The reason behind the delay is the ongoing enhanced quarantine measures in the capital area, which is set to last until 20 August, as well as the new surges of Covid-19 cases in the country, reports Asia Gaming Brief. International Entertainment says the execution of the cooperation agreement is to be postponed until the release of the restrictions.
According to the agreement, Marina Square Properties, a subsidiary of International Entertainment, and PAGCOR would jointly operate New Coast Hotel Manila, with the regulator taking PHP100,000 ($1,980) per month and 40% of net gaming revenue. The casino would have a 15-year gaming licence.
The partnership would reportedly allow MSPI to gain experience in gaming operations prior to opening a new facility as an expansion of the company’s operations. The property would have 250 gaming tables, 100 junket tables, 1,600 slot machines and 800 five-star luxury hotel rooms.
Plans to build an IR (integrated resort) in Manila were first announced in 2020, when the group unveiled its plans 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.”
Initially, the deadline to sign the agreement was set for February 2022, and the development plan for the IR should be submitted to PAGCOR 120 days after the signing. However, the postponement of the accord could mean delays to the whole schedule.
