Hong Kong-listed International Entertainment Corp says one of its subsidiaries has signed an agreement worth PHP1.47 billion (US$25.5 million) for the renovation of 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 (February 14) with 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 country’s gaming regulator, the Philippine Amusement and Gaming Corp (Pagcor).
The construction work comprises the “designing, demolishing, constructing, furnishing and retrofitting of walls, ceilings and floors finishes, fixture cabinets and curtains, aircons, electricity systems, plumbing systems, and fire-protection systems” at the Manila complex.
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 it plans to “carry out a series of renovation work” at the property “with a view to maintaining the hotel in good service and condition, and upgrading infrastructures and facilities of the hotel to complement the operation of the casino”.
The revamp will “create additional gaming space” on the ground floor of the casino, according to the filing. 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,” stated International Entertainment.
It added: “The board considers that the implementation of the construction work will improve the appearance and condition of hotel facilities, modernise outdated amenities, enhance overall quality of the hotel and promote premium customers experiences at both the casino and hotel.”
The Hong Kong-listed firm reported a loss attributable to its owners of just under HKD132.0 million (US$17.0 million) for the 12 months to June 30, 2024.
International Ent to allocate US$25.5mln to revamp New Coast Hotel Manila, add gaming space
