Why Singapore could lose to Philippines as Asia's 2nd biggest gaming hub

Manila casinos revenue 'could easily' double to $4b.

According to Bloomberg's report, Macau casino mogul Lawrence Ho said gambling revenue in the Philippines “could easily” double to $4 billion in a couple of years, setting the stage to challenge Singapore as Asia’s second-biggest gaming hub.

To ensure success, the Philippines will have to decide how to tax casino developers and operators, Melco Crown Entertainment Ltd. (MPEL) co-Chairman Ho said in an interview in Manila yesterday. In April, the nation’s tax bureau ordered all casino operators to pay income tax on their gaming earnings, removing an exemption provided for by the licenses given to four operators developing casinos in the capital.

The Philippines overtaking Singapore’s gaming market is “within striking distance” and “doable,” said the 36-year-old son of Macau gambling tycoon Stanley Ho. “A lot of it would depend on how regulators and government support this industry.”

Read full report here.

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