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The Macao Special Administrative Region (SAR) government can expect to collect 12 billion patacas (US$1.5 billion) in casino gross-revenue taxes this year, Wednesday's Ponto Final, a Macao-based Portuguese-language newspaper quoted an anonymous gaming-industry executive as saying.
The source said that the record high tax income would nearly double the amount collected just three years ago, thanks to rising number of visitor arrivals from the Chinese mainland.
Macao's casino sector, which is the SAR government's largest source of income, paid 6.1 billion patacas (US$763 million) in gross-revenue taxes in 2001, 7.6 billion patacas (US$950 million) in 2002, and 10.1 billion patacas (US$1.3 billion) last year, according to the Macao Finance Services Bureau.
Under the casino-licensed agreement with the SAR government, Macao's casinos pay 35 percent of their gross revenues to the government in direct tax.
According to official figures, mainlanders and Hong Kong citizens had a share of 55.3 percent and 34.3 percent, respectively in the total number of 1.33 million visitor arrivals to Macao in January. The number of mainland visitors rose 57.9 percent year-on-year, and the number of Hong Kong citizens visiting Macao increased 34.3 percent during the period.
The casinos generated between 80 and 100 million patacas (US$10 to12.5 million) in gross revenue in the first two months of the year, an increase of some 43 percent over the same period last year.
"January was a very good month because of the Chinese Lunar NewYear holiday period," the executive said, adding, "We expect business to be brisk around the Labor's Day celebrations on May 1 and the National Day celebrations on Oct. 1 when many mainlanders are on extended holidays."
Two new gaming companies in Macao, Galaxy from Hong Kong and its sub-concession from Las Vegas, The Venetian, planned to open their first local casinos in May. Wynn Resorts from Las Vegas said it expects to start construction of its mega-casino resort in the Macao Outer Harbor in the summer.
Veteran casino mogul Stanley Ho Hung-sun, which owns all of the12 operating casinos in Macao said recently that it is negotiating a possible sub-concession deal with MGM-Mirage in Las Vegas.
(Xinhua News Agency March 18, 2004)
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