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German B2C and B2B transactional portals run on the framework we are developing! Macao premium mass segment drives casino growth in 2025
Macao Casino Growth through Premium Mass Segment is no longer a niche talking point for analysts, it is increasingly the story of how the market is rebuilding momentum while operators recalibrate the mass floor. A recent Citigroup survey points to premium mass as the primary driver of Macao casino revenue growth during 2025, even as casinos lower minimum bets in mass baccarat to compete for customers displaced by satellite casino closures.
This is an important shift because it highlights two realities playing out at the same time. First, Macao is finding growth through more affluent play, with premium mass strengthening even in what Citi described as a challenging global macroeconomic environment. Second, operators are getting more aggressive on accessibility, using lower entry points to win share on the peninsula and capture demand from players who previously relied on satellite venues.
Premium mass is doing the heavy lifting in 2025
Citigroup’s table surveys over the past 12 months show the number of premium mass players in Macao increased by 6% year-on-year. At the same time, average wagers rose by 6% to HK$24,018, around $3,100, indicating that the segment is not just expanding, it is spending more per visit.
On an annual basis, total premium mass wagering reached HK$191.4m, up 12% versus 2024. The phrasing matters here because Citi is describing this as growth that persisted despite a tougher external backdrop, suggesting that demand from affluent mainland Chinese visitors is proving comparatively resilient.
Citi analysts George Choi and Timothy Chau attributed the rise to improvements in both the volume and spending power of players visiting the market. In other words, it is not simply that more premium mass players are arriving, it is also that the players showing up are willing and able to wager more consistently.
December results reinforced the trend
The premium mass narrative strengthened at the end of the year. Citi observed premium mass wagers of HK$12.6m in December, up 18% year-on-year, alongside a 5% increase in player numbers to 534. Average wager per player was also up 13% compared with December 2024, an encouraging signal that the segment’s momentum is not fading as the calendar turns.
For operators, this matters because premium mass is often positioned as a more stable bridge between high volume mass play and VIP volatility. If December is a reliable indicator, the floor is shifting toward a customer base that values comfort and experience as much as game availability.
Why premium mass is growing in Macao right now
Citi points to Macao’s ability to offer a broader leisure experience, including entertainment, accommodation and new gaming products, as a factor supporting spending by affluent mainland Chinese visitors. This framing is useful because it explains premium mass growth as part of a larger consumer behavior pattern, customers are not just chasing tables, they are buying an experience.
That experience-led proposition has strategic implications. When premium mass grows, it changes how operators think about the mix of gaming and non-gaming investments, and how they package visitation into multi-day stays rather than shorter, purely gambling-driven trips.
What the numbers imply about customer behavior
When player counts and average wagers rise together, it typically signals that the segment is both widening and deepening. In practical terms, premium mass is attracting incremental players while also convincing existing players to stake more per session.
It also suggests that Macao is successfully converting leisure demand into gaming demand, without needing to rely solely on headline VIP play. From a market health perspective, a broader premium base can make revenue trajectories less fragile when external conditions tighten.
Mass market competition is intensifying as minimum bets fall
While premium mass is powering the upside, a parallel story is unfolding on the mass floor, operators are cutting minimum bets to capture customers displaced by satellite casino closures. Citi described growing competition in the mass-market segment, particularly on the Macao peninsula, with operators adjusting their offerings since October.
Several casinos have opened new gaming areas with significantly lower minimum bets. Citi specifically cited StarWorld, City of Dreams, Wynn Macau and Casino Lisboa, noting that in some cases minimum bets have dropped as low as HK$300. That is a meaningful repositioning in a market where minimums influence not only affordability, but also perceived welcome and time on device.
Citi reported the average mass baccarat minimum across Macao in December stood at HK$2,058. It was down 3% month-on-month, while still 4% higher than a year earlier, a combination that points to near-term competitive discounting within a longer-term upward reset in pricing.
Why lower minimum bets matter beyond affordability
Minimum bet levels are not just a customer acquisition lever, they also function as a traffic routing tool. When properties lower the entry point, they can quickly rebuild visitation patterns, especially when players are being redistributed across the peninsula due to satellite exits.
In this context, the sequential decline in December is telling. Citi said it reflects increased competition among operators seeking to capture market share following satellite casino closures, which implies that the market is actively re-sorting, and operators are using price and new gaming areas to influence where play lands.
How premium mass growth and mass discounting fit together
It may look contradictory at first glance, premium mass is growing with higher average wagers, while mass operators are lowering minimum bets. In practice, the two can be complementary because they serve different strategic needs.
Premium mass expansion supports revenue quality and improves yield per customer, while lower mass minimums can protect volume and keep floors busy during a period of customer displacement. The overall outcome is a market that is trying to widen its funnel at the bottom while monetizing more effectively at the top.
This is also why the event theme, Macao casino growth through premium mass segment, resonates beyond a single year of results. It describes a market that is leaning into higher-spending demand while simultaneously fighting harder for mainstream share in a reshaped peninsula ecosystem.
Key takeaways for operators and investors
- Premium mass is now the primary driver of growth in Macao casino revenue during 2025, according to Citigroup,
- Players and wagers are both rising, with premium mass players up 6% year-on-year and average wagers up 6% to HK$24,018,
- Mass market competition is pushing minimums down in new gaming areas, with some properties going as low as HK$300.
For operators, the tactical lesson is clear, premium mass should be nurtured through experiences that justify higher spend, while mass pricing needs to remain flexible as the post-satellite landscape settles. For market watchers, the bigger signal is that Macao’s growth narrative is becoming more nuanced, less dependent on a single segment, and more shaped by how effectively each property manages its mix of premium yield and mass accessibility.
What to watch next in Macao
Based on Citi’s observations, two near-term indicators will matter. One is whether premium mass can sustain both player growth and higher average wagers as macro uncertainty persists. The other is how long the mass minimum bet reductions last, and whether the peninsula competition leads to a new normal in entry-level pricing or simply a temporary adjustment during customer redistribution.
If the premium mass trend holds, Macao’s competitive advantage will increasingly look like an integrated leisure product that converts affluent visitation into consistent gaming volume. If the mass battle deepens, we should expect continued experimentation in gaming area design and minimum bet strategy as operators try to capture the displaced flow and defend their tables.
Citigroup’s 2025 table survey data suggests Macao’s growth is being carried by premium mass strength, while mass floors are being reshaped by competition and lower minimums after satellite casino closures.
