Following many months of negotiations and Asian hotel and leisure operator International Entertainment Corporation has reportedly announced that it has finally received conditional approval to transform one of its Philippines properties into a full-scale integrated casino resort.
According to a Tuesday report from G3Newswire, the Hong Kong-listed firm revealed that its Marina Square Properties Incorporated subordinate has been granted a provisional license by the Philippine Amusement and Gaming Corporation (PAGCor) regulator that is to see it bring casino gambling to an unnamed Manila venue. The source detailed that the authorization was received late last week with the undisclosed enterprise believed to be the New Coast Hotel Manila, which is located in the heart of the capital city’s Malate business district.
International Entertainment Corporation reportedly already leases equipment to PAGCor while moreover holding the Asian rights for a number of live poker events including those operated under the PokerStars brand from The Stars Group Incorporated subsidiary of online gaming and sportsbetting behemoth Flutter Entertainment. The Hong Kong-headquartered conglomerate moreover made approximately $22.14 million in May by offloading its controlling stake in English Championship football club Wigan Athletic and purportedly proclaimed that it now intends to ‘expand and upgrade’ the unidentified Manila hotel ‘by the establishment and operation of a casino and the development of an integrated resort’.
Choi Chiu Fai serves as Chairman for International Entertainment Corporation and he reportedly used an official company filing to declare that he is ‘pleased’ to have received the required conditional approval from PAGCor and now intends to commence negotiating ‘the terms of the provisional license agreement.’
Reportedly read a statement from Choi…
“As and when there is further development in relation to the provisional license agreement, the company will comply with all relevant requirements, and where necessary, make further announcements in accordance with the listing rules as and when appropriate.”