Macau Reports Record High Gambling Tax Revenue in August
Date: 2023-09-16 Author: Dima Zakharov Categories: CASINO
In a promising turn of events, Macau's Gaming Inspection and Coordination Bureau (DICJ) has announced a remarkable achievement. In the month of August, they collected an astonishing MOP$6.44 billion ($799 million/€749 million) in tax revenues from casinos. This remarkable figure not only marks a 9.5% increase compared to July but also stands as the highest monthly tax revenue since the COVID-19 pandemic's onset. What's even more impressive is that this substantial tax haul is attributed to the casino revenues from the preceding month, July.
This surge in tax revenues is directly linked to the recovery of the gaming industry, which has seen a steady rise in gambling revenues throughout the first eight months of 2023. When we combine the casino revenues for August, they sum up to MOP$17.21 billion ($2.12 billion/€1.98 billion), showing a 3.3% increase from July's total of MOP$16.66 billion ($2.06 billion/€1.93 billion).
The year-to-date total for the first eight months of 2023 is now MOP$39.1 billion ($4.85 billion/€4.5 billion), reflecting an astounding 175% increase year-on-year.
It's worth noting that gaming taxes constitute a significant portion of Macau's government budget for FY23, making up 76.9% of the total budget of MOP$50.85 billion ($6.30 billion/€5.9 billion). However, despite this impressive contribution, the government's total revenue for the year-to-date is MOP$48.1 billion ($5.97 billion/€5.5 billion), meaning that gaming taxes have accounted for a staggering 81.3% of Macau's total income during this period.
This surge in gambling tax revenue is undoubtedly a positive sign for Macau's economy and the gaming industry, showcasing a remarkable rebound post-pandemic.
This surge in tax revenues is directly linked to the recovery of the gaming industry, which has seen a steady rise in gambling revenues throughout the first eight months of 2023. When we combine the casino revenues for August, they sum up to MOP$17.21 billion ($2.12 billion/€1.98 billion), showing a 3.3% increase from July's total of MOP$16.66 billion ($2.06 billion/€1.93 billion).
The year-to-date total for the first eight months of 2023 is now MOP$39.1 billion ($4.85 billion/€4.5 billion), reflecting an astounding 175% increase year-on-year.
It's worth noting that gaming taxes constitute a significant portion of Macau's government budget for FY23, making up 76.9% of the total budget of MOP$50.85 billion ($6.30 billion/€5.9 billion). However, despite this impressive contribution, the government's total revenue for the year-to-date is MOP$48.1 billion ($5.97 billion/€5.5 billion), meaning that gaming taxes have accounted for a staggering 81.3% of Macau's total income during this period.
This surge in gambling tax revenue is undoubtedly a positive sign for Macau's economy and the gaming industry, showcasing a remarkable rebound post-pandemic.
