Macao’s high-end mass-market gamblers are driving steady demand in the casino sector, supported by rising incomes, more diverse customer profiles and stronger financial confidence, according to new research from UBS Securities Asia cited by GGRAsia.
In a recent note, UBS said its latest survey pointed to “new customer sources – high-income professionals and more diverse industries – who have potentially contributed to this sustained demand resilience.” These shifts, it said, were both “diversifying and premiumising” local casinos’ customer base.
The study suggested that higher-spending players – those who spend more than HK$20,000 (US$2,570) per trip – have seen their average household income rise by around 22 percent compared to 2019. Respondents also included a growing share from emerging industries, with hardware technology and pharmaceuticals accounting for about 7 percent and 4 percent of the sample respectively.
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UBS noted that premium players reported stronger personal financial conditions, with a net 23 percent saying their situation had improved over the past year and a net 21 percent expecting further improvement over the next 12 months, despite broader economic uncertainty in the mainland.
The memo found that these customers also prioritise different services than base-mass patrons, placing greater importance on rebates and loyalty programmes, hotel room quality and high-end dining options. “These [results] support our view that operators with high premium product mix are relatively better positioned to capture GGR [gross gaming revenue] share sustainably,” UBS said.
With Macao’s gaming demand “likely to remain skewed towards the premium segment,” the institution forecast gross gaming revenue to grow by 5 percent in 2026, with sector earnings before interest, taxation, depreciation, and amortisation (EBITDA) rising 11 percent.
A strategic focus on premium marketing, tailored incentives and elevated product offerings would help operators stand out and capture these customers, UBS added.
