Macau mass-market baccarat bet minimums showed some month-on-month weakening in the December bet survey by Citigroup, with a possible factor being Macau’s six operators competing for the former business segment of Macau’s now-shuttered satellite casinos.
That is according to a memo by Citi analysts George Choi and Timothy Chau. The last of the city’s satellite venues – Casino Landmark – is due to cease operations on December 30.
The Citi analysts stated: “Since October, we have seen casinos (including StarWorld, City of Dreams, Wynn Macau… and Casino Lisboa) opening new areas with notably lower minimum bets, as low as HKD300 [US$38.50].”
Three of the four properties mentioned by Citi are in downtown Macau, where most satellites were formerly based.
SJM Holdings Ltd, the gaming licensee used by most Macau satellites, had affirmed to GGRAsia last month that the revamped Crystal Palace gaming zone, within the Hotel Lisboa complex, aimed to repatriate gaming market share previously held by satellites.
The Citi team noted of the new gaming areas launched by the different casinos: “These areas were quite crowded when we visited. We believe satellite casino players are still trying out these new products in the market (and we expect Sands Macao will join the race soon).” Sands Macao is Sands China Ltd’s only casino complex on Macau peninsula.
It added: “How much market share SJM will eventually be able to defend remains to be seen.”
Citi stated that average mass baccarat minimum bets had been “lowering, as casinos are fighting for satellite casino market share”.
In Citi’s December survey, the observed average mass baccarat minimum bet across Macau was HKD2,058. “Although it rose 4 percent year-on-year, it was down 3 percent month-on-month,” said the analysts.
“We think the sequential decline coincides with the six casino operators fighting for GGR market share that is now up for grabs from the recent closure of satellite casinos,” they added.
In the much-discussed premium-mass segment, Citi’s December survey indicated Sands China had “regained pole position”, with a “29 percent share,” versus 23 percent in December 2024.
This was “another data point demonstrating that hosting the right artists for concerts can translate into market-share gains”. That was a reference to ongoing commentary about perceived value of certain concert performers hosted at Macau casino-resort arenas having the power to boost gaming revenue.
The Citi team stated: “When we were at the Venetian [Macao], foot traffic seemed to be heavier than usual. We think the strength can be attributed to the concert by Cantopop legend Alan Tam that was happening at the Venetian Arena on the day.”
Premium bet volume up 12pct y-o-y
The financial institution said the ‘player of the month’ in its December survey, was a person wagering HKD900,000 at The Londoner Macao, a Sands China property across the road from The Venetian Macao.
Galaxy Entertainment Group Ltd ranked second with a 21 percent share of observed December premium mass betting – and eight ‘whales’ – seen at its flagship Galaxy Macau property in Cotai, out of 28 whales seen market-wide in the latest survey. The institution defines whales as patrons with a bet size of HKD100,000 or more.
Total wager observed during December’s survey amounted to HKD12.6 million, 18-percent higher than a year earlier, noted the institution. The number of premium mass players seen in December amounted to 534, up 5 percent from a year ago.
“This implies that average wager per player grew 13 percent year-on-year to HKD23,654,” stated the analysts.
Citi’s monthly betting surveys across the whole of 2025, indicated a 12-percent year-on-year rise in observed bet volume of premium-mass players. That was despite “a year filled with economic uncertainties due largely to global trade conflicts”.
Mr Choi and Mr Chau further noted: “The GGR [gross gaming revenue] generated in Macau so far this year shows that passion for gaming and propensity to spend amongst the more affluent players are still rising.”
Up to November 30, Macau GGR stood at nearly MOP226.52 billion (US$28.25 billion), an aggregate year-on-year gain of 8.6 percent.
Macau “offers affluent mainland Chinese consumers a ‘total experience’ – concerts, hotel suites, and new side bets – that they are willing to spend on,” noted the institution.
As a result, “we believe Macau GGR growth will continue to be sustained,” said the Citi analysts in their latest memo.
The circa 8,000 observed premium mass players observed during 2025 wagered a total of HKD191.4 million, i.e., a 12.0 percent increase from the tally observed a year earlier.
Citi said the growth was driven by a 6 percent year-on-year rise in number of premium mass players seen throughout 2025, and 6 percent year-on-year gain in average wager per player to HKD24,018.
“Both player quantity and quality improved,” noted the analysts.
