Macau Gaming Tax Up 5.2% to MOP81.5B (US$10.1B) in 10 Months

Macau collected MOP81.53 billion (US$10.09 billion) in gaming tax during the first 10 months of 2026. The total is up 5.2% year over year, according to data the Financial Services Bureau (DSF) released on Nov. 11.

Year-to-date growth slowed from 5.9% at the end of September. Monthly receipts also fell year over year for a second straight month. The slowdown follows a run of weaker casino results. Gross gaming revenue (GGR) has now declined year over year for five consecutive months. Even so, collections remain on course to meet the annual budget.

October Gaming Tax Falls 1.4% as September GGR Weakens

October gaming tax receipts totaled MOP6.96 billion (US$861 million), down 1.4% from October 2025. That was 17% below September's MOP8.39 billion (US$1.04 billion). September collections had already slipped 1.6% year over year.

Under Macau's current concessions, operators pay a combined levy of up to 40% on GGR. Gaming tax receipts lag casino revenue by about one month. October's figure therefore largely reflects September GGR. The Gaming Inspection and Coordination Bureau (DICJ) reported September GGR of MOP18.06 billion (US$2.24 billion). That was down 1.2% year over year and the lowest monthly total of 2026. September GGR was also 17.5% below August's MOP21.89 billion (US$2.71 billion). October's 17% monthly drop in tax receipts closely mirrors that decline.

Gaming Tax Nears Budget Target, Still Drives Macau's Finances

Despite the softer months, collections remain ahead of plan. The 10-month total equals 88.1% of the government's MOP92.53 billion (US$11.45 billion) full-year budget, up from 80.6% at the end of September. An even monthly pace would have put collections at about 83.3%. With two months left, the government needs MOP11 billion (US$1.36 billion) more, or about MOP5.5 billion (US$681 million) a month, to hit its target.

Gaming also continues to dominate public finances. The tax accounted for 84.1% of the government's MOP96.94 billion (US$12 billion) in current revenue through October.

Its share of total revenue, including capital receipts, was 83%.

In 2025, gaming tax receipts reached MOP94.9 billion (US$11.74 billion), beating the government's budget. The 2026 gaming tax budget is lower than the 2025 budget. Officials cited economic uncertainty and fiscal prudence when they set the GGR forecast behind it.

October GGR Falls 10%, Raising Pressure on 2026 Forecast

The tax data does not yet reflect October's casino results. DICJ figures show October GGR fell 10% year over year to MOP21.68 billion (US$2.68 billion). October 2025 set a post-pandemic monthly record, making for a tough comparison. Analysts also cited weaker high-end play and tax enforcement in mainland China. Operators were already under pressure, with CLSA and Goldman Sachs having forecast lower third-quarter earnings.

GGR from January through October reached MOP208.8 billion (US$25.84 billion), up 1.6%. That equals 88.5% of the government's MOP236 billion (US$29.21 billion) full-year forecast. Even if GGR hits the 2026 forecast, it would finish about 4.6% below 2025's MOP247.4 billion (US$30.62 billion).

Chief Executive Sam Hou Fai had said October's results would guide any revision to that forecast. Brokerages expect November GGR to fall 2% to 6.1% year over year.