The strong Macau gaming industry growth in the first quarter of 2023 continued throughout the month of April as well. Inside Asian Gaming reports the figures released by the Financial Services Bureau to indicate that the Macau government collected MOP$4.95 billion (US$613 million) of gaming tax revenue in April. This revenue level stands for a 237% rise over the same month last year that reported the revenue of MOP$1.47 billion (US$182 million). The April 2023 tax gaming revenue figure is also 23% higher than the level reached in March.
Accelerating Casino Industry:
The higher tax revenue levels collected by the government are reportedly the result of the Macau gaming industry accelerating across all concessionaires and land-based operators to boost the casino industry’s gross generated gaming revenues from MOP$12.74 billion (US$1.58 billion) in March to the level of MOP$14.72 (US$1.82 billion) in April.
As the source reports that the April tax figure refers to the industry’s gross revenue generated in March, one may expect that the Macau casino industry revenue generated in April will funnel around 15% more tax revenues for the Macau government in May than the previous month, but the May tax figures are yet to be released.
$1.87 Billion Tax Revenue in 2023:
Year-to-date, Macau government generated gaming tax revenues of MOP$15.1 billion (US$1.87 billion) which is 48% more than the revenues generated over the first four month of 2022. This figure also marks 29.6% of the government’s budget of MOP$50.85 billion (US$6.30 billion) for the financial year 2023.
The source also reports that the Macau government generated a total revenue of MOP$20.1 billion (US$2.49 billion) throughout the month of April, which means that the gaming tax collected in April represented a 75.1% contribution to the overall income earned in the region in the observed period.
As mentioned earlier, the strong April figures are the extension of the best first quarter for the Macau casino industry in the last three years. After being heavily affected by COVID-19 pandemic and the related restrictions, the region re-opened its gaming facilities on January 8, 2023 and the industry started booming again to record more than 80% y-o-y growth already in January. The facilitation of arrivals from mainland China, Hong Kong, and from overseas additionally supported the growth.
Strong Revenue Growth:
Therefore, the Macau gaming industry’s gross gaming revenue for the first quarter of 2023 increased by 94.9% compared to the same period last year and reached the level of MOP$34.6 billion (US$4.29 billion). In April, the revenues amounted to US$1.82 billion representing around 42% of the total gaming revenues generated in the first quarter of 2023 and contributing US$613 million in tax revenues.
Tax revenue levels are 23% higher than in March and, based on the April revenue figures, their further month-on-month rise is expected.