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Citi’s latest casino survey reveals higher-value players are spending more per visit even as overall visitor numbers decline.
Banking institution Citigroup reports that Macau’s premium-mass segment remains robust in September 2025, with signs of recovery emerging in the grind mass business according to its monthly casino survey.
The data shows conflicting trends as player numbers fell but average spending per visitor increased significantly.
Why fewer premium players spent 27% more per visit
The numbers tell a story of quality over quantity in Macau’s recovery.
Citi analysts George Choi and Timothy Chau found that premium mass players fell 18% year-on-year in September, potentially due to the survey timing right after school started.
However, the 27% year-on-year increase in average wager per player more than offset the decline, translating to a 3% year-on-year increase in total premium mass wager observed. The average wager per player rose to HKD24,550 (US$3,150) versus HKD19,389 a year earlier.
How grind mass shows early recovery signals
The mass market minimum bets are moving in the right direction.
The average mass baccarat minimum bet rose 5% year-on-year to HKD2,016 in September, marking the second consecutive month with year-on-year improvements.
Citi analysts believe this indicates recovery even in grind mass, the lower-stakes segment that serves as a broader economic indicator for Macau casinos.
What the HKD2 million whale reveals about market strength
Finding high-rolling players in a seasonally slow month signals underlying demand.
The Citi survey recorded 500 premium-mass players with total wagers observed reaching HKD12.3 million in September. Analysts found it encouraging to encounter a HKD2-million wagering player during what they described as a seasonally slow month.
The survey identified 27 whales (patrons betting HKD100,000 or more) versus 21 in September 2024, with the top player operating at Venetian Macao’s high limit area.
How Sands China dominated September’s premium mass rankings
The HKD2-million whale helped propel Sands to the top of market share.
Sands China ranked number one in Citi’s premium mass September survey with a 35% market share in total wager observed, thanks partly to the HKD2-million whale at Venetian Macao.
Galaxy Entertainment Group ranked second with a 20% market share in total wager observed. This marks the fifth time over the past six months that the monthly top player’s wager exceeded HKD1 million.
Why MGM’s marketing tactics could shift market dynamics
Mini Labubu dolls and Rolex prizes represent cost-effective competitive strategies.
MGM China Holdings appears positioned to gain market share through innovative marketing approaches. The operator became the first casino operator to offer mini Labubu collectible dolls for point redemption, launching just days after Pop Mart released the toys on 29 August.
MGM also introduced a lucky draw offering Rolex Daytona watches for players wagering HKD5,000 or more on side bets per hand.
What competitive intensity means for operator performance
The six licensed operators maintain manageable rivalry despite new property launches.
Citi analysts observed that competitive intensity amongst Macau’s six operators remains manageable, despite property developments including Sands China’s Londoner Grand and Galaxy’s Capella.
The bank views MGM’s latest promotional moves as cost-effective strategies that should help the operator defend or potentially gain market share in the evolving landscape. The survey data suggests premium mass demand continues showing resilience even during traditionally slower periods.
Source: GGR Asia
