mass-market patrons.

dez25

Macau’s mass baccarat minimum bets have softened since October as casino operators compete for players displaced by the closure of satellite casinos, according to Citigroup’s latest monthly table survey.

Citigroup said the trend reflects intensified competition among the city’s six concessionaires to capture gaming demand amid structural changes in the market.

In a note published on Monday, the investment bank said the average minimum bet for mass baccarat tables across Macau stood at HK$2,058 ($264) in December. While the level was 4 percent higher year-on-year, it marked a 3 percent month-on-month decline, which Citigroup attributed to a more aggressive push by operators to attract former satellite casino patrons following a wave of closures that began in late October.

Citigroup noted that since October, several integrated resorts, including StarWorld, City of Dreams, Wynn Macau on the peninsula, and Casino Lisboa, have opened new gaming areas featuring notably lower minimum bets, in some cases as low as HK$300 ($38). The bank said these areas were ‘quite crowded’ during its survey visits, suggesting that demand from satellite casino players is being actively courted and gradually absorbed by the main concessionaires.

The softer minimum bets form part of a broader contest for market share in the mass and premium mass segments, Citigroup said, as operators seek to offset the loss of satellite venues and defend or expand their share of gross gaming revenue (GGR). The bank added that the extent to which individual operators, including SJM Resorts, will ultimately be able to defend their market positions remains to be seen.

The observations on minimum bets were drawn from Citigroup’s monthly table survey, which primarily tracks activity in the premium mass segment. Citigroup said premium mass continued to show solid momentum, supported by both higher player volumes and increased spending per player.

According to the survey, total premium mass wager observed in December rose 18 percent year-on-year to HK$12.6 million ($1.6 million), while the number of premium mass players increased 5 percent to 534.

Citigroup added that average wager per premium mass player grew 13 percent year-on-year to HK$23,654 ($3,030), compared with HK$20,943 ($2,685) in December 2024, indicating an improvement in both the quantity and quality of premium mass play.

The bank also pointed to heightened competition at the upper end of the market, reporting 28 ‘whales’ during the month, up from 21 a year earlier. While such activity was observed across several properties, Citigroup emphasized that its analysis remained focused on premium mass trends and the evolving mass-market landscape.

Beyond the December snapshot, Citigroup said its 2025 table surveys to date indicate sustained strength in the premium mass segment. Around 8,000 premium mass players were observed across the surveys, wagering a combined total of HK$191.4 million ($24.5 million). The bank said the data suggest that participation levels and spending appetite among more affluent players remain resilient despite broader macroeconomic uncertainties.

https://agbrief.com/news/macau/15/12/2025/macau-casinos-lower-mass-bets-to-capture-displaced-satellite-players-citigroup/?utm_source=Asia+Gaming+Brief&utm_campaign=3fdd4e3bc4-AGB%3A+%2302289+Tuesday%2C+16th+December%2C+2025&utm_medium=email&utm_term=0_51950b5d21-3fdd4e3bc4-%5BLIST_EMAIL_ID%5D&ct=t%28AGB%3A+%2302289+Tuesday%2C+16th+December%2C+2025%29&goal=0_51950b5d21-3fdd4e3bc4-%5BLIST_EMAIL_ID%5D&mc_cid=3fdd4e3bc4&mc_eid=31e20475e6

jan25

Gaming revenue generated by mass market baccarat reached MOP 137.9 billion (USD 17.2 billion) last year, surpassing the levels recorded in the pre-pandemic full year of 2019, according to data from the Gaming Inspection and Coordination Bureau (DICJ).

In contrast, VIP baccarat gaming revenue totalled MOP 54.7 billion (USD 6.8 billion), accounting for 40 per cent of 2019 levels and making up 24 per cent of the total GGR figure for 2024 (MOP 226.8 billion/USD 28.3 billion)), down from 46 per cent in 2019.

https://www.macaubusiness.com/2024-mass-market-baccarat-revenue-surpasses-pre-pandemic-levels/

dec24

Luta de classesLee alerta para o perigo de mercado de massas “fugir” de Macau

Aconversa com Ben Lee surge no contexto

de uma palestra que protagonizou, recente-

mente, sobre os dois anos das novas concessões

de jogo. Promovida pela Câmara de Comér-

cio França-Macau, a sessão teve como nome

“Macau New Gaming Landscape: Two years

into concessions, what now?”, tendo o analista

e sócio-gerente da IGamiX Management &

Consulting defendido, segundo o portal Asian

Gaming Brief (AGBrief), que o jogo VIP não

terminou por completo, estando assim a ser alvo

de uma nova classificação.

Segundo o AGBrief, citando palavras de Ben

Lee, “o jogo de massas incorporou o mesmo

escalão [de jogadores] que foi tão abertamente

criticado pelo Governo”, mas que as operadoras

“estão a mudar o seu foco para o acomodar”.

O analista realçou o “recente foco na trans-

formação de quartos de hotel mais antigos e

pequenos em opções de luxo, com todas as

operadoras a compreender a necessidade de obter

qualidade em vez de quantidade”.

