Hong Kong-listed International Entertainment Corp has said one of its subsidiaries has signed an agreement worth PHP1.05 billion (US$18.9 million) for what it describes as “Phase 2” of the construction contract for the group’s New Coast Hotel Manila (pictured) property in the Philippine capital.
New Coast Leisure Inc, a Philippine-based company and wholly-owned subsidiary of International Entertainment, signed the contract on Friday (May 30) with Philippines-based Kimberland Construction Inc, according to a filing by the parent company.
International Entertainment took over the casino operations at the New Coast Hotel Manila property in May last year, under a provisional gaming licence granted by the country’s gaming regulator, the Philippine Amusement and Gaming Corp (Pagcor).
In February, the two sides had signed a first agreement for the renovation of the casino property worth PHP1.47 billion.
Work under the “Phase 2” agreement comprises the “designing, constructing, furnishing and demolishment of walls finishes, ceilings and floors finishes, fixture cabinets and chandeliers, aircons, electricity systems, plumbing systems, fire-protection systems”.
Work is to be done on the ground floor and third floor of the property’s casino, as well as in the guest rooms and common areas of the hotel, according to Friday’s announcement.
Construction work under the new agreement is expected to be completed “by the end of 2025,” stated International Entertainment.
In September last year, International Entertainment said it would have to invest between US$1.0 billion and US$1.2 billion to develop an integrated resort in Manila. The investment pledge was part of the agreement with Pagcor.
In Friday’s filing, International Entertainment said the revamp will “create additional gaming space” on the ground floor of the casino. That will increase the number of gaming tables to 110, from the current 80 units. The number of slot machines will rise to more than 920, from the approximately 500 units.
“The company is optimistic that the enlargement in gaming capacity of the casino will improve the future revenue of the casino,” it stated.
