Banking institution Citigroup says the Macau gaming industry is showing resilience, with “strength” in the mass market segment continuing in November. The institution’s latest survey was conducted on Friday (November 21).
“November is typically the slowest month in the fourth quarter, so the premium-mass strength we witnessed when we conducted our proprietary table survey last Friday positively surprised us,” wrote analysts George Choi and Timothy Chau in a recent memo.
Total wager observed during November’s survey amounted to HKD14.4 million (US$1.9 million), “19-percent higher versus November 2024,” noted the institution.
The number of premium-mass players seen in this month’s survey amounted to 540, which Citi said was “5-percent higher” than a year earlier.
“This implies that average wager per player grew 13 percent year-on-year to HKD26,754, versus HKD23,706 in November 2024,” stated the analysts.
“This is a positive surprise to us, given the November 2025 survey was conducted on a normal Friday and yet the HKD26,754 average wager per player exceeded that of Chinese New Year 2025 by 2 percent,” they added.
“We also view average baccarat minimum bet of HKD2,112 – plus 5 percent year-on-year – as a sign of recovery even in grind mass,” noted the Citi team.
The analysts said the data points they collected during November’s survey made them “comfortable” the November gross gaming revenue (GGR) forecast of MOP20.5 billion (US$2.56 billion), an 11-percent increase from a year earlier.
The Citi analysts said they saw 31 whales – defined as patrons with a bet size of HKD100,000 or more – in November’s survey, up from 22 whales a year ago. The 31 whales “wagered an average of HKD216,000,” according to the institution.
“We ran into our player of the month at Wynn Palace’s Chairman’s Club. Despite the drilling noises from the ceiling – likely coming from the expansion works –, this player seemed to be little bothered and wagered HKD1.2 million,” observed Mr Choi and Mr Chau.
As per the institution’s note, Galaxy Entertainment Group Ltd ranked number one in Citi’s premium mass November survey, “with a 27-percent market share in total wager observed,” versus 21 percent a year earlier.
MGM China Holdings Ltd “leapfrogged” to number two, “with a 23-percent market share, versus November 2024 at 13 percent”.
