Macau's Financial Services Bureau data shows that from January to September 2025, Macau's gaming-related fiscal revenue reached 70.41 billion Macau patacas (approximately 8.78 billion US dollars), a 6% increase from the same period last year. During the same period, the total gaming revenue (GGR) of Macau casinos was 181.3 billion Macau patacas (approximately 22.58 billion US dollars), a year-on-year increase of 7.1%, including 8.53 billion Macau patacas in gaming tax revenue in August alone. Under the current gaming concession framework, the actual tax rate for casinos remains around 40%. This year, the Macau government has adjusted the annual total gaming revenue forecast from 240 billion Macau patacas down to 228 billion Macau patacas, with corresponding gaming tax revenue expected to be 88.56 billion Macau patacas. Gaming taxes accounted for 85.2% of Macau's total fiscal revenue in the first nine months, achieving 79.5% of the annual target.
Core Fiscal Revenue Data
The Macau Financial Services Bureau announced specific data on gaming tax revenue for the first three quarters of 2025, with cumulative gaming-related fiscal revenue reaching 70.41 billion Macau patacas, equivalent to approximately 8.78 billion US dollars. This represents a 6% increase compared to the same period in 2024, indicating a stable growth trend in gaming tax revenue.
The increase in tax revenue is generally in line with the trend of total gaming revenue growth, reflecting the overall condition of the industry's continuous recovery.
Gaming Revenue Performance
During the same period, the total gaming revenue of Macau casinos reached 181.3 billion Macau patacas, approximately 22.58 billion US dollars, a year-on-year increase of 7.1%. The growth in total gaming revenue is the direct cause of the increase in gaming tax revenue, with a clear positive correlation between the two.
The performance in August was particularly notable, with gaming tax revenue reaching 8.53 billion Macau patacas (approximately 1.06 billion US dollars), showing the positive impact of the peak summer season on the industry.
Tax Policy Framework
According to Macau's current 10-year gaming concession framework, which has been in effect since January 1, 2023, the actual tax rate on total casino gaming revenue remains around 40%. This tax level provides a stable source of fiscal revenue for the government.
The continuity of tax policy helps maintain stable industry development, providing operators with a predictable policy environment.
Annual Expectation Adjustment
Earlier in 2025, the Macau SAR government adjusted the annual total gaming revenue forecast from the originally planned 240 billion Macau patacas (29.86 billion US dollars) down to 228 billion Macau patacas (28.37 billion US dollars), a reduction of 5%. Accordingly, the annual gaming tax revenue expectation was adjusted to 88.56 billion Macau patacas (11.02 billion US dollars).
The adjustment is based on a realistic assessment of the market environment, reflecting the government's prudent fiscal management approach.
Fiscal Dependency Analysis
As of September 30, gaming tax revenue accounted for 85.2% of Macau's total fiscal revenue, which was 82.63 billion Macau patacas (approximately 10.27 billion US dollars). This proportion highlights the significant role of the gaming industry in Macau's fiscal revenue.
Macau's economy still heavily depends on the gaming industry, with gaming tax revenue remaining a major source of government fiscal income.
Target Completion Progress
The 70.41 billion Macau patacas in gaming tax revenue for the first nine months has reached 79.5% of the government's annual gaming tax target of 88.56 billion Macau patacas. Based on the time schedule, nearly eighty percent of the annual target has been achieved in the first three quarters, which is in line with expectations.
If the growth trend continues in the fourth quarter, the annual target is expected to be smoothly achieved.
Industry Recovery Trend
The continuous growth in gaming tax revenue and total revenue reflects the robust recovery momentum of Macau's gaming industry post-pandemic. The resurgence in tourist numbers and recovery in spending power are the main drivers of growth.
All segments of the industry are showing good development trends, providing a solid foundation for tax revenue growth.
Economic Diversification Challenges
The data showing gaming tax revenue accounting for over 85% highlights the necessity for moderate diversification of Macau's economy. The economic structure that heavily relies on the gaming industry poses certain risks, and promoting industry diversification is a long-term task for the SAR government.
In recent years, the government's investments in non-gaming sectors are beginning to show results, but the economic structure transformation still requires time.
Future Outlook
Based on the performance in the first three quarters, Macau's gaming industry is expected to achieve stable growth in 2025. The government's adjusted annual target appears more pragmatic, conducive to the healthy development of the industry.
With the further recovery of the international tourist market, the gaming industry is expected to continue providing significant support for Macau's economic growth.
