Premium-mass players bet more despite smaller crowds, Citi says

Macau’s premium-mass casino market regained momentum in August, as fewer high-end players wagered substantially more per person, according to Citigroup’s latest monthly table survey.

Total premium-mass wagering observed rose 7% from a year earlier to HKD14.3 million, or about US$1.8 million, although the number of players surveyed fell 16% to 525. As a result, the average wager per player climbed 27% to HKD27,284, from HKD21,543 in August 2025.

The average remained 8% below the HKD29,625 recorded in February during the Chinese New Year holiday period, Citi analysts George Choi and Timothy Chau said.

The recent findings also suggest that concerns over weaker Macau casino gross gaming revenue in June and July may have been overstated, the analysts said. That period coincided with the FIFA World Cup, which ran from June 11 to July 19 and was widely considered to have diverted some gamblers’ attention and travel spending.

At the same time, the survey pointed to a more accessible entry point for mainstream gamblers. The average minimum bet for mass-market baccarat across Macau fell 13% from a year earlier to HKD1,901 in August.

In their latest premium-mass survey, Citi identified 31 “whales.” The analysts said, “The 31 whales we ran into last Friday wagered an average of HKD244,000 per hand, up a whopping 54% versus August 2025.”

“It appears premium mass is once again the savior, which drags GGR out of negative territory,” the analysts stated.

Wynn Macau Ltd. led Citi’s recent premium-mass survey, accounting for 29% of total wagering observed, compared with 18% in August 2025.

Moreover, the survey’s highest single wager was observed at Chairman’s Club at Wynn Palace, where Citi said its “player of the month” was betting HKD820,000 per hand.

Casino operators also continued to reshape their gaming floors through renovations and new offerings. Citi noted work at MGM Cotai’s Supreme room, including its premium slot area, as well as renovation activity in the middle of the mass-gaming floor at Grand Lisboa Palace, operated by SJM Holdings Ltd.

Citi also observed a newly opened premium slot area at MGM Cotai, operated by MGM China Holdings Ltd.

At City of Dreams, analysts saw “18 gaming tables (13 with dealers) at the new gaming area” near the southwest entrance. The tables carried minimum bets ranging from HKD300 to HKD1,000.

“We believe this is the first time City of Dreams is pricing any baccarat table with minimum bets as low as HKD300,” the analysts added.

Citi maintained its forecast for Macau’s full-year 2026 gross gaming revenue to rise 6% from 2025.