Pengeluaran HK

Stakes rise in casino’s bid for tax breaks

The continued erosion of Burswood Ltd’s foreign high-roller business has highlighted how critical it is for the Perth casino operator to win tax concessions from the West Australian Government to remain competitive in a market that the company pioneered in Australia.

The contrast in fortunes between Burswood and Melbourne’s Crown casino¬†Pengeluaran HK ¬†has also provided Mr Kerry Packer’s Publishing & Broadcasting Ltd with a persuasive case to put before the WA Government to scrap Burswood’s 10 per cent individual shareholding cap.

In its 2001 results released last week, Burswood revealed a further deterioration in its international commission business revenues, which declined 31 per cent to $54.5 million. Five years ago, that figure was $238 million.

To generate those ICB revenues, Burswood had to pay $38.4 million in junket commissions and rebates.

Its effective tax rate of 16 per cent (including a 1 per cent park board levy) would have cost a further $8.7 million, suggesting meagre overall ICB returns once various other operating expenses were accounted for.

While a similar crimp on ICB earnings forced Sydney’s Star City casino to abandon its pursuit of foreign high-rollers, Burswood’s managing director, Mr John Schaap, reaffirmed last week his commitment to the …

Read more →

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Fly The Shift will use the information you provide on this form to be in touch with you and to provide updates and marketing.