Macau’s premium mass gaming market continues to show resilience, with total wagers rising 3 percent year-on-year in September 2025 despite an 18 percent decline in player numbers, according to the latest monthly survey by Citigroup analysts George Choi and Timothy Chau.
The survey revealed that while fewer premium mass players were observed compared to the same period last year—an effect analysts attributed to the start of the school term—the quality of players improved notably. Average wager per player jumped 27 percent year-on-year to HK$24,550 ($3,150), up from HK$19,389 ($2,490) in September 2024, more than offsetting the decline in player volume.
Total premium mass wagers in September amounted to HK$12.3 million ($1.58 million), representing a 3 percent increase from the prior year. The survey recorded 500 premium mass players, down from 610 in September 2024.
High-roller activity strengthens market confidence
The survey documented notable ‘whale’ activity, with 27 high-rollers betting HK$100,000 ($12,850) or more, compared to 21 in September 2024. The standout player of the month was observed at the Venetian High Limit Area, wagering HK$2 million ($257,000) at a reserved table. This marks the fifth time in the past six months that the ‘Player of the Month’ exceeded HK$1 million ($128,500) in wagers.
‘It is also encouraging to run into a HK$2 million wagering whale in a seasonally slow month,’ the analysts wrote, stressing that premium mass demand remains ‘robust’ despite September’s typically weaker performance following the school term.
Other notable whale sightings included a HK$400,000 ($51,400) player at Wynn Palace’s Chairman Club and a HK$300,000 ($38,500) whale at the City of Dreams High Limit Area.
Sands China leads market share rankings
Sands China emerged as the top performer in the premium mass segment, capturing 35 percent of total wager observed, driven largely by the HK$2 million ($257,000) whale. The company also recorded five additional whales wagering between HK$100,000 and HK$170,000 across its properties. Galaxy Entertainment Group ranked second with a 20 percent share, with analysts observing seven whales at Galaxy Macau and one at StarWorld.
The survey also pointed to signs of broader market recovery, with average minimum bets for mass baccarat rising 5 percent year-on-year to HK$2,016 ($259). This marks the second consecutive month of year-on-year growth, which analysts interpret as a positive signal for the ‘grind mass’ segment.
Competitive landscape remains manageable
Despite intensifying competition among Macau’s six gaming operators, analysts said the environment remains ‘manageable.’ MGM’s recent marketing initiatives—including offering mini Labubu collectibles for player point redemption and holding lucky draws for Rolex Daytona watches for players wagering HK$5,000 ($642) or more on side bets—were described as cost-effective strategies unlikely to weigh significantly on profit margins.
Analysts believe these moves will help MGM defend or potentially grow its market share, even as rivals such as Sands’ Londoner Grand and Galaxy’s Capella continue their expansion efforts.
