Macau, China, 17 Jan – The gross revenues generated by the Macau gaming and betting industry totaled US$5.725 billion in 2005, an annual increase of 8.25 percent, the Macau Gaming Inspection and Coordination Bureau (GICB) said Monday.
Gross revenues from casinos totaled US$5.59 billion, 11.29 percent more than in 2004.
Amongst all the games gamblers play in Macau, VIP baccarat was the main source of revenues accounting for over 50% of the total, despite registering a decrease of 3 percent year-on-year.
The Macau government applies a direct tax of 35 percent on all gaming and betting revenues, which goes directly to the public treasury, and also an indirect tax of around 4 percent used for various social, cultural and promotional activities.
At the end of 2005 Macau had 17 working casinos.
In 2002, the Macau government decided to liberalize the gaming and betting industry with the granting of three licenses instead of maintaining the monopoly thus far held by gaming magnate Stanley Ho since the 1960s.
Official forecasts point to 25 casinos operating in Macau by the end of 2006 and total gross revenues of US$6.25 billion. (macauhub)