Macau has witnessed a substantial increase in tax collection from casino operations for the first four months of the year.
According to data released by the Financial Services Bureau, Macau collected MOP29.86 billion ($3.71 billion) in taxes during this period, marking a remarkable surge of 98.2 percent compared to the same period last year.
In April alone, the Macau government collected MOP7.93 billion ($986 million), representing an 11.2 percent increase compared to March figures. However, despite the monthly increase, April’s gross gaming revenue (GGR) experienced a slight decline of 4.9 percent compared to the previous month, totaling MOP18.5 billion ($2.29 billion).
Nonetheless, this still reflects a substantial 26 percent increase compared to April 2023. Cumulatively, Macau’s GGR for the first four months of 2024 was MOP75.87 billion ($9.36 billion), up 53.7 percent year-on-year.
Under Macau’s 10-year gaming concession system implemented from January 1 last year, the effective tax rate on casino gross gaming revenue stands at 40 percent.
It’s important to note that direct comparisons between tax revenue and casino GGR in a given period are not straightforward due to various factors, including delays in tax registration after gaming revenue is recorded.
From January to April 30, gaming taxes accounted for 83.5 percent of the Macau government’s tax revenue, reaching a total of MOP35.77 billion ($4.4 billion). The government’s budget plan for 2024 targets MOP83.61 billion ($10.4 billion) in gaming tax revenue for the year, with the first four months’ collection representing 35.7 percent of that target.
Last year, Macau surpassed its revenue expectations by collecting MOP65.26 billion ($8 billion) in gaming tax revenue, exceeding the budgeted amount by 28.3 percent.
Original article: https://www.yogonet.com/international/noticias/2024/05/15/72174-macau-39s-casino-tax-revenue-soars-982-to-37-billion-in-first-four-months-of-the-year
