written and last updated by
Sam Smith at
17 Feb 2025
Journalist, Editorial Department
International Entertainment Corp (IEC), listed on the Hong Kong Stock Exchange, has announced the commencement of expansion and renovation works at its New Coast Hotel and Casino in Manila. The project will significantly enhance gaming capacity and modernize the infrastructure. According to the company's management, the local firm Kimberland Construction Inc has been contracted for the project, with a total value of 1.47 billion Philippine pesos (approximately $25.5 million).
A key component of the project will be the expansion of the gaming area on the casino's first floor. The number of slot machines will increase from 500 to 920, and an additional 30 gaming tables will be added, bringing the total to 110.
The renovation initiative was made possible after PAGCOR, the Philippine Amusement and Gaming Corporation, granted the operator a temporary license in 2023 to develop and manage the casino. Initially, the company collaborated with the local regulator, and by May 2024, it had taken full control of the gaming area.
Management at International Entertainment Corp explained the rationale behind the contract: "To successfully manage the casino, we plan to undertake a series of works at the hotel to maintain it in good condition. We have also begun modernizing the infrastructure and facilities to meet premium standards. In the long term, this will increase hotel occupancy and attract more visitors willing to spend money in the casino."
Under the terms of the contract, IEC will pay 40% of the total amount, or $25.5 million, as an advance. An additional 55% will be paid to the contractor upon completion of all works, with the remaining 5% to be settled after the warranty period.
Notably, Bloomberry is ramping up construction at Solaire Resort North, driven by rising revenues.
