International Entertainment Corporation has announced that it has begun operating its casino in Manila as of Thursday, a property previously owned b PAGCOR.
The casino, known as Casino Filipino New Coast branch in Manila, was acquired by the Hong Kong-listed International Entertainment Corporation under PAGCOR’s privatization initiative.
According to the Thursday filing, the handover occurred between PAGCOR and International Entertainment’s subsidiary, Marina Square Properties, Inc. (MSPI).
The casino commenced its limited operation on May 9th, and the group will officially take over the entire casino operation effective May 11th, becoming the operator of the Casino under the Provisional License.
The company emphasizes that the group has established internal control procedures and measures to govern the Authorized Gambling Activities in the Casino.
‘In particular, the Group has developed and put in place a money laundering and terrorist financing preventive program (the ‘MLPP’), which covers various measures and policies designed to detect and prevent money laundering activities in compliance with all applicable laws and regulations.’
Under the Provisional License Agreement with PAGCOR, the casino operator is required to pay a monthly minimum guaranteed share (MGS) to PAGCOR.
In light of the Licensee’s operation of the Casino, which commenced on May 9th, 2024, the Licensee is allowed by PAGCOR to avail of a pro-rated monthly MGS of PHP60 million ($1 million) for the month of May 2024, unless the computed License Fees will be higher than the MGS.
