DigiPlus to enter land-based casino biz as controlling shareholder of New Coast Hotel Manila parent International Entertainment Corp
Summary
DigiPlus Interactive Corp has agreed to subscribe to convertible notes worth HK$1.6 billion (US$206 million) in International Entertainment Corp (IEC), the parent of New Coast Hotel Manila. If DigiPlus converts the notes in full, it would hold a 53.89% controlling stake in IEC.
IEC said conversion would ordinarily trigger a mandatory general offer for remaining shares, but DigiPlus intends to apply for a Whitewash Waiver in Hong Kong to avoid that. The subscription remains subject to shareholder approval, and if the waiver is not granted DigiPlus can decide whether to proceed.
IEC intends to use around HK$716 million of the proceeds for working capital and upgrades to New Coast as it develops the site into an integrated resort (IR). A further HK$489 million will repay promissory notes and HK$392 million will go to outstanding bank loans. IEC’s IR plans call for at least 250,000 sq m gross floor area, around 800 five-star rooms and 20,000 sq m of retail and leisure space, with a pledged investment of at least US$1 billion.
Key Points
- DigiPlus to subscribe to HK$1.6 billion (US$206m) of convertible notes in IEC.
- Full conversion would give DigiPlus a 53.89% controlling stake in IEC.
- Conversion would normally trigger a mandatory general offer; DigiPlus will seek a Whitewash Waiver from Hong Kong regulators.
- About HK$716m earmarked for upgrades and working capital for New Coast Hotel Manila’s transformation into an integrated resort.
- Remaining proceeds will repay HK$489m in promissory notes and HK$392m in bank loans.
- IEC’s integrated resort plan: ≥250,000 sq m GFA, ~800 five-star rooms, ≥20,000 sq m retail/leisure; pledged spend at least US$1bn.
- DigiPlus, controlled by Eusebio Tanco, operates BingoPlus, ArenaPlus and GameZone and is expanding into Brazil and South Africa iGaming markets.
- Subscription agreement and any waiver are subject to shareholder approval and regulatory processes.
Context and relevance
This transaction marks a notable strategic shift for DigiPlus from online gaming into land-based operations, a diversification move driven partly by regulatory uncertainty in online markets. For IEC and New Coast, the deal provides near-term liquidity to advance its integrated resort project and to clear debt, which accelerates Manila’s broader IR development narrative.
Author style
Punchy: this is a consequential financing-and-control deal — it reshapes ownership, clears debt, and channels capital into a major IR build. Investors and industry watchers should track the Whitewash Waiver and shareholder vote closely; both will determine whether DigiPlus becomes the dominant force behind New Coast’s next chapter.
Why should I read this?
Short answer: if you follow Philippine gaming, this is big news. DigiPlus is moving from online into proper bricks-and-mortar casinos, and it could change competitive dynamics in Manila. Plus, there’s a lot of cash on the table to finish New Coast’s integrated resort plans — so expect more movement on licences, debt clean-up and construction timetables. Worth five minutes of your time.
