Int’l Entertainment issues over $100M subscription notes to DigiPlus
Hong Kong-listed International Entertainment Corp (IEC) has issued the first tranche of subscription notes worth HKD800 million ($102.5 million) to Philippine gaming group DigiPlus Interactive Corp, marking the first step in a transaction that will give DigiPlus a controlling stake in the company.
The issuance, completed on Tuesday, forms part of a broader HKD1.6 billion ($205 million) convertible note agreement signed in November. A second tranche of equal value is expected within three months, unless both parties agree otherwise.
Upon full conversion, DigiPlus will hold 53.89 percent of IEC’s enlarged share capital. Shareholders approved the deal alongside a whitewash waiver that exempts DigiPlus from triggering a mandatory general offer under Hong Kong listing rules.
The agreement provides DigiPlus with entry into the Philippines’ land-based casino sector. IEC controls New Coast Hotel Manila, which holds a provisional casino licence from the Philippine Amusement and Gaming Corporation (PAGCOR).
Resort funding and debt repayment plan
IEC is redeveloping New Coast Hotel Manila into an integrated resort and has committed at least $1 billion to the project. The company is aiming for a grand reopening in July, following its takeover last year of full operational control of the casino from PAGCOR.
After deducting around HKD2 million ($255,800) in expenses, IEC expects net proceeds of approximately HKD1.598 billion ($204.4 million) from the full subscription.
Of this amount, about HKD716.4 million ($91.6 million) will be allocated to working capital and upgrade works at the Manila property. A further HKD489.2 million ($62.6 million) will be used to repay promissory notes, while HKD392.4 million ($50.2 million) will go towards settling outstanding bank loans.
IEC owns and operates New Coast Hotel Manila, a five-star integrated hotel and casino complex in Malate. The property is undergoing renovation works covering both gaming and hotel facilities. Hotel upgrades are scheduled for completion in the third quarter of 2026. The complex currently features 203 rooms, 96 gaming tables, and 495 slot machines, alongside dining and event spaces.
Tanco outlines integrated ecosystem vision
In an exclusive interview with SiGMA News in November 2025, DigiPlus Chairman Eusebio Tanco detailed how the acquisition of a controlling stake in IEC forms part of a wider strategy to connect the group’s digital brands with a physical resort platform.
He said DigiPlus intends to align the casino, hospitality and events operations of New Coast Hotel Manila with its online brands, BingoPlus, ArenaPlus and GameZone, through shared loyalty programmes, co-branded events and cross-platform customer journeys. The aim is to create a unified entertainment ecosystem that bridges online engagement with on-site experiences.
“This supports [our] goal of building an omnipresent, customer-centric entertainment ecosystem,” Tanco told SiGMA News.
“We plan to retain the key operation team and add additional management staff to support [the] integration strategy between online and land-based casinos. In addition, DigiPlus has a strong governance framework and an experienced board, including executives with backgrounds in hospitality, gaming, and real estate, giving us the capacity to oversee the operations,” he added.
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