Gaming Casinos hit Golden Week jackpot

The premium mass gaming sector soared to record levels during the recent Golden Week holiday, reflecting strong player enthusiasm despite ongoing Sino-U.S. trade tensions. Citigroup’s monthly Macau premium mass table survey, released earlier this week, highlighted unprecedented wagering activity during this key holiday period.

The survey, conducted by analysts George Choi and Timothy Chau, described the surge as “jaw-dropping.”

It recorded the highest single wager ever in the survey’s history: a HKD2.9 million (USD362,500) bet placed by a player at MGM Cotai, who was named “Player of the Month.”

Total premium mass wagers hit a record HKD27.2 million ($3.4 million), matching last year’s Golden Week peak. The average wager by high rollers jumped 79% year-on-year to HKD281,000 ($35,125), with the average minimum bet also rising slightly compared to the recent Easter and Chinese New Year holiday.

The number of premium mass players increased 22% from May 2024, reaching 949, while the average wager per player rose 26% to HKD28,654 ($3,580). Choi and Chau noted, “For the second consecutive month, we encountered the Player of the Month at MGM Cotai’s Supreme Room.”

Notably, Citi analysts found that 63% of premium mass wagers were placed in American-operated casinos such as MGM, Sands, and Wynn, indicating that geopolitical tensions have yet to sway player preferences in Macau’s gaming scene.

Data from the local Gaming Inspection and Coordination Bureau (DICJ) showed gross gaming revenue (GGR) in April 2025 rose 1.7% year-on-year to MOP18.86 billion ($2.36 billion), a modest increase from April 2024’s MOP18.54 billion. However, April’s GGR declined 4.1% from March 2025’s MOP19.66 billion, indicating some month-on-month softness.

Before the five-day Labor Day holiday, JPMorgan analysts cautioned in a note that Macau operators could feel the impact of a slowing Chinese economy and weakening yuan, which may dampen consumer spending, including gaming.

Analysts attribute the slow growth to a sluggish recovery in the base mass market, Beijing’s crackdown on illegal money exchange, and broader economic uncertainties, including Sino-U.S. trade tensions and a weakening yuan.

Despite these headwinds, Choi and Chau concluded, “Players remain passionate about gaming, and the ongoing Sino-U.S. trade conflict so far appears not to be discouraging players from enjoying Macau’s gaming and non-gaming offerings.” Nadia Shaw