written and last updated by
Sam Smith at
15 Sep 2023
Journalist, Editorial Department
According to data released by the Macao Financial Services Bureau, tax payments from the gaming sector reached 39.12 billion patacas (over 464 billion rubles) from January to August 2023. This marks a staggering increase of 174.4% compared to the same period in 2022, when COVID-19 restrictions were still in place.
In August alone, the gaming industry paid a total of 6.44 billion patacas (76.43 billion rubles) in taxes, a 9.5% increase from July, making it the highest monthly figure recorded in 2023. The rise in tax revenue is directly linked to the recovery of the gaming industry, with revenues from gambling steadily increasing each month.
Over the first eight months of this year, Macao's casinos collectively earned more than 114 billion patacas (over 1.35 trillion rubles), representing a remarkable 295.1% increase compared to the same period last year. In August, the gross gaming revenue reached 17.21 billion patacas (204.2 billion rubles), surpassing July's figures by 3.3%. This is the best monthly performance since January 2020, when the COVID-19 pandemic began.
The new ten-year concession system, which came into effect on January 1, 2023, sets a tax rate of 40% on gross gaming revenue. According to the government's budget plan, tax revenues for this year are expected to exceed 50.85 billion patacas (603.5 billion rubles). The revenue collected in the first eight months of 2023 accounts for 76.9% of this target.
Previously, the Macao government estimated the gross revenue from casinos for 2023 to be around 130 billion patacas (1.54 trillion rubles). There has yet to be an official update on this forecast, despite the increase in tourist arrivals and the positive financial performance of the local gaming market.
For context, the total revenue of Detroit's gaming industry in August was nearly $105 million.
