In a significant economic recovery milestone, the Macau government reported its highest monthly gaming tax revenue since the onset of the COVID-19 pandemic. In August, the government collected MOP$6.44 billion (US$799 million) in gaming tax revenue, marking a 9.5% increase compared to July.
Resurgence in Gaming Revenues
- This surge in gaming tax revenue reflects the remarkable rebound in gaming revenues across Macau’s casino industry.
- The region has experienced continuous growth in gross gaming revenue (GGR) throughout the first eight months of the year.
- GGR reached MOP$16.66 billion (US$2.06 billion) in July and climbed further to MOP$17.21 billion (US$2.12 billion) in August. It’s important to note that the August tax figure is related to July’s GGR.
Strong Year-on-Year Growth
- For the first eight months of 2023, Macau’s gaming tax revenue amounted to MOP$39.1 billion (US$4.85 billion), reflecting an impressive year-on-year increase of 175%.
- This robust performance has contributed significantly to the government’s budget for FY23, accounting for 76.9% of the total budget of MOP$50.85 billion (US$6.30 billion).
Key Contributor to Government Revenue
- The overall government revenue for the period through August stands at MOP$48.1 billion (US$5.97 billion), with gaming tax accounting for a substantial 81.3% of the total income.
- While Macau’s recovery has been notable, analysts caution that September may experience a slowdown due to the impact of Super Typhoon Saola, with expectations of a challenging month for the region.
The surge in gaming tax revenue signifies a positive trend in Macau’s economic recovery, demonstrating the resilience of its casino industry in the post-pandemic era.