{"id":27709,"date":"2022-03-01T10:31:37","date_gmt":"2022-03-01T13:31:37","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=27709"},"modified":"2026-04-23T10:53:42","modified_gmt":"2026-04-23T13:53:42","slug":"iec-still-negotiating-terms-of-provisional-gaming-licence-with-pagcor","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/iec-still-negotiating-terms-of-provisional-gaming-licence-with-pagcor","title":{"rendered":"IEC still negotiating terms of provisional gaming licence with PAGCOR"},"content":{"rendered":"\n

International Entertainment Corp has reported that it is still looking for suitable land for its New Coast Hotel property in Manila.<\/p>\n\n\n\n\n\n\n\n

The Philippines.-\u00a0International Entertainment Corp\u00a0<\/strong>has revealed through a company filing that it is still negotiating with the Philippine Amusement and Gaming Corporation (PAGCOR) over the terms of\u00a0its temporary gaming licence to operate a casino in Manila<\/a>.\u00a0IEC said it debating the scope and timeline for its IR development and has yet to find suitable land.<\/p>\n\n\n\n

Last July, the company announced it had entered into a\u00a0cooperation agreement<\/a>\u00a0with PAGCOR\u00a0<\/strong>for the development of its New Coast Hotel property in Manila. The resort 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

According to the cooperation agreement,\u00a0MSPI will provide the gaming premises for the casino<\/strong>\u00a0and office premises for PAGCOR to serve as its new headquarters. PAGCOR and MSPI will jointly establish the management committee, which will have six members. <\/p>\n\n\n\n

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

International Entertainment expects loss of $136.6m for H2<\/h2>\n\n\n\n

IEC announced it expects to post a loss of $136.6m for the second half of 2021, up by about 50 per cent year-on-year. The company attributed the increased loss to the Covid-19 pandemic and restrictions imposed in The Philippines as well as an increase in fair value losses on investment properties.<\/p>\n","protected":false},"excerpt":{"rendered":"

International Entertainment Corp has reported that it is still looking for suitable land for its New Coast Hotel property in Manila.<\/p>\n","protected":false},"author":176,"featured_media":9597,"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) is experiencing delays in its Manila integrated resort (IR) project, the New Coast Hotel, due to ongoing negotiations with PAGCOR regarding temporary gaming license terms and the inability to secure suitable land. Concurrently, IEC anticipates a significant H2 2021 loss of $136.6 million, attributed to pandemic-related restrictions and fair value losses on investment properties.","focusai_entities":"International Entertainment Corp, Philippine Amusement and Gaming Corporation, PAGCOR, MSPI","focusai_location":"Manila, The Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (0.9), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"PAGCOR license implications","query":"What specific clauses within the temporary gaming license terms are proving contentious between IEC and PAGCOR, and how might these impact the long-term operational viability and revenue share structure of the New Coast Hotel?"},{"label":"IR project timeline","query":"Given the ongoing land acquisition challenges and regulatory negotiations, what is the revised projected timeline for the New Coast Hotel's integrated resort development, and what are the potential capital expenditure implications of these delays?"}],"footnotes":""},"categories":[157,158,16333],"tags":[20632],"class_list":["post-27709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-slider-home","category-south-east-asia-news","tag-iec"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27709","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=27709"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27709\/revisions"}],"predecessor-version":[{"id":27719,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27709\/revisions\/27719"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/9597"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=27709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=27709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=27709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}