Macau gaming tax revenue rose 6.1 pct in the first quarter

The industry contributed €3.2 billion in Macau gaming tax revenue during the first three months of 2019.

Macau.- During the first three months of 2019, Macau gaming tax revenue was up 6.1% year-on-year. According to the Financial Services Bureau, the government collected €3.26 billion from the industry.

The figure was better than last year’s €3 billion, even after casino gaming gross revenue (GGR) was down in the first quarter. However, experts explained that figures are not strictly related as there is a typical delay between GGR records and tax registration.

According to the government, taxes collected from gaming amount to 87.6% of all the money raked from different segments.

Accumulated GGR for the first quarter of the year was down 0.5% to €8.38 billion. In January, casino GGR dropped year-on-year for the first time since 2016 and was down in March as well.

The industry’s optimism

“We believe the rolling Macau VIP market will resurrect,” Las Vegas Sands Corp president and COO Robert Goldstein said. “It has in the past and it will in the future,” he explained during a conference call with analysts.

The company revealed its first-quarter results and reported a €517 net profit, 60% down year-on-year. They reported net revenue of €3.24 billion for the three months, an improvement from 2018. Such increase was supported by revenue growth in the Macau portfolio, particularly in the mass-market segment.

“We had an outstanding quarter, especially in Macau,” Goldstein assured. “Our growth in base mass and premium mass… the numbers are just extraordinary,” he added

“This quarter signals our ability to perform exceptionally well in mass and premium mass,” he said. “The Parisian [Macao] delivered an outstanding quarter driven by huge growth in the premium mass business, and I think that will continue.”