Mayan Train Sees Large Losses as Costs, Subsidies Soar

The Mayan Train, one of Mexico’s most ambitious infrastructure projects, has reported accumulated losses of MX$5.8 billion (US$312.45 million) since it began operations through the 1H25, according to an analysis by El Financiero. Financial statements reveal that operational expenses from late 2023 to June 2025 totaled MX$6.33 billion (US$341.03 million), with costs rising as service frequency and route coverage expanded across five southeastern states.

During the first half of 2025, MX$2.26 billion (US$121.73 million) was spent to keep the tourist railway running, roughly MX$12 million (US$646,518) in public funds every day.

Subsidies Outpace Revenue by a Wide Margin

Despite being one of the most heavily funded government initiatives, the Mayan Train’s financial sustainability remains in question. An analysis of the 2024 Public Account by the Ministry of Finance and Public Credit (SHCP) found that the federal government allocated MX$40.8 billion (US$2.13 billion) in subsidies to the project. This translates to MX$60 in public money for every MX$1 generated in revenue, MBN reported.

Passenger figures also point to limitations in revenue generation. Between late 2023 and April 7, 2025, the train carried 1 million passengers — an average of just over 2,000 daily. Even at full ticket capacity, passenger service alone cannot achieve financial break-even, acknowledged David Lozano, Director General, Mayan Train, in May 2025. Freight operations, which have yet to begin, are projected to be the key to financial equilibrium, but not before 2030.

Cost Transparency Concerns

Total construction and equipment costs remain classified. However, available data indicates that MX$13.2 billion (US$690 million) was allocated in 2024 for unfinished works, signaling ongoing expenses and delays. No detailed cost breakdown has been disclosed in reports to Congress.

The Ministry of Tourism’s expenditure surged to MX$136.3 billion (US$7.13 billion), nearly MX$134.3 billion over its initial allocation, largely due to the Mayan Train. The Ministry of Defense (SEDENA) received MX$88.9 billion (US$4.65 billion), partially to fund trains, related infrastructure, and logistics. Overall programmable spending exceeded forecasts by MX$276.3 billion (US$14.45 billion), with large increases in administrative and state-owned enterprise budgets.

Additional unplanned tourism-related expenses included salaries, supplies, fuel, public relations, legal and banking services, expropriations, and railway equipment purchases. Defense accounted for 16.9% of federal administrative spending, with 69.3% linked to projects including the Mayan Train. The transportation sector grew 41.2% in real terms from 2023, driven largely by this initiative.

Government’s Position on Profitability

In July, President Claudia Sheinbaum defended the project’s viability, arguing that profitability for public infrastructure does not solely depend on recouping investment. She stressed that projects like the Mayan Train, Mexicana de Aviación, and state-owned hotels and parks are backed by strategic plans aimed at boosting the region’s development.

“The Mayan Train is profitable… it was designed with profitability in mind,” Sheinbaum said, rejecting claims that state-run enterprises are inherently unsustainable. She emphasized that without such projects, southern Mexico would have “remained in neglect.”