Macau gaming tax revenue hits over €950 million in November

Jenny Ortiz December 13, 2024

SiGMA news

Macau’s gaming sector delivered robust results in November 2024, with the government collecting MOP8.0 billion (€951.6 million) in gaming tax revenue, according to the data from the Financial Services Bureau (DSF). This represents a 6.4 percent increase compared to the same period of last year and a 20.3 percent rise from October.

Based on the government data, the city’s gaming tax revenue from January to November totalled MOP81.05 billion (€9.6 billion), reflecting a 37.2 percent year-on-year increase. This figure is just shy of the government’s full-year target of MOP83.6 billion (€9.9 billion), achieving 96.9 percent of the forecast. During the same period, gaming taxes accounted for 80.6 percent of Macau’s total revenue, which reached MOP100.5 billion (€11.9 billion).

Economic diversification efforts progress

This development comes after Chief Executive Ho Lat Seng highlighted Macau’s evolving economic structure, which has moved away from its historical reliance on gaming. This shift has been supported by integration with national development strategies, including the Belt and Road Initiative and the Greater Bay Area framework.

Moreover, Macau’s “tourism-plus” strategy has been instrumental in expanding non-gaming industries. Revitalised historic districts have attracted over 1.7 million visitors since 2023, thanks to initiatives tied to casino license agreements.

Meanwhile, the Macau government is continuously prioritising infrastructure improvements and social welfare projects, supported by its healthy fiscal reserves. Major investments include the Macau Medical Centre, affordable housing projects, and upgraded public facilities. Free medical and education policies have further enhanced residents’ quality of life.

Despite substantial spending, Macau remains in a stable financial position, with no external debt or bond issuances. This financial prudence ensures long-term stability and enables continued investment in future development.

Air Macau to receive government support in 2025

In another development, in a bid to support the city’s tourism, Air Macau will receive a MOP344 million (€40.9 million) capital injection from the Macau government in 2025. This funding forms part of a larger MOP1.6 billion (€190.3 million) capital increase agreed upon with Air China, the airline’s majority shareholder.

According to government reports, Air Macau is grappling with financial challenges, including net asset values falling below half the share capital and difficulties meeting loan obligations. The injection is aimed at stabilising the airline’s operations, providing critical working capital. Air Macau, the sole airline franchisee in the city, will mark 30 years of operations in 2025.

Be part of the action! Join the world’s biggest iGaming community with SiGMA’s Top 10 News countdown. Subscribe for weekly updates, insider insights, and exclusive subscriber-only offers.