{"id":777013492,"date":"2024-02-27T08:29:29","date_gmt":"2024-02-27T11:29:29","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777013492"},"modified":"2026-04-22T12:37:57","modified_gmt":"2026-04-22T15:37:57","slug":"international-entertainment-posts-loss-of-us4-6m-for-h2","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/international-entertainment-posts-loss-of-us4-6m-for-h2","title":{"rendered":"International Entertainment posts loss of US$4.6m for H2"},"content":{"rendered":"\n<p>International Entertainment Corp&#8217;s loss has increased by 464 per cent in year-on-year terms.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The Philippines.-<strong>\u00a0International Entertainment Corp\u00a0<\/strong>(IEC) has shared its financial results for the second half of the year 2023. It posted a loss of HK$36.1m (US$4.6m), an increase of 464 per cent from the second half of 2022. That&#8217;s due to expenses associated with the opening of its IR in Manila.<\/p>\n\n\n\n<p>The company reported an increase in revenue from the group&#8217;s gaming operation of around HK$11.7m (US$14.3m), while investment properties had a fair value gain of approximately HK$7.1m. This is compared to a fair value loss of approximately HK$16m in the previous period.\u00a0<\/p>\n\n\n\n<p>There was\u00a0an increase in general and administrative expenses of approximately HK$38.5m (US$4.9m). This was due to more expenses such as legal and professional fees and staff costs incurred to prepare for operating and managing an integrated resort (IR)\u00a0<a href=\"https:\/\/focusgn.com\/asia-pacific\/pagcor-grants-iec-provisional-licence-for-ir\" target=\"_blank\" rel=\"noreferrer noopener\">under the provisional licence granted last September<\/a>.<\/p>\n\n\n\n<p>The company reported that it\u00a0obtained a bank loan of approximately HK$608.9m (US$77.8m)\u00a0to fund developing, operating, and managing the IR. This resulted in an increase in interest on bank borrowings of approximately HK$10.5m (US$1.3m). There was an increase in net foreign exchange loss of approximately HK$11.9m.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>International Entertainment Corp&#8217;s loss has increased by 464 per cent in year-on-year terms.<\/p>\n","protected":false},"author":176,"featured_media":19807,"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) reported a significant 464% year-on-year increase in losses to HK$36.1m for H2 2023, primarily driven by elevated general and administrative expenses and interest costs associated with the development and operational readiness of its Integrated Resort (IR) in Manila. Despite an increase in gaming revenue and a fair value gain on investment properties, the substantial pre-opening expenditures for the IR, operating under a provisional license, impacted profitability. The company secured a HK$608.9m bank loan to fund the IR's development and management.","focusai_entities":"International Entertainment Corp, IEC","focusai_location":"Philippines, Manila","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"IR Profitability Timeline","query":"What is the projected timeline for the Manila IR to achieve operational profitability and positive cash flow, considering the current pre-opening expenses and debt servicing costs?"},{"label":"Provisional License Status","query":"What are the remaining key milestones and regulatory conditions IEC must satisfy to convert its provisional IR license into a permanent operating license in the Philippines?"}],"footnotes":""},"categories":[157,16333],"tags":[23727],"class_list":["post-777013492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-international-entertainment-corp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013492","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=777013492"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013492\/revisions"}],"predecessor-version":[{"id":777013508,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013492\/revisions\/777013508"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/19807"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777013492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777013492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777013492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}