written and last updated by
Sam Smith at
14 Oct 2024
Journalist, Editorial Department
The Macao Financial Services Bureau has released new data on fiscal revenues from the gaming industry. In the first nine months of 2024, the city's treasury received 66.4 billion patacas (approximately $8.1 billion), surpassing the total for the entire year of 2023, which stood at 65.26 billion patacas (around $7.9 billion).
According to official figures, total tax revenues from January to September 2024 exceeded the amount collected during the same period in 2023 by 45.1%. Specifically, in September alone, Macao's gaming sector contributed about 7.62 billion patacas (around $910 million), marking a 6.4% increase from August.
The gaming industry remains the largest taxpayer in Macao, accounting for 83.1% of the total fiscal revenue, which reached 79.92 billion patacas (approximately $9.6 billion) in the first nine months of this year.
The government's budget plan for 2024 anticipates gaming tax revenues to reach nearly 83.61 billion patacas (over $10 billion). The amount contributed to the treasury from January to September represents 79.4% of this projected figure.
In January 2023, new decade-long licenses for operating gaming businesses came into effect in Macao. Since then, the effective tax rate on gross gaming revenue has been set at 40%.
Meanwhile, Macao has elected a new head of the executive branch, Sam Hou Fai, who will take office on December 20 of this year. During his campaign, Fai emphasized the need to ensure the healthy development of the gaming industry.
The new city leader has already received congratulations from casino operator Sands China Ltd., which stated that the company is unwaveringly committed to supporting the Macao government's vision for an integrated tourism and leisure industry.
It is worth noting that premium players in Macao spent a record 27.2 million Hong Kong dollars at casinos in early October.
