IEC Posts HK$282.1M Loss Amid New Coast Redevelopment
Hong Kong listed International Entertainment Corp (IEC) recorded a net loss of HK$282.1 million (approximately US$36.3 million) for the fiscal year ending June 30, 2025. The widened loss was primarily driven by elevated operating expenses and a one time write down of property, plant, and equipment associated with the major redevelopment and expansion of its New Coast Hotel and casino in Manila.
Despite these financial challenges, IEC achieved robust revenue growth during its first full year operating under a provisional gaming license. Group revenue rose to HK$566.2 million (US$72.8 million), reflecting a 146% year-on-year increase and signaling a promising start for the company’s casino operations.
Gaming Revenue Powers Growth
Gaming income emerged as the main driver of performance, surging 200% from the prior year to HK$509.9 million (US$65.5 million), making up approximately 90.1% of total revenue. Meanwhile, hotel revenue declined to HK$56.2 million (US$7.2 million), or 6% of overall revenue, impacted by the temporary closure of certain rooms for renovation.
Ambitious New Coast Redevelopment
Following the award of its provisional license and taking full control of casino operations from the Philippine Amusement and Gaming Corporation (PAGCOR), IEC unveiled plans to transform New Coast into a fully integrated resort. The redevelopment budget is estimated between US$1 billion and US$1.2 billion.
Construction work has already commenced after IEC signed agreements with key contractors. The renovation will expand gaming capacity, increasing casino tables from 80 to around 110 and adding 500–920 gaming machines, alongside extensive improvements to existing facilities.
Enhancing the Guest Experience
IEC’s Board highlighted that the redevelopment will modernize both hotel and casino facilities while enhancing the premium experience for guests. These upgrades are expected to improve occupancy rates and drive higher spending per visitor.
Expanding gaming options is also projected to strengthen future revenue streams and reinforce IEC’s competitive position within the market.
Financing Plans
To support the redevelopment, IEC is evaluating multiple funding strategies, including bank loans, debt issuance and equity financing. This strategic investment underscores the company’s commitment to establishing a world class integrated resort in Manila aimed at attracting high end international clientele.
Positive Long-Term Outlook
While FY25 results reflect short term costs tied to expansion, the substantial growth in gaming revenue points to strong long term potential. IEC’s ongoing development and investment initiatives position the company to benefit from the continued recovery and growth of the Philippine gaming market.
As the New Coast Hotel and Casino evolves into a premier resort destination, IEC’s focus on infrastructure upgrades and elevated guest experiences underscores its long term confidence and dedication to generating sustainable value in Manila’s competitive leisure industry.
