International Entertainment Corp, a Hong Kong-listed firm with a casino-hotel business in the Philippines, says it has “diversified” its revenue streams “by leasing gaming venues to a junket operator” in the 12 months to June 30, 2025.
The information was disclosed by International Entertainment’s chairman and chief executive, Ho Wong Meng, in comments included in the company’s report for the latest financial year.
International Entertainment took over the casino operations at the New Coast Hotel Manila property (pictured) in May last year, under a provisional gaming licence granted by the country’s gaming regulator, the Philippine Amusement and Gaming Corp (Pagcor).
The Hong Kong-listed firm saw its annual loss widen to HKD282.1 million (US$36.3 million) in the 12 months to June 30, from nearly HKD132.0 million in the prior financial year, it said in a September filing.
That was on revenue that rose 146.4 percent year-on-year, to just under HKD566.2 million. Gaming revenue for the reporting period rose 200.1 percent year-on-year, to HKD509.9 million.
In the annual report issued on Thursday, Mr Ho said the company had initiated a “comprehensive upgrade” of the casino and hotel facilities at the Manila property, as part of a “strategic plan to enhance our long-term competitive edge and guest experience”.
The CEO noted that the renovations had “temporarily reduced” the complex’s operating capacity, and resulted in a “one-time written-off of property, plant and equipment amounting to HKD109.9 million” during the latest financial year.
“These, coupled with the higher operating costs incurred, including increased staff costs, selling and marketing expenses associated with the transition to managing our own casino, led to a greater net loss of HKD282.1 million,” he stated.
Mr Ho said the current financial year “will see the gradual completion” of renovation work, culminating in the “grand opening” of the property’s new ground-floor casino.
“The expanded area for more gaming tables and slot machines will significantly enhance our gaming capacity, allowing us to accommodate a larger number of players and capture a greater share of the thriving market,” he observed.
The CEO added: “We are confident that our strategic initiatives will enable us to achieve strong financial results as we resume full operational capacity.”
