Hong Kong’s International Entertainment Corp reported a loss of HK$305.3 million (US$39.4 million) for the year ended 30 June 2020, heavily impacted by the closure of New Coast Hotel Manila.
IEC leases space at New Coast Hotel to Philippines gaming regulator PAGCOR for gaming operations, but the property was closed on 15 March following implementation of a Luzon-wide community quarantine order by President Rodrigo Duterte. The hotel is yet to fully reopen despite a recent PAGCOR order allowing some Manila casinos to resume operations at 30% capacity.
According to IEC’s FY20 results, published Wednesday, revenue derived from the leasing of New Coast Hotel fell 38.7% year-on-year to HK$140.7 million (US$18.2 million). Revenue from hotel operations, including room revenue, F&B and hotel service income, declined 42.0% to HK$82.0 million (US$10.6 million).
As reported, IEC this week received conditional approval for the issuance of a provisional license from PAGCOR to transform the hotel into an integrated resort – although the full terms of such approval are still being negotiated.
IEC also revealed revenue of just HK$4.2 million (US$542,000) from live poker events for the year ended 30 June 2020, having previously acquired the rights to operate land-based live events and poker rooms under the branding of PokerStars in Macau, Japan, South Korea, Vietnam, Singapore, Malaysia and Cambodia.