40% of net gaming revenue.","focusai_entities":"International Entertainment Corp, IEC, PAGCOR, Philippine Amusement and Gaming Corporation, Marina Square Properties, MSPI","focusai_location":"Philippines, Manila","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.7), operator_casino (0.9), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on NGR Projections?","query":"How will the indefinite postponement of the New Coast Hotel IR project impact International Entertainment Corp's projected Net Gaming Revenue (NGR) and overall financial performance for the next fiscal year, considering the 40% NGR share agreement?"},{"label":"Regulatory Framework Adaptations?","query":"What specific adaptations or new regulatory frameworks might PAGCOR implement to mitigate future project delays caused by public health crises, ensuring stability in the Philippine iGaming market?"}],"footnotes":""},"categories":[157,158,16333],"tags":[23632,23727,23907,405],"class_list":["post-21601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-slider-home","category-south-east-asia-news","tag-integrated-resorts","tag-international-entertainment-corp","tag-land-based-casino","tag-pagcor"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=21601"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21601\/revisions"}],"predecessor-version":[{"id":21622,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21601\/revisions\/21622"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17324"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=21601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=21601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=21601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}