There can be no debate that baccarat is the overwhelming game of choice in Macau. According to the "Smith Barney Macau Gaming Cheatsheet", baccarat accounted for 88% of the casino gaming revenue in 2003. Based on a survey I did of Macau in August, 2007, I estimate that 50% of the public casino table games are baccarat, and 100% of the many private VIP rooms.
Baccarat is played strictly in the traditional manner of the highest wagering players turning over the cards. I noticed zero mini-baccarat tables in Macau. To aid players in the futile attempt to predict the next hand, both electronic and manual displays show the history of every hand in the current shoe. Like craps in the U.S., baccarat can be a loud and emotional game in Macau. Often players crowd around particular tables, while others remain empty, collectively cheering and moaning.
The following is the house advantage on each bet in baccarat. Both pair bets are widely offered in Macau.
In the high limit rooms players get a rebate on total wagers lost, through a "Promotional Chip" program, of up to 0.8% of wagers lost.
There are three baccarat variants I noticed as well: 3 Card Baccarat, Commission Free Baccarat, and Macarrat.
For more information on baccarat, please visit my companion site, Wizard of Odds.