The good news is that International Entertainment Corp., a hotel operator listed on the Hong Kong Stock Exchange, saw its revenue increase by 1.9% this past fiscal year to reach $37.7 million.  The bad news is that also reported a net loss of $8.6 million during the same period. The loss follows the previous fiscal year loss of $5.3 million.

According to a statement by International Entertainment, the company saw an increase in revenue of $23.9 million stemming from a leasing deal signed with the Philippine Amusement and Gaming Corp (PAGCOR). This represents a 2.3% increase year-on-year and “was mainly due to increase in the net gaming revenue from the local gaming area operated by [PAGCOR].”

PAGCOR, through the leasing agreement, operates a casino inside a hotel owned by International Entertainment in Manila. The company stated of the agreement, “The monthly rental income is based on an agreed percentage of net gaming revenue generated from the local gaming area operated by [PAGCOR] as lessee of the group’s premises or a fixed rental amount, whichever is higher.”

International Entertainment is set to take over a professional soccer club out of England. The company announced a deal earlier in the year that will see it take ownership of Wigan Athletic AFC, a team that was recently promoted to the English Football League Championship.