International Entertainment Corporation (IEC) is doubling down on the Philippines, earmarking up to $1.2 billion to transform its Manila hotel-casino complex and ride the country’s booming gaming market.

The Hong Kong-listed firm secured a provisional license from the Philippine Amusement and Gaming Corporation (PAGCOR) as it works toward a full gaming permit, with plans to overhaul and expand the New Coast Hotel Manila. The casino—currently run by PAGCOR, which is phasing out direct operations—will eventually shift fully under IEC’s control once investment milestones are met.

The capital infusion will bankroll a sweeping renovation of the aging property, including a major expansion of gaming facilities. IEC plans to boost the number of tables from 80 to over 110 and increase slot machines from 500 to more than 920. Hotel capacity will also jump fourfold, from 200 rooms to around 800, alongside new attractions like a sports bar aimed at younger patrons.

Despite being outside Metro Manila’s fast-growing Entertainment City, IEC is confident its location offers a strategic edge.

“The property’s proximity to Manila Port, Chinatown, and Koreatown gives it access to affluent overseas visitors and draws interest from Japanese tourists,” said Aurelio Tablante, executive director and operations officer of New Coast Hotel Manila.

“To boost its appeal, the company is now planning to connect with gambling groups from Japan, South Korea, and Southeast Asia to broaden its customer base,” he added.

IEC is weighing both equity and debt options to fund the investment and has made clear it is focused on deepening its Philippine footprint rather than chasing expansion abroad.

The move comes as the country’s gaming sector hits its stride. Gross gaming revenue surged nearly 25% to P410.5 billion in 2024, driven by a more than threefold jump in e-gaming income to P135.7 billion.

PAGCOR expects industry-wide revenue to climb another 17% in 2025, forecasting that online platforms may soon rival physical casinos in top-line performance.