Macao's gaming tax soars on opening of new casinos

Macao's gaming industry contributed 5.3 billion patacas (663 million US dollars) to the government's tax coffer in the first five months, up 32 percent from the same period of last year, a local newspaper reported.

The second quarter witnessed the biggest boom in the gaming market with two casinos opened one after another by new casino concessionaire, namely, the Las Vegas Sands Macao in May and the Waldo in July, Macao Daily reported Friday.

Economists here forecast that Macao's economic growth in the second quarter would grow by 50 percent, due to the strong incentive from the gaming sector, which contributes 70 percent to the government's annual tax income.

The gaming market has also boosted confidence in private investment, which soared by 114 percent in the first quarter on the level of the corresponding period of last year. Investment in the real estate, construction and tourist-related sectors has sustained to be active since the third quarter last year.

Source: Xinhua

People's Daily Online ---