Hong Kongs International Entertainment Corp has revealed that a new integrated resort it plans to develop in Manila in the coming years will feature two-to-three sky high buildings and cover 250,000 square meters of total area, with substantial gaming and non-gaming attractions.
The update formed part of a filing by the company on Friday in which it revealed it had signed a cooperation agreement with PAGCOR that will see the two form a management committee for the resumption of casino operations at IECs New Coast Hotel Manila, where it currently leases casino and related gaming equipment to the Philippines gaming regulator.
Under the terms of the cooperation agreement, IEC subsidiary Marina Square Properties, Inc (MPSI) will provide the casino space as well as office space for PAGCORs headquarters and general offices in return for a fee, while the two organizations will also form a management committee comprising six members four PAGCOR representatives and two from MPSI.
The committee would jointly run the casino, with MPSI receiving from PAGCOR a monthly fee of Php100,000 plus 40% of net gaming revenue.
The idea, IEC said, is for its subsidiary to participate and accumulate relevant experience in gaming operations prior to issue of a Notice of Commencement by PAGCOR allowing the company to launch casino operations at its new Manila IR.
That remains some time off, with IEC currently on the lookout for a suitable plot of land for development of its IR. However, it seems that plot of land will be substantial with IEC revealing for the first time the full scale of its planned development.
As at the date of this announcement, it is the companys preliminary plan to construct two to three sky-high buildings with over 250,000 square meters in total area, around 800 5-star luxury hotel rooms, a casino with over 250 gaming tables, 1,600 slot machines, 100 junket tables, and numerous restaurants, leisure facilities and shopping arcades, it said.
IEC had previously only described its IR plan as an extension and upgrading of its current facilities at New Coast Hotel. The company said it is still reviewing a provisional license agreement issued by PAGCOR for its IR and expects to formally sign by February 2022, after which time it will submit the development plan for its IR to PAGCOR for approval within 120 days.
Upon obtaining PAGCORs approval, MSPI may commence the development of the Integrated Resort. The Company anticipates that the development of the Integrated Resort will take at least two years to complete, IEC said.
The company added it has not yet decided whether to continue with co-management of the casino at New Coast Hotel once its IR is operational.