Macau tax revenue grows 2.3 pct

Macau tax collection from gaming during the first seven months of the year went up 2.3% to €7.47 billion.

Macau.- In the first seven months of the year, Macau tax collection from the gaming segment rose 2.3%. The government reported a €7.47 billion figure, which is more than two-thirds of its forecast for 2019.

According to the Financial Services Bureau, Macau’s total tax revenue reached €8.3 billion. That shows that the gaming industry makes up for about 90% of the total money that flows into state coffers.

The government forecasts Macau gaming tax revenue will reach €10.9 billion for the full year.

Non-gaming wishes

The Chinese territory of Macau has become famous for its gaming industry and one of the largest casino markets in the world. However, the government has said that it will look into non-gaming options to diversify the tourism industry in the city.

Lionel Leong Vai Tac, Macau’s Secretary for Economy and Finance, explained that a potential expansion of further options in the territory has the potential, not only to boost the industry as a whole but to help the casino segment as well.

The Chinese region continues to benefit from the gaming industry, as casino figures for Macau reported a 4.4% gross gaming revenue (GGR) during last month. The figure was helped by the Chinese New Year celebrations, which brought further visitors into the territory.

However, February’s result drove the market to a 0.5% decline on the accumulated 2019 year-on-year, down €5.47 billion.

“On a combined basis, January/February 2019 was flat year-on-year,” and added: “The January/February 2018 period saw year-on-year growth of 20 per cent setting up a difficult year-on-year comparison,” Sanford C. Bernstein analysts said.