According to sources quoted by the Macau gaming news website “Allin”, during a recent meeting between the Macau Gaming Inspection and Coordination Bureau and gaming companies, the gaming intermediary was notified to pay 5% of the 1.25% intermediary commission of the total net turnover in accordance with the Gaming Law. Taxes, relevant taxes will be paid on a monthly basis, and will be handed over to the Macao Finance Bureau by gaming companies within the first ten days of each month.
Affected by the news, as of 11 a.m., the stock prices of a group of gambling stocks were under pressure.SJM (00880)down 2.22%,Melco International (00200)down 1.5%,MGM (02282)down 1.74%,Wynn (01128)down 2.49%,Galaxy Entertainment (00027)fell 3.81%,Sands China (01928)down 4.34%
The report quoted gaming intermediaries as saying that the current turnover of chips cannot be compared with that before the epidemic. Under the new gaming law, gaming intermediaries no longer have gambling revenue, and the industry only relies on commission income, which is quite meager following deducting various operating costs. Taxes are equivalent to “doing nothing” for the entire month.
According to reports, the relevant regulations have always existed in the old gaming law, but the chief executive of Macau has always exempted some of the relevant payments. Last month in Macau, the number of chips transferred from gaming intermediaries was regarding 4 billion patacas (the same below), and the killing amount was regarding 100 million yuan. If the government collects a 5% commission tax, it will be regarding 2.5 million yuan, and the amount of tax that can be collected is not large. At present, the industry is lobbying the Chief Executive of Macau to continue exempting some of the relevant taxes according to law.
The Macau Gaming Inspection and Coordination Bureau announced yesterday (1st) that the gaming revenue in January was 11.58 billion patacas, an increase of 82.5% year-on-year, which was better than expected; compared with the 3.482 billion patacas in December 2022, it increased by 2.3 times.
Source: comprehensive report
Text by FORTUNE INSIGHT
Fortune Insight and the “Wall Street Journal” jointly launched a new subscription plan “FI Prime Plus”. Just enter the promotion code “FIP30free” and you can read the entire network content of the “Wall Street Journal” and most of Fortune Insight’s paid content for free for one month
Subscribe here:https://prime.fortuneinsight.com/web/wsjSubscribe FORTUNE INSIGHT Telegram:
http://bit.ly/2M63TROSubscribe FORTUNE INSIGHT YouTube channel:
http://bit.ly/2FgJTen