Gaming tax revenue for the first 11 months of 2024 hit MOP81.04 billion ($10.12 billion), up 37.2% year-on-year, per the Financial Services Bureau (DSF).
Macau's gaming industry continues to show strong post-pandemic recovery as the government reported MOP8 billion ($1 billion) in gaming revenue tax for November 2024. This marks a 20.35 percent increase compared to October's figures and a 6.4 percent rise year-on-year. The impressive numbers align with October's gross gaming revenue (GGR) peak of MOP20.78 billion ($2.6 billion), the highest since the pandemic's impact on the industry.
According to the Financial Services Bureau (DSF), tax revenue from gaming for the first 11 months of 2024 reached MOP81.04 billion ($10.12 billion), reflecting a significant 37.2 percent increase compared to the same period in 2023. The gaming sector has clearly emerged as the backbone of Macau's economy, contributing 80.64 percent of the government's total revenue for the January-to-November period.
During the 11-month timeframe, Macau’s overall government revenue stood at MOP100.49 billion ($12.55 billion). Taxes collected from the gaming industry alone accounted for nearly 97 percent of the full-year budgeted estimate, underscoring the sector’s critical role in bolstering public finances.
The surge in tax revenue is directly tied to the growth in gross gaming revenue. Between January and November 2024, Macau’s GGR hit MOP208.58 billion ($26.04 billion), a remarkable 26.8 percent rise compared to the same period last year. The figures reflect the region's ongoing recovery as international travel resumes and tourists flock back to the world’s largest gaming hub.
November’s tax revenue, paired with October’s GGR performance, highlights the sector's stabilization following the COVID-19 disruptions. The sustained growth also reinforces Macau's reliance on gaming as its primary economic driver, despite calls for greater diversification in the local economy.
As the year nears its close, Macau’s gaming tax revenue is on track to exceed initial government projections. With just one month remaining, the gaming taxes collected already represent 96.9 percent of the year’s target. December’s revenue is expected to further push these numbers past the annual forecast, providing additional fiscal flexibility for the government.
The sharp rise in both GGR and tax revenue also signals that the tourism and gaming industries are returning to pre-pandemic levels. This recovery is critical for Macau, as it strengthens its position as a global gaming capital while contributing substantially to the local economy.
Macau's heavy dependence on the gaming sector is evident in its government revenue structure, with taxes from casinos forming the majority of its income. While the strong performance of the gaming industry provides a financial boost, it also underscores the need for economic diversification to reduce vulnerability to external shocks, such as global pandemics or geopolitical tensions.
Efforts to promote non-gaming activities and industries have been ongoing, but the latest figures suggest that gaming will remain the cornerstone of Macau’s economy in the foreseeable future. As tourists and high-rollers continue to return, industry experts anticipate continued growth into 2025.
Read related article: Macau Casino Revenues Up 15% to $2.3 Billion in Nov 2024
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