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 Monday as the market weighed in risks of a change in tax regime arising from the loss of tax-exemption status by industry regulator Philippine Amusement and Gaming Corp. (Pagcor).
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).
There seems to be no stopping the move to merge the Philippine Dealing System Holdings Corp. (PDS) with the Philippine Stock Exchange, with the latter as the surviving entity—a move that will create a unified bourse and allow fund managers, bankers and even retail investors to trade both stocks and bonds.
Bloomberry Resorts Corp., the first gaming firm to open at the country’s future gaming hub Pagcor City, is set to join the 30-company local equities barometer Philippine Stock Exchange index effective March 11.
Wynn Resorts Ltd. says Kazuo Okada has resigned from its board, potentially ending a long-running dispute between CEO Steve Wynn and the Japanese billionaire.
Universal Entertainment Corp. of Japanese businessman Kazuo Okada on Tuesday assailed the coverage of an international news agency on the alleged bribes paid by the gaming firm to a former consultant of state-owned Philippine Amusement and Gaming Corp. (Pagcor).
The House committee on good government is poised to conduct a parallel investigation into alleged anomalies involving former officials of the Philippine Amusement and Gaming Corp. (Pagcor) amid fresh revelations that a former consultant to the state-run gambling agency had received $30 million from billionaire Japanese casino operator Kazuo Okada.
Four license holders form the backbone of Philippine Amusement and Gaming Corp’s. (Pagcor) Entertainment City.
The Philippine Amusement and Gaming Corporation raked in a whopping P4.38 billion in the first three quarters of 2012, placing its gross income at P31.16 billion by the end of September.
MANILA, Philippines—The head of the state-owned Philippine Amusement Gaming Corp. (Pagcor) sees the country becoming a key player in international gaming, accounting for up to a tenth of the global gaming market in a few years. In a statement that reported on the highlights of a recent regional forum, Pagcor chairman Cristino Naguiat Jr. [...]
The Philippine Amusement and Gaming Corporation (Pagcor) expects to gain revenues up to P42 billion this year and around P45 billion in 2013.
