International Entertainment Corporation announced its plan to invest in a new Manila integrated casino resort. The Hong Kong-based firm will set a budget of $1.2 billion for the project.
The company signed a Provisional License Agreement with the Philippine Amusements and Gaming Corporation for the new casino resort. IEC co-manages the New Coast Hotel casino. Also, the company already has a provisional casino license. However, the new license included the terms of the deal. However, the operator has no plans to offer live dealer casino on an online platform.
IEC disclosed on its website that it will deposit $100 million with PAGCOR in an escrow account as a deposit and another P100 million as a performance bond to ensure the project’s successful conclusion. If the construction or development is delayed by more than 50% from the timeline in the Implementation Plan for each of the main components in the applicable phase, the bond will be nullified.
New Manila Integrated Casino Resort
According to IEC, the company has already applied to PAGCOR for permission to implement the master development plan. A five-star hotel with 800 rooms, casino, restaurants, entertainment venues, and retail malls are all part of the plan for the integrated resort that would cover an area of at least 250,000 square meters. The only information about the proposed casino resort project’s location would be in Manila.
Around 1.3 million tourists arrive in the Philippines in the first three months of 2023. Also, the country’s Department of Tourism targets around 5 million tourists annually.
Solaire Resort and Casino, owned by businessman Enrique Razon and operated by Bloomberry Resorts; City of Dreams, operated by Melco Resorts and Entertainment and owned by Melco Resorts Leisure Corporation, Belle Corporation, Premium Leisure Amusement, Inc., and SM Investments Corporation; Okada Manila, operated by Tiger Resort Leisure and Entertainment Inc.; and Newport World Resorts, managed by biltong tycoon Steve Wynn.