Hong Kong-based International Entertainment Corporation (IEC) has obtained a provisional licence to operate a casino in Manila.
In June the firm, which operates New World Manila Bay Hotel and Casino through its subsidiary Marina Square Properties (MSPI), said it planned to redevelop an unnamed existing hotel to create a new integrated resort (IR) in the capital.
In a filing on Friday, it confirmed it has received a letter from the Philippine Amusement and Gaming Corp (PAGCOR) conditionally approving the issuance of a provisional licence.
The firm said: “MSPI and PAGCOR will further negotiate for the terms of the provisional licence agreement to be entered into between PAGCOR and MSPI in relation to the grant of the provisional licence.
“As and when there is further development in relation to the provisional licence agreement, the company will comply with all relevant requirements, and where necessary, make further announcements in accordance with the Listing Rules as and when appropriate.”