International Entertainment gains provisional license for Manila IR

International Entertainment said it’s still negotiating the terms of a provisional gaming license with the Philippines Amusement and Gaming Corp (PAGCOR) and has yet to find suitable land for a resort.

In a filing with the Hong Kong Stock Exchange, the company said its Marina Square Properties Inc. (MSPI) unit had been scheduled to enter into the accord on, or before, Feb. 28.

However, the company and the regulator are still discussing the development scale and timeline of the integrated resort. It also said it has not yet identified suitable land to expand. 

International Entertainment last August reached an accord with PAGCOR designed to help it gain the relevant experience in running a casino ahead of the opening of its planned integrated resort. 

MSPI and PAGCOR formed a management committee for the operation of a casino at the company’s existing property in Manila. The company said its representatives through the committee have been participating in casino operations and monthly meetings and have had exposure to casino operations across the spectrum since the agreement.

International Entertainment also confirmed on Monday that its 2H21 pre-tax loss was HK$136.6 million, some 50 percent wider than the same period a year earlier due mainly to Covid restrictions in the Philippines. An increase in the fair value loss on investment properties was also a contributing factor.

Revenue fell to $27.6 million from $35.3 million the year before, while revenue from gaming was $15.7 million, up 9 percent.