Citigroup‘s latest table survey reveals that Macau players’ gaming appetites appear largely unaffected despite low expectations ahead of Chinese President Xi Jinping’s visit to the city, from December 18th to 20th, for the 25th anniversary of the Handover.
The analysts had initially anticipated a slowdown in gaming, with expectations tempered by the timing of the survey, conducted just one week before Xi’s visit. Interestingly, the survey results contradict those expectations, showing robust player engagement.
The six operators surveyed had also braced for a decline. According to Citigroup’s findings, the number of baccarat tables deployed in premium mass areas was 8 percent lower month-on-month, and the average minimum bet in mass baccarat was 4 percent lower compared to December 2023. However, the survey team returned from Macau with more optimistic insights.
Citigroup’s table survey indicates that trends in the premium mass market remain largely consistent compared to past years, despite the anticipated impact of the visit.
Looking back at the data from December 2019, just one week before Xi Jinping’s visit for the 20th anniversary of the Handover, Citigroup’s table survey shows strikingly similar trends to those observed in December 2024.
In December 2019, the premium mass average wager per player was HK$13,196 ($1,698), reflecting a 6 percent year-on-year decline from December 2018. The average mass baccarat minimum bet was HK$1,834 ($236), down 4 percent compared to the same period the previous year.
Fast forward to December 2024, and the trends are reminiscent of 2019, though with some differences. The premium mass average wager per player in December 2024 has dropped 8 percent from December 2023, standing at HK$20,943 ($2,694). Despite this decrease in average wager size, total wagers observed increased by 17 percent year-on-year, totaling HK$10.7 million ($1.4 million). The number of premium mass players observed also grew by 26 percent compared to the previous year, reaching a total of 510 players.
In contrast, the average minimum bet in mass baccarat rose slightly to HK$1,977 ($255), a 4 percent decrease from December 2023.
Given this data, analysts George Choi and Timothy Chau indicate that the overall outlook for Macau’s gaming sector remains optimistic and its December 2024 GGR forecast of MOP18.5 billion ($2.32 billion), flat month-on-month, aligns with the historic trend of a strong finish for the year.
In fact, the brokerage notes that Macau experienced a similar surge in December 2019 after Xi’s visit, when GGR remained stable at MOP22.8 billion ($2.86 billion), despite some earlier concerns.
Slight increase in high-value players
A key highlight from this survey is the activity among Macau’s whales, or high-value players. A ‘whale’ is defined as a player whose bet size ranges from HK$100,000 to HK$500,000 ($12,800 to $64,000) per hand or more.
Citigroup observed a slight increase in the number of whales, with 21 whales spotted in December 2024, compared to 20 in December 2023.
More notably, the average wager per whale has grown significantly, rising by 9 percent year-on-year to HK$191,905 ($24,684) from HK$176,750 (22,735) in December 2023.
Several high-value players stood out during the survey, with the ‘Player of the Month’ placing a HK$500,000 ($64,312) bet at StarWorld’s Horizon room. Other notable players included a HK$470,000 ($60,454) whale at the Supreme room at MGM Macau and a HK$300,000 (38,588) whale at Studio City’s Signature Club.
Market share shifts
The survey also highlights Galaxy Macau‘s continued dominance in the market, maintaining a leading 26 percent share of total wagers observed. Meanwhile, MGM has shown significant growth, increasing its market share by nearly 4.8 percentage points to around 18 percent, a rise attributed to the success of its recent marketing initiatives at MGM Macau.
In addition, the survey points to a growing investment in smart table technology across Macau’s gaming floors. New installations include 39 tables at City of Dreams, 71 at Venetian, 91 at StarWorld, and 316 at Galaxy Macau.
Wynn Macau and Wynn Palace have also installed new smart tables, although they are not yet active. This expansion underscores the sector’s ongoing push toward technological innovation.
