Macau gaming tax revenue down 44% in 2022
The government collected MOP19.11bn in fiscal revenue from direct taxes on gaming in 2022.
Macau.- The Financial Services Bureau has reported that Macau collected MOP19.11bn (US$2.39bn) in fiscal revenue from direct taxes on gaming in 2022. The figure was down 44 per cent when compared to the previous year.
The collection reached only 55.9 per cent of the government’s estimations after a 51.4 per cent annual decrease in gross gaming revenue to MOP42.19bn (US$5.25bn). This decline was caused by low visitation and the closure of casinos on several occasions due to Covid-19 restrictions.
In January of this year, there was a significant increase in visitation, driven by Chinese New Year, which led to an 82.5 per cent rise in gaming revenues, reaching MOP11.58bn (US$1.45bn). With Macau’s borders now open and testing requirements dropped, there are hopes for a recovery of tourism and gross gaming revenue this year, although it is not expected to reach the levels seen in 2019.
Macau Chief Executive Ho Iat Seng predicted Macau’s GGR for 2023 will be MOP130bn (US$16bn) while The University of Macau has predicted that the local economy will grow between 20.5 and 44.1 per cent this year.
Analysts predict a more significant economic recovery in the second half of the year. The most optimistic scenario suggests a recovery to 67 per cent recovery of 2019 GDP and an 82.8 per cent recovery in the exports of services.
