In the first four months of 2025, Macau’s fiscal revenue from gaming remained largely flat when compared to the same period last year. The city registered tax revenue from gaming just under MOP29.84 billion ($3.70 billion).
Gaming contributed 88% to total tax
Gaming taxes contributed nearly 88 percent of the total MOP34.04 billion that the government collected from January to April. For the month of April, Macau registered MOP7.64 billion in gaming tax receipts, reflecting a 3.9 percent month-on-month decline.
According to the latest Financial Services Bureau (DSF) data, Macau collected about MOP22.20 billion in fiscal revenue from gaming in the first three months of 2025. This marks an increase of 0.2 percent from the prior-year period. For 2025, the Macau government has set a gaming tax target of MOP93.12 billion as part of the budget plan.
Gaming’s contribution to total taxes is notable given Macau’s constant calls for non-gaming investments as part of an ongoing effort to diversify the city’s economy. Last month, Macau government announced a midterm review of 바카라 operators’ mandated non-gaming investments, as part of the ongoing effort. The aim of the review is to assess how well operators have adhered to their obligations since signing new concession agreements in 2022.
April GGR figures
In early May, Macau’s Gaming Inspection and Coordination Bureau (DICJ) reported a 1.7 percent rise in total gaming revenue for April 2025. For the month, total gross gaming revenue (GGR) totaled MOP18.86 billion. While it was up from the corresponding period, it marked a decline of 4.1 percent sequentially. Cumulatively, GGR for the four months of this year totaled MOP76.51 billion (US$9.54 billion), up 0.8 per cent year-on-year. However, the figure is 23.3 per cent lower than the same period of 2019.
Analysts pointed to the slow recovery of the base mass market this year, marking the largely underwhelming gaming revenues so far. Macquarie Equity Research analysts have also noted the potential impact of a recent crackdown on illegal money changers for both the mass and premium mass gaming sectors. The catalyst for these concerns is a police operation that resulted in the arrest of 33 individuals, including 14 바카라 hosts from Cotai-based 바카라s.
Golden week glow fades
It was noted that Macau’s GGR experienced a sharp 44 percent week-on-week drop in average daily revenue (ADR) following the May’s Golden Week holiday. This comes after the first 11 days of May, where Macau registered GGR of MOP8.55 billion, according to a recent investment note by HSBC, as quoted by media. It is significant because, historically, the second week of May usually sees a 25-35 percent decline in run rate compared to the first week. This makes this year’s 44 percent decline more pronounced.
In April, brokerage Seaport Research Partners slashed their Macau’s gross gaming revenue growth forecast for 2025 by more than half. The brokerage now expects 3 percent expansion, down from a previous estimate of 6.5 percent. This comes after a “weaker than expected start to the year,” wrote analyst Vitaly Umansky in a memo.
