Manila could see a new IR as IEC prepares to issue request to PAGCOR
IEC plans to redevelop an unnamed existing hotel to create a new IR in the capital
Hong Kong’s Gaming investor IEC International Entertainment Corp announced that it intends to apply for a provisional gaming license from PAGCOR for its Marina Square Properties Inc. (MSPI) subsidiary to be issued a provisional license for the operation of gambling activities.
IEC has announced that it is preparing to send a request to the PAGCOR for its Marina Square Properties Inc.International Entertainment Corporation is an investment holding company.
The Company deals with hotel operations, and leasing of properties for casino and ancillary leisure and entertainment operations.
The announcement issued to PAGCOR says that the request is meant to “expand and upgrade the current hotel premises, facilities and services by the establishment and operation of a casino and the development of an integrated resort in the City of Manila, Philippines.”
In order for IEC to submit its application for a license to PAGCOR, it must first have the support of government officials.
If city officials provide a “Letter of No Objection” and a “City Council Resolution”, IEC can then forward its license application to PAGCOR for consideration.
Both the Letter of No Objection and City Council Resolution are requirements for PAGCOR to issue a provisional license and there are no guarantees yet that any of the steps will be met with approval.
Further announcements are to be made by the Company on a voluntary basis to keep the Shareholders informed in relation to the Government Approval and the application of the Provisional License.
