Macau gaming tax down 92.5% to MOP 3.5m YoY.

Samiksha

Last year, the annual commission tax on gaming intermediaries in Macau was only MOP 3.501 million, a significant decrease of 92.47% compared to MOP 46.537 million in 2021. Due to the repeated impact of the pandemic last year, Macau's Gross Domestic Product (GDP) for the whole year experienced a year-on-year decline of 26.5% to MOP 177.27 billion, as indicated in the "Report on the Implementation of the 2022 Budge" submitted by the Macau Financial Services Bureau to the Legislative Assembly. The document reveals that the commission tax on gaming intermediaries, originally budgeted at MOP 43 million, had an actual execution rate of only 8.1%. Consequently, the total annual commission tax on gaming intermediaries for the entire year of last year amounted to only MOP 3.501 million, a drastic decrease of 92.47% compared to MOP 46.537 million in 2021. The Financial Services Bureau attributed this decline mainly to the impact of adjustments in the VIP room business of gaming venues during the period.

In 2022, a total of 46 intermediary licenses were issued, with 42 obtained under the name of companies and 4 under the names of individuals. This represents a nearly 50% reduction compared to the total of 85 intermediary licenses issued in 2021. Additionally, Macau's gaming industry continued to be affected by the pandemic last year, with the total number of inbound tourist arrivals dropping by 26% to 5.7 million. The gross revenue from Macau's gaming industry for the entire year last year was only MOP 42.198 billion, a significant year-on-year decrease of 51.4%.

The Macau government also experienced a substantial decline in revenue from gaming taxes. The gaming special tax, originally budgeted at MOP 45.5 billion, was revised down to MOP 30.94 billion last year. However, the actual revenue for the entire year was only MOP 16.339 billion, with an actual execution rate of 55.9%, representing a significant decrease of 46.17% compared to the actual revenue of MOP 30.354 billion in 2021.

Kamal531

The reduction in proportion is indeed substantial.

Iravan774

The commission tax from people still seems to be quite a significant amount of money.

Shri

If it decreases, that's fine. The fewer people gambling, the better.

Indra55

This piece of news is also worth understanding.