Hong Kong-listed International Entertainment Corp (IEC) said Sunday it expects to post a wider annual loss, citing higher expenses linked to its casino operations in Manila.
The group forecast a loss before taxation of at least HK$260 million ($33 million) for the year ended June 30, 2025, compared with a HK$162.2 million ($20.6 million) loss a year earlier, based on preliminary unaudited figures.
The company attributed the bigger shortfall mainly to higher staff, depreciation and amortisation costs after it took over operations of a Manila casino in May 2024 under a provisional licence. Marketing and promotional expenses also climbed during the venue’s first full year of operations.
IEC said the result was also dragged by a one-off write-off of property and equipment following renovation works at the casino, and higher interest expenses on bank borrowings tied to its resort project in the Philippine capital.
The group is still working with auditors to determine if any impairment loss needs to be recorded, which could further widen the deficit.
The company received 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, with casino operations officially beginning in May 2024.
In June of this year IEC 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 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.
