{"id":777015395,"date":"2024-05-10T09:54:39","date_gmt":"2024-05-10T12:54:39","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777015395"},"modified":"2026-04-22T10:22:03","modified_gmt":"2026-04-22T13:22:03","slug":"iec-begins-casino-operations-in-the-philippines","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/iec-begins-casino-operations-in-the-philippines","title":{"rendered":"IEC begins casino operations in the Philippines"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Full operations will begin tomorrow.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">The Philippines.-\u00a0International Entertainment Corporation (IEC)\u00a0has commenced limited operations at its new casino in the Philippines, with\u00a0full\u00a0operations set to begin tomorrow (May 11). The provisional licence was <a href=\"https:\/\/focusgn.com\/asia-pacific\/pagcor-grants-iec-provisional-licence-for-ir\" target=\"_blank\" rel=\"noreferrer noopener\">granted on September 27, 2023<\/a>, by the Philippine Amusement and Gaming Corporation (PAGCOR).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">IEC noted that it had created an anti-money laundering committee to oversee its Money Laundering and Terrorist Financing Preventive Program (MLPP) aligned with PAGCOR guidelines. A consultant has confirmed the suitability of internal control procedures.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">IEC has announced that it will pay a pro-rated monthly minimum guaranteed share of PHP60m (US$1m) for May, subject to adjustments based on licence fees.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>See also:&nbsp;<\/strong><a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/international-entertainment-posts-loss-of-us4-6m-for-h2\" rel=\"noreferrer noopener\">International Entertainment posts loss of US$4.6m for H2<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Full operations will begin tomorrow.<\/p>\n","protected":false},"author":176,"featured_media":0,"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) is commencing full casino operations in the Philippines on May 11, following a provisional license from the Philippine Amusement and Gaming Corporation (PAGCOR). The company has established an anti-money laundering committee and a Money Laundering and Terrorist Financing Preventive Program (MLPP) to ensure robust regulatory compliance. IEC will pay a pro-rated monthly minimum guaranteed share of PHP60m (US$1m) for May, subject to license fee adjustments.","focusai_entities":"International Entertainment Corporation (IEC), Philippine Amusement and Gaming Corporation (PAGCOR)","focusai_location":"Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.95), operator_casino (0.85), payments_fraud_aml (0.95), investor_analyst (0.9), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"IEC's Market Strategy","query":"What is IEC's projected GGR and NGR contribution from this new casino operation in its first fiscal year, and how does this align with its broader regional expansion strategy?"},{"label":"PAGCOR's Regulatory Impact","query":"How will PAGCOR's ongoing regulatory framework evolution, particularly regarding AML and responsible gaming, influence the operational costs and compliance burden for new and existing licensees in the Philippines?"}],"footnotes":""},"categories":[157,158,16333],"tags":[23727],"class_list":["post-777015395","post","type-post","status-publish","format-standard","hentry","category-business-news","category-slider-home","category-south-east-asia-news","tag-international-entertainment-corp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777015395","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=777015395"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777015395\/revisions"}],"predecessor-version":[{"id":777015424,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777015395\/revisions\/777015424"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777015395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777015395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777015395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}