Macau records MOP298.3bn in gaming tax for first four months of 2025
Public surplus narrows as overall income declines and capital expenditure rises.
Key points:
– Gaming revenue holds steady at MOP298.3bn year-on-year
– Total government income down 4.8% amid lower financial returns
– Public surplus falls nearly 20% in first four months
Macau collected MOP298.3bn (US$37bn) in gaming-related tax revenue between January and April this year, remaining virtually unchanged from the MOP298.5bn recorded in the same period last year, according to the latest data from the Financial Services Bureau, as reported by Macao Daily.
Despite stable income from gaming, total government revenue fell by 4.8% year-on-year to MOP343.7bn, primarily due to a reduction in financial income, which was around MOP10bn lower than in the previous year. Recurrent income totalled MOP340.4bn, a 4.9% drop from MOP358.1bn a year earlier.
However, with capital spending increasing and financial returns softening, pressure on fiscal stability has become more evident despite positive momentum in tourism and casino operations.
Total government expenditure during the same period rose by 2.6% to MOP240.5bn. Recurrent spending remained relatively flat at MOP175.1bn, a modest 0.34% rise from last year, while capital expenditure saw a sharper increase of 9.3% to MOP65.4bn.
Good to know: Gaming tax accounted for approximately 86.8% of Macau’s total government revenue in the first four months, highlighting the sector’s continued dominance in the public finances
The surge was mainly attributed to an additional MOP8.75bn spent on equity-related investments under the category of “stocks and other shareholdings.”
The rise in expenditure, coupled with the slight drop in revenue, led to a decline in the public fiscal surplus. The budget surplus for the four-month period stood at MOP103.28bn, down 18.4% compared to the MOP126.7bn recorded during the same period in 2024. The Government is expected to maintain close scrutiny of expenditure and revenue trends as economic uncertainties persist.
April’s gross gaming revenue in Macau exceeded expectations, rising 1.7% year-on-year to MOP18.59bn.
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