The government of Macau has reportedly announced that the city’s 39 casinos handed over almost $117.12 million in aggregated gaming taxes for October to take their combined ten-month tally to just above $3.04 billion.
According to a report from Inside Asian Gaming, the figure for last month represented a rise of 54.8% when compared with the about $75.65 million collected for September but was nevertheless nearly 91% lower than the around $1.29 billion amassed for the same 31-day period last year. The source moreover detailed that the aggregated ten-month reckoning equates to a decline in the region of 74% when balanced against the approximately $11.77 billion brought in over the course of the identical 2019 cycle.
Macau is home to some of the world’s largest and most famous gambling venues including the iconic Casino Grand Lisboa from SJM Holdings Limited and Melco Resorts and Entertainment Limited’s $3.2 billion Studio City Macau. All of these operations are reportedly required to pay a 35% gross gaming revenues tax alongside smaller duties for every live dealer table, gaming machine and VIP room they operate that takes the effective rate up to roughly 39%.
Despite its popularity among gamblers, the city of some 696,000 people has recently been struggling to attract foreign visitors due to the implementation of a range coronavirus-related restrictions that have severely limited travel from Hong Kong and mainland China. As a consequence and the enclave’s ten-month aggregated gross gaming revenues currently sit about 81.4% lower year-on-year at slightly beyond $5.74 billion and could very well end 2020 in the region of $8.24 billion.
However, the Macau government still reportedly managed to chalk up a budgetary surplus of almost $1.41 billion for the first ten months of 2020 although this figure was a little beyond 76.6% down in comparison with the slightly over $6 billion it brought in during the same period last year.