Tax revenue in singapore increased by 6.8% year on year in the latest fiscal year. According to report by the island revenue Authority of Singapore, the tax revenue increased to $50.2 billion for the year, driven primarily by economic growth that was better than anticipated. The Country didn’t get any help from gamblers- tax revenue on gambling was $1.99 billion.
Betting taxes in the country are calculated by on the taxes associated with wagers, casinos and private lotteries. Singapore offers a small section of gambling opportunities, including the Marina Bay Sands and Resorts World Sentosa, as well as sports betting through Singapore Polls.
Since 2016, both casinos have seen greater instability with finances. There have been slight recoveries, but the venues continue to see a decline in VIP numbers. In the last quarter of 2017, Marina Bay recorded a 4% drop in VIP turnover and a drop of almost 3% in mass market table revenue. Gaming Revenue also fell by about the same amount over the same period last year.
As the Asian gambling landscape changes: South Korea, Vietnam, Philippines and Cambodia are the emerging markets thanks to relaxed gambling laws the tide is shifting. It has been especially noted in Philippines Market, where the gambling industry was worth only $1 Billion in 2012. By 2016, it has increased to $2.25 Billion.
Many analysts and gaming industry insiders, don’t believe that things will turn around.