That is likely a weighted average of all four types of bets on the table. Most of the money is bet on the Player and Banker, with a house edge of 1.24% and 1.06% respectively. However, the Tie and Pair bets carry much higher house edges of 14.36% and 10.36% respectively. Players apparently are betting a little on this to increase the overall win percentage to 2.85%.
The table below shows a hypothetical mix of bets that arrive at the overall Macau Win Percentage, ignoring the issue of Dead Chips.
Macau Baccarat — Weighted House Edge
BetHouse EdgeRatio of BetsExpected House Edge Player0.01235143.25%0.005342 Banker0.01057943.25%0.004575 Tie0.14359611.50%0.016514 Pairs0.1036142.00%0.002072 Total100.00%0.028503