Macau Casino Tax Revenue Continues to Reach New Heights
LISTEN TO THIS ARTICLE:Macau’s regulatory body, the Gaming Inspection and Coordination Bureau (DICJ), has reported tax revenues of MOP$6.44 billion ($799 million/€749 million) from its casinos for the month of August.
These recent figures show a 9.5% growth in revenue from taxes compared to those collected in July, setting a record-high monthly tax intake since the onset of the COVID-19 pandemic. Notably, August’s tax revenues are calculated based on July’s casino profits.
Macau’s Casinos Bouncing Back
This increase in tax revenue is directly linked to Macau's gaming industry resurgence, with gambling earnings consistently growing over the initial eight months of 2023. Specifically, the combined casino earnings for August reached MOP$17.21 billion ($2.12 billion/€1.98 billion), a 3.3% growth from July’s MOP$16.66 billion ($2.06 billion/€1.93 billion).
Cumulatively, the revenue for the initial eight months of 2023 stands at MOP$39.1 billion ($4.85 billion/€4.5 billion), marking a substantial 175% growth year-on-year.
Gaming Taxes Vital to Government Budget
In the fiscal year 2023, the gaming taxes are set to comprise 76.9% of the government’s projected budget of MOP$50.85 billion ($6.30 billion/€5.9 billion). However, the government’s total revenue accumulation to date is MOP$48.1 billion ($5.97 billion/€5.5 billion), indicating that gaming taxes have made up 81.3% of Macau’s overall revenue for this duration.
Related: China's Bond Issuance in Macau to Boost Economic Diversification
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