MACAU BUSINESS Operators again exempted from income tax on gaming profits T
he government has once again exempted Macau’s six casino concessionaires from paying complementary income tax on the profits of their gaming
operations. An executive order published in the Official Gazette indicates that the measure is valid between January 1, 2023, and the end of 2027. The current 10-year gaming concessions came into effect on January 1 last year.
Operators are subject to a
special tax amounting to around 40 percent of gross gaming revenue (GGR). Taxes on gaming accounted for 76 per cent of the total current revenue collected by the government in the first eleven months of 2023.
Marina Bay Sands kicks off second-phase revamp project M
arina Bay Sands has announced the beginning of the second phase of its reinvestment programme worth US$750 million
(MOP6.04 billion). According to a press release from the Singapore-based integrated resort under Las Vegas Sands Corporation, the initiative will primarily benefit its Tower 3, hotel lobby and Sands Sky Park. In addition, the company is aiming for a
“reimagined VIP arrival experience, new premium dining and retail offerings” for guests. Upwards of 550 redesigned rooms,
including about 380 suites, will be introduced, with works expected to complete in stages by 2025. The announcement follows the
forthcoming conclusion of the first- phase endeavour, which cost about US$1 billion – announced in February 2022.
Intermediate court reduces Levo Chan’s jail T T
he number of suspicious transaction reports (STRs) filed by gaming operators witnessed a threefold increase in 2023, reaching 3,431 compared to 1,177 in 2022,
according to the Financial Intelligence Office. The figure is the highest since the Office
24 MARCH 2024
he Court of Second Instance has reduced the jail terms of former junket boss Levo Chan and other defendants in a high-profile illicit gambling case, while rejecting the
Prosecutions Office’s appeal for heavier sentences. They were acquitted of the crime of fraud
involving a high amount. Former Tak Chun head Levon Chan had his prison sentence reduced from 14 to 13 years. The intermediate court upheld
his convictions for other crimes, including
involvement in a secret society, organised crime, illicit gaming activities, and money laundering. As a result of being absolved of the
fraud charge, contrary to the lower court’s ruling, the five defendants are no longer required to pay compensation to the six gaming concessionaires. However, the intermediate court decided
to increase the payment to the SAR Government to MOP2.49 billion for illicit gains resulting from under-the-table gambling.
Suspicious transactions reported at casinos surge to 3,431 in 2023 Financial institutions and insurance
started publishing STRs data. It accounted for 74.4 per cent of the total
STRs (4,614), which increased more than doubling the previous year’s count. In 2022, amidst pandemic restrictions heavily impacting the city, STRs from gaming companies constituted just over half of the total.
companies reported 887 suspicious transactions in the past year, showing an increase from 765 in 2022. In 2023, the Financial Intelligence Office
forwarded 116 STRs to the Public Prosecutions Office.
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