Tren Maya Operating at Loss, Subsidized by Tourism Funds

Mexico City — Mexico’s Tren Maya railway, a flagship infrastructure project, is operating at a significant financial deficit, with losses covered by tourism funds and government subsidies, according to official data.

In 2025, the railway transported 1.3 million passengers and generated revenue of 541.8 million pesos. However, its operating expenses and other losses totaled 4,810.3 million pesos, creating a deficit where costs exceeded income by more than seven times.

Since its inauguration in December 2023, accumulated losses have reached 8,267.8 million pesos, with total revenue of 823.6 million pesos against expenses of 9,091.5 million pesos.

Why the Tren Maya Operates at a Loss

The primary factor is that current revenue falls short of covering operational costs. Edmundo Gamas, director of the Mexican Infrastructure Development Institute (IMEXDI), stated the project lacked proper initial planning.

“The Tren Maya, from its origin, was not a properly studied project. The cost overruns are well known,” Gamas said. He warned that the financial risk falls on taxpayers: “The risk was passed on to the taxpayers.”

Key factors contributing to the imbalance include:

• High initial investment and elevated operating costs
• Lower passenger numbers than projected
• Lack of local connectivity at some stations
• Challenges with service pricing and schedules
• Absence of freight transport operations

How Losses Are Being Covered

The federal government is covering the deficit through public resources. A significant portion comes from a public trust fund fed by 67% of the fees foreign tourists pay when entering Mexico by air.

In 2025, this fund generated approximately 20,000 million pesos. Previously allocated to tourism promotion, these resources now support projects including the Tren Maya, state-operated hotels, airports, and Mexicana de Aviación airline.

Path to Financial Sustainability

Official plans project the Tren Maya could reach financial equilibrium by 2030. The strategy focuses on diversifying income sources through:

• Incorporating freight transport (planned for late 2026)
• Increasing passenger numbers
• Developing complementary businesses at stations
• Renting commercial spaces
• Implementing austerity measures to control costs

Targets for 2030 include 4 million annual passengers and 4.7 million tons of transported cargo. Project documents state: “Diversifying income sources will significantly reduce dependence on public resources.”

Expert Perspectives

Eduardo Bohórquez, director of Transparencia Mexicana, warned that persistent deficits could lead to privatization scenarios.

“When a public company’s operating costs systematically exceed its income, it opens the door to privatization processes,” Bohórquez said. He identified key conditions for improvement: reducing cost overruns, controlling hidden expenses, and combating corruption.

To boost revenue, the Tren Maya company has intensified commercial strategies, promoting rental of station spaces and integration of tourist-oriented businesses along its network.