International Entertainment assumes operations of Manila’s New Coast Casino?

Jenny Ortiz May 10, 2024

Share it :

International Entertainment assumes operations of Manila’s New Coast Casino?

International Entertainment Corporation has officially taken the reins of the Casino Filipino New Coast branch in Manila, previously owned by the Philippine Amusement and Gaming Corporation (PAGCOR). The Hong Kong-listed company acquired the property as part of PAGCOR’s privatisation initiative.

The handover process between PAGCOR and International Entertainment’s subsidiary, Marina Square Properties, Inc. (MSPI), was completed, leading to the commencement of limited operations on Thursday. The full transfer of casino operations to International Entertainment is scheduled for May 11, as per the company’s announcement.

Compliance and governance?

International Entertainment Corporation underscores its commitment to regulatory compliance and responsible gambling. The company has implemented internal control procedures, including a comprehensive anti-money laundering and counter-terrorist financing program (MLPP), aligned with relevant laws and regulations.

Financial arrangements?

As part of the Provisional Licence Agreement with PAGCOR, the casino operator is obligated to remit a monthly minimum guaranteed share (MGS). In recognition of the licensee’s operational commencement in May 2024, PAGCOR has granted a pro-rated monthly MGS of PHP60 million (€969,021), subject to adjustment if licence fees exceed this amount.

Operational focus?

With the transition now underway, International Entertainment Corporation is poised to leverage its expertise and resources to enhance the New Coast Casino’s offerings and customer experience. The company aims to solidify its presence in the Philippines‘ bustling gaming landscape while contributing to the local economy and community.

PAGCOR’s privatisation plans?

During the ASEAN Gaming Summit last March, PAGCOR Chairman Alejandro Tengco stressed the vital importance of privatisation, stating, “Emphasizing PAGCOR’s regulatory function through privatization is crucial for promoting fair competition and rejuvenating the industry.”

Tengco also outlined plans for the gradual privatisation of Casino Filipino properties, aiming for a leaner, more focused organization dedicated to regulatory tasks.

Tengo said that after full privatisation, PAGCOR’s revenue will mainly come from regulatory fees, licences, and a portion of gross gaming revenue, as the agency optimize operations to become more agile and efficient.?