International Entertainment Corp (IEC) has repaid a total of US$113 million in debt after issuing the first tranche of Subscription Notes to DigiPlus Interactive Corp.
The company confirmed it redeemed HK$489 million (US$63 million) in promissory notes and settled a further HK$392 million (US$50 million) in outstanding bank loans. The repayments were funded through the initial HK$800 million (US$102.5 million) tranche of Subscription Notes.
The Subscription Notes, totaling HK$1.6 billion (US$205 million) across two tranches, are part of a broader agreement signed in November. The deal will see DigiPlus acquire a controlling stake in IEC and its key asset, the rebranded LaVie Resort & Casino, which includes the New Coast Hotel Manila.
Once the full amount is issued and converted, DigiPlus is expected to hold a 53.89% stake in IEC.
IEC views the transaction as a major step toward improving its liquidity and overall financial position. Meanwhile, DigiPlus aims to expand its entertainment ecosystem by integrating a land-based casino platform with its digital operations.
IEC is currently transforming New Coast Hotel Manila into a full-scale integrated resort under a provisional license granted by Philippine Amusement and Gaming Corporation in 2023.
The company has committed to investing at least US$1 billion into the development and has already taken full operational control of the casino, which was previously managed by PAGCOR.
Milena Yeghiazaryan
Content Writer
Milena has recently entered the iGaming industry with curiosity, turning the latest industry insights into engaging and accessible content. Passionate about innovation and new opportunities, she enjoys exploring the iGaming world and sharing stories that keep readers informed and up-to-date.
