Macau – It has been confirmed today that there has been no reduced tax plans, nor will there be tax breaks for Macau casinos, despite calls for help following the crisis that has swept Asia over the last six weeks.
Gaming operations are only just returning to normal, albeit amended operation, in Macau, following a closure period as a preventative measure against the spread of coronavirus.
In light of this, many corporations in the region has discussed the possibility of tax breaks for the cash strapped special administrative region, which has witnessed a massive decline in both visitors numbers and gross gaming revenue over the last two months.
During this time, Chinese New Year; Chinese festival that celebrates the beginning of a new year on the traditional Chinese calendar took place, which is usually one of the busiest times of the year for gaming establishments, including; MGM Grand Macau, Pharaoh’s Palace Casino, Rio Casino and The Sands Macao.
Secretary for Economy and Finance Lei Wai Nong announced:
“The gaming industry has had a good time in the past. In accordance with the current gaming law and regulations, gaming operators have to pay several taxes. Thus tax concession for the gaming industry is related to relevant law amendments. We don’t have this kind of intention at this moment.”
“Once the situations in Macau and cities nearby are stabilised, I believe that tourists will come back soon. Macau will recover soon. Therefore Macau has to do our best in preventive measures for not only our citizens, but also to show tourists that we are safe.”