MACAU SAR, CHINA Trends and Developments Contributed by: Pedro Cortés, Lektou
cessionaires, promoters and affiliates. Consultation closed on 4 August 2025 and revised legislation is expected in 2026. Three-year review under Article 22: the first checkpoint Late 2025/early 2026 triggers the first three-year review under Article 22 of the Gaming Law, assessing concession compliance, non-gaming delivery, foreign- market development (and use of related tax incen- tives), and social/economic contributions. Findings could inform second-half-term policy, includ- ing post-2025 satellite treatment and incentive cali- bration. Market composition and AML trend Premium-mass remains the earnings anchor and VIP stabilises at a lower base. Suspicious transac- tion reports (STRs) have declined circa 9–10% YoY through Q3, consistent with maturing controls and mix shift rather than reduced vigilance. Interdepartmental co-ordination is expected to continue to deepen. Fiscal and taxation outlook The core special gaming tax (35% of GGR) plus special contributions (2% + 3%) remain unchanged. Special- contribution deductions linked to international-market development increased in 2024 and continued in 2025 (the government has not disclosed granular operator splits), while the complementary income-tax exemp- tion (gaming profits) runs between 2023–2027. With MOP70.4 billion in gaming tax between January and September 2025 already collected, full-year tax intake will hinge on Q4 seasonality versus the revised MOP226 billion GGR target. Non-gaming, international visibility and outlook Non-gaming diversification moved from planning to visible delivery throughout 2025, as casino conces- sionaires accelerated the roll-out of projects pledged under their 2022 concession contracts, which collec- tively earmark MOP118.87 billion. More than 90% of that total relates to cultural, enter- tainment, convention, sports, and community ini-
tiatives designed to widen Macau’s tourism appeal beyond gaming. Several large-scale developments began opening in phases. • Galaxy Entertainment Group launched the first stage of Galaxy Arena and Convention Centre, Asia’s newest 16,000-seat indoor arena, which hosted headline concerts and international sport- ing events throughout 2025, strengthening Macau’s credentials as an entertainment hub. • Melco Resorts advanced its Studio City Phase 2, introducing the Epic Tower hotel, a large water park, and additional family-friendly facilities, fulfill- ing its commitment to expand leisure tourism. • MGM Cotai unveiled its Art and Culture Hub, integrating digital-art installations and exhibitions co-organised with mainland and international insti- tutions. • Wynn Palace is expected to have at Wynn Palace and Event & Entertainment Centre and a Grand Theatre, and opened a culinary academy aimed at developing local talent in gastronomy and hos- pitality, expanded the Chairman’s Club facilities at Wynn Palace, and hosted several international events (eg, Asia’s 50 Best Bars 2025 awards). • Sands China progressed the transformation of The Londoner Macao into a lifestyle complex with themed attractions and retail concepts targeted at international visitors. • SJM Resorts completed renovation works at Grand Lisboa Palace and initiated partnerships with local designers to curate a “Macau Cultural Boulevard”, linking luxury retail with traditional crafts and cul- tural showcases. Macau’s growing event calendar has become a barometer of diversification success. The city hosted NBA (National Basketball Association) pre-season games in October 2025, major esports tournaments, regional music festivals, and the Greater Bay Area International Art Fair, all co-sponsored by concessionaires under their contractual community- investment obligations.
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