Maya Train Loses 25x More Than It Earns

Mexico — The Maya Train, a flagship infrastructure project in southeastern Mexico, is failing to generate sufficient revenue to cover its operational costs. Financial data reveals that the railway requires subsidies equivalent to 25 times its income to remain functional.

Financial Shortfall and Government Subsidies

During the first quarter of this year, the Mexican government transferred over 3.4 billion pesos ($170 million) from the federal treasury to support the project. In contrast, ticket sales generated only 137 million pesos ($6.85 million) in revenue.

According to financial reports from the state-owned company managing the Maya Train, the project will continue relying on subsidies until its cargo segment becomes operational—a development expected to take at least two more years.

Project Costs Surpass Initial Estimates

The Maya Train’s final cost was four times higher than the amount originally promised by former President Andrés Manuel López Obrador (AMLO). As of mid-May, the railway had transported 1.2 million passengers since its inauguration in late 2023, according to David Águila, the company’s director general.

Record Losses in 2024

An analysis of financial statements by El Financiero found that the Maya Train lost 2.56 billion pesos ($128 million) in 2024, excluding substantial government subsidies. The railway earned just 275 million pesos ($13.75 million) from passenger services and merchandise sales, including jaguar plush toys and other souvenirs.

Operating expenses, however, totaled 2.84 billion pesos ($142 million), meaning the project covered only 9.6% of its operational needs through its own revenue.

High Maintenance and Operational Costs

Financial disclosures indicate that the largest expenses stem from maintenance, train operator training, utility services, and infrastructure installation. Despite government projections of attracting 3 million passengers annually, the Maya Train is expected to remain unprofitable even if this target is met.

The project, managed by Mexico’s military, has become the country’s most financially burdensome state-owned enterprise.