Macau Tax Revenue Increases 15% in May, Contributes 79% to Total Region’s Income
Inside Asian Gaming reports that the Macau government collected MOP$5.7 billion (US$706 million) in gaming tax revenue in May 2023. The source also transfers the data from the Financial Services Bureau reporting that this gaming tax revenue level represents a 418% increase compared to the MOP$1.1 billion (US$136 million) collected in May 2022. The May 2023 tax revenue level reportedly also exceeds the April 2023 revenue figures by 15.2%.
Continuous Industry Improvement:
The latest data from the Financial Service Bureau testify to the continuous improvement of the Macau gaming industry since the re-opening of the gaming facilities in the city in January 2023. The improvement was apparent already in the first month of the post-Covid operations when the industry almost doubled the revenue figures in comparison to the same period last year.
15% Tax Revenue Increase in May:
The industry performance has been improving ever since to have the gross gaming revenue on a continuous rise reaching MOP$14.72 (US$1.82 billion) in April and MOP$15.57 billion (US$1.93 billion) in May. As the May tax figure refers to the gross revenue generated by the gambling industry in April, the 15% tax revenue rise expected at the end of April has now been confirmed by the latest Bureau’s figures.
On the year-to-date basis, the total gaming tax revenue amounts to MOP$20.8 billion (US2.58 billion), which is 83.6% above the level recorded for the first five months of 2022. The current MOP$20.8 billion level accounts for almost 41% of the government’s budget of MOP$50.85 billion (US$6.30 billion) anticipated for the financial year 2023.
Gaming Tax Accounts for 79% of the Total Income year-to-date:
As Macau government collected a total of MOP$26.2 billion (US$3.25 billion) in tax revenues over the first five month of 2023, it means that the gaming tax has represented 79.4% of the Macau income for the given period. The year-to-date figures seems promising for the city as 41% of the projected budget for the financial year 2023 has already been cashed in.
GGR Bounces Again in June 2023:
As Inside Asian Gaming reports another bounce of the region’s GGR figures over the first two weeks of June 2023, it seems that the industry prospects may reach the budget target well before the end of FY 2023. Indeed, Macau reportedly generated MOP$5.5 billion (US$681 million) in gross gaming revenues for the first 11 days of June, which means US$62 million per day against the recent average of US$56 million.
Another Strong Quarter Expected:
The weekly improvement has reportedly been driven by the opening of Jacky Cheung‘s residency at Sands Cotai Arena, and the opening of SJM’s Grand Lisboa Palace. Despite the booming 11 days, the gaming revenue levels are expected to settle at US$ 1.80 billion down from US$1.93 billion seen in May due to seasonality. But, the industry analysts reportedly expect another strong quarter and the recovery exceeding the pre-pandemic levels by as far as 80%.
As Inside Asian Gaming reports, JP Morgan‘s analysts DS Kim and Mufan Shi commented: “2Q results release will coincide with the summer holiday season – which will be the first holiday since reopening with no hotel/labor constraints, by which time we hope investment sentiment will stabilize to appreciate bottom-up fundamental improvements.”
Inside Asian Gaming reports that the Macau government collected MOP$5.7 billion (US$706 million) in gaming tax revenue in May 2023. The source also transfers the data from the Financial Services Bureau reporting that this gaming tax revenue level represents a 418% increase compared to the MOP$1.1 billion (US$136 million) collected in May 2022. The May…