• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 9 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

International Entertainment Corp looks to broaden horizons after increased 2018 losses

Newsdesk by Newsdesk
Mon 25 Jun 2018 at 05:53
International Entertainment Corp appoints new CEO amid board shake-up

New Coast Hotel Manila, formerly known as New World Manila Bay Hotel.

Print Friendly, PDF & Email

Hong Kong-listed International Entertainment Corporation (IEC) has touted diversification of its business through new gaming and sports related opportunities as the way forward after announcing losses of HK$67.3 million for the year ended 31 March 2018.

The loss represents a 61.0% increase on the company’s 2017 losses of HK$41.8 million and comes despite a 2.0% increase in revenue for the period to HK$296.4 million. Gross profit was also up 3.9% to HK$225.1 million.

IEC currently earns the bulk of its revenue via the leasing of properties in the Philippines to local gaming regulator PAGCOR, with monthly rental income determined on an agreed percentage of net gaming revenue generated from gaming areas. In the 12 months to 31 March, IEC generated revenue from the leasing of properties of HK$188 million, up 2.3% year-on-year and representing 63.4% of the group’s total revenue. The company also generated revenue of HK$108.3 million from the hotel operation of New World Manila Bay Hotel and Casino in downtown Metro Manila.

However, since being acquired by Brighten Path Ltd last year – a company controlled by Hong Kong businessman and well-known high stakes poker pro Stanley Choi – IEC has made significant efforts to broaden its interests.

Most notable is the planned acquisition of Wigan Athletic Holdings Limited, which runs English Championship side Wigan Athletic Football Club and its home ground, DW Stadium.

IEC has also signed a cooperation agreement with The Stars Group, owner of the world’s dominant online poker site PokerStars, that saw it gain exclusive rights to operate PokerStars-branded poker rooms and run live PokerStars events in a number of Asian countries including Macau, Vietnam, South Korea, Singapore, Malaysia, Myanmar, Japan and Cambodia.

In its 2018 results announcement, IEC said that it will “actively diversify its business portfolio whilst making efforts to expand its current business.

“The group believes that the deployment of expanding its entertainment and sports related businesses will broaden its source of income and create synergies among the group’s businesses.”

IEC’s expansion plans include looking for further opportunities in the Philippines with the company stating it will “continue to focus on its existing business operations and investments in the Philippines riding on the business environment to strive for exploring potential business opportunities. The company plans to renovate its properties as well as facilities for travelers by creating a more seamless travel experience to establish their loyalty as well as expand the customer base.”

In Wigan, IEC “will also acquire three properties, such as a disused restaurant adjacent to the DW Stadium, sports academy facility and sports training ground.

“The group will firstly invest and develop the football performance operation at academy and first team level and will look to develop further the football performance model around elite performance and academy development to support the first team club operation.

“On the football business side, the group will implement a business plan around increasing match day and non-match day revenues through development of sponsorship, hospitality, retail, ticketing and fan engagement strategies to increase overall turnover.”

RelatedPosts

Galaxy Macau to host 2025 Annual Conference of the FIA – world motorsport’s governing body

Favorable VIP hold pushes Galaxy Entertainment Group’s 1Q25 profit to US$412 million

Thu 8 May 2025 at 14:03
Solutions Showcase: Angel – Tech Minded

Baccarat side bets now contribute close to 50% of Macau baccarat revenues

Thu 8 May 2025 at 13:32
House of Dancing Water returns to City of Dreams Macau with spectacular premiere

House of Dancing Water returns to City of Dreams Macau with spectacular premiere

Thu 8 May 2025 at 11:11
Grand Korea Leisure extends casino closures until 15 February

Grand Korea Leisure’s casino revenues up to US$26 million in April

Thu 8 May 2025 at 07:03
Load More
Tags: Brighten Path LimitedCambodiaHong KongIECInternational Entertainment CorpJapanMacauMalaysiaNew World Manila BayPAGCORPhilippinesPokerStarsSingaporeSouth KoreaStanley ChoiThe Stars GroupVietnamWigan Athletic Holdings Limited
Share2Share
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Knife’s edge

Editorial – Knife’s edge

by Andrew W Scott and Ben Blaschke
Tue 29 Apr 2025 at 15:14

Thailand’s Entertainment Complex journey is at a critical point, with the success or failure of the initiative to be determined...

The changing face of Macau

The changing face of Macau

by Ben Blaschke
Tue 29 Apr 2025 at 15:09

Inside Asian Gaming takes a deep dive into the new, post-COVID Macau where a revenue environment that seems to be...

Born again

Born again

by Pierce Chan
Tue 29 Apr 2025 at 14:47

Premiering in September 2010 at City of Dreams, The House of Dancing Water was a visionary creation by artistic maestro...

Richard Howarth – Testing the limits

Richard Howarth – Testing the limits

by Ben Blaschke
Tue 29 Apr 2025 at 13:17

Richard Howarth, Chief Business Officer APAC for global testing laboratory GLI, discusses his career journey and his passion for fast-paced...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Galaxy Macau to host 2025 Annual Conference of the FIA – world motorsport’s governing body

Favorable VIP hold pushes Galaxy Entertainment Group’s 1Q25 profit to US$412 million

by Ben Blaschke
Thu 8 May 2025 at 14:03

Macau’s Galaxy Entertainment Group (GEG) reported total net revenue of HK$11.2 billion in the first three months of 2025, including gross gaming revenue of HK$10.9 billion (US$1.36 billion) – up 13.6% year-on-year although slightly lower than the HK$11.0 billion (US$1.38...

Solutions Showcase: Angel – Tech Minded

Baccarat side bets now contribute close to 50% of Macau baccarat revenues

by Ben Blaschke
Thu 8 May 2025 at 13:32

Baccarat side bets now contribute between 45% and 50% of Macau’s gaming revenues, representing a generational shift in player preferences thanks to the deployment of smart gaming table technology. Stakeholders told IAG that such side bets previously comprised only a...

House of Dancing Water returns to City of Dreams Macau with spectacular premiere

House of Dancing Water returns to City of Dreams Macau with spectacular premiere

by Pierce Chan
Thu 8 May 2025 at 11:11

After a five-year hiatus, City of Dreams’ epic production House of Dancing Water held its premiere on Wednesday 7 May ahead of an official opening to the public on Friday. The newly reimagined resident show is produced by Giuliano Peparini,...

Grand Korea Leisure extends casino closures until 15 February

Grand Korea Leisure’s casino revenues up to US$26 million in April

by Newsdesk
Thu 8 May 2025 at 07:03

Foreigner-only casino operator Grand Korea Leisure reported casino revenue of KRW36.2 billion (US$25.9 million) in April, up 11.5% year-on-year but down 12.7% compared with March. GKL’s casino revenue comprised an 11.7 % year-on-year increase in table revenue to KRW32.9 billion...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English