Macau’s gaming tax revenues continue to soar, in August the Financial Services Bureau reported a gaming tax revenue of $893 million (MOP7.16 billion), marking a 4.8 percent increase from July. This growth is expected to strengthen, with projections indicating total gaming tax revenue could reach $10.49 billion (MOP83.61 billion) by 2024.
Steady growth fuels Macau’s economic recovery
Macau has collected nearly $7.37 billion (MOP58.78 billion) from gaming taxes in the first eight months of 2024, a substantial increase of 50.3 percent compared to the same period last year. With tax from gaming accounting for 84.7 percent of the Macau’s total fiscal income, the sector remains essential to the country’s financial stability.
Tax rate effective on casino gross gaming revenue (GGR) stands at 40 percent. This rate was implemented under the new 10-year gaming concession system that was introduced on January 1, 2023. Tax revenue figures are not directly correlated with GCR due to differences in timing of reporting and payment processes.
In August, the GGR hit $2.47 billion (MOP19.8 billion), showcasing stronger visitor engagement and higher spending at Macau’s concessionaire properties. This positive trend has continued in September’s figures. GGR has contributed to the 6.4 percent month-on-month increase in tax revenue for September, which climbed to $952 million (MOP7.62 billion).
Macau’s consistent month-on-month growth shows the resilience of its gaming sector, which has been recovering since the easing of pandemic-related restrictions.
Positive outlook for 2024
Macau’s financial outlook remains optimistic, projections suggest gaming tax revenues could reach $10.49 billion (MOP83.61 billion) in 2024. The industry has already achieved over 70 percent of this target within just nine months.
As Macau works to diversify its economy while maintaining its status as a global gaming destination, these strong results provide confidence for the future.
Macau’s gaming sector is playing a pivotal role in the city’s economic revival. With consistent growth in gaming tax revenues and a positive outlook for the future, Macau remains on track to achieve its financial goals. The government’s efforts to diversify the economy, combined with the sustained popularity of its gaming industry, are set to keep Macau’s financial health strong well into 2024 and beyond.
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