Hong Kong-listed International Entertainment Corp says that a Philippine subsidiary, Marina Square Properties Inc, received on Wednesday the necessary initial paperwork regarding a provisional gaming licence for a venue in Manila.
The local unit is “reviewing the terms” mentioned under that provisional permit from the country’s casino regulator, the Philippine Amusement and Gaming Corp (Pagcor), added International Entertainment in a Thursday filing.
The permit was linked to plans by Marina Square Properties to “expand and upgrade the current hotel premises, facilities and services”, as announced in June by International Entertainment. Such plans included “the establishment and operation of a casino and the development of an integrated resort” in Manila. The latter term is commonly used to describe a large-scale tourism complex containing a casino.
Marina Square Properties runs the New Coast Hotel Manila in that city, 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.
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