International Entertainment Corporation has entered into a new hotel construction agreement valued at approximately PHP 566.95m, equivalent to about HK$72.17m, as part of its ongoing redevelopment of the New Coast Hotel Manila and its adjoining casino operations.
The contract signed between subsidiary New Coast Leisure, Inc. and Kimberland Construction Inc., covers a range of renovation and construction works. These include façade lighting upgrades, installation of an LED screen for the Pedro Gil canopy, exterior glass replacement, landscaping works and refurbishments to guest rooms and common areas. Mechanical, electrical, plumbing and fire protection systems on certain hotel floors will also be upgraded.
The works are scheduled for completion by the end of 2026. Payment terms include a 40% advance payment, 55% based on construction progress and a 5% retention sum payable after a one-year defects liability period.
The new agreement follows two earlier construction contracts signed in February and May 2025 for Phase 1 and Phase 2 works, valued at PHP 1.5bn and PHP1.1bn respectively. While the 2026 contract on its own falls below the 5% disclosure threshold under Hong Kong Listing Rules, it must be aggregated with the previous contracts. Together, the transactions constitute a disclosable transaction but do not require shareholder approval.
The renovation programme supports the group’s long-term investment commitment tied to its provisional casino licence granted by PAGCOR. The company has pledged total investments of between US$1bn and US$1.2bn for the development and operation of its Manila casino and hotel complex.
Management said the upgrades are intended to modernise facilities, expand gaming capacity and enhance overall customer experience, with the goal of strengthening future revenue from both hotel and casino operations.
When aggregated with two earlier construction contracts signed in 2025, the transaction exceeds the 5% threshold but remains below 25%, meaning shareholder approval is not required
