Gaming tax revenue falls 12.2pct y-on-y in Jan-Feb

The amount in gaming taxes collected by the Macau government in the first two months of this year has dropped 12.2 per cent year-on-year to some MOP17.2 billion (US$2.1 billion), according to the latest budget execution report.

The results follow data from the Gaming Inspection and Co-ordination Bureau (DICJ) indicating that gross gaming results have fallen by 50 per cent year-on-year between January and February to MOP50.3 billion as a direct result of the disruption caused by the Covid-19 epidemic.

With gaming taxes representing the largest share of the local govenrment revenue, the amount recorded in total revenue for January and February also dropped 18.4 per cent year-on-year to MOP18.8 billion.

Meanwhile, total expenses increased by 12.4 per cent year-on-year to MOP6.9 billion, resulting in a surplus 30 per cent lower, at MOP11.8 billion.

Last week Secretary for Economy and Finance Lei Wai Nong predicted that the local coffers could record a deficit exceeding MOP40 billion in 2020 as a result of the Covid-19 impact in the local economy.