News in the finance sector informed that in 2020, the gambling industry in Macau failed to generate revenue enough for considerable contributions to the region’s economy.
The COVID-19 pandemic and its consequences, namely restrictions, prevented gambling from bringing substantial money to a public purse.
Although the drop is huge, gaming remains the main income
As the latest data show, the gambling industry allocated $5.22 billion from its gross gaming revenue to the local treasury in 2020, which was a drop by eighty percent. The reason for the decrease is COVID-19, which has brought many limitations, including travel restrictions and conditions in brick-and-mortar casinos, which have been discussed on the Login Casino site.
In addition to the decline in contributions, the industry’s gross surplus also fell by eighty-eight percent. During previous year, the total amount of the market’s spending was MOP 46.42 billion, which is a sixty-one percent downturn in comparison to 2019. This sum also includes various commissions and bonuses for clients. As for operating costs, they have been damaged by the pandemic as well – there is a drop by 69%.
At the same time, the industry remains the major source of income for the region. The tax from gambling constitutes seventy percent of the overall taxes.
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