Philippine gambling revenue seen to double in 2 years

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Phil casinoMacau casino mogul Lawrence Ho Yau-lung says gambling revenue in the Philippines “could easily” double to $4 billion in two years, setting the stage to challenge Singapore as Asia’s second-biggest gaming hub, the South China Morning Post reported.

To ensure success, the Philippines would have to decide how to tax casino developers and operators, Yau-lung, who is Melco Crown Entertainment co-chairman, said. In April 2013, the tax bureau ordered all casino operators to pay income tax on their gaming earnings, removing an exemption given to four operators developing casinos in Manila.

The Philippines was “within striking distance” of overtaking Singapore’s gaming market, said the 36-year-old son of Macau gambling tycoon Stanley Ho.

The Philippine gaming market was now worth $2 billion, a third of Singapore’s $6 billion, he said. Gaming revenue in Macau was $38 billion last year.

The tax bureau wants to impose a 15 per cent income tax on Philippine Amusement & Gaming Corp, the state regulator known as Pagcor, and its licensees on top of a 5 per cent franchise tax.Casino operators are in talks with the tax bureau and Pagcor over the end of the exemption. The Philippines’ relative tax advantage was supposed to help attract high-end gamblers.

Pagcor president Jorge Sarmiento said yesterday that the regulator had asked the Supreme Court to help settle the matter.

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Reading Time: 1 minute

Macau casino mogul Lawrence Ho Yau-lung says gambling revenue in the Philippines “could easily” double to $4 billion in two years, setting the stage to challenge Singapore as Asia’s second-biggest gaming hub, the South China Morning Post reported.

Reading Time: 1 minute

Phil casinoMacau casino mogul Lawrence Ho Yau-lung says gambling revenue in the Philippines “could easily” double to $4 billion in two years, setting the stage to challenge Singapore as Asia’s second-biggest gaming hub, the South China Morning Post reported.

To ensure success, the Philippines would have to decide how to tax casino developers and operators, Yau-lung, who is Melco Crown Entertainment co-chairman, said. In April 2013, the tax bureau ordered all casino operators to pay income tax on their gaming earnings, removing an exemption given to four operators developing casinos in Manila.

The Philippines was “within striking distance” of overtaking Singapore’s gaming market, said the 36-year-old son of Macau gambling tycoon Stanley Ho.

The Philippine gaming market was now worth $2 billion, a third of Singapore’s $6 billion, he said. Gaming revenue in Macau was $38 billion last year.

The tax bureau wants to impose a 15 per cent income tax on Philippine Amusement & Gaming Corp, the state regulator known as Pagcor, and its licensees on top of a 5 per cent franchise tax.Casino operators are in talks with the tax bureau and Pagcor over the end of the exemption. The Philippines’ relative tax advantage was supposed to help attract high-end gamblers.

Pagcor president Jorge Sarmiento said yesterday that the regulator had asked the Supreme Court to help settle the matter.

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