Hong Kong-listed International Entertainment Corp. plans to file an application with state-run Philippine Amusement and Gaming Corp. for a provisional license to build and operate an integrated resort project in the Philippines.
International Entertainment said in a disclosure to the Hong Kong Stock Exchange wholly-owned local subsidiary Marina Properties Corp. would apply for a gaming license with PAGCOR to expand and upgrade the current hotel premises, facilities and services of an integrated resort in Manila.
Marina Properties will also seek a no-objection letter from the local government unit of Manila on the planned casino project.
“As part of the requirement of PAGCOR for the issuance of the provisional license for the development of the integrated resort, MSPI is required to obtain a no-objection letter and a resolution issued by the government of the city of Manila posing that there is no objection for MSPI’s intention on the development of the integrated resort in the city of Manila,” the company said.
The company did not identify the exact location of the planned casino venture.
International Entertainment’s primary asset in the Philippines is the New Coast Hotel Manila, formerly known as New World Manila Bay Hotel.
International Entertainment acquired a 51-percent equity interest in AG New World Manila Bay Hotel that owns New World Manila Bay Hotel in 2007. In October 2016, International Entertainment through a subsidiary, completed the acquisition of the remaining 49-percent interest in AG New World Manila Bay Hotel.
The 32-floor deluxe hotel offers more than 370 guest rooms and a gaming area. The hotel’s facilities include restaurants, business center, conference rooms, swimming pool, music bar and fitness center.
President Rodrigo Duterte earlier ordered PAGCOR to stop issuing licenses to new casinos.
Existing casino operators have also suspended their operations since the middle of March this year following the implementation of the enhanced community quarantine to prevent the spread of the novel coronavirus.