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The Hong Kong-listed International Entertainment Corp is set to have a grand reopening in July for the New Coast Hotel Manila, which has a provisional casino license from PAGCOR. The schedule was taken from the company’s interim results for the six months ending December 31, which is part of its fiscal year that started on July 1. Since taking over the casino operations of the hotel in May 2024, International Entertainment Corp has renovated extensively in the gaming area and several hotel rooms.
First Half Loss Narrows, Gaming Business Speeds Up
The company reported a narrowing loss to owners of HK$85.8 million (US$11.0 million) for the period, compared to HK$95.0 million for the prior period. Total revenue was HK$458.8 million, an increase of 71.5 percent year-on-year, mainly due to significantly improved land-based gaming revenues, along with increased commission revenue from operating gaming platforms for other licensed operators. Gaming revenues rose 84.4 percent to HK$442.5 million versus HK$240.0 million in the previous period.
However, the hotel’s operations saw revenue decline 40.4 percent to HK$16.5 million, primarily due to a number of hotel rooms being temporarily closed for upgrade work. As shown by the overall revenue increase versus the decline in hotel operation revenue, the strength of the gaming line of business offset the disruption to the hotels’ operations during the renovation phase.
Renovation Phases Expand Gaming Capacity
New Coast Leisure Inc, a fully owned subsidiary, is paying just over PHP1.47 billion (US$25.6 million) to a contractor for phase one renovation and construction work at the hotel, per a February 2025 agreement. A separate PHP1.05 billion deal signed in June last year covers phase two of the project. With this renovation and development work, the property is being modernised both from an infrastructure and facilities standpoint to be at a level of quality that can support the growth of the casino.
Renovation of the ground floor of the casino was completed in January 2026. The number of gaming tables has increased from 99 to 116, and the total number of slot and electronic gaming machines have been increased from 517 to 664 by the end of that month. Management is also confident that as further upgrades to both hotel and casino are completed by July’s grand reopening, guest experience, occupancy, and long-term revenues of both gaming and hotel operations will also increase significantly.
PAGCOR License Carries US$1 Billion Commitment
Under the PAGCOR provisional license terms, International Entertainment must invest no less than US$1.0 billion to establish and run the casino alongside the hotel in Manila. The renovation program, which was initiated in the last financial year, aims to achieve the objective by preparing the property to absorb more play and more visitors.
The renovated gaming floor and rooms will appeal to a wider clientele while remaining within the regulatory framework and competitive in the saturated market of Manila.
DigiPlus Deal Awaits Shareholder Vote
To bolster its balance sheet, International Entertainment struck a deal on November 17 with Philippine-listed online gaming firm DigiPlus Interactive Corp. Under the terms, DigiPlus will subscribe to up to HKD1.6 billion in convertible notes carrying 3 percent annual interest and a 5-year maturity. Full conversion would hand DigiPlus a 53.89 percent stake in International Entertainment, based on an enlarged share capital.
The agreement, which needs approval at an extraordinary general meeting on February 26, represents a strategic infusion as the company wraps renovations and eyes post-reopening growth. DigiPlus chairman Eusebio Tanco previously noted that gaining control of a Manila land-based casino would help bridge the firm’s digital expertise with physical operations for lasting success.
Renovations Set Stage for Revenue Ramp
The phase one and two construction contracts, totaling over PHP2.52 billion, underscore International Entertainment’s commitment to transforming New Coast Hotel Manila into a sharper hospitality and gaming destination. Ground floor casino expansions already added 17 tables and 147 machines, creating capacity for higher volumes ahead of the July relaunch.
Narrowed first-half losses, paired with 84.4 percent gaming revenue growth to HKD442.5 million, signal underlying momentum even as hotel rooms offline trimmed non-gaming income. The US$1.0 billion PAGCOR investment pledge frames these moves as foundational for sustained operations in Manila.
Source: GGR Asia
