Macau tax revenue up 116.8% in Q1 2024

Revenue growth:

In the first three months of the year, the city generated about $21.92 trillion, or $2.74 trillion, in fiscal revenue from taxes levied on gaming operations. For comparison, in the first three months of 2023, Macau collected MOP10.111 trillion in taxes. The main reason was that it reopened the city's economy after measures against COVID-19 were fully lifted. Various travel restrictions lasted three years in this regulated market.

For the period ending March 31, the gaming tax is 84.2% of the city's total revenue. The gaming tax brought in $713 billion to the state in March alone. However, revenue in March was down 4.4% compared to the same month in 2023.

Macau's casino gross gaming revenue (GGR) rose 65.5% to an MOP of 5733 billion in the first three months of 2024, according to a release from the country's gaming regulator.

Macau set an effective tax rate on casino GGR at 40% on January 1, 2023, as part of a 10-year game concession plan.

With that timeframe in mind, comparing year-over-year results for the GGR is not easy. One of the main reasons is the delay between the record of the GGR and the length of time the government registers its taxes, so the results can vary greatly depending on the timing. 온라인카지노

Huge Step to Full Recovery:

Macau's government has announced its 2024 budget plan. According to the plan and GGRAsia report, there are expected to be around 836.1 billion MOPs by the end of 2024.

In 2023, the government earned MOP65,26.6 billion from revenue generated from the gaming tax. Compared to the planned budget, a 28.3 percent increase was recorded, indicating that the city has had great success, given all travel restrictions and measures. One of the biggest steps to lift the measure and restore the gambling center was to allow tourists from mainland China and Hong Kong to visit Macau and gamble at casinos.

Revenue has already exceeded the budget for the first quarter of 2024, with a fiscal surplus of nearly MOP 778 billion. The surplus in the first quarter of 2023 was MOP 230 billion.