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The Hong Kong-listed company International Entertainment Corp (IEC) has unveiled plans to renovate the New Coast Hotel Manila for PHP1.47 billion ($25.5 million). The renovation will strengthen the hotel’s dedication to providing first-rate hospitality and gaming experiences by updating its amenities and growing its casino.
Upgrading Facilities and Expanding Casino Space
IEC’s subsidiary, New Coast Leisure Inc., signed a construction agreement with Kimberland Construction Inc. on February 14. The renovation will revamp interior designs, upgrade utility systems, and enhance safety measures.
“The board considers that the implementation of the construction work will improve the appearance and condition of hotel facilities, modernize outdated amenities, enhance the overall quality of the hotel, and promote premium customer experiences at both the casino and hotel,” IEC stated in a filing.
A key part of the plan includes expanding the casino’s gaming area. The number of gaming tables will increase from 80 to 110, while slot machines will grow from approximately 500 to over 920.
“The company is optimistic that the enlargement in gaming capacity of the casino will improve the future revenue of the casino,” IEC stated.
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In May 2024, IEC took over management of the casino at the New Coast Hotel Manila, using a temporary gaming license issued by the Philippine Amusement and Gaming Corp (PAGCOR). Its overarching goal of forging a significant footprint in the gaming industry is in line with this remodeling.
After reaching a deal with PAGCOR, IEC previously announced a $1 billion to $1.2 billion investment plan to build an integrated resort in Manila.
Even though IEC reported a loss of HKD132.0 million ($17.0 million) for the fiscal year that ended on June 30, 2024, IEC is still optimistic that these improvements would lead to sustained revenue growth. The corporation wants to draw more guests and strengthen its position in Manila’s cutthroat hospitality and gambling industry with improved amenities and a bigger casino floor.
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