Thanks to an investment of up to $1.2 billion by International Entertainment Corporation (IEC), a Hong Kong-based corporation registered on the Hong Kong Stock Exchange, Manila will soon have a stunning integrated resort and casino project. The goal of this huge project is to change the city’s skyline.
By signing a Provisional License Agreement with the Philippine Amusements and Gaming Corporation (PAGCOR), IEC has accomplished an important milestone. This agreement represents a turning point in the project’s progress since it demonstrates IEC’s dedication to realizing this lofty goal.
IEC is doing all possible to make sure that this initiative is successful. The corporation intends to deposit $100 million (about P5.7 billion) to PAGCOR in an escrow account as part of its financial obligations. A further P100 million will be reserved for a performance bond. If there are substantial construction delays, this bond, which ensures that the project will be finished on time, would be lost.
The integrated resort’s master development plan, which has already been submitted to PAGCOR for approval, presents a comprehensive vision. The project, with a gross floor area of at least 250,000 square meters, includes a five-star hotel with 800 rooms, a top-notch casino, a variety of eating options, leisure amenities, and retail space.
The new casino resort project’s precise site is yet unknown, however it is known to be a part of the “City of Manila.”
The timing of this investment is ideal since it coincides with the Philippines’ easing of COVID-19 travel restrictions, which has led to an increase in foreign visitors. There were around 1.3 million foreign visitors to the Philippines in the first quarter of 2023, and this figure is projected to rise sharply.
5 million international tourists are the Department of Tourism of the Philippines’ ambitious goal for 2023. The gambling and entertainment industries stand to gain considerably from this tourism boom, which is expected to boost economic growth.
The directors of IEC have affirmed their belief in the initiative and the issuance of the provisional license. In addition to its current holdings in the hotel and hospitality businesses in the Philippines, this milestone enables IEC to independently engage in the gaming and entertainment industry.
Major firms including Solaire Resort and Casino, City of Dreams, Okada Manila, and Newport World Resorts are presently present in Metro Manila’s integrated resort and casino market. IEC’s proposal will increase competitiveness and inject new life into this burgeoning sector.
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