Citigroup survey says premium mass wagers still strong in Macau
The average wage per player has offset a drop in player numbers.
Macau.- Citigroup’s latest survey of Macau casinos observed that premium mass wagers rose 3 per cent year-on-year despite an 18 per cent decline in player numbers. Average wager per player increased 27 per cent year-on-year to HK$24,550 (US$3,150), up from HK$19,389 (US$2,490) in September 2024, more than offsetting the decline in player volume.
Premium mass wagers during the survey amounted to HK$12.3m (US$1.58m), 3 per cent higher compared to the prior year. The survey recorded 500 premium mass players, down from 610 in September 2024.
Analysts George Choi and Timothy Chau wrote: “Perhaps because we conducted our September 2025 survey right after school started, the number of premium mass players seen fell 18 per cent year-on-year.”
They added: “However, the 27-per-cent year-on-year increase in average wager per player – a metric to measure player quality – more than offsets it, translating to a 3-per-cent year-on-year increase in total premium mass wager observed.”
“We believe this is a sign suggesting a recovery even in grind mass,” observed Choi and Chau.
The survey observed 27 whales (players with bets of HK$100,000 per hand or more). The “Player of the Month” was spotted placing a bet of HK$2m (US$257,000) at the Venetian High Limit Area. This is the fifth time in the past six months that the Player of the Month exceeded HK$1m ($128,500) in wagers. Other whale sightings included a HK$400,000 (US$51,400) player at Wynn Palace’s Chairman Club and a HK$300,000 (US$38,500) whale at the City of Dreams High Limit Area.
Sands China ranked number one in Citi’s premium mass September survey, with a 35-per cent market share of wagers. Galaxy Entertainment Group ranked number two, while Citi said that MGM China Holdings could gain some market share via new marketing strategies.
