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FinancialIndustry

Macau collected $400m in tax revenue for April

Macau’s Financial Services Bureau has reported MOP3.2bn ($401.6m) in tax revenue for April.

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It’s a 57% rise from MOP2.04bn recorded for the same period in 2020. Tax revenue rose 12% month-on-month from MOP2.85bn in March.

For the first four months of the year, Macau collected MOP12.4bn in tax. For the whole year of 2021, the Macau Government expects to collect MOP50.01bn, according to GGRAsia.

Macau’s casino gross gaming revenue (GGR) for April was MOP8.40bn, nearly a 1,000% increase compared to last year. GGR for the first five months of the year was MOP42.49bn, a 29% year-on-year rise.

However, analysts at Morgan Stanley believe Macau's GGR might suffer a dip in June, mainly due to the rising number of Covid-19 cases in Guangdong province, which will affect Macau.

According to specialists, nearly 60% of the visitors to the region come from Guangdong.

Wong Fai, president of the Macau Leisure Tourism Services Innovation Association, said there’s a decrease in bookings from visitors from Guangdong, mainly influenced by the new spikes of cases that are affecting travel between the two regions.

Yet he was optimistic about health and safety measures implemented in Macau and remains positive about the long-term outcome.

Las Vegas Sands also support the idea of recovery for Macau’s market. The company’s executives noted that while China is slow to open its borders to international travel, Macau would likely benefit from the pent-up demand. LVS stated they see potential in investing in Macau’s land-based gaming market, with a capacity for expansion.  

 

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