Macau Gambling Revenue Reaches $5.6B through September
LISTEN TO THIS ARTICLE:Macau's gambling industry continues to rebound, and 2023 has been an exceptional year so far. The latest data from the Chinese special administrative region's (SAR) Financial Services Bureau (FSB) has revealed significant improvement in gaming revenue across the first nine months of the year.
Macau Government Wins with Gamblers
Newly released data from the FSB shows that the government amassed $5.68 billion, equivalent to MOP45.77 billion, through gaming taxes during the initial three quarters of the year. From January to September, there has been a surge of 202.7% in total revenue compared to the previous year, during which time the COVID-19 travel constraints were still in place.
Related: Golden Week Was a Golden Egg for Macau's CasinosIn the month of September exclusively, the government received MOP6.65 billion (US$825.26 million) from gaming taxes. This was a monthly increase of around 3.3% in comparison to the amount collected in August.
Macau's recently implemented decade-long gaming concession has instated a significant 40% tax on casino gross receipts (GRP) since the turn of the new year. The remarkable growth in Macau's casino GNP over the nine-month period ending on September 30 has reached MOP128.95 billion (US$16 billion), marking a 305.3% surge in comparison to the same time frame in 2022.
More Gains on the Way
There are various factors to consider when comparing the tax amount in a specific time frame with the GNP of a country's casino. One important aspect is the difference in timing between the recording of Gross Gaming Revenue (GGR) in a casino operation in Macau and the reporting of tax payments by the Macau government. This delay creates a disparity that prevents a direct comparison between the two.
The anticipated income from the gaming tax, as outlined in the government's budget, is projected to surpass MOP50.85 billion (US$6.31 billion) in the current year. The revenue generated during the initial nine months of 2023 accounts for 90.0% of this estimated total.
The final quarter of the year will likely see additional contributions to the gaming revenue. Golden Week, which ran from September 30 to October 6, saw massive gains in tourist arrivals, especially through Macau International Airport. There were 116,343 arrivals, 66% of the amount seen in 2019.
What this means for the SAR's gambling market is still being calculated. Those figures will likely be released sometime in the next two weeks.
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