What’s turning out to be a game changer for the country’s fledgling gaming industry—and not necessarily for the better—is a shift in the tax regime from the 5-percent franchise tax on gross gaming revenues to a 30-percent tax on net income. This is seen affecting the bankability of the industry especially as investors had come in on the assumption of a competitive cost structure versus regional gaming hubs.
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).
Leisure estate and gaming firm Belle Corp.’s first-quarter net profit soared by nearly 15 times year on year as it started collecting rental income from Macau casino operator Melco Crown ahead of the 2014 opening of its integrated casino project in Pagcor City.
Leisure estate and gaming firm Belle Corp. expects to generate around $35 million a year in annual rental earnings from the operation by Macau’s Melco Crown group of Belle Grande, the second gaming complex to open at Pagcor City.
Listed Belle Corp. and Macau casino giant Melco Crown Entertainment Ltd. (MCE) have finalized their deal for the operation of the $1-billion Belle Grande hotel and casino, which is being built at the Pagcor Entertainment City in Parañaque City.
Leisure estate and gaming firm Belle Corp. has sealed a deal to take in Macau casino giant Melco Crown Entertainment Ltd. (MCE) as strategic partner in the $1-billion entertainment complex that will rise in front of Pagcor Entertainment City in Parañaque City by next year.
Property and gaming firm Belle Corp. posted an 11-percent year-on-year decline in its six-month net profit to P90.5 million due to lower real estate revenues.
Macau casino giant Melco Crown Entertainment (MCE) has teamed up with Belle Corp., an affiliate of SM Investments Corp. (SMIC), to create a $1-billion premier integrated resort complex that will aim for a chunk of Asia’s fast-growing gaming market.
The battle between the Chinoys and Castilaloys for the Ortigas central business district has become a reality after Ayala Land Inc. made a formal pitch to come in as a strategic partner of the Ortigas family, which, in turn, consolidated control of its holding firm last week by buying out the 34-percent stake held for the last 70 years by British banking giant HSBC.
What do Cebu Property Ventures and Development Inc., SM Development Corp., Filinvest Development Corp., Belle Corp. and Tiger Resorts, Leisure and Entertainment have in common?
Leisure estate and gaming company Belle Corp. grew its first-quarter net profit by 4.9 percent to P52.47 million on higher interest income, foreign exchange gain and equity in net earnings of associates.
The Philippine Stock Exchange has approved the plan of leisure estate and gaming firm Belle Corp. to raise about P4.5 billion from the sale of new shares to existing shareholders by September. The stock rights offering of about 1.5 billion shares at P3 per share intends to raise funds for Belle’s gaming and tourism complex [...]
