Macau Gaming Tax Climbs 7.6% to US$11.8B in 2025, Topping Government Forecast
Macau’s Financial Services Bureau confirmed that gaming tax revenue reached MOP 94.9 billion (US$11.8 billion) in 2025, up 7.63% from the prior year and roughly MOP 1.8 billion above what the government had budgeted.
The six concessionaires—Sands China, Galaxy Entertainment, Wynn Macau, MGM China, Melco Resorts, and SJM Holdings—produced that figure off MOP 247.4 billion in gross gaming revenue at an effective 40% tax rate. It wasn’t close to pre-pandemic peaks but it was the city’s best GGR result since 2019.
Gaming made up 82.7% of all tax revenue in Macau last year. Total receipts reached MOP 114.6 billion, with casino tax far ahead of any other source. The government has pushed for more non-gaming income for years, and the 2022 licence renewals included over US$16 billion in required investment outside casinos.
The 2026 budget pegs gaming tax at MOP 92.53 billion, a figure that’s actually lower than what 2025 delivered. They cited Middle East instability and US trade tensions as factors. Through February though GGR was running 13.9% ahead of last year at US$5.3 billion, which doesn’t match that cautious outlook at all.
For operators, this is less about the growth number and more about how much the system still depends on casino revenue. When most tax income comes from gaming, even small changes in player spending can affect public finances. That puts pressure on the government to keep volumes stable, and on operators to maintain steady activity. It also gives concessionaires more weight in discussions, but ties their performance closely to how the market holds up over time.
TGJ Take
The main point is not the growth rate but how much the government still depends on gaming. Around 83% of tax income comes from casinos, even after years of required spending on non-gaming projects. That gives operators more weight in discussions, but it also creates risk. If GGR drops for a longer period, public finances come under pressure. The lower 2026 forecast shows that officials are aware of this. The current +13.9% GGR pace is a good sign, but trade and policy risks could still affect the outlook.
