To attract VIP players
Tax rate gives Philippines advantage over Macau
2012-10-23
Reading time 33 seg
(Philippines).- The manager of Manila’s Entertainment City Solaire Resorts and Casino says the Philippines has a tax advantage over Macau to attract VIP players. While revenues generated from gaming by foreigners are charged at a tax rate of 15 %, revenues from gaming by locals are taxed at 27 %.
In Macau, overall casino gaming revenue is taxed at 39 %.
According to Philippine newspaper Malaya, Bradley Stone, president of Global Gaming Asset Management, said the tax advantage enables casinos in the Philippines to offer better pricing in the form of rebates especially for junkets. Global Gaming Asset Management will manage Solaire.
According to Stone, an ex-Las Vegas Sands executive, Solaire’s first phase is set to open in the middle of March 2013.
The property will be the first to start operations in Manila’s Entertainment City.
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