International Entertainment Corp said it plans to contribute $1 billion to $1.2 billion (P97 billion to P16.45 billion) to an integrated casino resort project in the Philippine capital. The investment commitment is part of an agreement with local gambling regulator PAGCOR for a provisional license to establish and operate the casino.
On Wednesday, two Philippine units of International Entertainment – Marina Square Properties Inc and New Coast Leisure Inc – received the said authorization document. The company said this week that PAGCOR will issue a standard casino gambling license once the project is completed. The licensee’s compliance with the implementation plan regarding the actual total cost of the complex also needs to be approved.
The new casino resort will not be built from scratch. It is a renovation and expansion of the existing New Coast Hotel Manila, which is controlled by Marina Square Properties. According to the project, the total area of the resort should to be at least 250,000 square meters. It will have a casino, a five-star hotel with 800 rooms, as well as restaurants, stores and recreational facilities.
The existing New Coast Hotel Manila operates a casino. International Entertainment has fully equipped it, including the installation of slot machines. The tenant of the gaming floor is PAGCOR, which operates the casino along with Marina Square Properties.
Under the terms of the agreement, after the casino is taken over by International Entertainment, the investor must hire at least 50% of PAGCOR’s employees. These are employees who are already directly involved in gaming operations. Also, at least 95% of the staff must be hired from the local community.
It is known that the provisional license will allow International Entertainment to independently operate casinos and gambling in addition to the hotel business. According to the company’s own statement, this will potentially increase future revenuesы.
Reminder: casino operator Penn Entertainment has struck a deal with a developer of robotic security guards.
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