{"id":22178,"date":"2021-08-31T12:02:46","date_gmt":"2021-08-31T15:02:46","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=22178"},"modified":"2026-04-23T16:08:06","modified_gmt":"2026-04-23T19:08:06","slug":"pagor-and-iec-confirm-agreement-to-develop-new-coast-hotel","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/pagor-and-iec-confirm-agreement-to-develop-new-coast-hotel","title":{"rendered":"PAGCOR and IEC confirm agreement to develop New Coast Hotel"},"content":{"rendered":"\n<p>International Entertainment Corp has announced a cooperation agreement with PAGCOR for the development of its New Coast Hotel property in Manila.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The Philippines.-&nbsp;<strong>International Entertainment Corporation (IEC)<\/strong>, has been notified by its subsidiary Marina Square Properties (MSPI) that it has received a signed&nbsp;<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/iec-announces-agreement-with-pagcor-to-develop-new-coast-hotel\">Cooperation Agreement<\/a>&nbsp;from PAGCOR for the development of its New Coast Hotel property in Manila. The agreement is valid until March 31, 2031. <\/p>\n\n\n\n<p>The agreement had been postponed due to the&nbsp;<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/manila-to-ease-covid-19-restrictions-from-august-21\">enhanced community quarantine<\/a>&nbsp;(ECQ) imposed in Manila between August 6 to August 21.<\/p>\n\n\n\n<p>IEC\u2019s New Coast Hotel will feature<strong>&nbsp;250 gaming tables, 100 junket tables, 1,600 slot machines&nbsp;<\/strong>and 800 5-star luxury hotel rooms, as well as restaurants, leisure facilities and shopping arcades.<\/p>\n\n\n\n<p>According to the company filling,&nbsp;<strong>MSPI and PAGCOR will establish a joint management committee&nbsp;<\/strong>as a governing body for the management and operations of the casino and will immediately commence casino operations.<\/p>\n\n\n\n<p>MSPI has the authority to participate in the management of the casino through the six-member committee.<\/p>\n\n\n\n<p>According to the cooperation agreement,<strong>&nbsp;MSPI will provide the gaming premises for the casino<\/strong>&nbsp;and the office premises for PAGCOR as headquarters and general head offices. It will receive a monthly fee&nbsp;of PHP100,000 (US$1,980) from PAGCOR plus 40 per cent of net gaming revenue.<\/p>\n\n\n\n<p>The company said the issuance of approval by PAGCOR for the planned development is not expected before February 28, 2022. The&nbsp;<strong>project is expected to take at least two years to complete<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">PAGCOR could return to pre-Covid-19 levels by the end of 2022<\/h2>\n\n\n\n<p><strong>Andrea Domingo<\/strong>, 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.<\/p>\n\n\n\n<p>She also predicted&nbsp;<strong>PAGCOR\u2019s revenues could reach between PHP35bn (US$701.6m)&nbsp;<\/strong>to PHP38bn in 2021.<\/p>\n\n\n\n<p>According to the Philippine Star, Domingo said: \u201cI think we should be able to start recovering by September, but I do not know how fast because the world economy is really down.&nbsp;<\/p>\n\n\n\n<p>&#8220;When you are down, you do not spend money on entertainment and amusement as much as you would during good times.\u201d<\/p>\n\n\n\n<p><a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/philippines-hopes-to-reach-70-vaccination-rate-by-february-2022\" rel=\"noreferrer noopener\">Department of Health<\/a>&nbsp;secretary Francisco Duque III has said he expects the Philippines&nbsp;<strong>to achieve a 70 per cent vaccination rate<\/strong>&nbsp;for Covid-19 by February 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>International Entertainment Corp has announced a cooperation agreement with PAGCOR for the development of its New Coast Hotel property in Manila.<\/p>\n","protected":false},"author":176,"featured_media":18990,"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's subsidiary, Marina Square Properties, has secured a cooperation agreement with PAGCOR for the development and operation of a casino at its New Coast Hotel in Manila. The agreement, valid until 2031, establishes a joint management committee and outlines MSPI's revenue share from net gaming revenue. This development proceeds amidst PAGCOR's projections for the Philippine casino industry's recovery to pre-pandemic levels by late 2022.","focusai_entities":"International Entertainment Corp, Marina Square Properties, PAGCOR, Andrea Domingo, Francisco Duque III, Department of Health, Philippine Star","focusai_location":"Manila, Philippines","focusai_target_profile":"ceo_executive (0.95), regulator (0.95), compliance_legal (0.9), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.85), journalist_researcher (0.9)","focusai_suggestions":[{"label":"NGR Share Impact","query":"How will the 40% NGR share agreement with PAGCOR impact Marina Square Properties' projected EBITDA and overall valuation, considering the two-year development timeline and market recovery forecasts?"},{"label":"Regulatory Framework Evolution","query":"What specific governance frameworks will the joint management committee implement to ensure robust regulatory compliance and operational integrity for the New Coast Hotel casino, particularly concerning AML and responsible gaming?"}],"footnotes":""},"categories":[157,158,16333],"tags":[20632,23727,23907,405],"class_list":["post-22178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-slider-home","category-south-east-asia-news","tag-iec","tag-international-entertainment-corp","tag-land-based-casino","tag-pagcor"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22178","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=22178"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22178\/revisions"}],"predecessor-version":[{"id":22995,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22178\/revisions\/22995"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18990"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=22178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=22178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=22178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}