According to Citigroup’s latest report, Macau’s high roller segment, particularly within the premium mass gaming category, has experienced a sharp rise in 2024. Known as “whales,” these affluent gamblers have significantly increased their spending, outpacing previous records set in 2023. Citigroup’s monthly survey reveals that both the number of whales and the total wagers placed this year have already surpassed last year’s figures.
Whale Activity Soars in 2024
In the first nine months of 2024, Citigroup identified 228 whales—players betting HKD100,000 (approximately US$12,842) or more—placing a combined total of HKD43.3 million. This marks an increase from the HKD39.7 million wagered by 224 whales in 2023. Analyst George Choi, in a report shared by GGRAsia, stated, “As of this year, 228 whales have wagered HKD43.3 million, surpassing last year’s total of HKD39.7 million from 224 whales.”
Moreover, these high-rollers’ average wager per session has also risen. In 2024, their bets averaged HKD655,000, a notable 43% jump from the HKD457,000 recorded in 2023. Choi added that the trend has been accelerating, with the last five months showing an even higher average bet of HKD728,000. Despite economic uncertainties in mainland China, wealthy gamblers in Macau continue to display confidence in their spending habits.
Growth in Premium Mass Players
The Citigroup report also highlights a boost in the number of premium mass players. In September 2024, the survey recorded 613 premium mass players, a 42% increase compared to the same period in 2023. However, the average wager per player saw a slight 5% decline. Despite this dip, the overall market remains strong, as evidenced by a 36% year-on-year rise in total wagers.
Sands China Ltd emerged as the leader in September 2024, commanding a 26% share of total wagers, up from 22% in August. Melco Resorts & Entertainment Ltd also saw gains, increasing its share to 17%, up from an average of 13.5% in the first eight months of the year. Melco’s recent rebranding of its premium mass products appears to drive this success, with early indications of strong performance at Studio City.
Resilience of Macau’s Gaming Sector
Citigroup’s September survey shows Macau’s gaming sector remains resilient despite broader economic challenges. Total premium mass wagers reached HKD11.9 million in September 2024, a 36% increase from the HKD8.8 million recorded the previous year. The survey also documented 21 active whales in September, compared to 17 a year earlier. One notable bet at Galaxy’s StarWorld Horizon room reached HKD640,000, while several other whales placed bets between HKD100,000 and HKD250,000.
These figures reflect Macau’s enduring appeal as a global gaming hub, attracting affluent players despite economic headwinds. The continued growth in whale activity and premium mass participation highlights the region’s strong market performance.
