Macau Gaming Tax Reliance Holds Steady at 76.6% of 2025 Government Revenue

Macau’s gaming tax accounted for 76.6% of total government revenue in 2025. The share highlights an unchanged dependence on the sector even as visitor numbers reached record levels.

The Second Standing Committee of the Legislative Assembly reviewed the Report on the Execution of the 2025 Budget and detailed the figures. Total revenue reached MOP$124.1 billion (US$15.4 billion), a 6.9% increase from 2024. Expenditure stood at MOP$102.9 billion (US$12.7 billion), up 5%, producing a fiscal surplus of MOP$21.3 billion (US$2.64 billion).

Gaming Revenue Performance

Gross gaming revenue totaled MOP$247.4 billion (US$30.6 billion), generating approximately MOP$94.9 billion (US$11.7 billion) in government gaming tax. Ip Sio Kai, President of the Committee, noted that the gross gaming revenue forecast had been revised down from MOP$240 billion (US$29.7 billion) to MOP$228 billion (US$28.2 billion) but actual results exceeded the original projection. Visitor arrivals hit a record 40.07 million, up 14.7%, yet tourism tax revenue fell to MOP$1.09 billion (US$135 million).

According to Inside Asian Gaming, the high degree of reliance on gaming tax revenue remains despite ongoing diversification efforts. Direct taxes contributed MOP$11.5 billion (US$1.42 billion), down MOP$660 million year-on-year. Gaming revenue improved in the first half of 2026 before showing year-on-year decreases in the second half.

The Challenge of Volatility

Macau’s total financial reserves reached MOP$666.7 billion (US$82.5 billion). The committee will closely monitor future gaming revenue trends given the demonstrated volatility. The concentrated revenue base leaves limited room to absorb sustained downturns without affecting the fiscal position.