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Philippines betting company (PAGCOR) tax increased by 15%

May the Philippine government revenue obtained from the Philippine Amusement and Gaming Corporation (PAGCOR) increased by 15 percent to 1.17 billion pesos (85.71 million ringgit).

According to Republic Act No. 7656, that dividend method, PAGCOR government should pay at least 50 percent of annual revenue.

The state-run betting company is expected, given the March 16 opening of Solaire Resort and Casino, as well as improving the existing business revenue, total revenue this year is expected to reach 42 billion pesos (3.1 billion ringgit), dividends paid to the national government is expected to reach 11.1 billion pesos (RM800 million).

Solaire Resort and Casino is PAGCOR's Entertainment City project four large casinos first casino operations.

As of May this year, operating two and a half months, its operating income reached 1.3 billion pesos (95.24 million ringgit).

PAGCOR believes that this year the country's gambling revenue is expected to reach $ 2.5 billion (80 billion ringgit), due to the opening of Solaire.

From July 2010 to April 2013, total revenue PAGCOR of more than 107 billion pesos (7.84 billion ringgit), wherein at least 54 billion pesos (3.96 billion ringgit) has turned to the government for the country to contribute to the building.

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