Content Writer: Janice Chew • Friday, 25/10/2025 - 22:13:23 - PM
Hong Kong-listed International Entertainment Corporation (IEC) has revealed that during its financial year ending June 30, 2025, it “diversified” its revenue streams by leasing gaming venues to a junket operator at its Manila property. The company took over casino operations at the New Coast Hotel Manila in May 2024 via its subsidiary under a provisional licence from the Philippine Amusement and Gaming Corporation (PAGCOR).
Despite revenue rising steeply — total revenue grew about 146.4 % year-on-year to HKD 566.2 million, and gaming revenue rose about 200.1 % to HKD 509.9 million for the year. However, the company still posted a widened net loss of HKD 282.1 million, compared with around HKD 132 million the year before. IEC attributed the loss to a one-time write-off of HKD 109.9 million related to property, plant & equipment (PPE) being demolished as part of the casino/hotel upgrade, plus elevated operating costs (staff costs, marketing) in the transition to direct casino management.
IEC has also committed to significant redevelopment of the New Coast property: earlier filings show the company has pledged an investment of US $1.0–1.2 billion for an integrated resort in Manila, inclusive of this hotel/casino complex. A separate contract in 2025 for “Phase 2” of construction/renovation at New Coast was announced: PHP 1.05 billion (approx US $18.9 m) covering the casino’s ground and third floors, hotel guest rooms and common areas, expected to complete by end of 2025.
The decision to lease part of the gaming area to a junket operator is noteworthy: it suggests IEC is leveraging third-party high-roller/junket relationships as part of its growth strategy, perhaps to attract premium players more effectively and reduce certain operational burdens. Since junket operations in the Philippines are regulated under PAGCOR’s rulings for enhanced due diligence (EDD) for junket players, this move comes amid a regulatory-intense environment. As IEC transitions the property to full capacity, management noted optimism: they expect the “grand opening” of the new ground-floor casino, expanded gaming tables and slots, and an enhanced guest experience to drive improved performance in the next financial year.
In short, IEC’s launch of junket operations at New Coast indicates a strategic shift toward premium gaming segments and venue optimisation, albeit operating amid short-term losses from the redevelopment phase. The success hinges on execution of the resort upgrade, regulatory compliance of junket business, and capacity to capitalise on the Philippine gaming market as it recovers and grows.