Macau’s government expects the 2024 “income” from casino games to be “MOP 200 billion ($24.8 billion),” the city’s chief executive, Hoiat Seng, said on Friday. He was speaking in an afternoon Q&A session at Macau’s legislative parliament (pictured).
He added, “The estimate is currently in the budget that the government is preparing for the next fiscal year.”
He said authorities calculated the MOP 200 billion with the help of Macao’s Minister of Economic and Finance, Ray Wai Nong.
Mr. Ho said such an achievement would mean that “our [fiscal] deficit could be lowered to about 10 billion MOPs when all costs of the necessary fiscal expenditure are taken into account.” He was referring to the 2024 budget plan.
The chief executive added: “If [fiscal income] rises further, we should no longer have a fiscal deficit until 2025.”
His comments came as he responded to a question raised by Zheng Anting, a local legislator, regarding the Macau government’s financial plan for spending on social services.
Macau’s government previously said its casino gross game revenue (GGR) estimate for 2023 is MOP 130 billion.
According to official data, the government collected just above MOP $26.79 billion in fiscal revenue from gaming-related taxes in the first half of this year, representing 52.7% of total projected revenue just above MOP $50.85 billion in gaming-related taxes for the entire fiscal 2023.
Under Macau’s new 10-year gaming permit system, which took effect on Jan. 1, the effective tax on casino GGR is 40 percent. Some other tariffs apply, including an annual premium for gaming tables and slot machines.
At a plenary session on Friday, Macao’s chief executive reiterated concerns about Macao’s “narrow” tax base, as the gaming industry provides most of the country’s current tax revenue.
One route that is believed to help solve those problems is a less-negotiated plan to develop the city’s other industries. They include finance, technology, healthcare, conference, incentives, conference and exhibition (MICE) businesses, and cultural and sporting events, Ho said in a session on Friday.
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