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Revenue from gaming taxes is up 143 percent for the first two months of 2024

If this pace continues, the Macao government is set to easily exceed its annual budgetary forecast of 83.61 billion patacas in fiscal revenue.

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Macao’s government collected just under 14.80 billion patacas (US$1.84 billion) in fiscal revenue from taxes on gaming in the first two months of 2024, up 143 percent year-on-year, according to the latest published figures from the Financial Services Bureau.

If the monthly average of 7.40 billion patacas (US$ 918 million) is maintained throughout the year, the government’s 2024 target of 83.61 billion patacas (US$10.38 billion) in gaming taxes, as outlined in its annual budget, would be surpassed by more than 5 billion patacas (US$620 million). 

February’s intake was marginally better than January’s, likely due to the influx of mainland tourists during Chinese New Year. However, figures from the Gaming Inspection and Coordination Bureau show more gross gaming revenue (GGR) earned in January than February.

[See more: Sands China generated more than a quarter of Macao’s GGR last year]

Last year, the authorities collected a total of 65.26 billion patacas (US$8.1 billion) in gaming taxes, with the six concessionaires’ combined GGR coming in at 183.1 billion patacas (US$22.73 billion).

The official tax rate on GGR is 35 percent under the gaming operators’ latest 10-year concessions. 

Estimates on the amount of GGR Macao will generate in 2024 range from the government’s conservative 216 billion patacas (US$26.82 billion) to Morgan Stanley’s more optimistic projection of 234 billion patacas  (US$28.98 billion). 

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