Life is full of uncertainties, but taxes isn’t one of them. Like it or hate it, it remains an ever-present constant. Macau’s government recently reported a record tax milestone having been reached, and all in the course of the first two months of 2019. According to the city’s books, $2.42 million was gathered in taxes during the months of January and February alone; with every last penny in this total having been generated by the gambling industry.
Whilst many a stab has been directed at the issue of taxes, it must be kept in mind that no economy can function without tax income. Taxes are put to use in everything from job creation to the maintenance of national road systems.
Macau is considered to be gambling heaven and is home to some of the world’s biggest and most prominent operator groups and casinos. Some of its lavish resorts and venues include the Casino Grand Lisboa and the Melco Resorts and Entertainment-owned Studio City Macau. These are two of the worlds biggest and most impressive casino venues and both are situated in Macau.
These venues are each required to pay approximately 39% in taxes to the government in Macau. Taxes are levied on all income generated by live dealer tables, pokies and VIP player rooms.
Last year, thanks to 13.6 year on year increase in taxes collected, the government of Macau eventually ended up with a surplus of $66.6 billion in its coffers. This year is expected to perform even better thanks to the fact the city is already well ahead of its projections for the year in terms of its stellar start to 2019.
The legalisation of the casino industry holds a lot of promise in terms of the development of any country. The income generated by the industry acts as a true buffer for state coffers, and the money is generally put to excellent use. Jobs are created, infrastructures are improved, public transport systems established where previously there were none, etc.
In the end, it’s a system of players giving back to their communities whilst having a good time and banking on the possibility of winning a wad of cash for themselves too.