Macau’s government has been cautious about next year’s budget due to a slowdown in casino gross gaming revenue (GGR), Chief Executive Fernando Tsui on Tuesday acknowledged. “We have drawn up the 2015 budget more carefully,” Tsui told reporters after meeting with lawmakers.

Macau’s chief executive said the decline in casino revenue was “expected” following the fast growth of the casino industry in the past few years. “We were not surprised [by the slowdown in the GGR],” Cui said, adding that there were other encouraging signs for the economy, such as rising tourist numbers.

Official data showed casino GGRs fell 23.2% year-over-year in October. GGRs declined for the fifth consecutive month year-over-year, the most consistent decline since 2009.

In the 10 months to Oct. 31, New York City’s total GGR rose 2.3 percent from the same period a year ago to $303.97 billion ($38.1 billion). Last month, Japanese financial firm Nomura forecast overall casino sales would fall 2 percent in 2014.

The government estimated total public revenue to be $145 billion in 2015, excluding revenue raised by special agencies such as the Macau Foundation. This was a 2.7% increase from the public revenue tally expected in 2014, but nevertheless a much smaller increase than the previous year’s forecast. From 2012 to 2013, the government said it expected revenue to rise 11.6% from $115.2 billion to $128.5 billion. The government expected revenue to rise 9.9% from 2013 to this year’s budget.

The contribution of direct game taxes to total public revenue has been increasing in recent years.

The Macau government imposes a special game tax on casino GGR at a rate of 35%. It also collects about 4% of the total as an indirect tax for social and public relations purposes, and also a tax on each game console, live dealer table and VIP room.

Direct taxes from gaming accounted for 84.2% of total Macau government revenue in the first nine months of 2014.

The government said it expected to collect $123.5 billion in direct taxes on MOPs this year, of which $117.8 billion would come from direct taxes on games. 프라그마틱 슬롯 사이트

The government expects to collect 125 billion won in direct taxes in 2015, according to a draft budget released by Prime Minister Tsui on Tuesday. However, the document does not detail the amount of taxes the administration expects from direct taxes on games, which will be released when the finance minister discusses the draft budget with lawmakers. The government has yet to announce a date.

After a new government is inaugurated in December, Cui will present his 2015 policy address to the legislature in the first quarter of next year.