Hong Kong-listed International Entertainment Corporation saw its losses for its fiscal year ended June 30th go beyond expectations, booking a HK$282.14 million ($36.26 million) loss for the period.
The operator, which is now solely focused on the development of the Newcoast Hotel & Casino complex in Manila, has previously warned of a significantly widened annual loss – which increased by 113.8 percent yearly according to its most recent stock exchange filing.
The figure comes despite a healthy improvement in revenue, which rose to nearly HK$566.16 million ($72.77 million), up by 146.38 percent yearly.
The group operates its gaming operations under a license by the Philippine Amusement and Gaming Corporation (PAGCOR) – granted in 2023 but commenced in May of 2024, with its gaming operations during the period garnering nearly HK$509.95 million ($65.55 million). This is a massive rise from the HK$169.95 million ($21.84 million) seen from the same operation in fiscal 2024.
However, it also saw a drop in revenue from its hotel operations on a yearly basis, falling to HK$56.21 million ($7.22 million).
Both segments came out in the red in the fiscal year ending June 30th, with the gaming operation segment seeing a loss of HK$234.89 million ($30.2 million), a significant increase from the HK$59.13 million ($7.6 million) in fiscal 2024.
The group also benefited from one primary customer which contributed some 12 percent of its aggregate revenue – totaling HK$69.42 million ($8.92 million). However, this is a heady drop from the same amount contributed in fiscal 2024, which amounted to HK$120.99 million ($15.55 million).
Under the group’s PAGCOR casino license, the group is required to invest between $1 billion and $1.2 billion for the hotel and casino, with expectations its renovation works will increase the maximum number of gaming tables to 110 and the number of slot machines to 920 in the ‘coming financial year’.
