International Entertainment Corp (IEC) has embarked on a significant journey, taking over the limited operation of the casino at its New Coast Hotel in Manila. This transition marks a pivotal moment as IEC prepares to assume full control from PAGCOR, the Philippines’ gaming regulator.
Transition to Full Casino Operations:
IEC’s provisional casino license, granted by PAGCOR last year, sets the stage for a comprehensive transformation of New Coast into an integrated resort. The transition to full casino operations on May 11 represents a culmination of strategic planning and regulatory approvals.
Collaboration with PAGCOR:
Operating under PAGCOR’s Casino Filipino brand until now, IEC has collaborated closely with the regulator to enhance the casino experience at New Coast. This partnership underscores a commitment to elevating gaming standards while adhering to regulatory guidelines.
Workforce Transition:
The recent approval by the Governance Commission for Government-Owned and Controlled Corporations (GCG) to abolish 929 permanent positions at the casino signals a workforce transition. However, proactive measures by IEC’s subsidiary, Marina Square Properties, Inc (MSPI), ensure continuity for many employees through relocation or hiring initiatives.
Internal Control Procedures:
IEC’s assumption of control entails the implementation of robust internal control procedures. A comprehensive money laundering and terrorist financing preventive program is in place, aligning with legal and regulatory requirements. These measures are pivotal in safeguarding the integrity of operations and fostering a secure gaming environment.
Financial Commitments:
Under the terms of the provisional casino license agreement, IEC commits to financial obligations, including a minimum guaranteed share to PAGCOR. This financial framework underscores a commitment to regulatory compliance and sustainable partnerships.
The transition of casino operations at New Coast Hotel represents more than a change in management; it signifies a strategic evolution towards a fully-fledged integrated resort. With meticulous planning, collaborative efforts, and adherence to regulatory standards, IEC is poised to redefine the gaming landscape in Manila. As the journey unfolds, the synergy between innovation and responsibility will shape the future of New Coast Hotel’s gaming experience.