International Entertainment Corporation, listed in Hong Kong, has moved one step closer to its target of turning an existing hotel in Manila into an Integrated Resort casino following the issuance of PAGCOR’s provisional licence.
It is assumed that the current construction is the New Coast Hotel Manila, situated in the heart of the business district of Malate.
The Chairman of International Entertainment Corp., Dr. Choi Chiu Fai Stanley, said: “The Board is pleased to announce that on September 18 2020, MSPI received a letter from PAGCOR, the regulatory and licensing authority for gaming and gambling in the Philippines, informing that PAGCOR has conditionally approved the issuance of the Provisional License to MSPI.
“MSPI and PAGCOR will further negotiate for the terms of the provisional license agreement to be entered into between PAGCOR and MSPI in relation to the grant of the Provisional License.
“As and when there is further development in relation to the Provisional License Agreement, the company will comply with all relevant requirements, and where necessary, make further announcement(s) in accordance with the Listing Rules as and when appropriate.”
By setting up and running a casino and building an integrated resort in the city of Manila, Philippines, the company aims to expand and improve the existing hotel premises, facilities and services.
The business leases casino equipment to PAGCOR and owns the rights to run land-based live events offering poker using the PokerStars brand in Macau, Japan , South Korea, Vietnam, Singapore , Malaysia and Cambodia through its Lucky Genius subsidiary.