In Macau and government officials have reportedly announced that they expect the city’s collection of almost 40 casinos to chalk up aggregated gross gaming revenues of about $32.2 billion for the entirety of next year.
According to a report from GGRAsia, this prediction was contained within the enclave’s draft budget for 2020 and would see tax revenues amassed from gaming for the twelve-month period remain relatively static at approximately $11.3 billion.
Macau recently recorded aggregated gross gaming revenues for the ten months to the end of October of just over $30.6 billion, which represented a deterioration of 1.8% year-on-year, while GGRAsia reported that such annual predictions ‘are usually conservative’ in their nature and normally underestimate the eventual final figure ‘by a wide margin’.
Home to some of the world’s largest and most famous gambling venues including the iconic Casino Grand Lisboa from SJM Holdings Limited alongside Melco Resorts and Entertainment Limited’s $3.2 billion Studio City Macau, Macau reportedly requires operators to pay a 35% gross gaming revenues tax alongside smaller duties for every live dealer table, gaming machine and VIP room they operate to take the effective rate up to roughly 39%.
Macau recorded almost $37.5 billion in aggregated gross gaming revenues for the entirety of 2018, which equated to a 14% increase year-on-year, while the figure for the current twelve-month period is widely expected to disappoint by finishing just short of $36 billion. The former Portuguese territory recorded an eventual tally of $32.9 billion for 2017 although financial services firm Fitch Ratings Incorporated declared that it expects only ‘low single-digit growth’ next year.