International Entertainment Corp. (IEC), a Hong Kong-listed company, has announced a significant investment of $1 to $1.2 billion to expand its operations in the Philippines, capitalizing on the country’s rapidly growing gaming sector.
The company, which operates the New Coast Hotel Manila, recently obtained a provisional license from the Philippine Amusement and Gaming Corp. (PAGCOR) to manage the casino at the hotel, known as Casino Filipino New Coast, which was previously under PAGCOR’s direct operation.
In an interview with media outlet The Inquirer, Aurelio Tablante, IEC’s executive director and hotel operations officer, emphasized the hotel’s strategic location near Manila Port, Chinatown, and Koreatown, which positions it well to draw affluent overseas visitors, particularly from Japan and South Korea.
To broaden its customer base, IEC is also looking to form partnerships with gambling groups from these regions and Southeast Asia.
IEC’s expansion plans include extensive renovations to both the hotel and the casino, with ambitious goals to increase the number of gaming tables from 80 to over 110 and boost the number of slot machines from 500 to more than 920.
Additionally, the hotel aims to enhance its capacity by expanding from around 200 to 800 active hotel rooms. To attract a younger clientele, the company plans to introduce new amenities, including a sports bar.
The Philippine gaming landscape is poised for growth, with Pagcor projecting a 17 percent increase in total gambling revenue for 2025, driven in part by the burgeoning e-gaming sector.
Recent data revealed that gross gaming revenues in the local market rose by 24.81 percent to PHP410.5 billion ($7.2 billion) in 2024, with income from e-games surging by an impressive 309.20 percent to PHP135.7 billion ($2.4 billion).
