Bernstein highlighted the importance of Macau’s VIP customer segments in a project titled The rise of Chinese gaming: A brief history and glimpse into the future of Macau.  

Based on Bernstein’s calculations, VIPs provided around MOP212bn ($26.3bn) of Macau’s gross gaming revenue for 2018, despite representing just 1% of its 35.8 million visitors in the year.     

The findings show premium consumers remain critical for long-term growth in the island’s casinos, as wealthier customers spend more and play more often.

The research, led by analysts Vitaly Umansky and Eunice Lee, said this demographic is currently increasing in size and frequency of visits, with VIPs each averaging four trips to Macau in 2018.

The biggest growth opportunities are likely to be focused in a relatively tight geographic area; Guangdong is expected to remain the key province, with growth anticipated in Shandong, Jiangsu, Zhejiang, Shanghai, Hunan and Henan.