Affluent player numbers and higher average wagers offset intense competition in the mass-market segment as operators cut minimum bets
Premium mass gaming has emerged as the central engine of casino revenue growth in Macao during 2025, according to a new survey published by Citigroup, underscoring a shift in the market’s revenue mix as operators respond to structural changes across the city’s gaming landscape.
Drawing on Citigroup’s table surveys conducted over the past 12 months, the research shows that the number of premium mass players in Macao rose by 6% year-on-year. Over the same period, average wagers also increased by 6%, reaching HK$24,018 (approximately $3,100). Analysts said the data points to both an increase in visitor volumes and a rise in the spending power of players frequenting the premium mass segment.
In aggregate terms, total premium mass wagering for 2025 reached HK$191.4m, representing a 12% increase compared with 2024. Citigroup noted that this growth was achieved despite a challenging global macroeconomic backdrop, highlighting the resilience of demand among higher-value customers, particularly from mainland China.
Momentum in the segment remained strong toward the end of the year. In December alone, Citi recorded premium mass wagers of HK$12.6m, an 18% year-on-year increase. Player numbers for the month rose by 5% to 534, while the average wager per player increased by 13% compared with December 2024. According to Citi analysts George Choi and Timothy Chau, these trends reflect Macao’s continued success in positioning itself as a comprehensive leisure destination rather than a purely gaming-focused market.
They added that expanded non-gaming offerings, such as entertainment, hospitality, dining and newly introduced gaming products, have helped sustain spending levels among affluent visitors, even as broader economic uncertainty weighs on consumer sentiment elsewhere.
While premium mass continues to outperform, competition in the broader mass-market segment has intensified. Citi highlighted that the closure of satellite casinos has displaced a significant number of mass-market players, prompting operators, particularly on the Macao peninsula, to compete aggressively for their patronage. Since October, several major properties, including StarWorld, City of Dreams, Wynn Macau and Casino Lisboa, have launched new gaming zones featuring substantially reduced minimum bets, in some cases falling as low as HK$300.
As a result, the average mass baccarat minimum bet across Macao declined to HK$2,058 in December, down 3% month-on-month, although it remained 4% higher than the same period last year. Citi said the sequential decline reflects heightened competition among operators seeking to capture market share in a post-satellite casino environment, even as premium mass continues to set the pace for overall revenue growth.
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