Premium mass gaming steady at start of Labor Day holiday, Citi says

Citigroup reported that Macau’s premium mass gaming segment showed “solid” wagering activity at the start of the Labor Day holiday, with performance levels ranking second only to the Chinese New Year period earlier this year.

The findings came from the bank’s latest May survey of premium mass bet volumes and minimum wagering levels. Total observed premium mass wagers reached HKD23.0 million (USD2.9 million), representing a 15% year-on-year decline.

Analysts George Choi and Timothy Chau attributed the drop to an unusually strong comparison base in May 2025, when several exceptionally high-value players skewed results.

They noted that last year’s survey included two so-called “whales,” including a record player who placed HKD2.9 million in wagers. Adjusting for those outliers, both overall wager volume and average spend per player would have been broadly flat year-on-year, according to Citi’s analysis.

The bank recorded 58 high-value players during this year’s Labour Day period, up from 49 in the same period last year. However, total wagering was about 6% lower than February’s Chinese New Year survey, which remains the strongest monthly reading so far in 2026.

Citi said the data reinforces Macau’s continued appeal as a key holiday destination for mainland Chinese tourists during major “Golden Week” periods.

As of 9 p.m. last night, Macau has recorded a total of 785,664 arrivals since May 1.

Among operators, Galaxy Entertainment Group and Sands China led in premium mass share, supported by large hotel capacity and event-driven demand, including concerts held at major integrated resort venues during the holiday period.

Meanwhile, CLSA reported generally positive observations from casino visits in Macau on May 2, pointing to stable gaming activity and firm betting levels across properties.

According to the brokerage’s field checks, casino foot traffic increased notably after midday. 

Minimum bets across mass-market gaming floors were described as healthy, with most tables offering wagers in the HKD1,000 to HKD2,000 range per hand.

In higher-tier areas, minimum bets were significantly elevated, typically reaching around HKD5,000. CLSA also observed two tables at City of Dreams with minimum betting levels as high as HKD10,000, indicating sustained demand in premium segments.

The broker said overall table activity and wagering conditions suggested resilient player engagement across both mass and premium segments during the holiday surge.

Based on its observations, CLSA maintained a constructive outlook for the month, stating that the gross gaming revenue target of MOP22.6 billion for May appears achievable, supported by steady visitation and solid betting momentum during the Golden Week period.