A survey of Macau’s high-end mass-market gamblers by UBS Securities Asia Ltd has found that a “diversified and premiumised” customer base has been contributing to “demand resilience” in Macau’s gaming industry.
“Insights from our latest premium-mass gamer survey pointed to the emergence of new customer sources – high-income professionals and more diverse industries – who have potentially contributed to this sustained demand resilience,” stated the institution in a recent research note.
It added: “We believe this evolving demographic, along with an improved household financial condition, are diversifying and premiumising Macau’s customer base.”
According to UBS, the survey results suggested that “higher spending gamers have different service priorities compared to base mass customers”.
“These [results] support our view that operators with high premium product mix are relatively better positioned to capture GGR [gross gaming revenue] share sustainably,” it added.
The survey results indicate that average household income of Macau higher-spending players – above HKD20,000 (US$2,570) gaming spend per trip – “has risen by circa 22 percent versus 2019,” observed UBS.
“We also noted meaningful contribution from emerging industries such as hardware tech and pharmaceutical, representing circa 7 percent and about 4 percent of respondents, respectively,” as per the note.
The memo added: “Additionally, a greater proportion of premium players indicated an improvement in their financial situation in the previous 12 months – net positive 23 percent – and expect further improvement in the next 12 months – net positive 21 percent –, in spite of macro headwinds.”
With gaming demand in Macau “likely to remain skewed towards the premium segment, we believe the survey results continue support a resilient demand outlook”.
The institution forecasts Macau GGR and earnings before interest, taxation, depreciation, and amortisation (EBITDA) “to grow by 5 percent and 11 percent in 2026”.
According to UBS, the surveyed premium players “also expressed different service priorities compared to lower spending customers, placing greater emphasis on attributes such as rebates and membership programme, hotel room quality and high-end dining options”.
“Given the differentiated service preferences, we believe premium operators are better positioned to capture demand from these customers,” the institution observed.
It added: “A focused strategy around premium marketing, tailored player incentives, and elevated product positioning should help premium operators stand out, supporting their ability to grow market share.”
