The company attributed the loss to an increase in general and administrative expenses.<\/p>\n\n\n\n\n\n\n\n
Hong Kong.- International Entertainment Corporation (IEC)<\/strong> has shared its financial results for the 12 months to June 30 this year. It reported a loss attributable to its owners of HK$132m (US$17m). That compares to a HK$18.3m (US$1.7m) profit a year earlier.<\/p>\n\n\n\n The company attributed the loss to an increase of 110.9 per cent in year-on-year terms in general and administrative expenses to HK$204.6m (US$26.29m), including one-time expenses of HK$40.9m (US$5.2m) related to the establishment of its integrated resort (IR) in Manila. IEC reported that 42.1 per cent of expenses were associated with staff expenditures.<\/p>\n\n\n\n Revenue was up 10.9 per cent year-on-year. Gaming revenue<\/strong> stood at HK$170m (US$21.85m), up 27.3 per cent from the prior year. The company said the increase was mainly due to the commencement of casino operations<\/a>\u00a0at New Coast Hotel Manila in May. A provisional licence was\u00a0granted on September 27, 2023<\/a>. <\/p>\n\n\n\n Hotel operations revenue was down 18.8 per cent when compared to the previous year to HK$59.8m (US$7.68m) mainly due to the renovation of hotel rooms.<\/p>\n\n\n\n The Department of Tourism (DOT) <\/strong>has reported that the Philippines received 3.7 million international arrivals in the first eight months of the year. That\u2019s an increase of 10.9 per cent when compared to last year. The figure represented 92 per cent of arrivals in the country and includes people classified as overseas Filipinos.<\/p>\n\n\n\n South Korea remained the country\u2019s biggest source market, accounting for 26.8 per cent of arrivals (1.08m). The figure was up 13 per cent when compared to last year. The United States was the second-biggest source market with 637,592 arrivals, 15.8 per cent of all arrivals.<\/p>\n\n\n\n There were 260,773 arrivals from Japan, up 33.6 per cent in year-on-year terms, while China fell to the fourth spot<\/strong>, with 174,328 arrivals (6 per cent). This was a 38.3 per cent increase from last year. In August, 21,298 arrivals from China were recorded, a 25.3 per cent decline in month-on-month terms.<\/p>\n","protected":false},"excerpt":{"rendered":" The company attributed the loss to an increase in general and administrative expenses.<\/p>\n","protected":false},"author":176,"featured_media":27875,"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 HK$132m loss for the 12 months to June 30, primarily due to a 110.9% increase in general and administrative expenses, including one-time costs for its Manila integrated resort. Despite the loss, gaming revenue increased by 27.3% following the commencement of casino operations at New Coast Hotel Manila under a provisional licence. Concurrently, the Philippines recorded 3.7 million international arrivals in the first eight months, a 10.9% year-on-year increase, with South Korea remaining the leading source market.","focusai_entities":"International Entertainment Corporation (IEC), Department of Tourism (DOT), New Coast Hotel Manila","focusai_location":"Hong Kong, Manila, Philippines, South Korea, United States, Japan, China","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.8), operator_casino (0.9), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"IEC Profitability Timeline?","query":"What is the projected timeline for IEC to achieve profitability at the New Coast Hotel Manila IR, considering the initial operational losses and one-time establishment costs?"},{"label":"Manila Licence Impact?","query":"How will the provisional licence for New Coast Hotel Manila impact IEC's long-term regulatory compliance strategy and potential for full operational licensing?"}],"footnotes":""},"categories":[16338,163],"tags":[23727],"class_list":["post-777019393","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\/777019393","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=777019393"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777019393\/revisions"}],"predecessor-version":[{"id":777019417,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777019393\/revisions\/777019417"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/27875"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777019393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777019393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777019393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Philippines records 3.7m international arrivals in first eight months of the year<\/h2>\n\n\n\n