Macau Tax Revenue To Hit $11.28 Billion in 2019

The Government of Macau, as well as all the key casino operators in this Pacific coast gambling enclave, have reasons to feel optimistic about next year’s gaming season which is projected to contribute with an astounding amount of tax turnover.

The draft budget which was presented at this week’s meeting has taken into the expected amount of $11.28 billion to be collected from direct taxes on gaming in 2019.

Expectations Exceeded as Growth Continues

The target revenue has already been sured by 7%, looking at the calendar year to October 31st – the targeted tax to be amassed in 2018 is expected to be in the region of $10.21 billion.

During the first ten months of this year, Macau has collected fiscal tax revenue that is 15.6% higher than the corresponding period last year – this is data provided by Financial Services Bureau.

The projected tax income for next year would take the city’s financial surplus to over $2.2 billion for the 12-month period.

The final tax revenue surplus should not come as a surprise, because Macau government is traditionally very conservative and restrained when making estimates of tax revenue relating to gambling market.

In fact, Wynn Resorts.

Home of the Big Names

All the global gambling conglomerates have their properties and resorts in Macau – some of the brands that boast their venues here are SJM Holdings’ Casino Grand Lisboa and Studio City Macau by Melco Resorts.

Under the city’s law, all of the operators are required to pay the 35% GGR tax as well as small duties for each gaming machine, VIP room and live dealer table.

2018 was quite eventful and turbulent for the biggest gambling hub on the planet – it had its ups and downs, but despite making good business overall, it reported a period of slowest growth since 201

However, the pace picked up a bit during the Golden Week Holiday which began on October 7th, during which over 850,000 people visited this city.

A large factor in slowing down of casino profits over summer was the Typhoon Mangkhut that hit the region hard in September…

…During this severe storm, as many as thirty casinos in Macau had to close their doors for two full days, resulting in terrible financial losses – the 33-hour suspension of all activities took away $200 million in GGR win.

Source:

“Macau govt expects gaming tax rev to hit USS11bln in 2019”, ggrasia.com, November 21, 2019.