Limited casino operations starts at New Coast Hotel

International Entertainment Corp, listed on the Hong Kong Stock Exchange, announced it began “limited operations” of the casino at its New Coast Hotel Manila in the Philippine capital.

The company officially took over the entire casino operation starting May 11, under a provisional license granted by the Philippine Amusement and Gaming Corp (PAGCOR), according to a filing.

In September, International Entertainment revealed it would need to invest between US$1.0 billion and US$1.2 billion to develop an integrated resort with a casino in Manila. This investment commitment is part of the agreement with Pagcor.

The project involves revamping and expanding the New Coast Hotel Manila property, controlled by one of the group’s units, Marina Square Properties Inc.

Marina Square Properties and another subsidiary of International Entertainment, New Coast Leisure Inc, received a provisional license last year to establish and operate a casino.

“Pagcor shall issue the regular casino gaming licence upon completion of the project and upon approval … of the licensee’s compliance with the implementation plan in relation to the actual total project costs,” the parent firm stated in September.

From the start of the casino operations, International Entertainment must pay a monthly minimum guaranteed share to PAGCOR. Since the company only began casino operations on Thursday, the parent stated that the group had received permission from the regulator to pay a pro-rated monthly share of PHP60.0 million for May.

Until now, the casino at New Coast Hotel Manila had operated in premises leased by International Entertainment to Pagcor. This is one of the start of PAGCORS’s plan to privatize their casino operations and be purely a regulator as stated by their chairman.

Related Posts