This study analyzes the implementation of collaborative governance in tourism sector management and its contribution to Local Own-Source Revenue (PAD) in Southeast Maluku Regency. Despite the region's substantial tourism potential and a significant increase in tourist arrivals from 18,264 in 2020 to 129,300 in 2024, the contribution of the tourism sector to PAD declined from 22.73% in 2022 to 18.35% in 2024. The study aims to analyze the implementation of collaborative governance, identify supporting and inhibiting factors, and assess the creation of public value. A qualitative approach with a single-case study design was employed. Data were collected through in-depth interviews with nine informants representing local government, the private sector, and the community, as well as through field observations, document reviews, and the analysis of digital and audiovisual materials. The findings indicate that collaborative governance remains at the stage of pseudo-collaboration. Power, resource, and knowledge asymmetries are highly pronounced. Institutional design remains weak due to the absence of operational technical regulations governing partnerships, as well as the lack of specific tax and levy regulations for the tourism sector. Facilitative leadership has been inconsistent, as evidenced by seven changes in the position of Head of the Tourism Office within a four-year period. Furthermore, collaborative processes are largely event-driven and conducted on an irregular basis. Supporting factors include the government's normative commitment, the Regional Tourism Development Master Plan Regulation (RIPPARKAB), the local Maren culture, and small economic gains generated at the community level. Meanwhile, inhibiting factors are systemic in nature, including government dominance, the absence of technical regulations, non-permanent collaborative forums, low transparency, sectoral ego, and the geographical challenges associated with an archipelagic region. The study concludes that these small wins have failed to be transformed into increased PAD due to the weak institutionalization of collaborative mechanisms and the absence of horizontal accountability.