Macau’s mass baccarat minimum bets have softened since October as casino operators compete for players displaced by the closure of satellite casinos, according to Citigroup’s latest monthly table survey.
Citigroup said the trend reflects intensified competition among the city’s six concessionaires to capture gaming demand amid structural changes in the market.
In a note published on Monday, the investment bank said the average minimum bet for mass baccarat tables across Macau stood at HK$2,058 ($264) in December. While the level was 4 percent higher year-on-year, it marked a 3 percent month-on-month decline, which Citigroup attributed to a more aggressive push by operators to attract former satellite casino patrons following a wave of closures that began in late October.
Citigroup noted that since October, several integrated resorts, including StarWorld, City of Dreams, Wynn Macau on the peninsula, and Casino Lisboa, have opened new gaming areas featuring notably lower minimum bets, in some cases as low as HK$300 ($38). The bank said these areas were ‘quite crowded’ during its survey visits, suggesting that demand from satellite casino players is being actively courted and gradually absorbed by the main concessionaires.
The softer minimum bets form part of a broader contest for market share in the mass and premium mass segments, Citigroup said, as operators seek to offset the loss of satellite venues and defend or expand their share of gross gaming revenue (GGR). The bank added that the extent to which individual operators, including SJM Resorts, will ultimately be able to defend their market positions remains to be seen.
The observations on minimum bets were drawn from Citigroup’s monthly table survey, which primarily tracks activity in the premium mass segment. Citigroup said premium mass continued to show solid momentum, supported by both higher player volumes and increased spending per player.
According to the survey, total premium mass wager observed in December rose 18 percent year-on-year to HK$12.6 million ($1.6 million), while the number of premium mass players increased 5 percent to 534.
Citigroup added that average wager per premium mass player grew 13 percent year-on-year to HK$23,654 ($3,030), compared with HK$20,943 ($2,685) in December 2024, indicating an improvement in both the quantity and quality of premium mass play.
The bank also pointed to heightened competition at the upper end of the market, reporting 28 ‘whales’ during the month, up from 21 a year earlier. While such activity was observed across several properties, Citigroup emphasized that its analysis remained focused on premium mass trends and the evolving mass-market landscape.
Beyond the December snapshot, Citigroup said its 2025 table surveys to date indicate sustained strength in the premium mass segment. Around 8,000 premium mass players were observed across the surveys, wagering a combined total of HK$191.4 million ($24.5 million). The bank said the data suggest that participation levels and spending appetite among more affluent players remain resilient despite broader macroeconomic uncertainties.
