Hong Kong-listed International Entertainment Corporation (IEC) has entered into a Phase 2 construction contract valued at approximately PHP1.05 billion ($18.6 million) for the continued renovation and enhancement of its New Coast Hotel & Casino complex in Manila, Philippines.
The agreement was signed on May 30th, 2025, between IEC’s indirect wholly-owned subsidiary, New Coast Leisure, Inc. (NCLI), and Kimberland Construction Inc., an independent Philippine contractor. Under the contract, the contractor will be responsible for designing, constructing, furnishing, and upgrading various elements across the ground and third floors of the casino, as well as guest rooms and common areas within the hotel.
Construction works are scheduled for completion by the end of 2025. In the event of delays, the contractor may be subject to liquidated damages capped at 10 percent of the contract value.
This latest contract forms part of a larger renovation initiative disclosed in prior announcements dated September 27th, 2023 and May 9th, 2024. The initiative follows IEC’s receipt of a Provisional License from the Philippine Amusement and Gaming Corporation (PAGCOR) to establish and operate a casino. The license requires the group to invest between $1 billion and $1.2 billion into the integrated resort project. Casino operations officially began in May 2024.
The ongoing upgrades are designed to align the hotel infrastructure with the operational needs of the casino. The Phase 2 works follow the Phase 1 contract, signed in February 2025, and are expected to increase the casino’s gaming capacity from 80 to over 110 tables and from 500 to more than 920 slot machines.
The contract was awarded through a competitive tender process and will be financed through a combination of internal resources and debt financing. According to IEC, the renovation is aligned with the company’s strategy to enhance customer experience and drive future revenue growth.
