International Entertainment Corporation Takes Control of Manila Casino

International Entertainment Corporation Takes Control of Manila Casino

International Entertainment Corporation has strategically assumed control of the New Coast Hotel Casino, underscoring our commitment to growth and expansion. Effective May 11, they have taken over the casino operations from PAGCOR and have been granted a Provisional License from the Philippine gambling regulator.

On September 27, 2023, the regulatory body in the Philippines granted IEC a temporary casino license, which is the basis for this declaration. According to casino pay per head experts, IEC will transform New Coast Hotel into an authentic, integrated resort.

To clarify, PAGCOR’s Casino Filipino brand operated the casino on the New Coast. IEC helped the operator improve the gaming experience. PAGCOR will receive a monthly fee from IEC for its interim casino licensing deal. Thus, IEC is due to pay PHP 60 million for May. Also, PAGCOR is trying to get rid of its Casino Filipino brand and solely become a gambling regulator.

International Entertainment Corporation Implements AML and CTF Policies

International Entertainment Corporation Takes Control of Manila CasinoThe organization’s official release states that the IEC has instituted new internal control processes to avoid fraud and noncompliance. As part of this effort, IEC has implemented an anti-money laundering and counter-terrorism funding program to ensure continued compliance. It is part of its deal with PAGCOR.

According to casino news reports, the program has been developed with solid principles for knowing your customers and a commitment to ethical practices. Additionally, it will guarantee collaboration with the AMLC and PAGCOR and ensure officers and workers understand their roles.

Additionally, the IEC has established a three-person anti-money laundering (AML) committee to ensure compliance with regulations and develop a thorough, risk-based AML and CTF program. The committee is responsible for monitoring the program’s execution and reporting to the board on the casino’s compliance status.

IEC Financial Report

IEC has released its financial accounts for the six months ended June 30, 2023. From the second half of 2022, the loss increased by 464 percent to $4.6 million. This is because it had to pay for the opening of its IR in Manila.

The firm’s gaming activity contributed around $14.3 million more to its bottom line, while investment properties were worth about HK$7.1 million more. The prior period’s fair value loss was over HK$16 million, a significant improvement.

General and administrative expenditures were increased by about $4.9 million. Expenses associated with preparing to operate and manage an integrated resort (IR) under the temporary license were also higher, including legal and professional fees and staff costs.

Developing, running, and administering the IR cost the corporation about $77.8 million, which increased to about $1.3 million in interest on bank borrowings. As a result, a net loss of almost $11.9 million in Hong Kong dollars increased.

However, they haven’t found a solution on how to open an online casino in the Philippines. Maybe they will do so in the future.

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