The company has incurred increased expenses related to its integrated resort in Manila.<\/p>\n\n\n\n\n\n\n\n
Hong Kong.- International Entertainment Corporation (IEC) has issued a profit alert announcing that it expects to post a loss attributable to its owners of at least HK$135m (US$17.3m) for the 12 months to June 30. That compares to a HK$18.3m (US$1.7m) profit a year earlier. It expects revenue to be up 7.4 per cent year-on-year at HK$15.3m.<\/p>\n\n\n\n
The company attributed the anticipated losses to increased expenses of HK$126.8m (US$16.3m), including one-time expenses of circa HK$40.9m (US$5.2m) related to the establishment of its integrated resort (IR) in Manila. IEC also saw higher interest expenses on bank borrowings as well as an increase in net foreign exchange losses.<\/p>\n\n\n\n
In May, IEC commenced casino operations<\/a> at New Coast Hotel Manila. The provisional licence was\u00a0granted on September 27, 2023<\/a>, by the Philippine Amusement and Gaming Corporation (PAGCOR). The company committed to invest between US$1bn and US$1.2bn in the casino project.<\/p>\n","protected":false},"excerpt":{"rendered":" The company has incurred increased expenses related to its integrated resort in Manila.<\/p>\n","protected":false},"author":176,"featured_media":16856,"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) has issued a profit alert, forecasting a loss of at least HK$135m for the fiscal year ending June 30, a significant reversal from the prior year's profit. This anticipated loss is primarily attributed to increased expenses, including substantial one-time costs associated with the establishment of its integrated resort (IR) in Manila, alongside higher interest expenses and foreign exchange losses. Despite a 7.4% revenue increase, the initial operational phase of the New Coast Hotel Manila IR, which commenced casino operations in May under a provisional PAGCOR license, has impacted short-term profitability.","focusai_entities":"International Entertainment Corporation (IEC), Philippine Amusement and Gaming Corporation (PAGCOR), New Coast Hotel Manila","focusai_location":"Hong Kong, Manila, Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.75), operator_casino (0.85), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.85)","focusai_suggestions":[{"label":"IR Profitability Outlook","query":"What is IEC's projected timeline for achieving EBITDA positive status for the New Coast Hotel Manila IR, considering the initial operational losses and significant capital expenditure?"},{"label":"Regulatory Compliance Impact","query":"How might the provisional nature of PAGCOR's license impact IEC's long-term operational stability and expansion plans for the Manila integrated resort?"}],"footnotes":""},"categories":[16338,163],"tags":[23727],"class_list":["post-777018924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-international-entertainment-corp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018924","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=777018924"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018924\/revisions"}],"predecessor-version":[{"id":777018938,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777018924\/revisions\/777018938"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16856"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777018924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777018924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777018924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}