Macau: Gaming Accounts for 76.6% of Government Revenue in 2025
China – 12 November 2026 – www.zonadeazar.com The gambling industry remains the main source of government revenue in Macau, where taxes and concession revenue linked to casinos accounted for 76.6% of total public revenue in 2025.
The figures were presented during a meeting of the Legislative Assembly’s Second Standing Committee on 9 November 2026, which examined the government’s budget execution report for the previous financial year.
Despite ongoing economic diversification efforts, the results confirm the territory’s continued fiscal dependence on casino gaming.
Government Revenue Exceeds US$15.4 Billion
According to Ip Sio Kai, Chairman of the Second Standing Committee, Macau recorded positive public finance results during 2025.
Key indicators included:
- Government revenue: MOP124.1 billion (US$15.4 billion), up 6.9%.
- Public expenditure: MOP102.9 billion (US$12.7 billion), an increase of 5%.
- Fiscal surplus: MOP21.3 billion (US$2.64 billion).
Revenue growth enabled the government to maintain a positive budget balance, largely supported by taxation from the gambling industry.
Casinos Generate US$11.7 Billion in Gaming Taxes
During 2025, Macau’s casino industry recorded gross gaming revenue (GGR) of MOP247.4 billion, equivalent to approximately US$30.6 billion.
This activity generated around MOP94.9 billion (US$11.7 billion) in government gaming tax revenue.
The amount represented approximately three-quarters of total public revenue.
The figures demonstrate that, despite efforts to develop alternative economic activities, casinos continue to play a decisive role in financing Macau’s public administration.
Gaming Revenue Exceeds Official Forecasts
During the revision of the 2025 budget, authorities lowered their gross gaming revenue forecast.
The original estimate of MOP240 billion was reduced to approximately MOP228 billion amid expectations of more moderate market performance.
However, actual GGR exceeded even the original projection, reaching MOP247.4 billion.
Ip Sio Kai highlighted that the results demonstrated stronger-than-expected performance.
The outcome helped strengthen public finances and generate a substantial fiscal surplus.
Direct Tax Revenue Declines
Unlike gaming-related revenue, other sources of taxation recorded mixed results.
Direct taxes generated MOP11.5 billion (US$1.42 billion), representing a year-on-year decline of MOP660 million.
Meanwhile, professional tax revenue reached MOP3.06 billion, increasing by 6.3%.
Revenue associated with property transactions also declined:
- Property transfer stamp duty: MOP530 million.
- Other property-related stamp duties: MOP360 million.
These results highlight the challenges of increasing the contribution of non-gaming activities to government revenue.
Record Tourism Arrivals but Lower Tourism Tax Revenue
Macau welcomed 40.07 million visitors in 2025, representing a 14.7% increase compared with the previous year.
The figure marked a record high for the territory and confirmed the recovery of its tourism industry.
However, tourism tax receipts declined.
Revenue reached MOP1.09 billion (US$135 million), approximately MOP22.9 million below the 2024 figure.
The contrast between rising visitor numbers and falling tourism tax revenue raises questions about converting tourism growth into greater fiscal contributions from non-gaming activities.
2026 Performance Raises Concerns
During the committee meeting, Ip Sio Kai also addressed the casino market’s performance during 2026.
He explained that gaming revenue improved during the first half of the year but began recording year-on-year declines during the second half.
Recent fiscal figures show that Macau collected MOP81.53 billion (US$10.09 billion) in gaming taxes between January and October 2026, representing a 5.2% year-on-year increase.
However, October’s collections were 17% lower than September’s.
These fluctuations highlight the sensitivity of public finances to changes in casino performance.
Economic Diversification Remains a Challenge
The Macau Government continues pursuing a strategy designed to strengthen industries beyond gambling, including tourism, conventions, entertainment and specialised services.
Nevertheless, the budget figures demonstrate that these activities have yet to generate a tax base capable of significantly reducing reliance on casinos.
The International Monetary Fund (IMF) has also recently emphasised the need to expand non-gaming revenue sources to improve the territory’s economic resilience.
Diversification remains a strategic objective for reducing public finance exposure to fluctuations in the gambling market.
Industry Impact and Next Steps
The Second Standing Committee will continue monitoring gaming revenue trends and their implications for the government budget.
For casino operators, the 2025 results confirm the industry’s economic importance, although the fluctuations recorded during 2026 point to greater volatility.
Authorities face the challenge of maintaining substantial tax revenue while developing alternative economic sectors.
With 76.6% of government revenue linked to gaming, Macau maintains a strong fiscal position but continues to face the challenge of reducing its dependence on casinos and strengthening economic diversification.
Editó: @fonta
