Macau Government Revenue Skyrockets Nearly Twofold in 2023
October 19, 2023
Macau's economy has made a remarkable comeback in 2023, as the government revenue more than doubled in the first nine months of the year.
The Special Administrative Region (SAR) Government reported the collection of MOP 57.4 billion in current revenue between January and September of 2023. This substantial increase represents a remarkable 112 per cent year-on-year growth.
The surge in revenue stands in stark contrast to the challenges Macau faced back in 2022 when its economic activity was severely impacted by COVID-19-related restrictions. The current revenue generated in the first three-quarters of 2023 accounts for a significant portion, totalling approximately 87.7 per cent, of the annual budget. This reflects a better-than-expected economic performance and recovery for the SAR.
The primary catalyst behind this notable growth has been the gaming industry, which has experienced a resurgence.
Taxes on gaming have played a pivotal role, reaching an impressive 90 per cent of the initial forecast. The total tax revenue from gaming amounted to MOP 45.7 billion, constituting a substantial 79 per cent of the overall current revenue. These statistics were revealed in the latest budget execution data provided by the Financial Services Bureau.
The gross gaming revenue for the first nine months of 2023 was equally impressive, reaching a total of MOP 128.9 billion. This sum nearly reached the projected annual revenue of MOP 130 billion set by the Government, as part of Macau's economic resurgence.
Macau's success story in 2023 underlines the region's remarkable capacity to adapt and recover, particularly within its gaming industry. The surge in government revenue is a testament to the determination and resilience of Macau's economy as it rebounds from the challenges previously posed by Covid-19 restrictions.
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