Hong Kong-listed International Entertainment Corp says a cooperation agreement with the Philippine Amusement and Gaming Corp (Pagcor) – involving creating a management committe for the former’s existing casino in Manila – is now in place.
The company said in a filing on Monday it had been “recently notified” via a subsidiary regarding reception of the signed cooperation agreement from Pagcor, the Philippine gaming regulator.
The cooperation agreement is valid until March 31, 2031 inclusive, said International Entertainment.
The firm had previously informed investors that carrying out of the cooperation agreement with Pagcor had been temporarily “postponed” due to the government-imposed enhanced community quarantine from August 6 until August 20 in Metro Manila, due to Covid-19 infections in the capital.
Pagcor is an operator of publicly-owned casinos as well as the regulator for the country’s entire casino industry, which includes privately-developed venues.
In a July filing, International Entertainment stated that indirect wholly-owned Marina Square Properties Inc was to sign a cooperation agreement with Pagcor regarding the management and operations of International Entertainment’s existing casino in Manila.
At the time, it was said that the move would 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 its expansion plan.
Marina Square Properties runs the New Coast Hotel Manila in the Philippine capital, a property formerly known as New World Manila Bay Hotel. The firm is planning to expand the hotel complex. Such plans include “the establishment and operation of a casino and the development of an integrated resort” in Manila.
Pagcor had previously “agreed in principle” to grant a provisional gaming licence to Marina Square Properties for the new resort, and the sides had been negotiating the terms of the licence.
The group’s plan 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.
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Aggregate number of licensed junkets in Macau as of January 2022