• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 1 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Solaire owner Bloomberry to challenge decision after ordered to pay US$876,000 in taxes on loans to Korean subsidiaries

Newsdesk by Newsdesk
Wed 14 Jun 2023 at 15:03
Enrique K Razon JR

Jeju Sun Hotel and Casino

50
SHARES
1.3k
VIEWS
Print Friendly, PDF & Email

Bloomberry Resorts Corporation, operator of Manila’s Solaire Resort Entertainment City, says it plans to challenge a decision by the Philippines’ Court of Tax Appeals ordering the company to pay Php49 million (US$876,000) in outstanding Documentary Stamp Tax (DST) on loans and advances provided to its South Korean subsidiaries.

According to a report by GMA Network, the decision was handed down by the Court this week, which ruled that loans and advances provided to Solaire Korea Co Ltd and Golden & Luxury Co Ltd – both linked to its Korean casino operation Jeju Sun Hotel and Casino – were subject to the tax as per the Philippines tax code.

Bloomberry had argued that these loans and advances were not subject to the code because the recipients are not residents of the Philippines and therefore those loans and advances were not an “obligation or right arising from Philippine sources.” It also argued that the funds in question were used for the gaming operations of Jeju Sun by its subsidiaries, which are non-resident foreign corporations operating outside the Philippines.

However, the court’s 37-page ruling determined that, “Based on the foregoing, all loan agreements, whether made or signed in the Philippines or abroad, when the obligation or right arises from Philippine sources or the property or object of the contract is located in the Philippines, shall be subject to the payment of DST.”

It added that Bloomberry’s contention “fails to persuade”.

“Its (Bloomberry) involvement as an obligee made the transaction one that arises from Philippine sources under Section 173.  Thus, even if the obligors are non-resident foreign corporations, since the petitioner, the obligee, is a domestic corporation organized under Philippine laws, the said loans and advances clearly involve ‘obligation or right arising from Philippine sources’,” the court explained.

Documentary Stamp Tax is described by the Bureau of Internal Revenue as “a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto.”

In a Wednesday filing referencing the GMA Network report, Bloomberry acknowledged the court’s findings but said it plans to file a motion for reconsideration to challenge the decision. It also pointed out that the outcome of this case is not material to the company’s operations.

The decision by the Court of Tax Appeals comes after the recently re-opened Jeju Sun recorded gross gaming revenues of Php1.2 million (US$21,500) in 1Q23, reversing a GGR loss of Php8.5 million (US$153,000) in the December quarter.

It was, however, a far more impressive result at Solaire where GGR climbed 80% year-on-year and 9% sequentially to Php16.0 billion (US$287 million), with Bloomberry booking net income of Php3.0 billion (US$54 million).

RelatedPosts

Casino Filipino venues to receive first delivery of almost 2,000 new slot machines by mid-September

PAGCOR board, including Chairman Tengco, tender courtesy resignations following Presidential call

Thu 29 May 2025 at 14:15
Mindslot-e leads first Philippines slot machine deployment for AGS with debut of “Lion Cash”

Mindslot-e leads first Philippines slot machine deployment for AGS with debut of “Lion Cash”

Wed 28 May 2025 at 06:08
Philippine billionaire Manny Villar to renew focus on Villar City estate following family election run

Philippine billionaire Manny Villar to renew focus on Villar City estate following family election run

Mon 26 May 2025 at 06:17
MGM looking to win hearts in Osaka with May IR exhibit

MGM Resorts calls on Thailand to ensure competitive tax rate, access for locals

Thu 22 May 2025 at 05:59
Load More
Tags: Bloomberry Resorts CorpJeju SunPhilippinestax
Share20Share4
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

10 Years Ago – Reimagining Sri Lanka

Sri Lanka gazettes draft bill to establish Gambling Regulatory Authority

by Newsdesk
Sat 31 May 2025 at 06:03

A draft bill that would establish an official regulator for the Sri Lankan gaming industry, to be known as the Gambling Regulatory Authority, has taken another step forward after being gazetted. According to the Sri Lanka Mirror, the official announcement...

RGB International signs agreement to distribute KL Saberi and Atlas gaming machines

After record-breaking sales in 2024, Malaysia’s RGB sees 1Q25 profit fall to

by Newsdesk
Sat 31 May 2025 at 05:53

Malaysian gaming product distributor RGB International Bhd has reported group-wide revenue of MYR73.6 million (US$17.3 million) for the three months to 31 March 2025, down 65% year-on-year due to a lower number of products sold. The figure was also 79%...

Robert Goldstein to step aside as LVS Chairman and CEO from March 2026, replaced by Patrick Dumont

Robert Goldstein: Macau gaming market challenged by increased competition, online gambling and US-Sino trade war

by Ben Blaschke
Fri 30 May 2025 at 06:42

Las Vegas Sands (LVS) Chairman and CEO Robert Goldstein has bemoaned the lingering impact of the US-China trade war, as well as increased domestic and regional competition and the rise of online gambling across Asia for sustained flatness in the...

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

by Ben Blaschke
Fri 30 May 2025 at 05:38

Industry figures taking part in the Thai Entertainment Complex Roundtable (TECR) next Thursday 5 June hope to find common ground with those who oppose Thailand’s Entertainment Complex Bill, citing the opportunity to use an evidence-based approach to achieve outcomes that...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English