{"id":1874858,"date":"2024-02-18T09:36:07","date_gmt":"2024-02-18T14:36:07","guid":{"rendered":"https:\/\/platogaming.com\/plato-data\/macau-recovering-gaming-taxes-in-january-mop7-34-billion-second-auction-effort-of-alvin-chau-properties-feb-20\/"},"modified":"2024-02-18T09:36:07","modified_gmt":"2024-02-18T14:36:07","slug":"macau-recovering-gaming-taxes-in-january-mop7-34-billion-second-auction-effort-of-alvin-chau-properties-feb-20","status":"publish","type":"station","link":"https:\/\/platogaming.com\/plato-data\/macau-recovering-gaming-taxes-in-january-mop7-34-billion-second-auction-effort-of-alvin-chau-properties-feb-20\/","title":{"rendered":"Macau Recovering, Gaming Taxes in January MOP$7.34 Billion; Second Auction Effort of Alvin Chau Properties Feb 20"},"content":{"rendered":"
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The Macau SAR Government reported significant growth when it came to gaming tax revenue generated in January 2024. The city earned MOP$7.34 billion, or US$911 million in January, which is 365% more than it had in January 2023. <\/span><\/p>\n

The industry is recovering:<\/b><\/p>\n

As <\/span>the Financial Services Bureau<\/b> (DSF) reported back then, the tax revenue in the same month 2023 was <\/span>MOP$1.58 billion<\/b>, or US$195 million.<\/span><\/p>\n

Macau suffered a lot during <\/span>the COVID-19 pandemic<\/b> due to various restrictions that took place back then. However, the city<\/a> is recovering, and the figures prove that. In 2022, when the traveling restrictions were still in place, the revenue was <\/span>MOP$42.4 billion<\/b> (US$5.26 million), while after the restrictions were lifted on January 8, 2023, the annual tax revenue was<\/span> MOP183.06 billion<\/b> (US$22.75 billion).<\/span><\/p>\n

According to the source<\/a>, in December 2023, the GGR was <\/span>MOP$18.57 billion<\/b> (US$2.30 billion). Compared to December 2022, <\/span>an increase of 433%<\/b> was recorded.<\/span><\/p>\n

In its report, DSF included its <\/span>budget for gaming tax revenues<\/b>, which were <\/span>MOP$83.6 billion<\/b> (US$10.4 billion) in 2024. The budget is 82% of the whole 2024 budget, which is <\/span>MOP$102.0 billion<\/b>, or US$12.7 billion. The revenue generated in January is 8.8% of the whole gaming tax budget the government prepared for 2024.<\/span><\/p>\n

Upcoming auction:<\/b><\/p>\n

Meanwhile, a second attempt at auctioning <\/span>36 real estate properties <\/b>owned by former <\/span>Suncity Group Chairman Alvin Chau<\/a><\/b> is reportedly underway after the Macau Court\u2019s first attempt in Sept 2023 failed to attract bidders.<\/span><\/p>\n

According to Inside Asian Gaming<\/a>, in July 2023 it was decided that the properties would be auctioned off. The auction of the belongings of <\/span>Chau and Grupo Tai Tak Lei<\/b> was supposed to be sold on September 11, however, the auction wasn\u2019t a success.<\/span><\/p>\n

The potential buyers will be able to purchase <\/span>31 parking spaces<\/b> and <\/span>five commercial properties<\/b>. Parking spaces can be purchased for the price of <\/span>MOP$1.133.000<\/b> to <\/span>MOP$1.184.500<\/b>, and commercial properties will cost from <\/span>MOP$55.517.000<\/b> to <\/span>MOP$21.9 million<\/b>, which is the same price as it was at the previous auction.<\/span><\/p>\n

The properties are worth about<\/span> MOP$600 million<\/b>, or US$74.5 million. <\/span><\/p>\n

The interested parties will be able to bid on the auction which will be held on <\/span>February 20<\/b>.<\/span><\/p>\n

The auction will be held a month after Chau was sentenced to <\/span>18 years in prison<\/b><\/a>. On top of that, he and his partners are obligated to pay <\/span>over MOP$25.5 billion<\/b> in damages to the government.<\/span><\/p>\n

Will the properties be sold this time? It\u2019s a valid question since the Macau property market is going through hard times. The Financial Services Bureau revealed that in January <\/span>only 105 properties<\/b> were purchased, which is <\/span>a decrease of 93%<\/b> compared to the same month in 2019.<\/span><\/p>\n

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