Macau gaming tax revenue dips in first two months of the year

The government collected MOP14.24bn from casino operations in January and February.

Macau.- The Financial Services Bureau has reported that Macau collected MOP14.24bn (US$1.78bn) in taxes from casino operations in the first two months of the year. The figure was down 3.8 per cent in year-on-year terms.

Cumulatively, GGR for the first two months of 2024 was MOP38bn, up 0.5 per cent from the prior-year period. Tax revenue figures, however, cannot be directly compared because there is usually a delay between when GGR is documented and when the government recognises the tax as being paid.

Under the 10-year concessions that came into effect on January 1, 2023, casinos pay 40 per cent on gross gaming revenue (GGR). The 2025 budget plan, which the Legislative Assembly approved in December, estimates that Macau’s casino GGR will reach MOP240bn (US$29.7bn) this year. Gaming taxes are expected to reach MOP93.12bn (US$11.6bn). 

Macau GGR reaches US$1.82bn in first 23 days of March, Citigroup says

Analysts at Citigroup have estimated that Macau’s GGR for the first 23 days of March was MOP14.6bn (US$1.82bn). The estimated GGR run rate was MOP635m per day.

Analysts George Choi and Timothy Chau said GGR is flat in year-on-year terms. The daily run rate for the week of March 17-23 was MOP643m (US$80.1m), a rise of 3 per cent compared to the previous week (MOP621m). Analysts said VIP volume fell by 8 to 10 per cent month-on-month and mass GGR by 7 to 9 per cent. They said the VIP hold rate appeared to be higher than the previous week’s.

Citigroup said its March 2025 GGR forecast remains unchanged at MOP19.5bn (US$2.43bn). Flat year-on-year, this would represent approximately 75 per cent of the March 2019 levels. GGR for February was MOP19.74bn (US$2.46bn), an increase of 6.8 per cent in year-on-year terms and 8.2 per cent sequentially. GGR was 77.8 per cent of February 2019’s level.