Macau gaming taxes reach €5.3 billion
The government revealed that the amount collected from Macau gaming taxes reached €5.3 billion in the first five months of 2019.
Macau.- The gambling industry remains a major revenue source for the Macanese government, as shown in a recent report. Official figures revealed that money collected from Macau gaming taxes reached €5.3 billion between January and May 30.
The government released the figure last Wednesday and explained it represents 49.2% of the yearly budget forecast. Furthermore, money from Macau gaming taxes amounted for 90.8% of the collection from all sources (€5.85 billion).
The segment’s future
Macau continues to post lower figures month-by-month as the US-China trade war continues. That’s why brokerage Sanford C. Bernstein lowered its forecast for the growth rate of Macau’s gaming gross revenue (GGR) for June by 1%.
The financial firm’s analysts explained that the trade war will endanger the industry’s recovery, should it keep going. “Weaker-than-expected macro data for May – along with the recent heightened tension in U.S.-China trade relations – casts uncertainty over the GGR recovery. If a trade war sustains over an extended period, it will likely pose a headwind to China’s economy and gaming spend from China’s high-net-worth individuals in Macau.”
“In the long run, improvements in transportation infrastructure, the continued growth of the premium consuming class in China and the opening and ramping up of new casino resorts will support long-term growth in mass.”
