International Entertainment Corporation (IEC) has reported a loss of HK$242.04m (US$31.1m) during the fiscal year that ended on June 30.<\/p>\n\n\n\n\n\n\n\n
The Philippines.-\u00a0International Entertainment Corp<\/a>. has shared its financial results for the year ended 30 June 2021, reporting a loss of HK$242.04m (US$31.1m)<\/strong>,\u00a0while revenue was down 71 per cent from HK$64.9m to HK$226.97m.<\/p>\n\n\n\n The company that operates the New Coast Hotel Manila reported\u00a0gross profit of HK$4.5m<\/strong>, which compares to HK$148.5m in 2020.<\/p>\n\n\n\n Revenue from the leasing of properties<\/strong>\u00a0during the analyzed period was HK$30.6m, down 72.2 per cent when compared to the previous year. Revenue from hotel operations was down 58.2 per cent to HK$34.3m.<\/p>\n\n\n\n IEC said: “The decrease was mainly due to the effect of the Covid-19 pandemic, and the local government of the Philippines has been imposing different levels of\u00a0community quarantine requirements<\/a>\u00a0which affected the gaming operations in Manila.”<\/p>\n\n\n\n IEC has received a signed\u00a0Cooperation Agreement<\/a>\u00a0from 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\u00a0enhanced community quarantine<\/a>\u00a0(ECQ) imposed in Manila between August 6 to August 21.<\/p>\n\n\n\n IEC\u2019s New Coast Hotel will feature 250 gaming tables, 100 junket tables, 1,600 slot machines <\/strong>and 800 5-star luxury hotel rooms, as well as restaurants, leisure facilities and shopping arcades.<\/p>\n\n\n\n According to the company filling, MSPI and PAGCOR will establish a joint management committee <\/strong>as a governing body for the management and operations of the casino and will immediately commence casino operations.<\/p>\n\n\n\n MSPI has the authority to participate in the management of the casino through the six-member committee.<\/p>\n\n\n\n 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<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":" International Entertainment Corporation (IEC) has reported a loss of HK$242.04m (US$31.1m) during the fiscal year that ended on June 30.<\/p>\n","protected":false},"author":176,"featured_media":20326,"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 Corporation (IEC) reported a net loss of HK$242.04m and a 71% revenue decline for the fiscal year ending June 30, 2021, primarily attributed to the operational impact of COVID-19 and community quarantine measures in the Philippines. Simultaneously, IEC has formalized a Cooperation Agreement with PAGCOR for the significant expansion of its New Coast Hotel Manila, a project slated to introduce extensive gaming and hospitality facilities, with full operational approval and completion expected over the next two years.","focusai_entities":"International Entertainment Corporation, IEC, PAGCOR, MSPI","focusai_location":"Philippines, Manila","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (0.9), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Projected GGR Contribution?","query":"What is the projected GGR contribution from the expanded New Coast Hotel upon full operationalization, and how does this align with PAGCOR's long-term market growth objectives?"},{"label":"Governance Framework Details?","query":"Given the current macroeconomic headwinds and regulatory landscape in the Philippines, what specific governance frameworks will the MSPI-PAGCOR joint management committee implement to mitigate operational and compliance risks?"}],"footnotes":""},"categories":[163,16333],"tags":[20632,23727,23907],"class_list":["post-22993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-iec","tag-international-entertainment-corp","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22993","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=22993"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22993\/revisions"}],"predecessor-version":[{"id":23017,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22993\/revisions\/23017"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/20326"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=22993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=22993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=22993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}PAGCOR and IEC confirm agreement to develop New Coast Hotel<\/h2>\n\n\n\n