International Entertainment Corporation (IEC) has made waves in the gaming industry with its recent announcement regarding the commencement of limited casino operations at the prestigious New Coast Hotel property in Manila. With plans to take over full casino operations from the Philippine Amusement and Gaming Corporation (PAGCOR) on May 11, IEC is poised to redefine the entertainment landscape in the region.
International Entertainment Corporation Launches Limited Casino Operations at New Coast Hotel in Manila
Official Commencement of Operations
In a statement released on May 9, 2024, the Board of International Entertainment Corporation proudly declared the initiation of limited casino operations at New Coast Hotel. Effective May 11, 2024, IEC will assume complete control as the operator of the casino under the Provisional License, marking a significant milestone in the company’s journey towards establishing a world-class integrated resort.
Provisional License Acquisition
This groundbreaking development follows IEC’s acquisition of a provisional casino license from the Philippine regulator on September 27, 2023. With this pivotal milestone, IEC aims to transform New Coast Hotel into a premier integrated resort destination, offering unparalleled entertainment and hospitality experiences to its discerning patrons.
Transition from PAGCOR
Formerly operated under the PAGCOR’s Casino Filipino brand, the casino at New Coast Hotel now enters a new era under IEC’s stewardship. During its tenure as a supporting entity, IEC played a crucial role in enhancing the overall gaming experience, setting the stage for a seamless transition towards elevated standards of excellence and innovation.
Commitment to Compliance and Ethical Standards
In tandem with its operational expansion, IEC remains steadfast in its commitment to upholding stringent Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) measures. The company’s official statement underscores the implementation of robust internal control procedures aimed at preventing non-compliance and fraudulent activities.
Key Highlights of IEC’s AML and CTF Program
Ethical Standards: IEC has devised a comprehensive AML and CTF program anchored on high ethical standards and rigorous know-your-customer principles.
Employee Awareness: The program ensures that all officers and employees are well-versed in their responsibilities and actively collaborate with regulatory authorities, including the Anti-Money Laundering Council (AMLC) and PAGCOR.
AML Committee: IEC has established an AML committee comprising a minimum of three members tasked with formulating and implementing a risk-based AML and CTF program in strict adherence to legal requirements.
Board Oversight: The committee will provide regular reports to the Board, offering insights into the casino’s compliance status and reinforcing a culture of transparency and accountability.
Looking Towards the Future: The International Entertainment Corporation
As IEC embarks on this transformative journey, the company remains dedicated to fostering a safe, secure, and responsible gaming environment. With a firm focus on innovation, integrity, and inclusivity, IEC is poised to redefine the entertainment landscape in Manila and beyond, setting new benchmarks for excellence in the global gaming industry.
FAQs About International Entertainment Corporation Limited Casino Operations at New Coast Hotel in Manila
1. What is the significance of IEC’s limited casino operations at New Coast Hotel?
IEC’s limited casino operations signify the company’s strategic expansion into the gaming industry, positioning itself as a key player in Manila’s entertainment landscape.
2. How does IEC’s acquisition of a provisional casino license impact its business goals?
Acquiring the provisional license underscores IEC’s commitment to transforming New Coast Hotel into a premier integrated resort, offering enhanced entertainment and hospitality experiences to its patrons.
3. What sets IEC apart from its predecessors in casino operations?
Unlike its predecessors, IEC emphasizes stringent compliance with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) measures, ensuring a safe and secure gaming environment for all stakeholders.
4. What role does the AML committee play in IEC’s operations?
The AML committee is tasked with formulating and implementing a comprehensive AML and CTF program, fostering a culture of transparency and accountability within the organization.
5. How does IEC plan to redefine the entertainment landscape in Manila and beyond?
By prioritizing innovation, integrity, and inclusivity, IEC aims to set new benchmarks for excellence in the global gaming industry, elevating the overall gaming experience for its patrons.
6. What are the long-term implications of IEC’s expansion into casino operations?
IEC’s expansion into casino operations positions the company for sustained growth and success, contributing to the economic development of Manila and fostering a vibrant entertainment ecosystem.
