Macao’s treasury will be replenished from gambling by $11 billion
The Macao government announced that, according to preliminary estimates, the city’s treasury will receive about $11.28 billion in direct taxes on gambling in 2019. The budget profits for 12 months will be $2.23 billion.
The information was received as one of the components of the draft budget for 2019. It is planned that tax deductions from gambling will exceed $10.21 billion.
Direct taxes from gambling accounted for 80.5% of total tax revenues to the Macao treasury for the ten months of the current year. The number for the period increased by 15.6% compared with revenues for the same period last year and amounted to more than $10.93 billion. The result exceeded forecasts by 7%.
Macau has the world's largest gambling establishments. Among the most iconic are Grand Lisboa from SJM Holdings Limited and Melco Resorts and Entertainment Limited in Studio City Macau. Reportedly, these enterprises will pay 35% of the total tax on income from gambling. This percentage also includes duties for each dealer table, slot machine and VIP room operated by companies.
The total gross income for ten months increased by 14.3% compared to the same period last year and amounted to more than $31.17 billion. The budget surplus at the same time amounted to $6.15 billion. If the trend continues, the total budget income of the special administrative region at the end 2019 could significantly exceed $15.17 billion.
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