Tax ruling roils Manila Bay

    Published in: Latest IntelligenceThe future of Manila’s ambitious attempt to challenge the casinos of Macau and Singapore has been thrown into question following a ruling by the Bureau of Internal Revenue that the country’s casino and gambling operators must pay 30 percent corporate income tax.While locally listed companies involved in the four casino hotel projects — each valued at $1 billion or more — being developed at Manila Bay’s Entertainment City showed little public annoyance, investors were distraught. Shares of Melco Crown (Philippines) Resorts Corp. fell as much as 12.6 percent after news of the ruling spread this week while shares of its partner Belle Corp. were down as much as 10.3 percent. Bloomberry Resorts Corp. and Alliance Global Group Inc. dipped up to 5.8 percent and 4 percent respectively.Amado Macasaet, publisher of Malaya Business Insight, thundered in a signed editorial that the ruling was “a loud signal to...

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