The government for Macau has reportedly announced that the amount of tax it collected directly from gaming operations in January had increased by almost 16% year-on-year to reach in excess of $1.26 billion.
Ahead of schedule:
According to a report from GGRAsia citing official data from the enclave’s Financial Services Bureau, the substantial amount gathered for the 31-day period moreover accounted for some 10.4% of the just over $12.15 billion the city earlier predicted it will collect from gaming for the entirety of 2019.
Suitable tax rates:
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 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 around 39%.
In addition to casinos, GGRAsia reported that tax officials in Macau collect levies on dog and horseracing contests, lotteries and the commissions earned by junket operators. It also detailed that the figure for last month comes after December saw the city’s government detail a year-on-year swell of 14.1% in the amount of gaming taxes it had amassed through the first eleven months of 2018 to $12.11 billion.
Proceeds to surpass expenditures:
The government of Macau earlier revealed that it expects to receive total tax revenues of just over $14.22 billion in 2019 and anticipates spending slightly in excess of $9.69 billion.