Macau’s premium mass segment delivered a ‘positively surprising’ performance in January, with average wagers per player rising 41 percent year-on-year to levels comparable with the 2025 Golden Week period, according to a proprietary table survey by Citigroup.
In a research note summarizing observations from a January survey, analysts George Choi and Timothy Chau highlighted that the average wager per premium mass player reached HK$28,424 ($3,644), up sharply from HK$20,160 ($2,585) a year earlier. The firm indicated the result once again exceeded expectations and pointed to resilient spending among higher-end mass-market players, despite a lower headcount.
Citigroup estimated that total premium mass wagers observed in January amounted to HK$16 million ($2.05 million), representing a 25 percent increase from the same month in 2025. The number of premium mass players observed fell 11 percent year-on-year to 564, implying that growth was driven primarily by higher average spend rather than volume.
The analysts also highlighted stronger activity at the high end of the premium mass spectrum. Citigroup identified 28 ‘whales’ during the January survey period, up from 24 a year earlier. These players wagered a combined HK$8.1 million ($1.04 million), implying an average of about HK$290,000 ($37,180) per whale, an increase of 49 percent year-on-year.
Citigroup also noted a higher concentration of very large bettors, with six players wagering HK$500,000 ($64,100) or more during the survey, compared with only two such players in January 2025.
Citigroup’s ‘Player of the Month’ wagered HK$1 million ($128,200) at the Horizon Room at Galaxy Macau. Additional high-value play was observed at City of Dreams and Wynn Macau, including wagers of HK$850,000 ($109,000) and HK$640,000 ($82,100), respectively.
While the analysts said it was difficult to attribute the stronger performance to any single factor, they pointed to a combination of gaming and non-gaming offerings that continue to appeal to affluent mainland Chinese customers.
On a property basis, Galaxy reclaimed the top position in Citigroup’s premium mass survey, ranking first with a 25 percent share of total wager observed, compared with 27 percent in January 2025. Wynn Macau, Sands China, and MGM China followed closely behind, with market shares described as a ‘photo finish’ among the three operators.
Citigroup also noted several operational and promotional developments during the survey period, including concert ticket incentives targeting premium mass players and renovation works at mass gaming floors across multiple properties ahead of the Lunar New Year period. The analysts said these factors may have supported visitation and spending, contributing to January’s stronger-than-expected premium mass results so far.
