Key Moments:
- International Entertainment Corporation reported a net loss of HK$282.14 million ($36.26 million) for the fiscal year ended June 30, 2025.
- Group revenue surged to HK$566.16 million ($72.77 million), primarily driven by casino operations under its PAGCOR licence.
- Leadership changes were announced, with Luk Ching Kwan Corio appointed as independent non-executive director effective September 26, 2025.
Fiscal Year Performance Overview
International Entertainment Corporation (HKEx: IEC) reported that its net loss more than doubled year-on-year, reaching HK$282.14 million ($36.26 million) for the year ended June 30, 2025. This result came despite a strong increase in group revenues, which grew 146.38 percent to HK$566.16 million ($72.77 million). The robust revenue performance was mainly attributed to the group’s gaming operations carried out under its Philippine Amusement and Gaming Corporation (PAGCOR) licence.
Casino and Hotel Operations: Contrasting Results
Gaming operations accounted for HK$509.95 million ($65.55 million) in revenue, a sizable increase compared to HK$169.95 million ($21.84 million) from the previous fiscal year. IEC began its PAGCOR-licensed casino operations in May 2024 following the licence approval in 2023.
However, the hotel segment saw a drop in revenue, declining to HK$56.21 million ($7.22 million) from HK$65.72 million ($8.43 million) a year prior. Both sides of the business operated at a loss. Gaming operations finished the year with segment losses of HK$234.89 million ($30.2 million), up significantly from HK$59.13 million ($7.6 million) previously. The hotel segment also remained loss-making, compounding the group’s financial pressures.
| Segment | FY 2025 Revenue | FY 2024 Revenue | FY 2025 Net Loss | FY 2024 Net Loss |
|---|---|---|---|---|
| Gaming Operations | HK$509.95 million ($65.55 million) | HK$169.95 million ($21.84 million) | HK$234.89 million ($30.2 million) | HK$59.13 million ($7.6 million) |
| Hotel Operations | HK$56.21 million ($7.22 million) | HK$65.72 million ($8.43 million) | – | – |
Customer Concentration Trends
The company highlighted that a key customer contributed approximately 12 percent of total revenue for the period, equaling HK$69.42 million ($8.92 million). This represented a decrease from the previous year, when that same customer accounted for HK$120.99 million ($15.55 million) and made up a larger portion of total sales.
Major Investment in Manila Project
IEC is moving forward with the development of the Newcoast Hotel and Casino complex in Manila, positioning it as its central project. As stipulated under its PAGCOR licence, the company must invest between $1 billion and $1.2 billion in this property. Current renovation and expansion activities are underway, targeting an increase in the maximum number of gaming tables to 110 and slot machines to 920 in the next financial year. This growth initiative is intended to reinforce the group’s stake in Manila’s integrated resort landscape.
Strategic Outlook and New Leadership
With casino revenue now at the forefront, International Entertainment is shifting focus squarely onto the Manila project. Management has signaled that current results reflect the initial investment stage of this large-scale rollout.
On September 26, 2025, the company is set to implement leadership changes. Luk Ching Kwan Corio will serve as an independent non-executive director, replacing Lau Ka Ho following his resignation. Luk will also be chairman of the Remuneration Committee and join the Audit Committee. These moves are intended to bring new perspectives and governance expertise to IEC’s leadership team.
- Author
Daniel Williams
