Hong Kong-listed International Entertainment Corp (IEC) has announced a PHP1.47-billion ($25.5 million) renovation project for its New Coast Hotel Manila, aimed at upgrading hotel facilities and expanding casino operations.
The company’s Philippine-based subsidiary, New Coast Leisure Inc., signed a construction contract with Kimberland Construction Inc. on February 14. The project will involve interior redesign, utility system improvements, and enhanced 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the implementation of the construction work will improve the appearance and condition of hotel facilities, modernize outdated amenities, enhance the overall quality of the hotel, and promote premium customer experiences at both the casino and hotel,” IEC stated in a filing.
As part of the renovation, gaming space on the ground floor will be expanded, with gaming tables increasing from 80 to 110 and slot machines rising 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,” the firm said.
IEC took over casino operations at New Coast Hotel Manila in May 2024 under a provisional gaming license from the Philippine Amusement and Gaming Corp (PAGCOR).
The firm had previously announced a $1 billion to $1.2 billion investment to develop an integrated resort in Manila, as part of its agreement with PAGCOR.
Despite these expansion plans, IEC reported a HKD132.0 million ($17.0 million) loss for the year ending June 30, 2024. However, the company remains confident that hotel upgrades and casino expansion will drive future revenue growth.