IEC bets big on Philippines with $1.2B casino resort expansion

A high-stakes gamble: IEC's billion-dollar Philippine casino project faces losses but banks on long-term growth. Can it outshine rivals like Melco and Bloomberry?

, and Administrator

2026 March 29 . 5:02 AM

2 min read

The image shows a bustling bongabon public market in the Philippines, with vehicles on the road,... — The image shows a bustling bongabon public market in the Philippines, with vehicles on the road, people walking, buildings with name boards, light poles, and a sky with clouds in the background.

IEC bets big on Philippines with $1.2B casino resort expansion

International Entertainment Corp. (IEC) has expanded its presence in the Philippines with a major casino deal. The company agreed in May 2024 to purchase and manage the Pagcor casino at its New Coast Hotel property. This move comes as the Philippine gaming industry reports record growth, with revenues hitting 410 billion pesos in 2024—a 25% increase from the previous year. IEC's involvement in the Philippines began in 2007 when it acquired a casino hotel in Manila and a plot of land in Novos Aterros do Porto Exterior. Now, the company plans to invest between $1 billion and $1.2 billion in renovations. The goal is to transform the property into an integrated resort featuring family entertainment alongside gambling.

The expansion, however, has come at a cost. IEC issued its fifth profit warning in two years, forecasting a loss before taxes of at least HK$260 million ($33.4 million) for the fiscal year ending June 2025. The company attributed this to rising expenses, including general administration, marketing, and a write-off related to the renovations. Despite revenue more than doubling in the six months through December 2024, losses continue to widen as IEC takes over the Philippine casino.

IEC will now compete with established players in the market, such as Melco Resorts & Entertainment, Bloomberry Resorts, and LET Group. Meanwhile, Pagcor is pushing ahead with plans to sell all 43 of its casinos, aiming to raise at least 50 billion pesos ($870 million) from the sales. The Philippine gaming sector has seen strong growth, with 2024 revenues reaching new highs. IEC's investment signals confidence in the market, even as it faces financial challenges from expansion. The company's long-term strategy depends on turning its renovated resort into a profitable venture amid stiff competition.