International Entertainment Corporation (IEC) announces the official relaunch of its VIP lounge business at the Manila New Coast Hotel and the upcoming opening of the fully renovated casino floor, marking a substantial phase in the group's strategic transformation into an integrated resort entertainment carrier. IEC Chairman Wangming He stated that $1.2 billion has been invested in the overall renovation and upgrade, and the operational rights have been transferred from the Philippine gaming regulatory authority, securing a temporary gaming license. Despite a net loss of approximately HK$282 million in the fiscal year 2025, the company regards it as a strategic investment period. The project is expected to create thousands of local jobs, attract high-net-worth customers from East Asia, and promote the institutionalization and capitalization of Manila's gaming industry in the post-POGO era.
Project Relaunch and Strategic Positioning
International Entertainment Corporation (IEC) officially relaunches the VIP lounge business at the Manila New Coast Hotel and plans to open the fully renovated casino floor soon. This move signifies IEC's substantial phase in its strategic transformation into an integrated resort entertainment carrier, aiming to establish an international resort entertainment landmark in the Philippines.
The group has completed the transfer of operational rights from the Philippine Amusement and Gaming Corporation (PAGCOR), shifting from lease-based to self-managed operations.
Investment Scale and Renovation Details
IEC Chairman and CEO Wangming He revealed that the company has invested up to $1.2 billion in the overall renovation and upgrade of the hotel and casino. The renovation includes the expansion of the gaming area, optimization of the VIP reception system, introduction of high-end entertainment and conference facilities, and enhancement of comprehensive service capabilities.
The upgrade covers intelligent surveillance, RFID chip recognition systems, and international standard security facilities, ensuring operational safety and compliance.
Operational Transformation and License Acquisition
IEC confirmed in its 2025 financial report that it has completed the transfer of operational rights from PAGCOR and obtained a temporary gaming license. Wangming He stated that this move is a key step in establishing the "IEC Entertainment Empire," involving brand rejuvenation and business model transformation.
The group has shifted from lease-based to self-managed operations, enhancing control and flexibility over its business.
Financial Performance and Strategic Investment
The renovation period caused a short-term impact on revenue, with a net loss of approximately HK$282 million (about $36.3 million) recorded in the fiscal year 2025. The company views this as "growing pains paving the way for future growth," emphasizing that the long-term strategic value outweighs short-term financial performance.
Demolition of the old casino structure and systemic equipment upgrades are the main cost sources.
Industry Background and Market Transformation
The relaunch of IEC symbolizes a deep reshuffle in the Philippine gaming industry, with PAGCOR gradually exiting the direct operation system and private capital accelerating its entry. The industry is moving from single casino operations to an integration of entertainment, convention economy, and tourism ecology.
In the post-POGO era, the gaming industry tends towards institutionalization and capitalization, with Chinese capital refocusing on the Philippine market.
Economic Impact and Job Creation
The New Coast project is expected to drive thousands of local jobs, re-attracting high-net-worth players from East Asia back to Manila. The project relaunch is seen as a weathervane for the recovery of Manila's gambling industry and a manifestation of capital confidence returning.
The gambling economy is moving from the gray edge to regularization, promoting diversified development of the local economy.
Technology Upgrade and Experience Innovation
Wangming He emphasizes not only returning to the main stage but also defining a new type of gambling experience—high-end, safe, legal, and international. Technology upgrades include intelligent surveillance, RFID chip recognition, and international standard security facilities.
Innovation in experience aims to enhance customer satisfaction and market competitiveness.
Capital Movements and the Role of Chinese Capital
Capital from Hong Kong and mainland China refocusing on the Philippines is seen as one of the signs of industry recovery. The new layout of Chinese capital in the Southeast Asian entertainment economy reflects long-term confidence in the Philippine market.
Capital inflow accelerates industry revival, promoting a new round of development in Manila's gaming industry.
Regulatory Environment and Compliant Operations
The Philippine Amusement and Gaming Corporation (PAGCOR) continues to refine the regulatory framework, ensuring compliant development of the industry. IEC's acquisition of a temporary license indicates that its operations meet regulatory requirements, reflecting the trend of industry standardization.
Compliant operations are the foundation for sustainable development of the gaming industry in the post-POGO era.
Future Outlook and Development Trends
The relaunch of New Coast represents the brand reconstruction and capital return of Manila's gambling industry. The project's success may attract more international investors to the Philippine gaming market. The industry's future will focus more on integrated entertainment experiences and compliant development.
The Philippines is expected to become an important hub for gaming and entertainment in Southeast Asia.
