{"id":777023286,"date":"2025-02-24T09:51:50","date_gmt":"2025-02-24T12:51:50","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777023286"},"modified":"2026-04-22T01:31:35","modified_gmt":"2026-04-22T04:31:35","slug":"iec-expects-to-post-an-increase-in-loss","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/iec-expects-to-post-an-increase-in-loss","title":{"rendered":"IEC expects to post an increase in loss"},"content":{"rendered":"\n

The company attributed the increased loss to a rise in interest on bank borrowings and general expenses.<\/p>\n\n\n\n\n\n\n\n

Hong Kong.- International Entertainment Corporation (IEC) <\/strong>has issued a profit alert announcing that it expects to post a loss attributable to its owners of at least HK$90m (US$11.6m) for the second half of the year 2024. That compares to a loss of approximately HK$36.1m (US$4.7m) reported for the same period in 2023.<\/p>\n\n\n\n

The announcement of the interim results of the group for the period is expected to be published on February 27. The company attributes the anticipated loss to rising general and administrative expenses due to increased staff costs<\/strong>, as well as depreciation and amortisation associated with the operation and management of the casino and the development of an integrated resort in Manila, Philippines.<\/p>\n\n\n\n

Last May, IEC commenced casino operations<\/a> at New Coast Hotel Manila. The provisional licence was granted 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\n\n

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New Coast Hotel Manila.<\/figcaption><\/figure>\n<\/div>\n\n\n

The company also reported there has been a rise in interest expenses related to bank borrowings, which, according to IEC, are necessary for establishing and operating the casino and developing the integrated resort under the provisional licence.<\/p>\n\n\n\n

A week ago, IEC’s wholly-owned subsidiary New Coast Leisure (NCLI)<\/strong> signed a PHP1.47bn (US$25.5m) contract with Kimberland Construction for the renovation of New Coast Hotel Manila<\/a>. The works are scheduled to be completed by the end of the second quarter of 2025.<\/p>\n\n\n\n

According to the company\u2019s filing, the agreement covers the designing, demolishing, constructing, furnishing and retrofitting of walls, ceilings and floor finishes, fixture cabinets and curtains, aircons, electricity systems, plumbing systems and fire-protection systems. It said the aim is to modernise infrastructure and facilities at the hotel to complement the operation of the casino.<\/p>\n\n\n

<\/p>\n
<\/p>\n

See also:<\/span> Bain Capital takes control of MGE Korea<\/a><\/p>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

The company attributed the increased loss to a rise in interest on bank borrowings and general expenses.<\/p>\n","protected":false},"author":176,"featured_media":20685,"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) anticipates a significant increase in losses for H2 2024, projecting at least HK$90m, primarily due to escalating operational costs, depreciation from its New Coast Hotel Manila casino and integrated resort development, and higher interest expenses on bank borrowings. This financial outlook coincides with ongoing substantial investments in its Manila integrated resort project, including a recent PHP1.47bn renovation contract for the New Coast Hotel.","focusai_entities":"International Entertainment Corporation, IEC, New Coast Leisure, NCLI, Philippine Amusement and Gaming Corporation, PAGCOR, Kimberland Construction","focusai_location":"Hong Kong, Manila, Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (0.75), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Capital Expenditure Outlook","query":"Given the escalating interest expenses and ongoing renovation commitments, what is IEC's revised capital expenditure forecast for the Manila integrated resort project beyond Q2 2025, and how will it impact future debt-to-equity ratios?"},{"label":"Operational Breakeven Timeline","query":"What is the projected timeline for the New Coast Hotel Manila casino and integrated resort to achieve operational breakeven, considering the current burn rate from staff costs and depreciation, and what GGR targets are set to mitigate these losses?"}],"footnotes":""},"categories":[16338,163],"tags":[23727,23907],"class_list":["post-777023286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-international-entertainment-corp","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777023286","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=777023286"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777023286\/revisions"}],"predecessor-version":[{"id":777023318,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777023286\/revisions\/777023318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/20685"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777023286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777023286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777023286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}