Macau's gaming tax revenue rose 9.3% year-on-year through the first seven months of 2026, reaching $7.22 billion. July alone brought in MOP 7.15 billion ($885 million).
Gaming remains the dominant revenue source for the territory, accounting for 86% of all collected funds at MOP 67.85 billion ($8.40 billion). The seven-month result represents 63.1% of the annual gaming tax target of MOP 92.53 billion ($11.45 billion). The current ten-year concession system, in place since January 2023, applies an effective rate of 40% on GGR.
GGR itself is growing more slowly than tax revenue. July casino GGR came in at MOP 20.26 billion ($2.51 billion), up 9.4% month-on-month but down 8.4% year-on-year. June saw a steeper decline of 12.1% year-on-year to MOP 18.52 billion ($2.29 billion). The gap between tax growth and revenue performance reflects the lag between operators recording income and payments reaching the treasury.
For operators, the fiscal burden is outpacing the top line. With GGR stagnating, margins are compressing, particularly as operating costs climb. CLSA forecasts an 11% drop in third-quarter EBITDA.
