Good news for Macau! The local casinos are no longer flatlining. The gambling market is making a comeback. But it is meager at best.
In fact, according to the Financial Services Bureau in Macau, the city reported $76.8 million in tax revenue in August (which may include part of July), which is 52.4% better than the previous month.
It may take a while longer to return completely to normal since the gross gaming casino revenue (GGR) is down 94.5% year-on-year. The total came in at $166.38 million. Opening borders will eventually help restore the numbers.
More stats: the cumulative total GGR for Macau casinos reached $4.552 billion but it is a whopping 81.6% lower compared to last year. Of this, Macau took in about $2.85 billion in tax revenue from gaming – only 29.8% of the amount for first eight months of the year, or 75.3% of the total tax revenue received ($3.788 billion).
Gaming tax revenue is vital for Macau’s economy. However, forecasts have gone with the wind and there is little time left in 2020 to reach estimations of $520 million per month. After revising expectations, Macau should receive about $6.252 billion in gaming tax revenue for the year. Macau will be left with a deficit of $4.872 billion for the full year.