International Entertainment, a Hong Kong Stock Exchange-listed gaming and hotel operator, announced on Wednesday evening after trading hours that it has entered into an agreement with the Philippine gaming regulator, which PAGCOR has granted a provisional license to ‘establish and operate a casino and development of an Integrated Resort in the City of Manila’.
According to the filing, PAGCOR will issue a regular casino gaming license upon completion of the project and upon approval by PAGCOR of the licensee’s compliance with the implementation plan regarding the project costs.
The effectivity or term of the provisional license and the regular casino gaming license shall be co-terminus with the franchise of PAGCOR, which shall be effective from the date of the provisional license agreement until 11 July 2033.
International Entertainment has pledged to invest no less than $1 billion and up to $1.2 billion for the casino project.
According to the agreement, International Entertainment’s integrated resort shall have a total gross floor area of at least 250,000 square meters. The key concept components of the proposal approved by PAGCOR comprise a hotel with approximately 800 5-star luxury hotel rooms, a casino, restaurants, leisure facilities, and shopping arcades.
‘The Project components may change depending on market conditions but without changing the key concept, and without in any way diminishing the investment commitment amount. Changes in the Project components shall be subject to PAGCOR’s prior written consent,’ it read.
The filing has also revealed more details regarding the license fee. Starting from the date the Casino commences operations, the Licensee must remit the license fee to PAGCOR on a monthly basis.
PAGCOR will charge 15 percent of gross gaming revenue (GGR) generated from high roller and junket tables, and 25 percent of GGR generated from non-high roller tables and electronic gaming machines.