International Entertainment Corporation, an operator of hotel and gaming operations in the Philippines has issued a profit alert for 2H22, noting that it is expecting to decrease its net loss by some 95 percent compared to the HK$136.6 million ($17.41 million) loss registered in the same period of 2021.
The group notes that the narrowed less is primarily attributable to ‘an increase in revenue from the Group’s gaming and hotel operations’ and a decrease in loss on investment properties after the reopening of the Philippines’ borders and lifting of anti-pandemic measures in 1H22.
The group operates the New Coast Hotel Manila, previously known as New World Manila Bay Hotel, a 32-floor hotel with 370 guest rooms and a gaming facility.
In 2021, the group was also granted a provisional license by PAGCOR to build an integrated resort in Manila, set to have 250 gaming tables, 1,600 slot machines and 800 5-star luxury hotel rooms.