Porém, defendeu que “o foco no segmento de

luxo continua a criar um impasse”, pois “há muito

que Macau se concentra em aumentar o número de

visitantes para poder aumentar as receitas”, mas

o modelo de negócio “vai contra a necessidade

de aumentar as despesas por pessoa”.

o sector recupere para cerca

de 78 ou 79 por cento dos

níveis registados em 2019.

A Sociedade de Jogos de

Macau (SJM), por exem-

plo, foi uma das operado-

ras de jogo com maiores

dificuldades em termos

de cash flow durante a

pandemia. Considera que

a sua recuperação, em

comparação com os outros

cinco, foi positiva?

A SJM teve dificuldades

no início, mas parece estar,

finalmente, a fazer alguns

progressos. Mas ainda terão

alguns desafios para repo-

sicionar o seu “hardware”

[instalações e demais em-

preendimentos] no futuro.

O que podemos esperar do

novo Governo de Sam Hou

Fai para a área do jogo?

O Chefe do Executivo eleito

parece estar a tentar garantir

que as operadoras honrem

Ben Lee alertou também para o facto de

muitos turistas poderem, de facto, começar a

optar por outros destinos com preços mais em

conta. O analista defendeu que os jogadores

de massas “não podem ser ignorados”, pois

continuam a ser “o principal motor” do sector.

“Os preços exorbitantes dos quartos de hotel

podem constituir uma ‘barragem’ para o au-

mento de visitantes”, pois, conforme sugeriu,

“os apostadores podem ir para outros locais

de férias, como a Tailândia, se o preço não

for bom”. Este país asiático “está a crescer

e espera-se que ultrapasse Singapura em ter-

mos de receitas brutas”, numa altura em que

os tailandeses trabalham na nova legislação

sobre o jogo.

“Esperam aprovar a sua lei do jogo em Maio

do próximo ano. Partindo do princípio que isso

acontece, há três a cinco anos para construir um

resort integrado ou empreendimento. Poderão

estar a funcionar consideravelmente antes da

abertura do Japão”, indicou Ben Lee.

Ainda em relação ao mercado de jogo na Ásia,

o analista destacou que os apostadores asiáticos

irão concentrar-se nos futuros mercados de jogo

da Tailândia e Japão “enquanto aproveitam as

actuais ofertas em Macau, Singapura e Filipinas”,

escreveu o AGBrief.

HM 3/12/24

out24

Domestic travelers in China, including the Macau and Hong Kong SARs,are exhibiting a notable trend of reduced spending during the recent Golden Week holiday, despite the government’s various stimulus measures aimed at boosting the economy.

According to data from the Ministry of Culture and Tourism, while the number of trips taken during the week increased by 10.2% compared to pre-pandemic levels in 2019, overall spending rose only 7.9%. This discrepancy indicates a decline in per-trip expenditure of 2.1% from five years ago.

https://macaudailytimes.com.mo/domestic-travelers-spending-less-despite-stimulus-measures.htmlhttps://macaudailytimes.com.mo/domestic-travelers-spending-less-despite-stimulus-measures.html

AGOST24

Os visitantes que chegam a Macau estão a gastar cada vez mais dinheiro em produtos não-jogo, afirmou ontem o secretário para a Economia e Finanças. Segundo Lei Wai Nong, no primeiro trimestre deste ano registou-se um gasto recorde de 32,5 mil milhões de patacas em elementos não-jogo. O secretário adiantou ontem, na reunião plenária da Assembleia Legislativa, que o Governo vai lançar novas medidas de promoção do consumo nas zonas comunitárias a partir do quarto trimestre do ano.

https://pontofinal-macau.com/2024/08/09/gasto-dos-visitantes-em-produtos-nao-jogo-bate-recorde-diz-lei-wai-nong/

 jul24

The total gross gaming revenue (GGR) generated in Macao during the second quarter stood at 56.43 billion patacas (US$7.02 billion), according to official data, of which mass market games and slot machines accounted for 43.12 billion patacas (US$5.36 billion) or more than 76 percent of the total.

The mass-market figure barely moved from the first quarter – rising by just 0.4 percent – but represents a 29.3 percent jump year on year.

Of the second-quarter mass market haul, baccarat generated 34.63 billion patacas (US$4.3 billion) or 61.4 percent of the total, up 29.8 percent compared to 2023.

https://macaonews.org/news/business/macau-second-quarter-gross-gaming-revenue-ggr-2024-macao/

jun24

CBRE Capital Advisors Inc says Macau casino operator SJM Holdings Ltd has a “renaissance story in the making,” as it pivots its Grand Lisboa Palace (GLP) gaming complex (pictured) in Cotai to cater to mass-market patrons. The institution’s commentary was based on meetings it hosted last week in London, with Christopher Ip Shih Ming, who took over as SJM Holdings’ chief financial officer in December.

Under a new management, SJM Holdings “is institutionalising the business,” and is “proactively introducing the company to investors globally,” wrote CBRE analysts John DeCree and Max Marsh in a Tuesday memo about the meetings in the United Kingdom capital.

The analysts observed that SJM Holdings was “looking to reposition Grand Lisboa Palace” marketing-wise “to better cater to base mass customers, increase visitation to the property, and identify operating efficiencies”.

https://www.ggrasia.com/sjm-rejigs-grand-lisboa-palace-for-mass-clients-analysts/