Despite the downturn in Macau's VIP gambling sector and the economic uncertainty in China, high-stakes bettors, or "whales," continue to place large wagers at the city's casinos.
A recent table survey by Citigroup revealed that premium-mass players in Macau placed an average of HK$655,000 (£62,700/€75,000/US$64,000) in bets per sitting this September, marking a 43% increase compared to the same period last year.
Year-to-date, high rollers—those betting HK$100,000 or more on average—have wagered a total of HK$43.3 million, surpassing the HK$39.7 million wagered throughout all of 2023.
The number of premium-mass players has also risen, with Citi recording over 600 at casino tables in September, a 42% year-on-year increase.
Exchange crackdown in Macau a non-issue
In an August report, Citi analysts George Choi and Ryan Cheung noted that "demand from mainland Chinese players remains strong," despite a recent crackdown on illegal money changers aimed at curbing exchange gangs and loan sharks around Macau's casinos.
These high-stakes players continue to transfer funds from the mainland into the special administrative region (SAR) with ease, unaffected by deflation in the world’s second-largest economy.
Despite these challenges, Citi analysts observed, “Macau is still attracting players who are very much willing and able to spend.” At Galaxy StarWorld, Choi and Cheung witnessed one gambler placing a HK$640,000 bet.
At Galaxy Macau and Wynn Palace, they saw high rollers wagering between HK$130,000 and HK$330,000.
“The fact that this happens after the Macao government’s decision to criminalise illegal money exchanges within casino premises means that most players, via legitimate channels, are still able to get their funds to the Macao casinos,” wrote Choi and Cheung.
Despite the near collapse of Macau’s junket industry, high rollers and premium players continue to play a crucial role in the customer base at the city’s casinos.
