Hong Kong-listed International Entertainment Corp (IEC) says it expects to hold a grand reopening of its renovated New Coast Hotel Manila in July of this year, having completed renovation works on the ground floor of its casino January.
The renovation works form part of IEC’s commitment to spend between US$1 billion and US$1.2 billion to transform the New Coast precinct into an integrated resort, which was recently renamed Lavie Resort & Casino. IEC, which previously leased the casino space at New Coast to PAGCOR, assumed full operational control after being granted a provisional casino license by the regulator in 2023, and launched comprehensive renovation works early last year.
In a Wednesday filing that also included the company’s 1H26 financial results, IEC confirmed it had reached an operational milestone in January with the completion of works on the casino’s ground floor.
“This project successfully expanded the gaming space, increasing the number of gaming tables from 99 to 116 tables, as well as increasing the number of slot machines and electronic gaming machines from 517 to 664 machines by the end of January 2026,” it said.
“With further facility upgrades scheduled for completion, the Group anticipates a grand reopening of the Hotel in July 2026. These enhancements are designed to elevate the overall guest experience, thereby driving higher occupancy rates and fostering sustainable long-term growth.”
The renovation works also have the aim of “modernizing infrastructure and facilities to ensure the hotel maintains premium service standards that complement the casino’s evolving operations,” it explained.
IEC reported steady progress in its casino operations even before completion of the ground floor casino.
Group-wide revenue grew 71.5% year-on-year to HK$458.9 million, which it said was driven by a rise in land-based casino revenue and increased commission income resulting from provision of gaming platform to other authorised gaming operators for gaming business.
Revenue from gaming operations increased by 84.4% to HK$442.5 million, however hotel operation revenue fell 40.4% to HK$16.5 million due to the renovation works seeing large areas closed.
Group-loss narrowed by 9.7% to HK$85.8 million for the six-month period through 31 December 2025.
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