Macau tax revenues swell thanks to gaming resurgence

Macau tax revenues swell thanks to gaming resurgence

The government for Macau has reportedly announced that the amount of tax it collected directly from gaming operations for the first eleven months of 2018 rose by some 14.1{405d301c7a838ceaadbe01a007fa9749a0706fe815be9fe74cd1def5f2389de7} year-on-year to reach almost $12.13 billion.
Earlier prediction surpassed:
According to a report from GGRAsia citing official data from the enclave’s Financial Services Bureau, the amount gathered from January 1 to November 30 accounted for nearly 80{405d301c7a838ceaadbe01a007fa9749a0706fe815be9fe74cd1def5f2389de7} of the city’s total tax revenues of just over $15.22 billion and was 118.8{405d301c7a838ceaadbe01a007fa9749a0706fe815be9fe74cd1def5f2389de7} greater than an earlier formal prediction.

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Acceptable taxes:
Macau is home to some of the world’s largest and most famous gambling venues including the iconic Casino Grand Lisboa from SJM Holdings Limited and Melco Resorts and Entertainment Limited’s $3.2 billion Studio City Macau. All of these operations are reportedly required to pay a 35{405d301c7a838ceaadbe01a007fa9749a0706fe815be9fe74cd1def5f2389de7} gross gaming revenues tax alongside smaller duties for every live dealer table, gaming machine and VIP room they operate that takes the effective rate up to around 39{405d301c7a838ceaadbe01a007fa9749a0706fe815be9fe74cd1def5f2389de7}.

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GGRAsia reported that the Financial Services Bureau had earlier explained that it anticipated collecting some $10.21 billion in direct taxes from gaming for the entirety of 2018. However, these most recent figures purportedly suggest that the actual figure for the twelve-month period could end up being around 29{405d301c7a838ceaadbe01a007fa9749a0706fe815be9fe74cd1def5f2389de7} higher to hit approximately $13.14 billion.
Aggregated takings grow:
Citing official figures from Macau’s Gaming Inspection and Coordination Bureau, GGRAsia reported that the city’s over 30 casinos posted aggregated gross gaming revenues for the first eleven months of 2018 of slightly over $34.26 billion. This purportedly represented a swell of 13.7{405d301c7a838ceaadbe01a007fa9749a0706fe815be9fe74cd1def5f2389de7} year-on-year while a continuation of this trend could lead to the upcoming annual tally surpassing $37 billion.