Macau's Financial Services Authority announces gaming industry tax payments. Last year's MOP of $33.91 billion (4.22 billion) paid by operators increased 13.8% compared to the MOP of $29.81 billion (3.73 billion) paid . The amount is up year-on-year, but down from the government's estimated MOP of $50 billion within the annual budget.
The Gaming Inspection Coordinating Agency recently released gross gaming revenue totals, reporting an MOP of $86.86 billion ($10.82 billion) for the year. That's up more than 43% but down more than 70% compared to 2019 earnings.
According to Inside Asian Gaming, there are a number of reasons for the negative impact on total gaming revenue. First, persistent border restrictions played a major role in reducing imports. Players were not easily able to visit from mainland China, which reduced the number of visitors. only 7.7 million people traveled to Macau, down 80% .
China's crackdown on cross-border gambling has also worked. The change in government closed SunCity Group's junket business after CEO Alvin Chow was arrested late last year. Takchun's arrest of Revo Chan in January further illustrated a potential decline in Macau's VIP sector.
Annual budget is expected to have a game tax of MOP$49.76 billion ($61.93 billion). The government collected more than 3 billion MOP$ ($405 million) in taxes in January. This is a 1.5% increase compared .
The Chinese New Year just ended, proving to be a good week for Macau. The region generated more than $289 million in gaming revenue and did better than expected. Revenue has been down for quite some time, but the holiday week seems to have helped bring travelers back to the region.
Analysts say the reversal is due to strong mass market volumes and higher VIP holdings of VIPs. In particular, the COVID-19 outbreak in China and Zhuhai, Hong Kong, led to impressive turnout during the Chinese New Year, when travel problems persist.
After a successful January, it has also been predicted that total gaming revenue may be higher. At the end of the month in a few days, it could generate as much as $1 billion in revenue.