Are you looking for the latest Macau gambling news? At PlaySlots4RealMoney.com, we deliver the latest Asian casino news articles. Ultimately, you can learn about gambling Macau vs las vegas plus the legal gambling age in China. Land-based casino hotels and resorts are big business all over the globe. Conceding that Las Vegas is the gambling capital of the world, the Macau region of China would have to be considered the top real money casino gambling destination in Asia.
Latest Macau Gambling News Says Casino Promotors Are Generating Over $40 Million in Taxes
So much so, that a recent post on the GGRASIA website www.ggrasia.com details how the Macau government collected $42 million in tax revenue from ‘junkets’. A junket has been described as gaming promotors which are licensed by the Macau government to help promote VIP gaming in the area’s casinos. Some of the services these junkets provide are:
· Arrangement of gambling credit for high rollers.
· Collection of losses generated by high-roller play.
· Organizing travel and hotel accommodations.
How Did Macau Casino Promotors Generate Over $40 Million in Taxes?
The $42 million is the tax collected on the commissions paid by the city’s casinos to junkets in reference to gambling in Macau during 2017. According to the government’s budget execution report, this figure represents a 23.6 percent increase in tax revenue from the previous year. There was no specific reason given for such a large increase in the government’s report to the Macau Legislative Assembly. Also, feel free to check out Macau gambling sites.
The large amount of tax money that was generated was 68.4 percent higher than the 2017 budget figure that the Macau government had anticipated. The report added that the government’s historical budgeting process tends to remain very conservative in its gaming-related tax revenue figures. The budget figure for 2018 is still 20 percent lower than the actual amount collected last year from the tax on the commissions paid to junkets according to the proposal that was originally submitted.
The overall gross gambling revenue for the Macau casino industry in MOP dollars for 2017 was 265.7 billion. This represents a 19.1 percent gain over the previous year. The revenue generated from the VIP Baccarat segment was MOP150.7 billion, which amounted to an increase of 26.7 percent from 2016.
VIP Baccarat Generates Significant Casino Gambling Revenue
The withholding tax on the commissions that casinos pay to junkets is 5 percent. However, it is not levied on the gross value of these services. Junket operators are offered incentives to bring VIP players to the casinos in the form of a share of the revenue or a commission on the rolling chip turnover, which has been capped at 1.25 percent.
As another benefit to junket operators, the Macau government has the authority to authorize a total or partial exemption from taxes levied on junket commissions or remuneration. These exemptions are tied to money paid in kind for things such as transportation. Also, accommodations, food and beverage costs as well as entertainment expenses.
The junket industry for gambling in Macau has been on the decline since 2015. Furthermore, The total number of licenses fell from 183 that year to 141 in 2016. As a result, this decline continued into 2017 with 126 licenses in play. According to the city’s gaming regulator. Furthermore, the Gaming Inspection and Coordination Bureau, the number of junket licenses issued in January of this year dropped to 109. Also, this represents a decline of 13.5 percent from the previous year.
What to do in Macau besides gamble?
First of all, there are many things do to besides gamble. Furthermore, this Chinese city. Before we tell you about things to do, we want to go over some history. Most importantly, Portugal this Chinese city. Furthermore, they use the city as a trading post.
However, Portugal agrees the city was still China’s property. As a result, Portugal administers and considers Macao as a de facto colony. Once 1999 rolls around, Portugal hands the lands back to China. This incident eds the last European Territory in Asia.
What Are Things To Do In Macau For The Non-Gambler
Now, let’s discuss some things do to if you don’t gamble. Take a look at the list below.
1. Visit the Iconic Grand Lisboa Hotel.
3. Grab a Drink.
4. Go Casino Hopping in Macau.
5. Relax By The Pool.
6. Take a photo of the St. Paul Church ruins.
7. Eat a Macanese Egg Tart.