International Entertainment Corporation (IEC) has started limited operations at the casino in its New Coast Hotel in Manila. The transition to IEC’s full management from the Philippine Amusement and Gaming Corporation (PAGCOR) began on May 9, 2024, with full operations slated to start this past Saturday, May 11.
In their statement, IEC expressed their satisfaction with the development: “The Board is pleased to announce that on 9 May 2024, the Group has commenced its limited operation in the Casino, the Group will officially take over the entire casino operation with effect from 11 May 2024 and will be the operator of the Casino under the Provisional License.”
This step marks a significant milestone for IEC, which received a provisional casino license from the Philippine regulator on September 27, 2023. The company’s plan is to transform New Coast Hotel into a comprehensive integrated resort. Previously, the casino was managed under PAGCOR’s Casino Filipino brand, with IEC providing auxiliary support to enhance the gaming environment.
As part of its license agreement, IEC is committed to paying PAGCOR a monthly fee, starting with PHP 60 million for May.
In their efforts to maintain integrity and compliance, IEC has initiated strict internal control measures. These include a new anti-money laundering (AML) and counter-terrorism financing (CTF) program designed to thwart non-compliance and fraud. The program is built on strong ethical principles and thorough customer verification processes. It aims to ensure all officers and employees are fully aware of their responsibilities and fosters cooperation with the Anti-Money Laundering Council (AMLC) and PAGCOR.
Further strengthening its commitment, IEC has established an AML committee. This group of at least three members is tasked with developing a comprehensive, risk-based AML and CTF strategy in line with legal requirements. The committee is also responsible for monitoring the implementation of these programs and reporting on the casino’s compliance to the board.
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