Declining tax revenues reflect a struggling gambling sector
Falling tax revenue so far this year in the gambling island of Macau has illustrated from another perspective the impact on the local gambling sector of the Chinese central government's crackdown on corruption and ostentatious spending, and a slower economy.
The Macau Financial Services Bureau's latest figures show that gambling sector tax revenue fell 14.1 percent in the first five month of 2016 to MOP 33 billion (US$4.1 billion), reducing the overall tax revenue for the island during the period to MOP 40 billion — a decline of 14.3 percent compared with the same period in 2015.
The island government claims that it anticipated and planned for the decline, with Secretary for the Economy and Finance, Lionel Leong, revealing that government planners predict that Macau land casino GGR will reach MOP 200 million by the end of this year, based on the performance in the first five months, and that the decline has been less in year-on-year terms than many expected.
Online Casino News Courtesy of Infopowa