Macau premium mass players continue to grow in January, Citi

Neha Soni January 15, 2025

SiGMA news

According to the latest table survey by investment bank Citigroup, Macau’s premium mass gaming sector has shown continued growth, with wagers climbing in early January 2025.

The research finds total wagers amounted to HK$12.8 million in January 2025, an 11 percent increase from the corresponding period of 2024. This rise is being attributed to the growing appeal of the premium mass market, with more players placing higher-value bets.

The survey also reported a 19 percent increase in the number of premium mass players compared to last year. In January 2025, there were 636 premium mass players, up from 534 players from the same period last year. This increase highlights that Macau is successfully attracting more individuals into this lucrative gaming segment, driven by favourable economic condition and a strong willingness by players to spend in Macau.

Average wagers in January 2025 saw a slight decrease compared to the previous year. The average wager per player stood at HK$20,160, which was down from HK$21,581 in January 2024. However, despite the slight decline in the number of high-stakes players, known as “whales”, the overall betting volume remained robust.

Wagers by whales

Whales in the industry are high-stakes players whose bet size can ranges anywhere from HK$100,000 to HK$500,000 per hand or more. Wagers by the whales were up by 37 percent in the January 2024 period, compared to the previous year.

This was driven, in part by a massive HK$1 million wager placed at the Londoner casino, marking the first such bet at the property since its grand opening in September 2024. If this wager was not taken into account, the average wager per whale would be up by 12 percent.

In 2024, typical pre-Chinese New Year slowdown was observed despite overall gaming remaining robust.

Citi analysts George Choi and Timothy Chau maintained their forecast for Macau’s gross gaming revenue for January 2025, expecting a 2 percent year-on-year decline to MOP19 billion. However, they expect positive GGR for the January-February period combined.

Sands China has emerged as the leader in the premium mass gaming segment, with a 28 percent market share in January 2025, up from 23 percent recorded in December 2024.

Following closely behind is Galaxy Entertainment, holding a 27 percent share. Meanwhile, Wynn has seen a slight decline in its market share, likely due to ongoing major renovations at its Macau’s Encore Tower. These fluctuations reflect the competitive nature of Macau’s casino industry, with operators vying for dominance in the lucrative premium mass sector.

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