Hong Kong-listed International Entertainment Corporation (IEC) said Friday it expects to report a widened loss of at least HK$260 million (US$32.5 million) for the financial year ended 30 June 2025, primarily due to increased costs since taking control of casino operations at its Manila hotel, New Coast. The company reported a HK$162.2 million (US$20.9 million) loss in FY24.
IEC took over operation of the casino at its New Coast Hotel from PAGCOR in May 2024 after being granted a provisional casino license by, with the company having revealed its intention to spend US$1.2 billion to transform New Coast into a fully-fledged integrated resort.
The casino at New Coast had until then been operated by PAGCOR under its Casino Filipino brand, with IEC having worked alongside the regulator over the course of many months with the goal of enhancing its casino operations experience.
In Friday’s filing, IEC said the anticipated loss before taxation for the year was mainly due to an increase in general and administrative expenses related to staff costs and depreciation and amortisation incurred for operating and managing the casino and developing an integrated resort at New Coast; an increase in selling and marketing expenses primarily attributed to higher costs incurred for marketing campaigns and promotional activities at New Coast; a one-off write-off of property, plant and equipment due to the demolition of leasehold improvements on the ground floor of the casino as part of renovation works; and an increase in interest expenses on bank borrowings also for the establishment and operation of the casino and the development of the integrated resort.
Finalized results are expected to be published on 26 September 2025, IEC explained.
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