Macau’s premium mass player quality remains ‘golden’ despite a 15 percent year-on-year decline in visitor numbers during the October 2025 Golden Week, according to analysts at Citigroup.
The investment bank’s latest survey reveals that while fewer high-value players visited the city’s casinos, average wagers per premium mass player held steady at HK$28,466 ($3,656), matching levels seen during Labor Day 2025 and National Day 2024.
Analysts George Choi and Timothy Chau attributed the decline in player numbers to this year’s extended eight-day National Day Golden Week holiday, one day longer than the usual seven-day celebration. The extra day appears to have spread visitation more evenly across the holiday period, diluting daily averages rather than indicating a genuine downturn in demand.
Extended holiday dilutes daily visitation
According to the Table Survey conducted in October 2025, total wager observed amounted to HK$23.3 million ($2.99 million), down 14 percent year-on-year. The number of premium mass players seen totaled 819, representing a 15 percent decrease compared to October 2024. However, Citigroup analysts believe these figures reflect the timing effect of the longer holiday rather than weakening player quality.
Encouragingly, the whale segment showed robust performance. The survey recorded 60 whale players during October 2025, the highest number observed throughout the year. Average wager per whale player rose 6 percent year-on-year to HK$176,583 ($22,675), while the average minimum bet reached HK$2,432 ($312), attaining year-high levels. The analysts noted that both the quantity and quality of whale players in Macau appear to be holding up well.
Sands and Galaxy lead the premium mass segment
For the fourth consecutive month, Sands China and Galaxy Entertainment emerged as leaders in premium mass wagers based on Citigroup’s observations. Sands China ranked first in the premium mass survey with a 27 percent market share in total wager observed, up from 22 percent in October 2024. The bank’s analysts spotted 17 whales across the Venetian, Londoner, and Plaza properties.
Galaxy ranked second with a 22 percent market share, down from 29 percent in October 2024. In particular, Galaxy’s Horizon room hosted 10 whales, the most observed in any individual premium mass room during the survey period.
Operators target satellite casino players
Macau’s concessionaires could be attempting to lure former satellite players to their casinos by offering lower betting limits at their integrated resorts than previously, according to Citigroup. The analysts observed new gaming areas with lower minimum bet tables at Galaxy’s StarWorld (16 tables at HK$300-1,000) and Melco’s City of Dreams (15 tables at HK$500-1,000), suggesting these operators are making strategic moves to capture business from satellite casinos.
Additional observations included Sands advertising a HK$13.4 million ($1.72 million) baccarat jackpot winner from September 9th, which analysts described as a ‘smart move’ to demonstrate that such prizes are attainable. At SJM’s Grand Lisboa Palace, the Phoenix Palace has been converted into a premium slot area, while a new Dragon Pavilion room now serves as the property’s premium mass room with 12 tables offering minimum bets of HK$3,000-5,000.
The analysts also noted the increasing popularity of new side bets, which they believe bodes well for sustained gaming revenue during the Golden Week period.
