Citi: High-roller and premium mass gaming remains ‘golden’

Macau’s casinos saw a sharp rise in high-roller activity and average minimum bets during the October Golden Week, reaching the highest levels of the year, according to Citigroup’s latest table survey.

The survey, conducted on October 3 before Typhoon Matmo struck, found both the number of “whale” players and their wagers climbing, while premium mass play remained steady, signaling strong demand across Macau’s top-tier gaming segments.

Analysts George Choi and Timothy Chau noted that this year’s October Golden Week was extended to eight days, up from the usual seven, which is expected to boost overall visitation.

However, they cautioned that this extension may spread out daily attendance, potentially diluting averages.

Notably, activity from “whale” players – Macau’s highest-spending gamblers, defined by Citi as those wagering HKD100,000 (about USD12,845) or more per bet – showed significant growth during the holiday checks.

“Encouragingly, the average wager per whale player rose 6% year-over-year to HKD176,583,” Citi wrote. Both the number of whales (60) and their average minimum bet (HKD2,432) reached year-high levels.

Regarding premium mass, the analysts expressed no surprise at seeing 15% fewer premium mass players compared to last year’s October survey. Despite this, the average wager per premium mass player remained steady at HKD28,466 (USD3,658), consistent with figures observed by Citi during the May Golden Week.

Citi’s “player of the month,” who placed a HKD800,000 wager, was recorded at The Venetian Macao’s High Limit Area for the second consecutive month.

The analysts commented that the whales in this survey maintained both volume and value, with average wagers increasing by 6% compared to the previous year.

In their October premium mass survey, Sands China Ltd took the top spot, capturing a 27% market share of total wagers observed by the bank. Galaxy Entertainment Group Ltd. ranked second with 22%.

In addition, Citi analysts highlighted that the 10 whales they observed at Galaxy Macau’s Horizon Room were the most in any single premium mass area this month.

The analysts concluded that Macau’s premium mass players remain “golden” and noted that new side bets are becoming popular, supporting a strong Golden Week performance.

Previously, Citi analysts noted that casino operators have been strategically scheduling major events after the Golden Week holiday to sustain momentum in gaming volumes. These include the NBA China Games at the Venetian Arena and a Jackson Wang concert at Galaxy Arena.

The analysts suggested that if these events successfully increase post-holiday gaming activity, the October gross gaming revenue forecast of MOP 23 billion (approximately USD2.86 billion) could be conservative, indicating potential for higher-than-expected gaming revenue.