Hong Kong-listed International Entertainment Corp (IEC) has unveiled plans to commence an online gaming business in the Philippines and has identified an operator target it is considering investing in.
The company, whose main asset is Manila’s LaVie Resort & Casino – home to New Coast Hotel Manila – said by way of a filing that its subsidiary, New Coast Leisure, Inc (NCLI), had been granted an Electronic (e-Casino) Games Operator license by regulator PAGCOR in February 2025 and that it has since been conducting various feasibility studies on the sector. It has also explored possible online gaming investment opportunities.
According to IEC, the group has now identified a potential online gaming target and is now in negotiations, although no binding memorandum of understanding or agreement has been signed.
Instead, IEC said it has engaged a Philippine legal adviser to confirm that the potential online gaming operations comply with all applicable laws. The company has also commissioned an internal control adviser, described as a reputable international audit firm, to review whether the internal control measures implemented in relation to the potential online gaming operations and anti-money laundering matters are adequate and effective.
“The Philippine legal adviser is in the course of preparing its legal opinion in respect of the compliance of the online gaming operations with all applicable laws, while the internal control adviser has started reviewing the internal controls, policies and procedures (including those on anti-money laundering and prevention of serious crimes) specific to the operations of the online gaming business,” IEC said.
“The Group will arrange for an independent review and assessment of the internal controls, policies and procedures to ensure that the internal control measures implemented in respect of the online gaming operations are adequate and effective.”
IEC was previously issued a provisional casino license by PAGCOR in 2023 and subsequentlytook over full operations of the former PAGCOR-operated casino at New Coast Hotel in May 2024 as part of a pledge to convert the property into a fully-fledged integrated resort.
As reported by Inside Asian Gaming, the US$1 billion renovation of the property, which was recently rebranded as LaVie Resort & Casino, is now well underway and expected to be completed around the end of this year.
The timing of this latest move into online gaming is notable too given that DigiPlus Interactive Corp – already a leader in the Philippines online gaming space – is in the process of assuming a controlling stake in IEC.
The move is seen by IEC as an opportunity to boost its liquidity and financial position, while DigiPlus is looking to strengthen its entertainment ecosystem by adding a strategic land-based platform that connects with its digital network.
IEC recently issued DigiPlus a first tranche of Subscription Notes, with the second and final tranche due imminently. Assuming full conversion, DigiPlus will hold a 53.89% stake in IEC.
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