International Entertainment Corporation, an Asian leisure company, has reportedly announced that it is still in talks about licensing terms for a five-star casino hotel planned in Manila, the capital of the Philippines.
According to a Monday report in the Asia Gaming Brief, Hong Kong-listed companies hope to open 2024 rooms with large casinos by the end of 800, Philippine Entertainment and Games Co., Ltd. last summer. Obtained a provisional license from the PAGCor) regulator.
However, the person said the plan was delayed as the company continued to negotiate with regulatory agencies on the specific terms of the 15-year plan approval through its subsidiary Marina Square Properties Incorporated.
Sustainable search
International Entertainment Corporation reportedly was trying to attract an unnamed new gambling facility to the existing New Coast Hotel Manila site, offering 100 slots in addition to about 1,600 game tables for junkets. increase.
However, the operator is still looking for a suitable location for the casino resort, according to an official document submitted yesterday, and is in talks with PAGCor on the terms of the provisional gaming license.
Further factors
International Entertainment Corporation, the Asian rights holder for many live poker events, including those operated under Flutter Entertainment's PokerStars brand, has also announced the final size of the casino hotel planned and when the venue will open. It is reported that it has revealed that it is still in discussions with PAGCor.
However, the company's Marina Square Properties Incorporated reportedly agreed to pay regulators a monthly rent of about $ 1,980 to allow state-owned enterprises to obtain 40% of the net game revenue of the planned facility. increase.
Deficit under development
International Entertainment Corporation also reportedly revealed in its application on Monday that its six-month pre-tax loss at the end of last year was about $ 6 million, up 1,747% from the same period in 2020.
The operator's shortfall was due to coronavirus-related regulations in the Philippines, which reduced overall earnings by about 22% to about $ 353 million and increased fair value losses on investments. Claims to be.
Operator optimism
The Asia Gaming Brief reported that the 370-room New Coast Hotel Manila, known as the New World Manila Bay Hotel until it was renamed last year, already offers casino entertainment under a contract with PAGCor.
A small casino on the 32nd floor has 174 slots and 24 mass-market tables, and total game revenues in the second half of the year recorded more than $ 9 million, up 200% year-on-year, according to people familiar with the matter. It seems that it was done.
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