written and last updated by
Sam Smith at
28 Sep 2023
Journalist, Editorial Department
International Entertainment Corp has announced plans to invest between $1 billion and $1.2 billion (approximately 97 to 116.45 billion rubles) in an integrated resort and casino project in the Philippines' capital. This investment commitment is part of an agreement with the local gaming regulator, PAGCOR, for a preliminary license to create and manage the casino.
On Wednesday, two Philippine subsidiaries of International Entertainment—Marina Square Properties Inc. and New Coast Leisure Inc.—received the aforementioned permit. The company stated this week that PAGCOR will issue a standard gaming license once the project is completed. Approval of the licensee's compliance with the overall project cost plan is also required.
The new resort-casino will not be built from scratch; it involves the renovation and expansion of the existing New Coast Hotel Manila, which is managed by Marina Square Properties. According to the project, the total area of the resort will be no less than 250,000 square meters, featuring a casino, an 800-room five-star hotel, as well as restaurants, shops, and recreational areas.
The current New Coast Hotel Manila already houses a casino, which has been fully equipped by International Entertainment, including the installation of gaming machines. PAGCOR serves as the tenant of the gaming facility, managing the casino alongside Marina Square Properties.
Under the terms of the agreement, once the casino is under the management of International Entertainment, the investor must hire at least 50% of PAGCOR's employees who are directly involved in gaming operations. Additionally, at least 95% of the staff must be recruited from the local community.
It is known that the preliminary license will allow International Entertainment to independently manage the casino and gaming operations in addition to its hotel business. According to the company, this could potentially increase future revenues.
In related news, casino operator Penn Entertainment has struck a deal with a developer of robotic security systems.
