Macau Casinos Broaden Reach as Premium Spending Rebounds

Premium Mass Wagering Rises Despite Fewer Players

Macau casinos are broadening their appeal across different player segments, with average mass-market baccarat minimum bets falling while wagering among premium customers strengthened, according to Citi’s latest table survey.

Total premium mass wagers observed during the August survey increased 7% year-on-year to HK$14.3 million (US$1.83 million), compared with HK$13.4 million in August 2025.

The increase came despite a 16% decline in the number of premium mass players observed, which fell to 525. Average wagering per player, however, climbed 27% to HK$27,284, up from HK$21,543 a year earlier.

At the same time, the average minimum bet across Macau’s mass baccarat tables declined 13% year-on-year to HK$1,901, compared with HK$2,191 in August 2025.

The findings suggest that Macau operators are offering a wider range of gaming options, combining lower entry points for regular mass-market customers with continued spending growth among premium players.

Citi said its latest survey also provided evidence that concerns over weaker Macau gross gaming revenue (GGR) in June and July were beginning to ease following the impact of the football World Cup.

High-Value Players Increase Their Wagers

Citi identified 31 high-spending players, or “whales,” during its August survey, seven more than in July and one fewer than during the same period last year.

Their average wager rose 54% year-on-year to HK$243,548, compared with HK$158,125 in August 2025.

The largest wager observed reached HK$820,000 at the Chairman’s Club at Wynn Palace. Citi also recorded wagers of HK$680,000 at Wynn Encore and HK$650,000 at the Signature Club at City of Dream

Wynn ranked first in Citi’s premium mass survey, accounting for 29% of total wagers observed, up from 18% a year earlier.

The brokerage identified seven high-spending players at the Chairman’s Club. The room recorded an average wager of HK$117,300, the highest among the 19 premium mass rooms visited during the survey.

According to Citi, premium mass players continue to demonstrate a willingness to spend on both gaming and non-gaming products in Macau, supporting the recovery in gaming revenue following the World Cup period.

Casinos Lower Minimum Bets to Attract Mass Players

The decline in Macau’s average baccarat minimum bet was accompanied by the introduction of more affordable tables at individual casino properties.

Citi found 18 gaming tables in a new gaming area near the south-west entrance of City of Dreams, including 13 tables with dealers. Minimum bets ranged from HK$300 to HK$1,000.

The brokerage said this was the first time it had observed City of Dreams pricing a baccarat table as low as HK$300, highlighting operators’ efforts to broaden access to mass-market gaming.

Operators Continue to Invest in Premium Areas

Casino operators are also adjusting and renovating their premium offerings.

MGM Cotai recently opened a premium slot area next to the Masters Club, while renovation work was under way at its Supreme Room and the premium slot area located within it.

Citi also observed major renovation work in the central section of City of Dreams’ Grand Mass area.

Construction activity was additionally visible near the East Gate bus drop-off area at Wynn Palace. Citi said the work appeared to indicate that construction on The Enclave had commenced.

Citi Maintains 2026 Macau GGR Forecast

Despite recent fluctuations in gaming revenue, Citi maintained its forecast for Macau’s gross gaming revenue to grow 6% in 2026.

The latest survey suggests that the market is evolving on two fronts: casinos are lowering entry points to attract and retain mass-market customers, while premium players are showing stronger spending levels, potentially supporting the sector’s recovery through the remainder of the year.