Macau has solidified its position as a global leader in the gaming industry, reporting MOP$8.0 billion (US$999 million) in gaming tax revenue for November 2024. This figure, released by the Financial Services Bureau (DSF), represents a 6.4% increase from the same period last year and a significant 20.3% jump from October’s tax revenue.
This surge correlates with Macau’s October gross gaming revenue (GGR), which climbed to a post-pandemic record of MOP$20.8 billion (US$2.60 billion). This performance, driven by robust visitor numbers and record-breaking activity during the National Day Golden Week holiday, underpinned the government’s fiscal achievements.
From January to November 2024, Macau has collected a total of MOP$81.05 billion (US$10.1 billion) in gaming taxes, representing a 37.2% year-on-year increase. This total accounts for 96.9% of the government’s FY24 gaming tax estimate of MOP$83.6 billion (US$10.4 billion), positioning Macau to exceed its annual financial targets.
Overall government revenue during this period reached MOP$100.5 billion (US$12.5 billion), of which gaming taxes comprised a remarkable 80.6%.
Record-Breaking October Revenue Drives Fiscal Success
The tax achievements stem from a highly successful October, where Macau’s gaming operators generated MOP$20.8 billion (US$2.60 billion) in GGR. According to the Gaming Inspection and Coordination Bureau (DICJ), this represents a 6.6% year-on-year increase and a 20% rise from September’s MOP$17.3 billion (US$2.16 billion). The October figures also surpassed the previous post-pandemic high of MOP$20.2 billion (US$2.52 billion) recorded in May 2024.
The surge in revenue coincided with the National Day Golden Week holiday, which ran from October 1 to 7. Visitor numbers during the week reached 993,117, marking a 1.9% increase over 2019 figures. Hotel occupancy rates peaked at 98.5% on October 3 and 4, averaging 94.5% throughout the holiday period. Analysts have noted that market strength extended beyond Golden Week, prompting many to revise their revenue forecasts upward.
For the first 10 months of 2024, Macau’s GGR totaled MOP$190.1 billion (US$23.7 billion), reflecting a 28.1% growth compared to the same period in 2023. This sustained momentum highlights Macau’s ongoing recovery and resilience in the global gaming sector.
New Illegal Gaming Law Bolsters Regulatory Oversight
In parallel with its financial successes, Macau has taken significant steps to strengthen its gaming regulatory framework. The new Illegal Gaming Law, effective October 29, 2024, introduces strict penalties for unauthorized gambling activities, including “betting under the table” and illegal currency exchanges.
Key provisions of the law target side betting, a prevalent issue in Macau’s casinos, with offenders now facing up to eight years in prison. Individuals participating in any form of unlicensed gambling could face six months of imprisonment. The legislation also imposes severe penalties on those conducting illegal foreign currency exchanges within integrated resorts, with sentences of up to five years in prison.
To enhance enforcement, the Judiciary Police have been granted expanded investigatory powers, including the ability to conduct undercover operations and night-time searches. These measures address the nocturnal nature of gambling crimes, allowing for more effective intervention during peak activity hours.
The law also criminalizes illegal online gambling and unlicensed lotteries, ensuring that all gaming activities in Macau remain strictly regulated. Corporations engaged in unauthorized gambling can face fines of up to MOP$18 million (approximately US$2.25 million) and judicial dissolution, with company representatives held personally accountable if implicated.
Source:
“Macau government collects US$1 billion in gaming tax revenue in November”, asgam.com , December 12, 2024.