Hong Kong-based International Entertainment Corp (IEC) is set to enhance its gaming facilities at New Coast Hotel Manila, with a $5.7 million acquisition of 382 slot machines from RGB International Bhd.
Agreement Details and Timelines
As announced in a recent Hong Kong bourse filing, the various models of slot machines will be sourced from RGB and installed at New Coast Hotel Manila, located in the heart of the Philippines’ capital. The hotel, previously known as New World Manila Bay Hotel, is managed by Marina Square Properties Inc, a subsidiary of IEC.
The in-house casino at the hotel is overseen by the Philippine Amusement and Gaming Corp (Pagcor), the nation’s casino regulator and operator. RGB will deliver 200 slot machines within a four to eight-week period following order confirmation, followed by a second batch of 182 units within a 12 to 18-week timeframe.
Funding and Objectives
The slot machine purchase will be funded through IEC’s “internal resources.” Currently, IEC leases the casino premises to Pagcor and provides gaming equipment, including slot machines.
In their announcement, IEC explained that some existing slot machines have been in place for many years and may need to be upgraded or replaced to maintain the appeal of the entertainment facilities. The investment in new slot machines is part of IEC’s strategy to enhance visitor attraction and improve the group’s gaming business income.
Anticipating the Tourism Rebound
IEC’s decision to expand its slot machine offerings comes as the global easing of Covid-19 travel restrictions sparks a rebound in the Philippines’ tourism industry. The group is keen to attract and cater to an increasing number of patrons as the sector recovers.
RGB’s Financial Performance
RGB, a Malaysia-based supplier of casino electronic games and services, recently reported a net profit of MYR9.3 million (approximately $2.1 million USD) for the three months ending December 31. This marks a significant improvement from the loss of MYR549,000 in the same quarter of the previous year, as stated in a filing to Bursa Malaysia in February.
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