HK-based firm investing $1B in Manila casino
Hong Kong-listed International Entertainment Corp. (IEC) earmarked at least $1 billion to expand its business in the Philippines, with a plan to launch new developments and refurbish its existing hotel casino complex in Manila.
IEC—operator of New Coast Hotel Manila, a hotel and casino complex—pledged $1 billion to $1.2 billion to fund its expansion plans in the Philippines, banking on the country’s “booming gaming sector.”
The company obtained a provisional license from the Philippine Amusement and Gaming Corp. (Pagcor) to join a committee that manages and operates the casino at New Coast Hotel. The casino inside the hotel is currently operated by Pagcor, which is now slowly shifting to a purely regulatory role.
Once the company completes its investments in the hotel and casino complex, IEC will receive a regular casino gaming license from Pagcor.
At the same time, IEC is considering equity and/or debt financing to bankroll its projects in the country.
IEC said it planned to stay in the Philippines to “hunt for more local investment options rather than expanding overseas.”
Renovations
IEC wants to “refurbish” New Coast Hotel, which will include opening a sports bar to attract young customers.
Though not located in Manila’s emerging resort city, Aurelio Tablante, company executive director and hotel operations officer, said New Coast Hotel was “well-positioned” to attract a diverse group of customers.
For that reason, the renovation work for New Coast Hotel will likewise create additional gaming space on the ground floor of the casino, potentially increasing the maximum number of gaming tables from 80 to over 110.
Meanwhile, the maximum number of slot machines in the casino is targeted to increase from 500 to over 920.
To accommodate more punters, the renovations will also increase the number of active hotel rooms in New Coast Hotel from around 200 to 800.
“The property’s proximity to Manila Port, Chinatown and Koreatown gives it access to affluent overseas visitors and draws interest from Japanese tourists,” Tablante said.
“To boost its appeal, the company is now planning to connect with gambling groups from Japan, South Korea and Southeast Asia to broaden its customer base,” he added.
Zooming out, Pagcor expects total revenues of the local gambling to grow by as much as 17 percent in 2025 on the back of a strong e-gaming sector, which is now expected to “match” the top line of brick-and-mortar casinos in the next few years.
Data showed the local gaming sector’s gross gaming revenues had increased by 24.81 percent to P410.5 billion in 2024, with income from e-games surging by 309.20 percent to P135.7 billion.
