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Macau's unused billions: booming casino taxes sit in government coffers

Reuters  |  MACAU 

By Farah MasterMACAU (Reuters) - Over the past five years, Macau has raked in $70 billion in taxes from the casinos that have made the territory the largest gambling center in the world.But it has invested less than 10 percent of that take - by far its largest source of income - in much needed infrastructure. That shortfall was laid bare last month when Macau was struck by a typhoon that killed 10 people and wiped out power and water for over half the city.Years of mismanagement, poor planning and corruption are key reasons why the money has not been better utilized, according to academics, ...

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First Published: Tue, September 12 2017. 14:29 IST