International Entertainment Corp is aiming for a “grand reopening” in July of a Manila hotel – called the New Coast Hotel Manila (pictured) – that has a provisional casino gaming licence from the Philippine Amusement and Gaming Corp (Pagcor).
Hong Kong-listed International Entertainment gave the news in its interim results filed on Wednesday. The firm’s financial year started on July 1.
International Entertainment took over casino operations at the hotel in May 2024. Since then, the property has been revamped, including the casino floor and a number of hotel rooms.
For the six months to December 31, International Entertainment reported a loss attributable to the owners that narrowed to HKD85.8 million (US$11.0 million), compared to a HKD95.0-million loss in the prior-year period.
That was on overall revenue that jumped 71.5 percent year-on-year, to HKD458.9 million.
The firm stated: “This notable growth was primarily 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.”
The company said: “The group’s revenue from the gaming operation for the period increased significantly by 84.4 percent to approximately HKD442.5 million … as compared with approximately HKD240.0 million for the previous period.”
However, due to the “temporary closure of certain hotel rooms for renovation during the period, the group’s hotel operation revenue was approximately HKD16.5 million, a decrease of 40.4 percent compared with approximately HKD27.6 million for the previous period,” it added.
New Coast Leisure Inc, a wholly-owned subsidiary of International Entertainment, is paying just over PHP1.47 billion (US$25.6 million) to a contractor under a February 2025 agreement for “phase one renovation and construction works at the hotel,” affirmed Wednesday’s filing.
In June last year, New Coast Leisure signed a separate agreement worth PHP1.05 billion for what is described as “phase two” of the construction contract for the New Coast Hotel Manila property.
DigiPlus deal
The update also reiterated that under the Pagcor provisional licence, International Entertainment is required to commit a total investment of “no less than” US$1.0 billion for the establishment and operation of the casino and the group’s hotel in Manila.
“The group commenced a renovation initiative in the previous financial year, with the aim of modernising infrastructure and facilities to ensure the hotel maintains premium service standards that complement the casino’s evolving operations,” stated Wednesday’s filing.
It added: “An operational milestone was reached in January 2026 with the completion of renovation 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.”
International Entertainment also stated: “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 sustained revenue growth across both gaming and hospitality segments in the long term.”
Wednesday’s filing also reiterated that in “an effort to enhance its financial strength,” International Entertainment had on November 17 entered an agreement with Philippine-listed online gaming provider DigiPlus Interactive Corp, whereby the latter will subscribe to up to HKD1.6 billion in convertible notes with a five-year maturity and 3 percent yearly interest.
It was announced at the time, that once fully converted, the notes would give DigiPlus a 53.89 percent stake in International Entertainment based on an enlarged share capital.
Soon after the deal was announced, Eusebio Tanco, DigiPlus’ chairman, said controlling a land-based casino operation in Manila would contribute to the group’s long-term success.
The deal on the convertible notes is subject to the approval of an extraordinary general meeting of International Entertainment on Thursday (February 26).
