The Macau Special Administrative Region (SAR) Government has unveiled a promising budget forecast for the year 2025, projecting a significant increase in gross gaming revenues (GGR). The budget, the final one to be delivered by Chief Executive Ho Iat Seng, anticipates GGR to hit MOP$240 billion (US$29.9 billion), marking a monthly average of MOP$20 billion (US$2.5 billion). This projection was announced ahead of a detailed briefing to the Legislative Assembly scheduled for next week.
A sustained recovery in tourism and gaming:
The optimistic forecast is supported by the anticipated continued recovery of Macau’s integrated tourism and leisure industry, which has seen a resurgence in visitor numbers. “The recovery of the integrated tourism and leisure industry is expected to continue next year, with the number of visitors to Macau continuing to rise,” stated the government, as reported by Inside Asian Gaming. This increase in GGR for 2025 represents an 11% growth over the estimated revenues for 2024, which are projected at MOP$216 billion (US$26.9 billion).
The promising outlook for 2025 follows a robust performance in 2023, where Macau achieved GGR of MOP$183 billion (US$22.8 billion), significantly surpassing the government’s estimate of MOP$130 billion (US$16.2 billion). This achievement came after the reopening of Macau’s borders in January 2023, leading to a swift recovery in tourism and gaming activities. Ten months into 2024, revenues have already reached MOP$190.1 billion (US$23.7 billion), accounting for 88% of the forecast for the year.
The budget discussions set for the city’s Legislative Assembly will also reflect on the broader implications for Macau’s economy. The Chief Executive’s office emphasized, “Considering all factors, the fiscal year 2025 gross gaming revenue is estimated to reach MOP240 billion. Such is the principal fiscal income that serves as a foundation for the Macau Special Administrative Government in formulating the fiscal year 2025 budget plan.” This revenue is critical as it supports various public services and infrastructural developments within the region.
Tax contributions from gaming:
The 2025 budget also outlines expected contributions from the city’s six casino concessionaires, with projected gaming taxes amounting to MOP84.0 billion for the fiscal year. These figures derive primarily from the “special gaming tax,” which is set at 35 percent of GGR under the current 10-year gaming concessions that commenced on January 1, 2023. Including additional levies for social causes, the effective tax rate on Macau casino GGR stands at 40 percent for the current concession period.
The upcoming fiscal year marks a significant transition for Macau’s leadership, with Chief Executive Ho Iat Seng stepping down at the end of his term. He will be succeeded by Sam Hou Fai, the former president of Macau’s Court of Final Appeal. This change in leadership comes at a crucial time when the region is navigating its post-pandemic economic recovery, heavily reliant on its integrated tourism and leisure sectors.
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