Macao Posts MOP 21.6 Billion Fiscal Surplus for First Nine Months, Up 30 Percent and Already Above Last Year's Full-Year Total
MACAO — Macao recorded a public finance surplus of MOP 21.6 billion in the first nine months of 2026. TDM reported the figure on October 11 under the headline that the fiscal balance to the end of September stood at MOP 21.6 billion. Macao media, citing official data, noted the surplus was up 30.2 percent year on year and had already exceeded the surplus for the whole of 2025, pointing to a markedly faster pace of revenue collection this year.
Gaming taxes remained the dominant revenue source. Direct gaming taxes rose 5.9 percent year on year to MOP 74.6 billion in the nine months, accounting for about 83 percent of total government revenue. Cumulative gross gaming revenue over the same period was about MOP 187.1 billion, though it has fallen year on year for four consecutive months since June. Chief Executive Sam Hou Fai said on October 10 that the government would hold its full-year GGR forecast of MOP 236 billion for now, with about MOP 50 billion still needed in the fourth quarter.
The solid fiscal position gives the government room to address long-term obligations. The following day, October 12, the government announced that under Law No. 13/2026 it would allocate 80 percent of the 2025 central budget execution surplus — about MOP 15.91 billion — to the Pension Fund to meet the funding gap of the retirement and survivors' pension regime over the next five years, stressing that the move would not affect livelihood and welfare spending or statutory reserve allocations.
The two-day Government Headquarters open day continued on October 11, drawing residents and visitors. During the event, Sam said improving livelihoods is the core of governance and that the government would keep reviewing economic and social conditions while maintaining sound public finances and advancing economic diversification. Analysts note that the fourth-quarter fiscal outcome will hinge on gaming revenue and visitor spending, making the year-end tally the key test of whether the forecast is met.
Sources: Compiled from TDM reporting of October 11, 2026, and official public finance data cited by Macao media.
Source: GSM · USA (original Chinese edition)
Photo: 南湾湖，Diego Delso 摄，CC BY-SA 3.0（Wikimedia Commons）
