Macau’s on line casino operators have adjusted mass-market baccarat pricing in current months as competitors has intensified following the closure of satellite tv for pc casinos, based on current market knowledge and authorities figures. Analysts monitoring desk exercise report that minimal bets have softened since October, a shift attributed to efforts by concessionaires to draw gamers beforehand served by now-shuttered satellite tv for pc venues.
Citigroup’s newest month-to-month desk survey exhibits that common minimal bets for mass baccarat tables throughout Macau stood at HK$2,058 in December. While that determine represented a 4 p.c improve in contrast with the identical month final 12 months, it marked a 3 p.c decline from November. Analysts linked the month-on-month easing to a extra aggressive push by operators to seize displaced demand as satellite tv for pc casinos exited the market.
The final remaining satellite tv for pc on line casino, Casino Landmark, is about to stop operations on December 30, marking the tip of a long-standing phase of Macau’s gaming panorama. In response, a number of built-in resorts have opened new gaming areas designed to soak up former satellite tv for pc gamers, typically that includes considerably decrease minimal bets.
Lower Minimum Bets Appear at Newly Opened Gaming Areas
Since October, properties together with StarWorld, City of Dreams, Wynn Macau on the peninsula, and Casino Lisboa have launched new gaming zones providing decrease entry factors for mass baccarat gamers. Citigroup reported that some tables in these areas carried minimal bets as low as HK$300, a notable departure from prevailing ranges earlier within the 12 months.
“These areas were quite crowded when we visited. We believe satellite casino players are still trying out these new products in the market (and we expect Sands Macao will join the race soon),” the Citi analysts mentioned. Sands Macao is the one Sands China property positioned on the Macau peninsula, the place many satellite tv for pc casinos had beforehand operated.
The analysts added that common mass baccarat minimums have been “lowering, as casinos are fighting for satellite casino market share”. They famous that three of the 4 properties introducing decrease minimums are based mostly in downtown Macau, underscoring how operators are focusing on clients accustomed to the satellite tv for pc on line casino setting.
SJM Holdings Ltd, which supplied gaming licenses to most satellite tv for pc casinos, has acknowledged that its revamped Crystal Palace gaming zone inside the Hotel Lisboa complicated goals to recapture market share beforehand held by satellites. Citigroup noticed, nonetheless, that “How much market share SJM will eventually be able to defend remains to be seen.”
Premium Mass Segment Continues to Show Momentum
While mass-market pricing has softened, Citigroup’s surveys point out continued energy within the premium mass phase. In December, whole premium mass wager noticed through the survey rose 18 p.c year-on-year to HK$12.6 million. The variety of premium mass gamers elevated 5 p.c to 534 throughout the identical interval.
The knowledge additionally confirmed an increase in spending depth. Average wager per premium mass participant grew 13 p.c year-on-year to HK$23,654, in contrast with HK$20,943 in December 2024. According to Asia Gaming Brief, Citigroup mentioned the figures pointed to enhancements in each participation ranges and common spending.
Competition has additionally intensified on the higher finish of the market. Citigroup reported 28 “whales” through the December survey, up from 21 a 12 months earlier. The establishment defines whales as gamers wagering HK$100,000 or extra. Galaxy Entertainment Group Ltd ranked second in December with a 21 p.c share of noticed premium mass betting and eight whales at Galaxy Macau in Cotai.
Sands China regained the highest place in premium mass throughout December, with a 29 p.c share in contrast with 23 p.c a 12 months earlier. Citigroup linked a few of that efficiency to entertainment-driven foot site visitors. “When we were at the Venetian [Macao], foot traffic seemed to be heavier than usual. We think the strength can be attributed to the concert by Cantopop legend Alan Tam that was happening at the Venetian Arena on the day,” the analysts mentioned.
Gaming Tax Revenue Reflects Sustained Market Activity
Government knowledge launched by Macau’s Financial Services Bureau present that gaming tax income has continued to rise alongside general gaming exercise. The authorities collected MOP9.27 billion in gaming taxes in November, a 15.9 p.c improve year-on-year and 31.3 p.c increased than October, partly reflecting seasonal elements.
The November tax determine corresponds to October gross gaming income of MOP24.09 billion, which marked the sector’s strongest month-to-month efficiency since January 2020. For the primary 11 months of 2025, gaming tax income reached MOP86.7 billion, up 7.0 p.c from the identical interval final 12 months. Gaming taxes accounted for 82.9 p.c of the federal government’s whole income of MOP104.6 billion throughout that interval.
Under Macau’s present concession framework, which started on January 1, 2023, on line casino gross gaming income is topic to an efficient tax fee of 40 p.c. The authorities has budgeted MOP93.1 billion in gaming tax income for the complete 12 months, which means collections by November have already reached about 98 p.c of that focus on.
Citigroup’s surveys performed to this point in 2025 recommend that premium mass participation stays resilient regardless of broader financial uncertainties. Around 8,000 premium mass gamers noticed through the 12 months wagered a mixed HK$191.4 million, reflecting a 12 p.c year-on-year improve. The analysts famous that each the variety of gamers and common wager per participant rose over the interval.
