The gambling haven of Macau was one of the largest economies that took a hit during the COVID-19 pandemic. This is because the former Portuguese colony relies mainly on tourism and gambling for its revenue. Thus, it saw its gross gaming revenue fall as high as 97% because of the restrictions and lack of tourists. However, things may be getting better as the Macau Monthly Gambling Tax Collection rose Up 203% in November
According to online gaming news, the Macau Gambling Tax Collection department took in $354.6 million in tax revenue this November. Even though the numbers are down 73.9 percent from last year, it is a large improvement over the previous month. However, it remains to be seen whether this upward trend will remain for the month of December.
Macau Monthly Gambling Tax Collection Forecast and Analysis
So far this year, not counting the month of November, the Macau gaming revenue fell 70.5% to $845.34 million. Unfortunately, for Macau, this was worst then the 65% decline gambling analyst thought it would be. However, it is still an improvement over the previous 6 months with numbers falling below 90% for 6 straight months.
Macau, which is known as the Asian Las Vegas did much worst then Las Vegas according to gambling statistics. One of the reasons is because online casinos are not legal in Macau which made revenue lower than Las Vegas.
However, gambling revenues in Macau are larger than Las Vegas because they are largest legal casino destination in the world. Furthermore, Macau is home to 41 casinos which cater to casino players, sports betting fans and any type of gambling.
While it looks like Macau is on a recovery path, gambling reports predict that it will be a slow recovery. In addition, the Macau government believes that it will collect about $3.69 billion in gaming taxes this year. The numbers seem high but they are actually only 29.1% of their original estimate from the beginning of the year.