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Hong Kong-listed International Entertainment Corp (IEC) announced a net loss of HK$282.1 million (approximately US$36.3 million) for the year ended June 30, 2025. The widening loss was caused mainly by increased operating costs and a property, plant, and equipment one-off write-off related to comprehensive expansion and redevelopment efforts at its New Coast Hotel and casino complex in Manila.
Despite these fiscal headwinds, IEC posted solid revenue expansion, its first complete year with a provisional gaming license. Group revenues totaled HK$566.2 million (US$72.8 million), representing 146 percent year-over-year growth, highlighting the start of a healthy trend for the casino business of the company.
Surge in Gaming Revenue
Income from gaming was the biggest growth contributor, surging 200 percent from a year earlier to HK$509.9 million (US$65.5 million). The sector contributed about 90.1 percent to IEC’s overall revenue. Hotel revenues dropped to 6.0 percent to HK$56.2 million (US$7.2 million), assisted by the temporary closure of certain rooms for refitting.
Long-Term Vision for New Coast Redevelopment
In the wake of being granted its temporary license and taking full management of the operations of the casino from the Philippine Amusement and Gaming Corporation (PAGCOR) this past year, IEC has revealed ambitious plans to develop New Coast as a full-fledged integrated resort. The redeveloper puts the cost of the redevelopment at between US$1 billion and US$1.2 billion.
Construction work recently began after IEC signed major deals with contractors. The makeover will bring major improvements to the current facilities and add gaming space by raising the casino’s 80 tables to between 110 and adding 500 to 920 gaming devices.
Optimism for Future Growth and Customer Experience
IEC’s Board of Directors was confident that the redevelopment would not only update and enhance the facilities of the hotel but also upgrade the premium customer experience for both hotel and casino operations. This improvement is anticipated to improve occupancy levels and boost guest spending.
The company hopes that increasing the gaming offer of the casino will significantly refine future revenue streams and reinforce its market position.
Funding Plans and Strategic Outlook
IEC is constantly looking for financing options to fund the redevelopment, which can be bank loans, issuance of debt, or equity funding. The strategic investment reflects IEC’s commitment to the introduction of a world-class integrated resort in Manila with the objective of drawing more upscale overseas visitors.
Indications of a Promising Future Despite Short-Term Losses
While IEC’s FY25 results indicate the expenses involved in mass market development, the strong growth in gaming revenues holds out good promise for the future. The company’s ongoing investments and expansion plans position it well to reap from the recovery and growth of the Philippine gaming market.
As the New Coast Hotel and Casino transforms into a resort of preference, IEC’s infrastructure enhancement and improvement of customer experience reflect its long-term optimism and commitment to driving sustainable value in Manila’s competitive leisure market.
Source: Inside Asian Gaming (IAG)
