written and last updated by
Sam Smith at
23 Sep 2024
Journalist, Editorial Department
Citigroup has reported an increase in the number of "whales" at Macau's casinos for the fiscal years 2023 to 2024. This term refers to high-stakes players who wager amounts of HK$100,000 (approximately US$12,800) or more.
According to a survey conducted in September, Citigroup found that the number of whales rose from 224 to 228 over the past year. The total amount spent by these players in casinos increased from HK$39.7 million to HK$43.3 million (from approximately US$5.1 million to US$5.5 million).
Analyst George Choi noted that the average bet size in 2024 reached US$650,000 (around 8.7 million rubles), marking a 43% increase compared to 2023. Over the last five months, whales have been spending an average of US$728,000 (about 9.4 million rubles) each.
Choi emphasized that this year's data once again demonstrates that wealthy players are still willing and able to spend money in Macau, despite the weak consumer sentiment in China in recent months. The mainland remains the primary source of visitors to Macau's gambling establishments.
As of September this year, Citigroup identified a total of 21 whales in the city's casinos, up from 17 in 2023. The total amount wagered by premium players in September reached approximately US$11.9 million (around 142.5 million rubles), a 36% increase year-on-year.
In Citigroup's research, Sands China Ltd. ranked first among companies catering to high-net-worth players. In September 2024, it accounted for about 26% of the total betting volume, up from 22% in August. The main competitor to Sands is Melco Resorts & Entertainment Ltd., which recently rebranded its premium player offerings and has already captured a 17% share of the overall betting volume.
It is worth noting that Macau's casino operators are actively competing for market share, with Galaxy currently leading the pack.
