The Macau government has announced the fiscal tax revenue for the first 11 months of 2023, revealing that they gathered MOP59.07 billion, or US$7.38 billion, in fiscal revenue, according to the Financial Services Bureau. This marks a significant increase compared to the previous year, with a rise of up to 230.3% despite the challenges posed by the COVID-19 pandemic.
The revenue was collected from taxes that the operators paid, particularly in the gaming industry. In November alone, the government gained about MOP7.52 billion in revenue, a 30.1% increase from October. This success is attributed to the implementation of new regulations, including the 10-year gaming concession system, which requires all operators to pay taxes on the casino’s gross gaming revenue (GGR), equivalent to 40% of the total revenue.
The gross gaming revenue for the year up to November was MOP164.49 billion, which is a significant 324.9% increase compared to the same period last year. Despite challenges in comparing gross gaming revenue and gaming tax revenue, the government has surpassed its expectations. The gaming tax revenue was initially estimated to be at least MOP50.85 billion for the entire year, but the actual earnings have exceeded this figure by 16.2% within just 11 months.
The success of Macau’s gaming industry in recovering from the losses brought about by the COVID-19 pandemic has been attributed to the lifting of travel restrictions and the return of tourists, especially from mainland China and Hong Kong, to the city for gambling purposes. Wang Changbin, the director of the Center for Gaming and Tourism Studies at Macao Polytechnic University, expressed satisfaction with the speed at which the city is recovering from the pandemic’s impact. This demonstrates the resilience and adaptability of Macau’s gaming industry in the face of challenging circumstances.