Macau plans to raise casino gross revenue tax from 31.8 per cent to 35 per cent after the breakup of the casino monopoly in December, according to a bill to be tabled in the legislature tomorrow.
But gambling mogul Stanley Ho Hung-sun, whose company STDM has held the monopoly for 40 years, said the increase was 'much too high'. He said if his casinos' tax burden reached 40 per cent, he would not continue.
Mr Ho said the current 31.8 per cent levy was already among the highest in the world.
Last week, the Government said it planned to grant up to three casino operator licences after the expiry of STDM's monopoly.
A government spokesman declined to comment on Mr Ho's remarks. However, a senior official said yesterday the decision was now up to the legislature.
'Some of the legislators find the proposed tax increase too high, but others regard it as still too low. Let's see,' he said. In addition to the tax increase, the bill also proposes Macau's casino operators transfer up to two per cent of gross revenue to the recently restructured Macau Foundation, which promotes culture, social welfare and education, and up to three per cent to a fund for public infrastructure projects and tourism promotions.