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Macau Contributed Massive Gambling Tax
Posted 2/21/11 : China's gambling island delivered 62.3 percent more tax revenue in January 2011
According to data released by the Finance Services Bureau of the Macau Special Administrative Region, the gambling island off the coast of China generated a 62.3 percent increase in tax revenues in January 2011 over the comparative period in 2010.
Gaming taxes accounted for 85.9 percent of Macau's total receipts in January; the total revenue of the city rose 61.3 percent to 8.06 billion patacas ($1 billion), while its total expenditure jumped 225.3 percent to 1.71 billion patacas ($213 million).
The huge increase in expenditure was mostly due to higher transfer payments to the government's autonomous entities and the payment of so-called wealth-share handouts to residents last year, according to a report in the newspaper China Daily.
Land casinos licensed in Macau pay 35 percent of their gross revenues as direct tax to the government.
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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
NEW CAMBODIAN GAMBLING LAWS -
After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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