According to the latest Financial Services Bureau data, Macau’s gaming tax revenue dipped in early 2025. In January and February, Macau’s government collected MOP14.24 billion ($1.78 billion) in gaming tax revenue, marking a 3.8 percent year-on-year decline.

Gaming taxes continue to be the cornerstone of Macau’s government revenue. In the first two months of 2025, Macau’s total government revenue reached MOP15.95 billion ($2 billion), with gaming tax collection contributing 89.3 percent of the figure.

Only 15.3% of tax target achieved so far

For 2025, the Macau government has set a gaming tax target of MOP93.12 billion as part of the budget plan. However, the tax collected so far in early 2025 represents only 15.3 percent of this target. Under the 10-year gaming concession system that came into effect on 1 January 2023, the effective tax rate on casino gross gaming revenue (GGR) remains at 40 percent.

Despite the drop in gaming tax revenue, Macau’s aggregate casino GGR saw a slight 0.5 slight increase year-on-year, reaching MOP38 billion for the first two months of this year. This indicates that while tax collections are down, the overall business activity in the casino industry remains steady.

March GGR figures

In related news, Macau’s Gaming Inspection and Coordination Bureau (DICJ) has reported a minimal rise in total gaming revenue for March 2025. For the month, total gross gaming revenue (GGR) totaled MOP19.66 billion (US$2.45 billion), marking a modest 0.8 percent increase compared to March 2024.

This month’s gaming revenue marks a slight decrease of 0.4 percent from February’s figure. March’s figure took the aggregate gaming revenue so far this year to nearly MOP57.66 billion, up 0.6 percent on the same period in 2024. Last month, total gaming gross revenue (GGR) was up 6.8 percent year-on-year to reach MOP19.74 billion ($2.46 billion). February’s result comes after operators reported strong post-Chinese New Year demand which helped soften the blow that the city’s casinos faced during the “softer than originally forecast” Lunar New Year Golden Week.

March’s gaming revenue is well in line with analysts’ projections, with several estimating it to range between MOP19 billion and MOP20.5 billion. J.P. Morgan’s analysts had predicted a “flattish” performance as compared to last year, with a GGR range of MOP19 billion to MOP19.5 billion. Analysts expect that the first quarter will show no significant growth, with a slight dip to around MOP56.7 billion, a near accurate prediction.

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