The Macao SAR Government announced Tuesday that it has lowered its gross gaming revenue estimate for 2025 to MOP$228 billion (US$28.2 billion), or an average of MOP$19 billion (US$2.35 billion) per month – down from a previous estimate of MOP$240 billion (US$29.7 billion).
The original MOP$240 billion estimate formed part of the government’s 2025 budget. Given that Macau’s economy is highly dependent on taxes on GGR, the budgets of various government departments were also set based on that forecast.
However, GGR for the first five months of 2025, through May, has only reached MOP$97.7 billion (US$12.1 billion) at an average of MOP$19.54 billion (US$2.42 billion) per month, falling short of the government’s forecast.
At a press conference on Tuesday, the government said it had revised its GGR estimate after examining the current economic situation and the actual operations of the gaming industry so far this year.
“[The government] proposes to lower the annual gross gaming revenue estimate from the original MOP$240 billion to MOP$228 billion, which will serve as the main fiscal revenue base for the revised estimate,” it said. “[The government] will adjust the relevant budget revenue items accordingly.”
After the adjustment, the current average monthly GGR of MOP$19.54 billion is in line with the government’s estimation.
It also means the government’s estimated fiscal revenue for 2025 has been adjusted downwards from MOP$121.1 billion (US$15.0 billion) to MOP$116.6 billion (US$14.4 billion).
Estimated expenditure has, however, also been adjusted upwards from MOP$113.4 billion (US$14.0 billion) to MOP$116.2 billion (US$14.4 billion) – an increase of around MOP$2.85 billion (US$353 million).
The government pointed out that the increase in expenditure was due to upward adjustments in the budgets for subsidies for disadvantaged groups, the construction of the Hengqin campus of the University of Macau – about MOP$1.75 billion (US$217 million) – and inputs in scientific and technological research and development.
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