Content Writer: Janice Chew • Wednesday, 25/11/2025 - 22:06:47 - PM
DigiPlus Interactive Corp. (Philippines) has agreed to subscribe to convertible notes worth HK$1.6 billion (roughly US$206 million) in International Entertainment Corp. (IEC), the Hong Kong-listed parent company of New Coast Hotel Manila. Upon full conversion of the notes, DigiPlus would secure approximately a 53.89 % controlling interest in IEC — effectively taking control of the land-based resort asset.
The rationale behind this transaction is to provide DigiPlus with a strategic “offline platform” that complements its strong digital gaming ecosystem. DigiPlus stated that acquiring the stake would “strengthen DigiPlus’ omnipresent entertainment ecosystem by adding a strategic offline platform that seamlessly connects with its digital network, enhancing brand activation, player engagement, and customer experience across both physical and online touchpoints.”
IEC holds a provisional casino licence from Philippine Amusement and Gaming Corp. (PAGCOR) for New Coast, which is undergoing major redevelopment into a full integrated resort with a committed investment of at least US$1 billion. The planned redevelopment covers over 250,000 square metres, includes more than 800 five-star hotel rooms, and a minimum of 20,000 square metres of retail, gaming, dining, and leisure space.
The convertible notes are structured in two equal tranches of HK$800 million each, with a 3 % annual interest rate and a redemption option at 108 % after five years if DigiPlus opts not to convert into equity. The deal remains subject to shareholder approval (including securing a “whitewash waiver” in Hong Kong) and regulatory approvals, including from the Philippine Competition Commission.