International Entertainment Corporation (IEC) announced that its wholly-owned subsidiary, New Coast Leisure, Inc. (NCLI), has signed a PHP1.47 billion ($25.5 million) with a local contractor for extensive renovations and construction works at the company’s New Coast Hotel Manila hotel and casino complex
With the casino’s operations having commenced in May 2024, the renovation aims to modernize the hotel and expand gaming capacity, potentially increasing the number of gaming tables from approximately 80 to over 110 and slot machines from about 500 to over 920.
The company’s board believes that these enhancements will not only attract more visitors but also significantly boost future revenues from both the casino and hotel operations.
IEC is an investment holding company based in the Cayman Islands, engaged primarily in hotel operations and gaming in the Philippines and Macau.
Under the terms of the contract, the contractor will be responsible for a broad scope of construction activities, including designing, demolishing, and retrofitting various facilities within the hotel and casino. The works are scheduled to be completed by the end of the second quarter of 2025.
The company’s board has decided to utilize approximately HK$117.4 million of unutilized proceeds from a previous placing to partially fund this construction contract.
This decision aligns with the company’s commitment to its ongoing projects, particularly following the recent grant of a provisional license by the Philippine Amusement and Gaming Corporation (PAGCOR) to operate the casino in September 2023.
