| | |  | Last Updated: Tuesday, June 19, 2007 |  | | | Macao Supersedes 2004 Gambling Tax Revenues
- Tuesday, 13 Dec 2005
With a population of approximately half a million, Macao is the only place in China where gambling is permissible by law. Macao is a small territory on the southern coast of China that features 17 casinos. It’s not for noting that Macao is regarded as the gambling capital of the East. This year alone the Macao was able to collect more than two billion dollars from direct gambling tax, which the highest amount reached ever since gambling was legalized in Macao.
Tam Pak Yuen, Macao's Secretary for Economic and Finance has recently commented that gambling tax revenues have risen by 8.8% from last year. In 2004, gambling tax revenues reached 1.84 billion dollars in comparison. The first 10 months of 2005 have yielded 1.71 billion dollars, which represents a raise of 17.1% in comparison to last year. The casinos that operate in Macao are obligated to pay the government 35% of their gross revenues, which means that this year alone they ended keeping nearly 4 billion in proceeds for themselves.
Macao has been the subject of talks for the past months. There are plans to expand the numbers of gambling facilities allowed to operate in Macao. So far, it has been rumored that 4 new gambling resorts will be added. With the gambling boom experienced in Macao, you can expect the Chinese government to favor the move of adding more casinos in the future, given that they have so much to gain from it. | |
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