Citi Records 38% Drop in Macau Premium Mass Wagers as World Cup Hits Traffic
Citigroup’s June table survey recorded a 38% year-on-year decline in Macau premium mass wager, with total observed bets at a post-pandemic low of HK$9.8m. Analysts George Choi and Timothy Chau attributed the drop to the ongoing World Cup and a difficult base comparison from June 2025, when Galaxy hosted the first Jacky Cheung concert show during Citi’s survey period.
The number of players observed fell 29% year-on-year to 448. Average wager per player came in 13% lower at HK$21,775, with the sharper fall driven by lower player count rather than a collapse in per-player spend.
“We attribute the year-on-year weakness to the ongoing World Cup, which might have diverted away some of the gaming focus of some players,” Citi said in a Monday note.
At a similar level to the UEFA Euro 2024 period two years ago, total observed wager reflected how sensitive premium mass traffic can be to major football tournaments. The bank said it remains confident that a swift recovery will follow once the tournament concludes on 19 July.
On the property breakdown, Galaxy held the top share of total observed wager at 23%. Melco followed at 21%, lifted by Citi’s “player of the month,” who placed a HK$680,000 wager at City of Dreams Macau.
💡TGJ Take
This is an event-driven dip, not a structural demand signal. The split between player count and per-player spend tells the real story: premium customers who showed up kept their wallets open. For operators, the concern is traffic sensitivity to major football tournaments, with Citi’s direct comparison to UEFA Euro 2024 as evidence. The number to watch is player count in late July, after the tournament ends on 19 July, not the June survey result.
