Hong Kong’s International Entertainment Corp (IEC) has terminated a hotel management agreement with NWHM (Philippines), the management firm that has run New World Manila Bay Hotel and Casino since 2014, in order to take operations in-house.
The termination comes into effect from 31 December 2019 with IEC stating that the hotel staff of its subsidiary NCHI, which owns the property, “had learnt and accumulated relevant knowledge and skills in hotel management and hotel marketing during the period such that the team has built up sufficient experience to undertake the scope of work.”
It also pointed to the shareholding interest of Mediastar International Limited – a subsidiary of Chow Tai Fook Enterprises – falling below 10% as a contributing factor. NWHM (Philippines) is a Chow Tai Fook company.
New World Manila Bay Hotel and Casino houses the Manila branch of PAGCOR operated Casino Filipino.