Gaming tax revenue at MOP30b in first four months

The fiscal revenue from gaming remained stable during the first four months of 2025, with the government collecting just under MOP29.84 billion, according to figures from the Financial Services Bureau.

While this marks little change from the same period last year, the gaming taxes contributed nearly 88% of the MOP34.04 billion in total government revenue from January to April.

The month of April brought in MOP7.64 billion in gaming tax receipts, slightly lower than March’s figure, reflecting a 3.9% month-on-month decline.

According to the Gaming Inspection and Coordination Bureau (DICJ), monthly GGR from games of fortune totaled MOP76.5 billion from January through April, slightly surpassing last year’s MOP75.9 billion for the same period, marking a 0.8% increase.

January’s GGR was MOP18.25 billion, down 5.6% from January 2024, but the following months showed recovery: February recorded MOP19.74 billion (+6.8%), March MOP19.66 billion (+0.8%), and April MOP18.86 billion (+1.7%).

Analysts had projected steady gains following Macau’s post-pandemic recovery, and the data aligns with expectations of a gradual rebound.

Analyst David Katz believes the SAR will get a lift from “monetary policy initiatives focused on improving the health of the overall consumer” in Macau.

This is based on announcements made this year by the Chinese government which were seen as a positive development for the market.

Another key driver of gaming revenue, tourism, continues to strengthen.

Macau anticipates welcoming 35 million visitors in 2025, nearly a 25% increase from last year, with about 70% coming from mainland China under relaxed visa rules. These include the “One Trip Per Week” and “Multiple Entries” schemes, which have boosted arrivals from Zhuhai, Hengqin, and the GBA.

With regard to hitting this year’s GGR target of MOP240 billion, according to the DICJ,
Citigroup’s George Choi and Timothy Chau projected a 7% increase in GGR year-over-year, for a total of MOP244 billion. They forecast that earnings before interest, taxes, depreciation, and amortization (EBITDA) would be up 13% for 2025.