Hong Kong-listed International Entertainment Corp says that a Philippine subsidiary, Marina Square Properties Inc, is to sign an agreement with that country’s casino regulator, the Philippine Amusement and Gaming Corp (Pagcor), regarding the management of a casino venue in Manila.
Marina Square Properties runs the New Coast Hotel Manila (pictured) in the Philippine capital, a property formerly known as New World Manila Bay Hotel. It already has a leasing agreement with Pagcor for the latter to operate a casino inside that property.
Marina Square Properties is planning to expand the hotel complex. Such plans included “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, and the sides are now negotiating the terms of the licence.
In a Friday filing, International Entertainment said Marina Square Properties is to sign an agreement with Pagcor to establish a management committee in connection with the gaming operations at the existing casino.
The move will allow Marina Square Properties to “accumulate relevant experience in gaming operations” prior to the firm being allowed to operate the new gaming venue to be developed as part of its expansion plan, stated the parent company. Such approval from Pagcor will not be issue before February 28, 2022, it added.
The agreement for the management committee for the existing casino shall be valid until March 31, 2031, according to the filing. Under the deal with Pagcor, Marina Square Properties shall receive a consideration that shall be the higher of: PHP100,000 (US$1,983) in respect of each calendar month or part thereof during the term of the agreement; and 40 percent of the net gaming revenues in that calendar month, or relevant part thereof.
The group’s plan to expand the Manila property 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, 100 tables for junket operations.
The existing casino at the New Coast Hotel Manila includes 24 mass-market gaming tables and 175 electronic gaming machines.
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