Gaming tax revenue reached MOP51.55bn.
Macau.- The Financial Services Bureau has reported that Macau collected MOP51.55bn (US$6.42bn) in taxes from casino operations in the first ten months of the year. The figure was up 216 per cent when compared to the same period last year.
The rebound is logical given that there were Covid-19-related travel restrictions in place last year. In October, Macau’s GGR was up 30.6 per cent month-on-month and 400.2 per cent from last October. Cumulatively, Macau’s GGR for the first ten months of 2023 stands at MOP148.44bn (US$18.44bn), up 315.6 per cent compared to the same period in 2022.
Macau started new 10-year gaming concessions on January 1 with an effective tax rate of 40 per cent on casino gross gaming revenue. Earlier this week, Ho Iat Seng, Macau’s chief executive, said that Macau won’t reach its GGR target for this year. According to Asia Gaming Brief, he told a press conference after his 2024 Policy Address that he couldn’t provide a precise new estimate but that reaching the MOP180bn goal was “impossible.”