Hong Kong-listed International Entertainment Corp (IEC) said it remains confident in the long-term prospects of its Manila hotel and casino project after booking a 200% year-on-year increase in gaming revenue in the 12 months to 30 June 2025.
While increased costs and a one-time write-off of property, plant and equipment related to comprehensive expansion and redevelopment works at New Coast Hotel ultimately saw IEC fall to a widened HK$282.1 million (US$36.3 million) loss in FY25, the company pointed to revenues of HK$566.2 million (US$72.8 million) – up 146% year-on-year in its first year under a provisional gaming license. The company had previously shared revenues with PAGCOR prior to taking over full control.
Of this, gaming revenue grew by 200% to HK$509.9 million (US$65.5 million), comprising around 90.1% of group-wide revenue. Hotel revenue fell by 6.0% to HK$56.2 million (US$7.2 million) due to some rooms being closed for renovations.
Having been granted a provisional license that has since seen it assume control of casino operations from PAGCOR, IEC announced last year plans for a redevelopment of New Coast into a full-scale integrated resort at a cost of between US$1 billion and US$1.2 billion. Renovation works recently kicked off after IEC entered into construction service agreements with a contractor.
These will include major enhancements to existing facilities and, within this financial year, the expansion of its casino offering 80 to 110 gaming tables and 500 to 920 gaming machines.
In releasing its FY25 results, IEC said its Board of Directors “believes that the implementation of the renovations will improve the appearance and condition of the hotel’s facilities, modernize outdated amenities, enhance its overall quality and promote premium customer experiences at both the casino and the hotel. In the long-term, this will increase the hotel’s occupancy rates and encourage spending at the casino and the hotel.
“The company is optimistic that the expansion of the casino’s gaming capacity will improve the future revenue of the casino.”
IEC added that it is still exploring financing options for the redevelopment which could include bank borrowing, debt financing and/or equity financing.
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