(AsiaGameHub) – International Entertainment Corp (IEC) has settled US$113 million in debt, utilizing funds from the first issuance of Subscription Notes to DigiPlus Interactive Corp.
The company verified the redemption of HK$489 million (US$63 million) in promissory notes and the payment of an additional HK$392 million (US$50 million) in bank loans. These settlements were financed by the initial HK$800 million (US$102.5 million) portion of the Subscription Notes.
These Subscription Notes, amounting to HK$1.6 billion (US$205 million) in two tranches, form a component of a wider November agreement. This arrangement will result in DigiPlus obtaining a controlling interest in IEC and its principal property, the recently renamed LaVie Resort & Casino, which encompasses the New Coast Hotel Manila.
Following the issuance and conversion of the total note amount, DigiPlus is projected to own a 53.89% share of IEC.
IEC considers this deal a significant move to enhance its liquidity and financial health. For its part, DigiPlus seeks to grow its entertainment portfolio by merging a physical casino platform with its digital business.
Under a provisional license from the Philippine Amusement and Gaming Corporation issued in 2023, IEC is presently converting the New Coast Hotel Manila into a comprehensive integrated resort.
The company has pledged a minimum investment of US$1 billion for this development and has already assumed complete operational management of the casino, taking over from PAGCOR.
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