(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.