International Entertainment Preparing $1.2B Casino Resort in the Philippines
LISTEN TO THIS ARTICLE:International Entertainment Corp (IEC), a prominent Hong Kong-based conglomerate with extensive experience in the gaming and entertainment industry, has its eye on the Philippines for continued growth. It has announced plans to invest up to $1.2 billion in a new integrated resort (IR) with a casino in Manila, the country's capital, marking a significant stride in IEC's expansion strategy in the Asia Pacific region.
High Hopes for Philippine Gaming
IEC's ambitious project in Manila will feature a world-class IR, complete with a casino, luxury accommodations, dining options, entertainment facilities and extensive convention space. The resort aims to cater to both domestic and international tourists, positioning itself as a premier destination in Manila's thriving tourism landscape.
The $1.2-billion investment underscores IEC's commitment to the Philippines and its determination to contribute to the country's economic development and tourism sector. The IR is expected to create thousands of jobs during its construction phase and, once operational, further boosting employment opportunities in the region.
Related: Philippines Gaming Revenue to Double by 2028, Asserts PAGCOR BossThe project has received preliminary approval from the country's gaming regulator, the Philippine Amusement and Gaming Corp. (PAGCOR). It had to sign off on a license request for IEC to begin negotiating the IR, which it did in 2020. IEC has now presented its preliminary master development plan in accordance with the terms of the provisional license it received.
The decision to invest in the Philippines aligns with IEC's broader strategy of expanding its footprint in the Asia-Pacific gaming market. The Philippines has emerged as a hotbed for integrated resorts and casinos, attracting significant investments from international companies looking to tap into the region's growing tourism and gaming sectors.
IEC Expanding Its Reach
IEC is a well-established corporation with a diverse portfolio spanning various sectors, including gaming, entertainment, and property development. Founded in Hong Kong, the company has steadily grown its presence in the region and has successfully ventured into the gaming and hospitality sector.
IEC's gaming subsidiary, Marina Square Properties, operates the New Coast Hotel Manila, a popular IR and casino located in the heart of Manila's Entertainment City. The company's expertise in the gaming industry is evident through its track record of delivering high-quality experiences to both local and international guests.
The company's venture into the Manila market comes at a time when the Philippines is experiencing a surge in tourism, driven by its beautiful landscapes, rich culture, and vibrant cities. The addition of a new integrated resort is expected to contribute substantially to the country's tourism sector and bolster its reputation as a premier destination for travelers.
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