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Citi: MGM China offering players mini Labubu toys, chance to win a Rolex in latest competitive promotional push

Ben Blaschke by Ben Blaschke
Mon 8 Sep 2025 at 11:48
Citi: MGM China offering players mini Labubu toys, chance to win a Rolex in latest competitive promotional push
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Macau concessionaire MGM China is now offering players the chance to redeem points in return for mini Labubu toys as part of its latest competitive strategy to defend market share, according to a report by investment bank Citigroup. The company is also offering the chance to win a Rolex watch for players who wager HK$5,000 or more on side bets.

In a Monday note, Citi’s George Choi and Timothy Chau described MGM’s latest moves as “cost-effective ways that should help MGM at least defend (if not gain) market share, despite the ramp-up of Sands’ Londoner Grand and Galaxy’s Capella.”

Citi said MGM appears to be the first casino operator to offer mini Labubu for point redemption by players – coming just days after the mini version of the hugely popular Chinese toy was launched on 29 August.

However, the investment bank added that, based on its “on-the-ground observations”, the “competitive intensity amongst [Macau’s] six operators remains manageable”.

The issue of Macau’s competitive environment has been a significant industry talking point post-COVID, with Sands China even stating publicly in July that it plans to adopt a significantly more aggressive approach to customer reinvestment due to recent underperformance in the market.

Bill Hornbuckle, the President and CEO of MGM China’s parent company MGM Resorts International, conceded last week that MGM had led the way in implementing many of the competitive promotional polices that are commonplace in Macau today – although he denied suggestions the situation had ever spiralled out of control.

“Although it’s always aggressive [in Macau], we haven’t seen it creep out of control, so I think the programming is in play,” Hornbuckle stated in comments made at the Bank of America Securities 2025 Gaming & Lodging Conference last week.

“I think the government watches that all now closely anyway, so I think there is a check and balance on that.

“We’re going to hit a 28% margin, give or take, so I’m excited by where that has gone and where it’s going.”

Citigroup’s latest observations formed part of its monthly Macau table survey in which it suggested that Sands China had gained some market share in the premium mass segment in recent weeks – aided by the presence of a HK$2 million whale and five other whales wagering HK$100,000 to HK$170,000 at their casinos.

Citi added that the number of premium mass players witnessed had fallen 18% year-on-year, offset by a 27% increase in average wager per player – translating to a 3% increase in total premium mass wager observed compared with September 2024.

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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