International Entertainment, a gaming and hotel operator in the Philippines, says it is expecting to record a profit for the year attributable to the owners of the company of HK$15 million ($1.92 million), up from a loss of HK$256 million ($32.7 million) in the previous financial year ended June 30th, 2022.
According to a positive profit alert from the company on Friday, International Entertainment notes that the expected turnaround is primarily attributable to an ‘increase in revenue from gaming and hotel operations, as well as a fair value loss of HK$121 million ($15.5 million)’ recorded in the previous year.
‘This was mainly because the gaming and tourism industries in the Philippines have shown significant recovery since the country reopened its international borders in February of 2022, followed by the dropping of all capacity restrictions and lockdowns in the first half of 2022,’ indicates the filing.
The annual report of the company is scheduled to be published on September 28th.
In May of this year, International Entertainment announced that it is purchasing a further 382 slot machines from RGB for some $5.73 million, to be placed in its New Coast Hotel Manila property.