Macau records swell in taxes from gaming

The government for Macau has reportedly announced that the amount of tax it collected directly from gaming operations over the first two months of 2019 increased by almost 4.8% year-on-year to reach in excess of $2.42 billion.

Indicative importance:

According to a report from GGRAsia citing official data from the enclave’s Financial Services Bureau, the substantial amount gathered for the 59-day period moreover accounted for some 85.7% of the just over $2.83 billion in overall taxes officials managed to amass in January and February.

Fitting tax rates:

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 required to pay a 35% 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%.

Continued success:

Macau collected some $2.31 billion in taxes from gambling in January and February of 2018 while the most recent figure comes after the city recorded a 13.6% year-on-year swell in such duties for the entirety of last year to almost $13.21 billion.

Growing surplus:

The government of Macau ended 2018 with a budget surplus of approximately $6.66 billion and had earlier conservatively predicted that it would collect around $12.14 billion in taxes from gaming operations for the entirety of this year. If true, this latter figure would lead to a further surplus of around $2.23 billion although experts purportedly expect this annual amount to be surpassed as the city’s January and February results have already seen this excess tally exceed $2.07 billion.

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