IEC delays PAGCOR New Coast Hotel partnership
International Entertainment Corp has postponed a cooperation agreement with PAGCOR for the development of its New Coast Hotel property in Manila due to Covid-19 countermeasures.
The Philippines.- International Entertainment Corporation (IEC) has reported that it has put back its cooperation agreement with the Philippine Amusement and Gaming Corporation (PAGCOR) to resume work on an IR in Manila.
The company said the decision was taken due to current restrictions in Manila related to the Covid-19 pandemic.
IEC’s New Coast Hotel will feature 250 gaming tables, 100 junket tables, 1,600 slot machines and 800 5-star luxury hotel rooms, as well as restaurants, leisure facilities and shopping arcades.
Under the cooperation agreement announced in July, IEC’s subsidiary Marina Square Properties (MSPI), will provide the gaming premises for the casino and office premises for PAGCOR’s headquarters.
PAGCOR and MSPI will jointly establish the management committee, which will have six members. The management committee will jointly manage the casino. MSPI will receive from PAGCOR a monthly fee of PHP100,000 (US$1,980) plus 40 per cent of net gaming revenue.
The company said approval from PAGCOR for the planned development is not expected before February 28, 2022. The project is expected to take at least two years to complete.
