Gaming stocks fell sharply on Monday as the market weighed in the risks of a change in tax regime arising from the loss of tax-exemption status by the industry regulator Philippine Amusement & Gaming Corp. (Pagcor).
Alliance Global Group Inc. of tycoon Andrew Tan is seeking the consent of its creditors to amend the covenant governing the group’s $500-million Singapore-listed debt paper.
At the height of the world’s worst financial crisis in 2008, practically all businesses must have stood still. After all, the crash of major financial markets around the world, reported to be the “biggest economic debacle since the Great Depression in the 1930s,” may have prompted most companies to be more conservative in their business decisions.
Tycoon Andrew Tan-led Alliance Global Group Inc. is upbeat on its pioneering gaming complex and all other core businesses, unfazed by the decline in tourist arrivals from China and the recent softening of the Macau gaming industry.
Tycoon Andrew Tan has struck a deal to take over the Philippine bottling plant of global premium liquor manufacturer Diageo in Laguna, an acquisition seen bringing Alliance Global Group Inc.’s liquor brand Emperador into the international market.
Tycoon Andrew Tan-led Alliance Global Group Inc. grew its 2011 net profit attributable to parent equity holders by 68 percent to P11.6 billion.
