Citi: ‘Whales’ betting more in 2024 than last year

High rollers known as “whales” have wagered more money in Macau in 2024 than all last year, according to a new report from Citigroup.

Citi analyst George Choi said in a recent note that whales, defined as players with bets of HKD100,000 or more, have wagered HKD43.3 million from January through September, exceeding the HKD39.7 million wagered in all of 2023.

The average bet of HKD655,000 is also 43% higher than last year.

“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.

Citi’s September survey saw 613 premium mass players, up 42% from a year ago, with an average bet of HKD19,389, down slightly from 2023.

Choi said this “shows that the quality of premium mass players remains robust.”

A total of 21 whales were spotted in September, with the top bet being HKD640,000 at Galaxy Macau’s Horizon Room. Sands China led with 26% of total wager share.

Melco Resorts recently rebranded its premium mass offerings and saw a 17% wager share in September versus the 13.5% average previously.

“We believe the rebranding program is already yielding some early success,” Choi said.

The report indicates high rollers continue fueling gaming in Macau despite China’s economic slowdown, which has pressured other casino markets.

Whales and premium players will be crucial to operators, according to the analysts. VC