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The Macau government has declared a considerable rise in fiscal revenue from gaming taxes, indicating the city’s continuous casino industry revival. Macau’s financial prognosis is looking up, with successive months of increased gross gaming revenue (GGR).
Impressive Monthly Revenue Growth
According to the Financial Services Bureau, the Macau government received more than MOP5.70 billion (US$706.4 million) in fiscal revenue from gaming taxes in May, representing a 15.2 percent increase over April. This increase illustrates the city’s gaming industry’s ongoing rising tendency.
From January to May 31, the government received over MOP20.77 billion in fiscal revenue from gaming taxes, reflecting an astounding 83.6 percent increase over the same period the previous year. The encouraging numbers highlight Macau’s tenacity and recovery in the face of adversity.
A brand-new gaming concession system
Since the start of Macau’s 10-year gaming concession system on January 1, the effective tax rate on casino GGR has been set at 40%. This system assures a consistent source of revenue for the government while also supporting the gaming industry’s long-term growth.
In May, Macau’s casino GGR hit MOP15.57 billion, a 5.7 percent increase over April. This is the third straight month of sequential growth in GGR, indicating that the industry is on the right track. Casino GGR reached MOP64.93 billion in the first five months of 2023, a stunning increase of 172.9 percent over the same period last year.
It is crucial to note that due to a variety of reasons, the tax collection data and casino GGR in Macau may not be directly comparable. Delays in GGR recording and tax registration can cause these data to be out of sync, making direct month-to-month comparisons difficult.
The Macau government originally predicted that the city’s casino gross revenue would reach MOP130 billion in 2023. Furthermore, gaming tax revenue is likely to exceed MOP50.85 billion this year, according to the budget plan. The first four months of tax collection constitute 40.8 percent of the predicted total, indicating a strong prognosis for future income growth.