Philippine gambling revenue seen to double in 2 years

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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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. 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...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Donation Total: $10.00

 

 

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