Investment bank Citigroup has described the premium mass segment as the primary growth driver for Macau’s gaming revenues in 2025 after completing its final premium mass table survey of the year.
Analysts George Choi and Timothy Chau said that data from the 12 monthly table surveys conducted in 2025 – including a “strong data point” from its recent December survey, echo this fact with the Citi gaming team having witnessed around 8,000 premium mass players throughout the year, up 6% year-on-year, with average wager per player of HK$24,018 (US$3,086), also up 6%.
“Iin other words, both player quantity and quality improved,” the analysts wrote in a Monday note. “Because Macau offers affluent mainland Chinese consumers a ‘total experience’ (concerts, hotel suites, and new side bets) that they are willing to spend on, we believe Macau GGR growth will continue to be sustained.”
According to Citi, the 2025 results included an 18% year-on-year increase in total wager observed during the December survey to HK$12.6 million on a 5% increase in players seen to 534. This, they added, implies a 13% increase in average wager per player to HK$23,654 (US$3,039).
The survey also reiterated the positive impact Macau’s concessionaires have seen post-COVID from the staging of high-profile concerts, with Sands China claiming pole position in premium mass in December thanks to a concert by Cantopop legend Alan Tam that was happening at the Venetian Arena on the day.
“Based on our premium pass survey, Sands China ranked No.1 with a 29% share (vs December 24 at 23%) in total wager observed – another data point demonstrating that hosting the right artists for concerts can translate into market-share gains,” Citi said.
“Galaxy ranked No.1 with a 21% share (vs December 24 at 26%) in total wager observed.”
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