Spending by Macau’s high rollers, or “whales,” has surged in 2024, with more players wagering larger amounts through the first nine months of the year, according to a report from Citigroup on Monday.
Citigroup analyst George Choi noted that 228 high rollers wagered a total of HK$43.3 million ($5.54 million) so far this year, up from 224 whales who wagered HK$39.7 million in all of 2023. The average session wager has also jumped by 43% year-on-year to HK$655,000, reaching HK$728,000 over the past five months, indicating an acceleration in spending.
“These stats continue to show that these affluent players are still able and willing to spend in Macau, despite the current state of the economy in China,” Choi wrote in the note.
Macau has also seen a 42% increase in the number of premium mass players in September 2024 compared to the same month last year. While the influx of more casual players diluted the average wager per player by 5%, the overall total wager observed has risen by 36% year-on-year, a key indicator for gross gaming revenue (GGR).
Choi highlighted that despite China’s weak economy, Macau continues to attract players who are both willing and able to spend. “The quality of Premium Mass players remains robust,” he said.
In September 2024, Sands China took the lead with a 26% share of the total wager in Macau’s gaming market, up from 22% in August. Melco’s Studio City also saw a boost in activity following a rebranding initiative, with its share of the total wager rising to 17% from an average of 13.5% over the past eight months.
Studio City’s rebranding efforts have already shown early success, Choi noted, pointing to the higher quality of whales observed at the casino. “Based on the quality of the whales we saw at Studio City this month, we believe the rebranding program is already yielding some early success,” Choi wrote.
In September alone, 21 whales were seen in Macau’s premium mass gaming rooms, four more than the same time last year. Notable activity included a HK$640,000 bet placed by a player at Galaxy’s StarWorld Horizon room. MGM Cotai and Melco’s Studio City also saw significant high-roller action, with several whales betting between HK$100,000 and HK$250,000 per hand.
Original article: https://www.yogonet.com/international/noticias/2024/09/25/79852-macau-citigroup-reports-that-high-roller-spending-accelerates-in-2024
