Macau gaming tax revenue hits $2.79 billion in Q1, accounting for 88% of total government income

Macau collected MOP22.2 billion ($2.79 billion) in gaming tax revenue in the first quarter of 2025, according to official data, representing 88% of the government’s total revenue and marking a marginal 0.2% increase year-on-year.

The figures reflect the city’s largely flat casino performance, with gross gaming revenue (GGR) for the quarter rising just 0.6% to MOP57.7 billion ($7.19 billion), data from the Gaming Inspection and Coordination Bureau showed.

In March, Macau recorded MOP7.96 billion ($996 million) in gaming tax revenue, corresponding to February’s GGR of MOP19.7 billion ($2.46 billion). Officials noted the usual delay between when gaming revenue is generated and when related taxes are registered due to administrative timing.

Under the 10-year gaming concession framework that took effect in January 2023, the effective tax rate on casino GGR is 40%. The Q1 tax revenue accounts for 23.8% of Macau’s full-year target of MOP93.1 billion ($11.6 billion), slightly behind budget pace.

The International Monetary Fund this week revised its economic outlook for the territory, cutting Macau’s 2025 GDP growth forecast to 3.6% from a previous estimate of 7.3%, citing a softer-than-expected gaming recovery.

In his fiscal year 2025 Policy Address, Chief Executive Sam Hou Fai warned that the government may need to revise the public budget, citing uncertainties in gaming revenue and additional spending obligations still under consideration.

The gaming sector remains the dominant driver of Macau’s economy, though ongoing volatility in visitor demand and economic headwinds across the region continue to weigh on long-term projections.