Banking institution Citigroup reported a 72.3 percent year-on-year increase in the observed volume of betting by ‘whales’ – high-value players – in the Macau casino market, in its January table survey.
Citi also reported a 16.7-percent rise in the number of such big players witnessed this time, from 24 to 28.
Macau government data issued on Friday showed gross gaming revenue for VIP baccarat – a traditional play format for ‘whales’ – went up circa 20 percent sequentially in the fourth quarter, and rose 3.7 percentage points in terms of market share of GGR, to 30.7 percent.
Citi’s January survey observed HKD8.1 million (US$1.04 million) in whale wagers versus HKD4.7 million bet by that level of player in January 2025.
“We think it’s safe to say that Macau does have gaming and non-gaming product offerings that appeal to affluent mainland Chinese consumers, who remain willing to spend,” wrote analysts George Choi and Timothy Chau.
The survey reported seeing “multiple huge whales around Macau.”
Its ‘Player of the Month’ wagered HKD1 million at the Horizon Room at Galaxy Entertainment Group Ltd’s Galaxy Macau.
Citi said “honourable mentions” went to a HKD850,000 whale at Melco Resorts & Entertainment Ltd’s City of Dreams’ high-limit area – where a baccarat tournament was being held at the time of the survey – and a HKD640,000 whale at Wynn Macau Ltd’s Chairman’s Club at Wynn Palace.
Citi added that the 28 whales it saw this month wagered a total of HKD8.1 million, “implying an average wager of HKD290,000 per whale (up 49 percent year-on-year)”.
The bank added: “We ran into six whales wagering HKD500,000 or more, compared to only two in January 2025.”
The institution speculated that promotions offering big players tickets to see major pop acts – such as Blackpink in Hong Kong; Raymond Lam at Sands China Ltd’s Venetian Arena; or Dylan Wang at Galaxy Entertainment’s Galaxy Arena – might have had an influence on play volumes.
In the premium mass segment, Citi said the total bet volume seen in the January survey rose circa 25 percent year-on-year to HKD16.0 million.
Premium mass players down
The tally of premium mass players the survey observed amounted to 564, which was actually circa 11 percent down on January last year, the institution added.
“This implies that average wager per player grew 41 percent year-on-year to HKD28,424 (versus HKD20,160 in January 2025),” wrote Mr Choi and Mr Chau.
The bank said the survey’s average wager per player of HKD28,424 for the premium mass segment was “similar to 2025 Golden Week levels,” a reference to a holiday period on the Chinese mainland that sees Macau casinos busy.
Citi said Galaxy Entertainment had “regained pole position in premium mass” as per its January survey, with a share of circa 25 percent, though down 2 percentage points on January 2025.
“We ran into five whales at Galaxy Macau’s Horizon Room (including the HKD1-million wagering Player of the Month) when we were there.
“After Galaxy, it is a photo finish: Melco [Entertainment] (20.9 percent), Wynn Macau [Ltd] (20.3 percent), and Sands China (20.2 percent).”
Citi also mentioned other industry developments it saw during the latest survey: renovation work “at mass gaming floors of Wynn Macau, Parisian [Macao], and Grand Lisboa Palace were being carried out when we were there,” which the bank said were “probably operators getting some refreshments done before Chinese New Year,” which falls in mid-February this time.
The bank also mentioned that the Parisian Macao “was doing some collaboration with Pop Mart featuring popular IP Twinkle Twinkle”.
That was a reference to a Chinese brand behind the Labubu plush dolls range that have created a global craze.
Citi also drew reference to the a new gaming area called The Pearl Room, on the ground floor of Sands Macao on the city’s peninsula, as reported on Friday by GGRAsia.
The bank mentioned that a former VIP room on the third floor of SJM Holdings’ Grand Lisboa property had been converted into a “new mass gaming area with 12 baccarat tables”.
