DigiPlus Interactive, the Philippines’ top online gaming provider, announced that it will acquire a majority stake in International Entertainment Corporation (IEC), the Hong Kong-listed parent of New Coast Hotel Manila, through a HK$1.6 billion ($205 million) convertible notes subscription.
IEC owns and operates the five-star New Coast Hotel Manila, an integrated hotel and casino complex licensed by the Philippine Amusement and Gaming Corporation (PAGCOR).
Located along Roxas Boulevard in Malate, the property is undergoing renovations, with the casino expected to reopen in January 2026 and the hotel slated to open by the third quarter of the same year.
The notes will be issued in two tranches: HK$800 million ($102 million) upon satisfaction of customary conditions, followed by another HK$800 million ($102 million) within three months.
The securities carry a 3 percent annual interest and may be converted into shares at HK$1.00 ($0.13) apiece, giving DigiPlus a controlling 53.89 percent stake in IEC. If not converted, the notes will be redeemable at 108 percent after five years.
“This move marks a defining step toward DigiPlus’ long-term goal to create the most innovative and enjoyable experiences through an entertainment ecosystem, powered by cutting-edge technology and localized products for different cultures,” DigiPlus Chairman Eusebio Tanco said in a financial dispatch.
The deal, which will combine IEC’s hospitality and gaming expertise with DigiPlus’ digital entertainment platforms such as BingoPlus, ArenaPlus, and GameZone, remains subject to approval by IEC shareholders, Hong Kong regulators, and the Philippine Competition Commission.
