International Entertainment Corporation (IEC) has officially kicked off its initial phase of casino operations at the New Coast Hotel in Manila. The unveiling comes ahead of the company’s full takeover on May 11, marking a significant milestone as IEC steps into the shoes of the PAGCOR (Philippine Amusement and Gaming Corporation).
The Board is pleased to announce that on 9 May 2024, the Group has commenced its limited operation in the Casino. The Group will officially take over the entire casino operation with effect from 11 May 2024 and will be the operator of the Casino under the Provisional License.
This promising development follows IEC’s procurement of a provisional casino license from the Philippine regulator dated September 27, 2023. With this green light, IEC’s vision is now clear: to metamorphose the New Coast Hotel into a premier integrated resort.
From Supporting Role to Headliner
PAGCOR’s Casino Filipino brand previously helmed the gaming floors at New Coast, with IEC playing a supporting role, enhancing the overall gaming voyage for punters. It’s akin to moving from the side bets to the main pot, as IEC takes the reins and stakes its claim to a bigger share of the action.
The Big Deal: Provisional License and Monthly Fee
Under the terms of its provisional casino license agreement, IEC will be paying a monthly fee to PAGCOR. For May, that fee stacks up to a substantial PHP 60 million. That’s not just pocket change—it’s a hefty ante in the game of high-stakes casino operations.
IEC to Roll Out Robust AML and CTF Measures
IEC’s announcement also spotlights the group’s commitment to robust anti-money laundering (AML) and counter-terrorism financing (CTF) measures. Picture a fortress, resilient against the tides of non-compliance and fraud. These measures serve as the casino’s bulwark, ensuring that its operations remain as clean as a freshly shuffled deck.
The company outlines a comprehensive AML and CTF program designed with top-tier ethical standards and rigorous know-your-customer (KYC) principles. This ensures that every deal and transaction is above board, and every card is played fair.
A Committee to Keep It Straight
To safeguard these measures, IEC has established an AML committee consisting of at least three members. This trio will spearhead the formulation of a meticulous, risk-based AML and CTF strategy conforming to the law. Think of them as the vigilant pit bosses of compliance, overseeing the casino’s operations, and reporting directly to the board on the status of compliance.
IEC’s resolve in laying down such stringent control measures echoes through every statement, emphasizing their dedication to maintaining transparency and integrity in an industry where the stakes are perpetually high.
This announcement undoubtedly sets the stage for a thrilling chapter in IEC’s chronicle, with the cards now in their hands as Manila’s gaming landscape eyes seismic shifts. It’s a gamble, no doubt, but with strategic plays lined up, IEC is rolling the dice with confidence, ready to win big.
