Sep 27, 2021 Newsdesk Latest News, Philippines, Top of the deck
Hong Kong-listed International Entertainment Corp reported a loss of HKD242.0 million (US$31.1 million) for the 12 months to June 30, according to a Friday filing. That compares to a loss of just below HKD279.6 million in the prior-year period.
The group’s revenue for the year ended June 30 was approximately HKD64.9 million, down 71.4 percent as compared with approximately HKD227.0 million a year earlier.
A unit of International Entertainment, Marina Square Properties Inc, runs the New Coast Hotel Manila (pictured) in the Philippine capital, a property formerly known as New World Manila Bay Hotel.
Revenue derived by International Entertainment from the leasing of properties for the 12 months to June 30 was approximately HKD30.6 million, a decline of 78.2 percent in year-on-year terms.
The firm said the decrease was “a result of imposition of different levels of community quarantine requirements in the Philippines in light of the development of the Covid-19 pandemic” in the country.
“Leasing of properties” refers to venues located at New Coast Hotel Manila, equipped with casino gaming equipment and leased to the Philippine Amusement and Gaming Corp (Pagcor), the regulator-cum-operator of casinos in that country.
Revenue from hotel operations fell 58.2 percent year-on-year, to about HKD34.3 million in the reporting period, said International Entertainment. The company said that was due to a “substantial decrease” in the number of tourists entering the Philippines due to travel restrictions linked to Covid-19, which impacted room occupancy rates and room rates for the hotel.
International Entertainment is planning to expand New Coast Hotel Manila. Such plan includes “the establishment and operation of a casino and the development of an integrated resort”.
The group’s proposal for the new project envisages the construction of two to three towers, with about 800 five-star hotel rooms; and a casino with more than 250 gaming tables, 1,600 slot machines, and 100 tables for junket operations.
Pagcor has previously “agreed in principle” to grant a provisional gaming licence to International Entertainment for the new resort.
In the meantime, International Entertainment announced last month a cooperation agreement with Pagcor – involving creating a management committee for the existing casino in New World Manila Bay Hotel – was now in place.
Th agreement is said to allow Marina Square Properties to “accumulate relevant experience in gaming operations”, prior to the group being allowed to operate a new gaming venue to be developed as part of International Entertainment’s expansion plan.
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”Efforts have pivoted to the construction of the hotel tower, with plans to launch a soft opening before the end of 2024 and a grand opening in 2025”
Casino investor LET Group
On the development of a casino hotel in Manila, the Philippine capital