International Entertainment Corp, which in May last year took over the casino operations at the New Coast Hotel Manila property (pictured) in the Philippine capital, warns it is likely to widen year-on-year its loss for the six months to December 31, to HKD90 million (US$11.6 million).
That’s compared to a HKD36.1-million loss attributable to shareholders in the equivalent half in 2023.
It gave the news in a Friday filing to the Hong Kong Stock Exchange.
Reasons for the likely wider loss included: “An increase in general and administrative expenses mainly due to staff costs and depreciation and amortisation being incurred for operating and managing the casino and the development of an integrated resort by the group in the city of Manila.”
That followed “the group taking over the casino operation since 9 May 2024 under the provisional licence granted by the Philippine Amusement and Gaming Corp on 27 September 2023.”
Other factors for the expected wider loss in the six months to December 31 were: “An increase in interest expenses on bank borrowings in the period, for the establishment and operation of a casino and the development of an integrated resort by the group under the provisional licence.”
In September last year, International Entertainment said it would have to invest between US$1.0 billion and US$1.2 billion to develop an integrated resort in Manila, an expansion to its New Coast Hotel Manila. The investment pledge was part of the agreement with Pagcor.
In its Friday filing, it added that its interim results for the relevant period were likely to be published on Thursday (February 27).
The Hong Kong-listed firm reported a loss attributable to its owners of just under HKD132.0 million for the 12 months to June 30, 2024.
In February the firm said one of its subsidiaries had signed an agreement worth PHP1.47 billion (US$25.4 million) for the renovation of the group’s New Coast Hotel Manila
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