Macau reports gaming tax revenue with 24% decline, still above 2023 forecasts

The Macau government reported that casino tax revenues for October were MOP$5.08 billion (US$634 million), a 23.6% drop from September. However, this figure indicates a staggering 320% increase compared to the same month in 2022.

The whole gaming income in September, which decreased 13% month over month to MOP$14.94 billion (US$1.86 billion), is correlated with the tax collection in October. Seasonality and unfavorable weather, like Super Typhoon Saola, are factors in the decline.

The year-over-year increase, in spite of the monthly decline, shows Macau’s casino and tourism industries have been steadily recovering since the region’s borders were reopened on January 8, 2023.

In the first ten months of 2023, gaming tax revenue amounted to MOP$51.6 billion (US$6.44 billion), a notable 216% increase from the previous year. The government’s budget of MOP$50.85 billion (US$6.34 billion) for the fiscal year 2023 is exceeded by this outcome.

The casino tax, which makes up 78.5% of Macau’s total revenue—which hit MOP$65.7 billion (US$8.20 billion) in October—has been particularly important. This information highlights the gaming industry’s resilience and essential role in Macau’s economic landscape.

Original story by: IAG