Hong Kong-listed International Entertainment Corp (IEC) has taken over limited operation of the casino at its New Coast Hotel in Manila and will officially take over full casino operations from PAGCOR this Saturday 11 May, the company revealed on Thursday.
The assumption of control comes after IEC was granted a provisional casino license by PAGCOR last year, with the intention of spending US$1.2 billion to transform New Coast into a fully-fledged integrated resort.
The casino at New Coast has until now been operated by PAGCOR under its Casino Filipino brand, with IEC having worked alongside the regulator in recent times to enhance its casino operations experience.
IAG learned earlier this week that handover of control was imminent after the Philippines’ Governance Commission for Government-Owned and Controlled Corporations (GCG) granted permission for PAGCOR to abolish 929 permanent positions at the casino, although many of those will either be hired by IEC’s subsidiary Marina Square Properties, Inc (MSPI) or relocated by PAGCOR to outside positions.
In assuming control of the casino, IEC said Thursday that it has established internal control procedures and measures, and put in place a money laundering and terrorist financing preventive program which it says “covers various measures and policies designed to detect and prevent money laundering activities, in compliance with all applicable laws and regulations.”
Under IEC’s provisional casino license agreement, as of 9 May 2024 — the date it commenced limited operation of the casino — MSPI will pay a monthly “minimum guaranteed share” to PAGCOR, including a pro-rated monthly share of Php60 million (US$1.05 million) in May.
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