According to data released by the Macau Financial Services Bureau, from January to August 2023, tax payments from the gaming sector reached 39.12 billion patacas (over Rmb464 billion). This is 174.4% more than the amount collected by the government for the same period in 2022, when COVID restrictions were still in place.
In August alone, the gambling industry paid taxes totaling 6.44 billion patacas (76.43 billion rubles). This amount exceeds July’s by 9.5%, making it a record high for 2023. The increase in tax revenues is directly related to the recovery of the gaming industry. Revenues from gambling entertainment are steadily growing every month.
In the eight-month period this year, Macau casinos cumulatively earned over 114 billion patacas (more than 1.35 trillion rubles). This is 295.1% more than in the same period last year. In August, the gross revenue of gambling establishments amounted to 17.21 billion patacas (204.2 billion rubles), which exceeds the figure for July by 3.3%. This is the best monthly resulttate since January 2020, when the COVID-19 pandemic began.
The new ten-year concession system, effective January 1, 2023, provides a tax rate for gross gaming revenue of 40%. Based on the government’s budget plan, tax revenue this year should reach just over 50.85 billion patacas (603.5 billion rubles). Revenue for the first eight months of 2023 represents 76.9% of that number.
The Macau government previously said it estimates gross casino revenue in 2023 at 130 billion patacas (Rmb1.54 trillion). There is no official update to the forecast yet, despite the growing tourist traffic and financial performance of the local gambling market.
Reminder: total revenue for Detroit’s gambling industry totaled nearly 105 million in August.