Content Writer: Janice Chew • Monday, 25/09/2025 - 15:02:14 - PM
Hong Kong-listed International Entertainment Corp (IEC) recorded a substantial loss of HK$282.1 million (roughly US$36.3 million) in fiscal year 2025, largely driven by cost pressures and a one-time write-off tied to the redevelopment of its New Coast Hotel in Manila. Despite that, the company saw total revenues rise steeply to HK$566.2 million (≈ US$72.8 million) — a year-on-year growth of about 146 % — as it assumed full operational control of casino operations from PAGCOR under its provisional license.
A notable performance driver was gaming revenue, which ballooned by 200 % to HK$509.9 million (≈ US$65.5 million), accounting for about 90 % of the group’s total revenue. Meanwhile, hotel revenue dipped 6 % to HK$56.2 million (≈ US$7.2 million), partially because some rooms were shuttered for the renovation works in progress.
IEC has committed to a full-scale redevelopment of New Coast into an integrated resort, targeting an investment of US$1.0–1.2 billion. The renovation plan includes expanding its casino footprint (raising table count from about 80 to 110, and slot units from 500 to 920), modernizing hotel amenities, and enhancing guest experience to boost occupancy and spending. To fund this, IEC is evaluating a mix of financing vehicles — including bank loans, debt instruments, or equity injections.
While the FY25 result underlines the heavy near-term financial burden of the expansion, IEC’s management is clearly banking on the dramatically higher gaming momentum and future ROI from the upgraded resort to reverse the trajectory.
