In a significant move to enhance its casino and hotel services, International Entertainment Corp has announced a comprehensive PHP1.47 billion (US$25.5 million) renovation plan for its New Coast Hotel Manila, Philippines. This initiative, led by its wholly-owned subsidiary New Coast Leisure Inc, aims to modernize the facility and expand its gaming capacity, promising a boost in visitor attraction and future revenue.

Contract details and renovation scope:

The contract, signed with Kimberland Construction Inc on February 14, encompasses a broad range of upgrades including the design, demolition, construction, and retrofitting of the Manila-based property. The renovation will address various structural and aesthetic aspects, from walls and floors to air conditioning and fire safety systems. This renovation is not just an overhaul but a strategic enhancement to align with the latest in luxury and gaming trends.

As detailed in the recent filings with the Hong Kong Stock Exchange, the renovation will significantly increase the gaming capacity at the hotel. The plan includes expanding the number of gaming tables from 80 to over 110 and slot machines from about 500 to more than 920. This expansion is expected to transform the ground floor of the casino, making it a central hub for increased gaming activities and customer engagement.

Funded in part by HK$117.4 million of unutilized proceeds from previous financial activities, this project is a calculated move to leverage the company’s assets towards profitable growth. The International Entertainment board has expressed optimism that the expansion will not only enhance the property’s marketability but also significantly increase its future earnings potential.

International Entertainment’s investment is a clear indicator of its long-term commitment to its operations in the Philippines and Macau. The company, which took over casino operations from Philippine Amusement and Gaming Corp (PAGCOR) in May last year, is set on transforming the New Coast Hotel into a world-class integrated resort. As GGRAsia reports, this development follows the provisional gaming license granted by PAGCOR, marking a pivotal shift in the company’s operational focus and expertise.

Project impact on hotel and casino operations:

The renovation is expected to modernize outdated amenities, improve the overall quality of the hotel, and enhance the guest experience, thereby promoting premium customer experiences at both the casino and hotel. The board believes that these enhancements will attract more visitors and significantly boost revenues from both the casino and hotel operations.

The construction work is scheduled for completion by the end of the second quarter of 2025, with the company planning a phased payment approach for the project. This includes an upfront payment of 40%, regular progress payments totaling 55%, and a final retention payment of 5% post-completion, ensuring sustained attention to quality and detail throughout the project duration.