Hong Kong-listed International Entertainment Corp. expects to report a loss attributable to its shareholders of no less than HK$90 million ($11.6 million) for 2H24.
This marks a significant increase from the loss of approximately HK$36.1 million ($4.7 million) reported for the same period in 2023, largely driven by elevated operating costs.
According to a filing with the Hong Kong Stock Exchange on Friday, the company attributes the increased loss to several factors, with one of the primary contributors being the rise in general and administrative expenses, mainly due to staff costs, depreciation, and amortisation. These expenses have been incurred for operating and managing the casino, as well as for the development of an integrated resort in Manila, Philippines.
International Entertainment took over the casino operations at New Coast Hotel Manila in May 2024 under a provisional gaming license granted by the Philippine Amusement and Gaming Corporation (PAGCOR) in September 2023.
Additionally, the company has faced higher interest expenses on bank borrowings related to the establishment and ongoing operation of the casino and resort development under the provisional license.
The gaming operator notes that it is still in the process of finalising its interim results for the period. The official interim results are expected to be published on February 27th, 2025.
A week ago, International Entertainment’s subsidiary in the Philippines, New Coast Leisure Inc., signed a PHP1.47 billion ($25.5 million) agreement for the renovation of its New Coast Hotel Manila property.
The renovation contract was signed with Kimberland Construction Inc. on February 14th, 2025. This move is part of the company’s broader efforts to enhance both hotel and casino operations.
The renovation plan includes expanding the gaming space on the ground floor, increasing the number of gaming tables and the number of slot machines. The company is optimistic that these upgrades will drive future revenue growth for the casino.
International Entertainment’s commitment to its integrated resort project in Manila remains strong, with an investment pledge of between $1 billion and $1.2 billion for development.
