The potential acquisition of a controlling stake in New Coast Hotel Manila’s parent company International Entertainment Corp (IEC) would provide leading Philippine eGames provider DigiPlus Interactive Corp with a strategic platform to enhance brand activation and player engagement, the company says.
As first reported by Inside Asian Gaming, DigiPlus this week entered into a Subscription Agreement for HK$1.6 million (US$206 million) in convertible notes that if fully converted would see it hold a controlling 53.89% interest in IEC and therefore in New Coast.
In a statement issued Tuesday, DigiPlus said the acquisition would “strengthen DigiPlus’ omnipresent entertainment ecosystem by adding a strategic offline platform that seamlessly connects with its digital network, enhancing brand activation, player engagement, and customer experience across both physical and online touchpoints.”
Should DigiPlus choose not to convert the notes, which will be issued in two equal tranches, they will be redeemable at 108% at the end of their five-year maturity given the 3% per annum interest rate.
The eGames provider had previously outlined its interest in diversifying its interests both geographically in jurisdictions like Brazil and South Africa but also via new verticals such as a land-based casino operation.
IEC currently holds a provisional license from Philippine gaming regulator PAGCOR for New Coast, where it has pledged to spend at least US$1 billion to transform the property into a full integrated resort.
DigiPlus, meanwhile, said the Subscription Agreement allows it to optimize its group structure by combining IEC’s expertise in hospitality and gaming management with DigiPlus’ leadership in digital entertainment and technology.
“This move marks a defining step toward DigiPlus’ long-term goal to create the most innovative and enjoyable experiences through an entertainment ecosystem, powered by cutting-edge technology and localized products for different cultures,” explained DigiPlus Chairman Eusebio Tanco. “Through this transaction, we are expanding our omnipresent ecosystem – bridging digital innovation with real-world experiences – to create a new era of entertainment that is engaging, responsible, and globally competitive.”
RelatedPosts
