In July 2025, the Macau government collected approximately MOP 8.11 billion, which translates to around US$1.01 billion in gaming tax revenue. This amount closely mirrors June's intake of MOP 8.16 billion, underscoring a relatively steady performance month-over-month.

Gaming Taxes Powering Macau’s Public Finances

For the first seven months of the year, gaming taxes generated MOP 53.4 billion (US$6.64 billion), marking a 3.4% year-on-year increase compared to the same period in 2024. Gaming taxes remain the backbone of Macau’s fiscal revenue, accounting for 86.3% of the government's total revenue, which reached MOP 63.3 billion (US$7.87 billion) during this period.

On Track—but Still Room to Meet Fiscal Targets

The government’s official 2025 annual gaming duty budget stands at MOP 93.1 billion (approx. US$11.6 billion), meaning that the revenue collected up to July represents roughly 60.3% of the full-year projection. While progress is solid, Macau still needs a strong second half of 2025 to meet—or exceed—its fiscal benchmarks.

Insights & Implications

July’s near-US$1 billion haul reflects resilience in Macau’s gaming sector, even outside Golden Week or holiday periods. However, with only 60% of the annual gaming tax target reached by mid-year, this underscores the urgency for sustained visitor influx and uninterrupted sector performance through the rest of the year. Given the heavy reliance on gaming (which accounted for over 86% of total revenue), any downturn in gaming activity could pose fiscal stress.

Looking ahead, monitoring trends in visitor arrivals, marketing efforts, and high-roller participation will be pivotal. Macau’s ability to adapt to changing travel dynamics and maintain strong gaming performance will be critical in meeting its full-year revenue goals.