Inside Asian Gaming

IAG JUL 2022年7月 亞博匯 12 MACAU CONCESSIONAIRES FACE 1% GGR TAX HIKE UNDER NEW GAMING LAW 新博彩法中博企面臨1% 的實際博彩稅費上調 MACAU’S CASINO CONCESSIONAIRES will face a hike in total gaming charges and levies paid to the Macau government of 1% of gross gaming revenue, impacting industry EBITDA by an estimated 4%, under changes to the Macau Gaming Law. In a note, Credit Suisse observed a change in the language pertaining to gaming tax that would see the current 39% tax, including levies and contributions, rise to 40%. Specifically, the law revises wording that had previously stated concessionaires are to be charged “up to” 2% of GGR in contribution to the public foundation in Macau and another “up to” 3% in contribution to the urban construction, tourism and social security fund. In practice, the amounts currently charged are 1.6% and 2.4% respectively, a discount of 20% on the maximum charges. The 2.4% is reduced to 1.4% for SJM in recognition of their ongoing dredging of waterways in Macau. The revised gaming law removes the wording “up to” in the cases of both charges, making them now a fixed 2% and 3%, effectively increasing the total charge from 4% to 5% of GGR. This is in addition to the 35% special gaming tax. Credit Suisse said, “Using 2019 levels as a base and apply[ing] an additional 1% of the GGR as an additional gaming [charge], we estimate that the EBITDA impact would be around 4% for the industry. Given that Macau operators are still under financial pressure, and even [assuming] GGR [is] to gradually recover next year, the benefit of operating leverage may not be optimal until 2024/25. As such, the impact could be potentially higher than 4% initially.” The investment bank went on to note, “To diversify the player base, the new gaming law (in clause no. 23) allows a possible cut by up to 5% of GGR (removal of the levies) collected from foreign gamblers (i.e., ex-China, Macau, HK and Taiwan). Effectively, the GGR generated from foreign players could be taxed at [a low of] 35% instead of 40%.” 根據最新修訂的澳門法 ，澳門博企向澳門政府繳 納的博彩費用及稅費總額面臨1%的上調，預計 將對行業EBITDA造成4%的影響。 投資銀行瑞信觀察到，最新博彩法文本中與 博彩稅有關的措辭發生變化，目前39%的博彩稅 （包括徵稅及撥款）將升至40%。 具體而言，新法修改了先前的措辭，即修改 了此前承批公司向澳門的公共基金撥款「最高」 為博彩總收入2%的款項以及每年撥出博彩總收 入「最高」3%的款項用以發展城市建設、推廣 旅遊及提供社會保障的措辭。實際上目前的費用 分別為1.6%和2.4%，為封頂數額的八成。而澳 娛綜合在上述2.4%的範圍內享有1%的減免，實 際為1.4%，主要由於其支持各種社區項目，包 括每年疏浚澳門半島和氹仔之間的水道。 新博彩法取消了兩種費用「最高」的字眼， 將其固定為2%和3%，從而將總體費用從博彩總 收入的4%提升至5%。此為35%的「博彩特別 稅」稅費的補充。 瑞信表示：「以2019年水平為基礎考量， 並應用額外的1%博彩總收入作為額外博彩稅 費，我們預計對行業EBITDA的影響約在4%左 右。有鑒於澳門營運商仍處於財務壓力之下，即 使明年博彩總收入將逐步恢復，運營槓桿的收益 可能要到2024或2025年達到最佳。因此，最初 的影響可能超過4%。」 其續指：「為了使玩家群體多樣化，新的博 彩法允許行政長官豁免承批公司繳納上述2%及 3%的款項，即海外玩家帶來的博彩總收入可以 按照35%而非40%納稅。」