Hong Kong-based International Entertainment Corp. has signed an agreement with the Philippines gaming regulator to build a 62-acre entertainment complex in Manila, home of the Entertainment City casino district.
According to Inside Asian Gaming, the integrated resort complex will include two to three “sky-high buildings” and include gaming and non-gaming attractions.
In a July 16 filing, IEC disclosed that it’s signed a cooperation agreement with the Philippine Amusement and Gaming Corp. (PACGOR) to resume casino operations at its New Coast Hotel Manila, where it currently leases a casino space and gaming equipment. Under the terms of the deal, an IEC subsidiary, Marina Square Properties Inc. (MPSI), will provide the casino space as well as office space for PAGCOR’s headquarters and general offices in return for a fee, while the two organizations will also form a management committee comprising six members, four PAGCOR representatives and two from MPSI.
The committee would jointly run the casino, with MPSI receiving from PAGCOR a monthly fee of PHP100,000 (US$2,000) plus 40 percent of net gaming revenue.
The idea, IEC said, is for its subsidiary to “participate and accumulate relevant experience in gaming operations prior to issue of a Notice of Commencement by PAGCOR allowing the company to launch casino operations at its new Manila IR.”
The company’s “preliminary plan” includes about 800 luxury hotel rooms and a casino with more than 250 gaming tables, 1,600 slot machines and 100 junket tables. The complex would also include “numerous restaurants, leisure facilities and shopping arcades.”
Approvals by PAGCOR for the planned development are not expected before the end of February 2022.
