International Entertainment commits $1 billion to expand Coast Hotel Manila
International Entertainment Corporation, a glittering jewel of Hong Kong’s entertainment scene, has announced plans to make a jaw-dropping investment of US$1.0 billion to US$1.2 billion to expand Coast Hotel Manila in the Philippines.
Under the newly revealed investment plans, state-of-the-art hotel and casino resort will be developed and established in Manilla in the Southeast Asian country.
The commitment to invest the aforementioned amount falls squarely within the ambit of a visionary agreement. International Entertainment has signed the agreement with the Philippine Amusement & Gaming Corp. (Pagcor). This collaboration has resulted in the birth of a provisional license agreement of epic proportions, granting International Entertainment the keys to two extraordinary venues in the Philippines.
According to emerging media reports, the Philippine gaming regulator, Pagcor, has graciously bestowed a conditional license upon New Coast Leisure Inc. and Marina Square Properties Inc. This landmark permit empowers them to embark on an extraordinary journey through the development and operation of a state-of-the-art casino and the development of an integrated resort (IR), all nestled within the pulsating heart of Manila. The provisional license agreement between the two sides will also grant the Hong Kong-listed entertainment giant the autonomy to independently operate and oversee casino operations & gambling activities.
In a newly released statement, the regulator stated, “Pagcor shall issue the regular casino gaming license upon completion of the project and upon approval of the licensee’s compliance with the implementation plan in relation to the actual total project costs.”
The statement pertains to enhancing the New Coast Hotel Manila, an existing property managed by Marina Square Properties Inc. It signifies the company’s assurance to elevate the property to new levels of luxury and create an unparalleled hospitality experience in Manila.
All set to undertake a transformative venture in Manila, International Entertainment aims to breathe new life into the New Coast Hotel Manila as well as its casino operations. The property, encompassing more than 2.69 million square feet, will witness a remarkable upgrade, which will elevate the current casino offerings. The luxurious New Coast Hotel Manila, a five-star marvel, will boast the addition of 800-room opulent hotel, an array of leisure and shopping facilities, an exquisite selection of mouth-watering dining options, and a thrilling casino experience to allow guests to get immersed in an extraordinary world of entertainment and luxury in the heart of Manila.