International Entertainment Corp’s (IEC) New Coast Hotel Manila has launched junket operations at the property’s casino and will soon relaunch its ground floor casino as it continues efforts to transform into a fully-fledged integrated resort.
The update was provided by IEC’s Chairman, CEO and Executive Director, Ho Wong Meng, in comments included in the company’s 2025 Annual Report.
IEC previously leased the casino space at New Coast to PAGCOR but assumed control last year as part of an agreement with the regulator that has also seen it granted a provisional casino license pending its pledge to spend up to US$1.2 billion on its IR transformation.
Ho noted that IEC has since initiated a comprehensive upgrade of its casino and hotel facilities, with the renovations having temporarily reduced operating capacity and impacted finances, but said positive progress had been made.
“The coming financial year will see the gradual completion of our renovation works, culminating in the grand opening of our spectacular new ground-floor casino,” he explained.
“The expanded area for more gaming tables and slot machines will significantly enhance our gaming capacity, allowing us to accommodate a larger number of players and capture a greater share of the thriving market.
“Meanwhile, building on our strong land-based casino gaming revenue, we have diversified our revenue streams by leasing gaming venues to a junket operator starting this year. Given our strong revenue growth momentum, we are optimistic about making significant progress toward sustained and enhanced profitability in the future.”
IEC recently reported a widened net loss of HK$282.1 million (US$36.3 million) in FY25, impacted by a one-time write-off of property, plant and equipment totalling HK$109.9 million (US$14.1 million) following the demolishment of leasehold improvements on the ground floor of the casino. It also cited increased staff costs and selling and marketing expenses associated with the transition to managing its own casino.
“Despite the short-term impact of these transformations on our bottom line, we believe they are essential investments for driving future growth,” Ho said.
“With the phased completion of our facility upgrades and grand opening of the renovated ground-floor casino in coming financial year, we are well-positioned to capture opportunities in the flourishing market.
“We are confident that our strategic initiatives will enable us to achieve strong financial results as we resume full operational capacity. The foundation we laid this year has set the stage for accelerated growth and enhanced value creation in the year ahead.”
