Galaxy Entertainment captured 43% of premium mass wagers in Citi's July survey, up from 35% a year earlier, as the operator benefited from the Women's Volleyball Nations League Finals.
Back
Galaxy Entertainment captures 43% premium mass share as Citi names top pick
Galaxy Entertainment Group Ltd. captured 43% of premium mass wagers in a July survey, Citi said, as the Macau operator benefited from a non-gaming event.
"Citi said appropriate non-gaming events are an effective tool to attract affluent Mainland Chinese visitors to Macau and stimulate spending," the bank said in a July 27 report.
The survey, conducted July 24 at Galaxy Macau, observed 185 premium mass players with average wagers of HKD 30,168. Galaxy's share of total observed wagers rose to 43% from 35% a year earlier. The bank encountered this month's "player star" at Pavilion South with wagers reaching HKD 600,000, while eight whales at Horizon Room placed bets ranging from HKD 100,000 to HKD 440,000.
Citi attributed the strong footfall to the 2026 FIVB Women's Volleyball Nations League Finals, co-organized by Galaxy and the Macau government. The bank said the event demonstrated how non-gaming offerings can drive premium customer traffic even during a typhoon-affected weekend when overall visitor numbers were sparse.
Industry-wide, total observed premium mass wagers in July rebounded 33% month-over-month to HKD 13 million but remained 19% lower year-over-year. The number of premium mass players fell 15% year-over-year to 581, while average wagers per player declined 5% to HKD 22,367. The survey recorded 24 whales, flat from June but down from 35 in July 2025, though average wagers per whale rose 9% month-over-month to HKD 182,500. The average minimum bet for mass baccarat tables across Macau fell 10% year-over-year to HKD 1,898.
Galaxy is valued at 7.8 times forecast enterprise value-to-EBITDA, more than 1.5 standard deviations below its historical average of 12.1 times. The broader Macau gaming sector trades at 7.4 times, also more than 1.5 standard deviations below the historical norm of 11.4 times. Citi listed Galaxy as its top pick among Macau gaming stocks.
The premium mass market share gains suggest Galaxy's strategy of pairing non-gaming events with its casino operations is yielding results in a segment that drives disproportionate profitability for Macau operators. Investors will watch whether the company can sustain its market share lead through upcoming Golden Week in October, a key demand period for the sector.
This article is for informational purposes only and does not constitute investment advice.
