Citigroup, in its August premium mass table survey, has observed that Macau continues to demonstrate resilience in gaming amid China’s economic headwinds, maintaining robust player demand.
The survey shows that total premium mass wagers grew both year-over-year and quarter-on-quarter. Meanwhile, Macau gaming operator Galaxy Entertainment Group (GEG) likely gained market share.
In a detailed analysis of the survey data, Citigroup notes that the total wagers observed in August this year amounted to HK$12.8 million ($1.6 million), up 35 percent year-over-year from HK$9.5 million ($1.2 million) the previous year.
This robust result was driven by a 40 percent year-over-year increase in player count. The survey identified a total of 655 premium mass players.
This implies that the wager per player in August 2024 fell to HK$19,606 ($2,517), which is 7 percent lower than July 2024’s HK$21,193 ($2,720). This decline reflects ‘normal seasonality’.
Analysts George Choi and Ryan Cheung note that data from 2019 surveys show a similar month-over-month decline in wager per player, around 6 percent. The seasonal trend is due to August, a month with strong visitation, also attracting more casual and less enthusiastic players.
The survey found an increase in ‘whales’ this month. A ‘whale’ is defined as a player whose bet size ranges from HK$100,000 to HK$500,000 ($12,800 – $64,000) per hand or more. The number of whales observed was 25, compared to 23 last month and 24 in August last year.
The ‘Player of the Month’ was noted at the Dragon Palace of Melco’s City of Dreams, where he placed a HK$600,000 ($77,006) bet. His friend, sitting next to him, placed a HK$400,000 ($51,337) bet on the same hand.
There were also six whales who bet between HK$130,000 and HK$330,000 ($16,680 – $42,350) during a short visit to Galaxy Macau’s Horizon Room. Whales betting HK$100,000 to HK$330,000 ($12,830 – $42,350) were observed at Wynn Palace’s Chairman Club.
Regarding premium market share, Citigroup notes that Galaxy ranks number one in the premium mass survey, with approximately 29 percent of the total wagers observed, up from 25 percent last month. Eight out of the 25 whales were seen at its casinos.
Citigroup’s survey results seem to echo Galaxy management’s recent comments on its earnings call: Galaxy’s market share in August to date has improved from the July level, and mass table drop in August is 10-15 percent higher compared to 2024.
An expansion in smart gaming tables has been observed across several prominent casinos in Macau. The survey reveals 30 new smart tables at Studio City’s grind mass area, all tables at Londoner’s Apex room are now smart, and Venetian has increased its smart tables to 225 in the grind mass area, up from 73 last month. Additionally, 28 tables in Venetian’s High Limit area are now smart.
