Macau’s Financial Services Bureau has released gaming revenue data revealing that the gaming sector generated MOP$10.1 billion (€1.13 billion) in taxes during the first quarter of 2023.
According to the report, taxes grew by 15.8% from the MOP$8.7 billion generated in the same period in 2022. The report also breaks down the monthly tax revenues figures:
- January – MOP$1.58 billion (€176.9 million)
- February – MOP$4.51 billion (€505 million)
- March – MOP$4.02 billion (€450.2 million)
The growth in tax revenues can be directly attributed to the easing of pandemic-related travel restrictions. The border travel restrictions were completely dropped in January of 2023. As a result, gaming revenue for January grew by 82.5% year-on-year to MOP$11.58 billion (€1.29 billion). By April this figure had reached MOP$14.72 billion (€1.64 billion), a jump of 450%.
Gross gaming revenue (GGR) for the first quarter of 2023 was MOP$34.6 billion (€3.8 billion), up 94.9% year-on-year.
According to the Financial Services Bureau, the taxes collected from gaming during the first quarter of 2023 represent 19.9% of the Macau government’s budgeted tax haul of MOP$50.9 billion (€5.7 billion) for the full year. With projected forecasts of GGR putting the industry’s yearly figure at more that MOP$130 billion (€14.5 billion), Macau is well on track to exceed its forecasted tax income for the year.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.