Tax revenue drops 14.1 percent in first five months of 2016

Tax revenue from the gaming sector dropped 14.1 percent year on year to MOP 33 billion (US$4.1 billion) for the first five months of 2016, according to the Macau Financial Services Bureau (DSF).

The decline in gaming taxes brought down total tax revenue 14.3 percent year on year to MOP 40 billion.

Last month, gross gaming revenue (GGR) was down 9.6 percent to MOP 18.4 billion (US$2.3 billion) in May, below analysts’ expectations.

Earlier this year, it was reported that accumulated gross gaming revenue from the first three months of 2016 was MOP 56.2 billion, representing a year on year decline of 13.3 percent against the same period in 2015.

Macau Secretary for Economy and Finance, Lionel Leong has reiterated casino gross gaming revenue will reach MOP 200 billion at the end of the year, following the results of the first five months of 2016.

The decline in gaming revenue for the first five months of 2016 had narrowed in year-on-year terms and was within the Government’s expectations for 2016, said the Secretary.