Key Moments:
- Citigroup reported that high-value mass-market players have led Macau’s gaming revenue growth in 2025
- The average wager per premium mass player rose 6 percent year-over-year to HK$24,018 (approximately US$3,086)
- December’s total observed wager surged 18 percent year-over-year to HK$12.6 million, driven by major event programming
Premium Mass Segment Drives Strong Results
Macau’s gaming sector has registered impressive growth throughout 2025, with the premium mass segment playing a pivotal role. Citigroup’s latest annual table survey found that the majority of revenue gains came from high-value mass-market participants. This finding follows a sustained twelve-month review, according to the bank’s analysts, which tracked an uptick in both player numbers and the amounts wagered.
Growth in Players and Wager Sizes
Analysis by Citigroup’s research division revealed there were roughly 8,000 premium mass players throughout the year, a 6 percent rise from the previous year. In addition to more players, there was elevated betting activity, as the average amount wagered per player reached HK$24,018 (about US$3,086), representing a 6 percent increase from the prior year.
George Choi and Timothy Chau highlighted in a recent note that the dual improvement of rising player volume and higher betting limits signals a healthy outlook for Macau’s gaming industry. They attributed this to Macau’s evolution into a comprehensive entertainment destination, which attracts a sophisticated Chinese clientele seeking more than just gambling.
December Data Underscores Upward Momentum
The year ended on a strong note, with December figures further cementing the positive trajectory. Total observed wagers during the month jumped 18 percent year-over-year to HK$12.6 million. The number of participants also increased 5 percent to 534, driving a 13 percent rise in average wager per player to HK$23,654 (US$3,039).
| Month | Total Observed Wager (HK$) | Total Players | Average Wager Per Player (HK$) | Change vs. Previous Year |
|---|---|---|---|---|
| December | 12,600,000 | 534 | 23,654 |
Total Wager: +18% Players: +5% Avg. Wager: +13% |
Impact of Non-Gaming Entertainment
The analysis from Citigroup spotlighted the strategic value of live entertainment in driving gaming activity. The assessment noted that prominent concerts boost not just event revenue, but also premium gaming traffic. In December, Sands China led the premium mass segment with a 29 percent share of total observed wager – a notable jump from 23 percent a year prior.
This increase coincided with a performance by Cantopop singer Alan Tam at the Venetian Arena on the day of the survey. The findings underline the importance of major entertainment events in attracting high-spending gamers. Galaxy Entertainment Group followed with a 21 percent share, down from 26 percent the previous year, reflecting stiff competition.
Strategic Priorities for Macau Operators
The available data suggests that Macau’s gaming companies have found success by focusing on the premium mass segment. By catering to this niche – positioned between the general mass and VIP markets – operators can target consumers who are less susceptible to broader market shifts and who value entertainment alongside gaming. Going forward, delivering a comprehensive visitor experience appears crucial for industry leadership.
- Author
Daniel Williams
