Citigroup has expressed confidence that Macau can achieve its forecast GGR of MOP$20.5 billion (US$2.63 billion) for November after its latest table survey found ongoing strength in the city’s premium mass gaming rooms and promising signs in grind mass. The November forecast would represent an 11% year-on-year increase for what it typically the slowest month of Q4.
Citi analysts George Choi and Timothy Chau said they were “positively surprised” by volumes during their Macau survey conducted last Friday, with total wager observed rising 19% year-on-year to HK$14.4 million (US$1.85 million) on a 5% increase in premium mass players to 540. Average wager per player was up 13% year-on-year to HK$26,754 (US$3,440) which was also 2% higher than Chinese New Year 2025 – despite the absence of any major events in Macau over the weekend.
“Another interesting observation suggesting players remain passionate about gaming: out of all the premium mass rooms in Macau, it was Wynn Palace’s Chairman’s Club where we spotted the Player of the Month,” Citi wrote.
“Despite the drilling noises inside due to the expansion works there, the player looked unbothered and wagered HK$1.2 million. We also view the average baccarat min bet of HK$2,112 (US$271) – +5% year-on-year – as a sign of recovery even in grind mass.
“The data points we collected make us comfortable with our November 2025 GGR forecast of MOP$20.5 billion.”
According to Citi’s survey, Galaxy ranked top in the premium mass survey in November with 27% share, up from 21% a year ago, followed by MGM China with 23%, up from 13%. Notably, the analysts observed that Galaxy has removed pair bets – one of the oldest side bets in baccarat in Macau with a 10% house advantage – from both Galaxy Macau and StarWorld with the exception of a few tables in Horizon Room.
