The government of Macau reported gaming tax revenue of MOP70.41 billion (US$8.78 billion) for the first nine months of 2025, representing a 6 percent increase compared to the same period last year, according to data released by the city’s Financial Services Bureau.
In 2023, Macau implemented a 10-year gaming concession framework that imposes an effective tax rate of 40% on the gross gaming revenue of its casinos.
Key takeaways:
- Gaming tax revenue reached MOP70.41 billion in the first nine months of 2025
- September GGR grew 6% year-on-year despite typhoon disruptions
- Sector maintains steady recovery amid sector volatility and sector-specific challenges
August proved to be a particularly strong month, generating nearly MOP8.53 billion in gaming tax receipts. By the end of September, gaming taxes accounted for about 85.2 percent of the government’s total current revenue of MOP82.63 billion, highlighting the sector’s important role in the local economy.
Macau Gaming Tax Revenue Shows Steady Gains
Casino GGR in September reached approximately MOP18.29 billion, up 6 percent year-on-year. However, this figure represented a 17.5 percent decline from August, which marked Macau’s strongest monthly performance since January 2020, per GGRAsia. The month-on-month dip partly reflected a 33-hour casino closure caused by Super Typhoon Ragasa.
For the first nine months of 2025, cumulative GGR totaled around MOP181.34 billion, marking a 7.1 percent increase from the same period in 2024. Despite this growth, the government lowered its full-year 2025 GGR forecast by 5 percent, adjusting the estimate to MOP228 billion from an earlier projection of MOP240 billion. The revised figure implies a gaming tax revenue target of close to MOP88.56 billion for the year.
Resilient Growth Despite Market Pressures
The government expressed cautious optimism about meeting the 2025 targets given ongoing sector volatility. Early 2025 data showed slower growth in gaming tax revenue, with a slight decline in the first quarter despite modest improvements in GGR.
In Q1, gaming tax revenue was MOP22.2 billion, constituting 88 percent of government income at that time. The first half of the year saw tax revenue reach MOP45.26 billion, reflecting a 1.05 percent increase year-on-year.
Macau’s gaming tax collections in 2024 totaled MOP88.1 billion, a 35 percent increase over 2023, though figures remain below pre-pandemic levels seen in 2019.
Industry analysts noted the revenue growth amid challenges such as typhoon-related disruptions indicates resilience in Macau’s gaming sector, which remains a central component of the city’s economy.
