Hong Kong-listed International Entertainment Corp says it intends to apply for a provisional gaming licence in the Philippine capital, Manila. The application is to be made by its subsidiary in that country, Marina Square Properties Inc, said the parent company in a Wednesday filing.
Marina Square Properties runs the New Coast Hotel Manila (pictured) in that city, a property formerly known as New World Manila Bay Hotel.
In its latest filing, International Entertainment said its Manila unit would apply for the gaming licence as part of its plans to “expand and upgrade the current hotel premises, facilities and services”. Such plans include “the establishment and operation of a casino and the development of an integrated resort” in Manila.
International Entertainment already has a leasing agreement with the Philippine Amusement and Gaming Corp (Pagcor) for the latter to operate a casino inside the New Coast Hotel Manila. Pagcor is the regulator of the Philippine casino industry and also the operator of some publicly owned casino facilities.
As part of the requirements to be granted a provisional gaming licence and develop a casino resort, International Entertainment “needs to obtain a no-objection letter and a resolution” issued by the government of the City of Manila, according to the filing. The company said Marina Square Properties had submitted on Wednesday a written request to the government of the City of Manila.
International Entertainment terminated in December a hotel management agreement and sales and marketing agreement covering the Manila property.
Such operations were run by units of Chow Tai Fook (Holding) Ltd. The latter business controlled International Entertainment until 2017. That year, the firm changed hands to Brighten Path Ltd, chaired by Stanley Choi.
Feb 25, 2021Macau casino operator Galaxy Entertainment Group Ltd plans to stengthen its focus on the mass and premium mass segments of the gaming market, as the city’s VIP sector is likely to be challenged by...
Feb 25, 2021
Adjusted EBITDA reported by Macau casino operator Galaxy Entertainment for the fourth quarter of 2020