In Macau, government officials have reportedly announced that they expect to collect some $11.28 billion in direct taxes from gaming next year in order to take the city’s fiscal surplus for the twelve-month period to well over $2.23 billion.
According to a Wednesday report from GGRAsia, the revelation came as part of the enclave’s draft budget for 2019 and would see tax revenues amassed from gaming during the period surpass the $10.21 billion predicted for the entirety of this year.
Earlier forecast surpassed:
GGRAsia reported that direct taxes from gaming accounted for 80.5% of Macau’s total tax revenues for the ten months from January with the figure for the period rising by 15.6% year-on-year to stand at in excess of $10.93 billion, which is some 7% above the earlier prediction.
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 manage.
Aggregated gross gaming revenues rise:
The source further detailed that ten-month aggregated gross gaming revenues in the former Portuguese colony had swelled by 14.3% year-on-year to reach over $31.17 billion and that this has led to a fiscal surplus for the period of around $6.15 billion. If this trend continues, it explained that the city’s total budgetary excess come the end of 2019 could well surpass $15.17 billion.