Macau Government Reveals Revenue Figures for First 11 Months

The Macau government has announced the fiscal revenue for the first 11 months of the fiscal year, reporting an impressive MOP59.07 billion, or US$7.38 billion, according to the Financial Services Bureau. This marks a significant increase of 230.3% when compared to the previous year, when COVID-19 travel restrictions were still in place.

The revenue is generated from taxes paid by gaming operators, with November 2023 alone bringing in MOP7.52 billion in revenue, a 30.1% increase compared to October. This surge in revenue can be attributed to new regulations implemented at the beginning of the year, requiring operators to pay taxes worth 40% of the casino’s gross gaming revenue as part of the 10-year gaming concession system.

The city’s gross gaming revenue has also seen a substantial increase of 324.9% from January to November, reaching MOP164.49 billion. This positive trend has exceeded the government’s annual budget plan, which estimated gaming tax revenue to be at least MOP50.85 billion. In the first 11 months alone, the government has already surpassed this estimate by 16.2%.

As the measures to prevent the spread of COVID-19 have been lifted and tourists, particularly those from mainland China and Hong Kong, have resumed gambling activities, Macau’s gaming industry is on the path to recovery. Wang Changbin, the director of the Center for Gaming and Tourism Studies at Macao Polytechnic University, has expressed satisfaction with the speed at which the city is rebounding from the effects of the pandemic.

Overall, the fiscal revenue announcement reflects a highly successful year for Macau, with the gaming industry demonstrating significant growth and resilience in the face of unprecedented challenges caused by the global pandemic.