Hong Kong-listed International Entertainment Corporation (IEC) is set to enter the Philippine online gaming market after its subsidiary signed a cooperation agreement with Total Gamezone Xtreme Incorporated (TGXI), a wholly-owned subsidiary of Philippine-listed gaming operator DigiPlus Interactive Corp.
According to a filing with the Hong Kong Stock Exchange, New Coast Leisure Inc. (NCLI), an indirect subsidiary of IEC and operator of LaVie Resort & Casino Manila, entered into the agreement with TGXI on June 9th, after trading hours.
The two parties will collaborate on a non-exclusive basis on the integration, aggregation, provision, technical support, and operation of approved online games and related gaming content through an online gaming platform connected with the Manila property, subject to approval from the Philippine Amusement and Gaming Corporation (PAGCOR) and applicable laws and regulations.
The agreement follows IEC’s April 17th announcement of its intention to commence online gaming and deepens the company’s ties with DigiPlus, which holds convertible bonds issued by IEC with a principal amount of HK$1.6 billion ($205 million). Full conversion of the notes would give the Philippine group a 53.89 percent controlling stake in IEC.
Under the cooperation agreement, NCLI will be responsible for maintaining its PAGCOR licenses, regulatory reporting and compliance obligations, tracking and auditing of daily gaming activities, and internal reviews.
TGXI, described in the filing as an experienced online gaming operator, will provide the gaming software system, game aggregation, game content certified by Gaming Laboratories International (GLI) or another PAGCOR-recognized laboratory, technical support, and operational data to assist NCLI’s compliance work.
The agreement has an initial term of two years and will be automatically renewed for successive one-year periods unless either party gives at least 30 days’ written notice of non-renewal. The filing did not disclose a fixed revenue-sharing ratio; revenue, fees, and commissions will be split based on the ‘actual undertaking and contributions of the parties.’
NCLI obtained its online gaming licenses in 2025, comprising the Electronic (e-Casino) Games Operator license, accreditation as a Gaming System Administrator of PAGCOR-licensed gaming venues for electronic games, and accreditation as a Game Content Provider. The board said the cooperation enables the group to leverage this licensing status while drawing on TGXI’s existing platform.
The structure ‘allows the Group to capitalize on TGXI’s established Online Gaming infrastructure, significantly reducing the time and resources required to build a platform from the ground up,’ the company said in the filing, adding that the group ‘is positioned to enter the Online Gaming industry efficiently, compliantly, and competitively.’
The board cited the rapid expansion of the Philippine online gaming sector, pointing to a forecast by market research firm IMARC Group that the country’s gaming market will reach $9.87 billion by 2033, representing a compound annual growth rate of 8.29 percent for 2025 to 2033. It also noted PAGCOR’s reforms in early 2025, which reduced licensing fees from 55 percent to 30 percent for land-based operators and 25 percent for integrated resorts.
The filing noted that the platform will apply internet protocol blocking to all non-Philippine IP addresses, with player registration and bets from outside the country not accepted. On that basis, IEC’s Hong Kong legal adviser confirmed the operation will not contravene the city’s Gambling Ordinance.
