Macau’s premium gaming sector appears resilient despite ongoing US-China trade tensions, according to Citigroup’s latest proprietary table survey conducted by analysts George Choi and Timothy Chau.
On-site observations reveal that high-stakes players continue to frequent Macau’s casinos with minimal disruption to their gaming patterns.
The survey findings suggest that concerns about reduced gaming appetite due to geopolitical tensions might be premature. As the analysts note, the situation brings to mind an old Chinese saying: ‘When business is slow, might as well gamble.’
One of the most notable findings is that the US-China trade conflict appears to have minimal impact on players’ choice of gaming venues. US-based operators maintained approximately 60 percent of the premium mass wager market share observed in April 2025, which Citi describes as ‘well within the historical range of the local-US split.’
‘Players’ decision on which casino to go to does not seem to be altered by the trade conflict – they seem to stick with the venue where they feel the most auspicious/comfortable,’ the analysts observed.
On an individual basis, Galaxy led with about 25 percent market share of total wagers observed, while MGM China secured the second position with roughly 23 percent share, boosted by a significant whale sighting.
Premium mass wagers observed during the survey totaled HK$11.1 million ($1.43 million), ‘surprisingly flat’ year-over-year. The number of premium mass players increased 8 percent to 611 compared to April 2024, though the average wager per player decreased slightly to HK$18,139 ($2,337), down 7 percent year-over-year from HK$19,467 ($2,509).
High-roller activity shows resilience
The survey identified 19 ‘whales’ (players betting HK$100,000 or more), slightly higher than the 18 observed in April 2024. These high-rollers wagered a combined HK$4.1 million ($528,600), with an average bet of HK$217,000 ($27,968) per whale, representing a modest 2 percent increase year-over-year.
The ‘Player of the Month’ was spotted at MGM Cotai’s Supreme Room with a HK$4 million ($515,631) chip stack and a HK$1 million ($128,908) wager. This was ‘only the fifth million-dollar whale we ran into since reopening,’ indicates the report. The second-highest bet came from a player at Galaxy Macau’s Horizon Room, who placed a HK$500,000 ($64,454) wager.
Mass market showing some weakness
The survey also found that while the premium segments remained resilient, the average minimum bet for mass baccarat dropped 13 percent year-over-year, suggesting a possible decline in player quality within the grind mass segment.
Among the six casino operators, Sands China recorded the largest year-over-year decrease in average minimum bet, falling 37 percent to HK$1,681 ($217).
