HONG KONG SAR - Media OutReach Newswire - 11 April 2025 - Hong Kong-listed International Entertainment Corporation (1009.HK)(IEC or the Company), a Manila-based casino and hotel operator, has struck a provisional licensing deal with the Philippine Amusement and Gaming Corporation (PAGCOR), pledging $1 billion USD to $1.2 billion USD to fuel its forward-thinking growth plans in the Philippines' booming gaming sector.

The investment will fund a dual-pronged strategy: refurbishing existing properties and launching new developments to boost capacity and lure more tourists. Management also signaled an intent to pursue further casino resort opportunities in various regions, positioning the company for sustained expansion. To bankroll these efforts, the group is weighing equity financing and/or debt financing—a move that underscores confidence in its long-term vision.

Project Revamp to Attract Younger Clients

Vincent Li, Chief Financial Officer of the group, said that under new licensing requirements, they must fully oversee the operations of their venues and enhance services. This includes renovating existing properties, such as opening a sports bar in January, to draw in more young customers. Data from PAGCOR's third-quarter operations this year shows that local gambling-related revenue surged nearly 40% year-on-year, signaling room for further market growth. As a result, the group plans to develop its remaining undeveloped land over the next three to five years, adding a new integrated complex.

Though not located in Manila's emerging resort city, the project is well-positioned to attract a diverse group of customers, according to Executive Director and Hotel Operations Officer Aurelio Tablante. The property's proximity to Manila Port, Chinatown, and Koreatown gives it access to affluent overseas visitors and draws interest from Japanese tourists. Tablante emphasized that the Philippines' local and international guest markets have fully rebounded. To boost its appeal, the Company is now planning to connect with gambling groups from Japan, South Korea, and Southeast Asia to broaden its customer base.

Casino Ramps Up Expansion to 110 tables next year

According to the Company's recent announcement, a series of renovation work have been carried out at the hotel and integrated resort of the Group with a view to maintaining the hotel in good service and condition, and upgrading infrastructures and facilities of the hotel to complement the operation of the casino. The renovation work will create additional gaming space on the ground floor of the casino, as a result, the maximum number of gaming tables in the casino will increase from the current number of approximately 80 to over 110, and the maximum number of slot machines in the casino will increase from the current number of approximately 500 to over 920.

The Chief Operating Officer Bernard How further elaborated that along with classic baccarat, new games like Pair and Three-Card Lucky 6 options, Caribbean poker, sic bo, and more progressive tables will be added to attract players. Since starting a membership program in May, over 50,000 people have joined. The Company hopes to team up with entertainment and golf partners to bring in even more members.

Renovations have limited the hotel to just around 200 active rooms for now, but the Company projected that the number will rise to 800 once all the work and new additions are finished. The extra rooms are designed to serve high-stakes players and gambling groups. With multiple projects underway, Li indicated the company could seek funding from shareholders and/or debt financing to support the liquidity needs. For now, the group plans to stay in the Philippines, hunting for more local investment options rather than expanding overseas.

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