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Citigroup’s latest table survey across Macau casinos points to a hefty 72.3 percent jump in betting volume from high-rollers, or whales, compared to the same month last year. The count of these big spenders ticked up 16.7 percent too, from 24 to 28 observed players. This comes alongside official figures showing VIP baccarat gross gaming revenue climbing about 20 percent quarter-on-quarter in the fourth quarter, while grabbing a larger 30.7 percent slice of overall market revenue.
Whale Activity Hits New Highs
Survey teams clocked HKD8.1 million in whale wagers this January, more than double the HKD4.7 million from January 2025. Analysts George Choi and Timothy Chau figure Macau’s mix of gaming and leisure draws wealthy mainland Chinese, keeping them ready to open their wallets. They noted encounters with several standout high-rollers scattered around key properties.
Top honors went to a player dropping HKD1 million at Galaxy Macau’s Horizon Room. Not far behind was HKD850,000, which occurred at Melco’s City of Dreams in their high-limit area during a baccarat game, and HKD640,000 at Wynn Palace’s Chairman’s Club. The 28 whales averaged HKD290,000 per, a 49 percent increase from last year, with six betting HKD500,000 or more, compared to two from the previous year.
Promotions Lure Big Players
Citi hints that tie-ins with hot concerts, like Blackpink in Hong Kong, Raymond Lam at Sands China’s Venetian Arena, or Dylan Wang at Galaxy Arena, may be spurring the whale uptick. Government stats back the VIP momentum, with baccarat holding firmer ground in the revenue mix.
Premium Mass Sees Steady Gains
Over in premium mass, total bet volume swelled roughly 25 percent year-on-year to HKD16.0 million, though player numbers dipped 11 percent to 564. That pushed average wagers per player up 41 percent to HKD28,424, mirroring busy 2025 Golden Week levels.
Galaxy Entertainment clawed back the top spot in premium mass with about 25 percent share, down slightly from last January. Five whales, including the monthly highlight, appeared at its Horizon Room. Melco, Wynn Macau, and Sands China followed closely with 20.9 percent, 20.3 percent, and 20.2 percent market share respectively.
Floor Refresh Before Celebrations
Beyond bets, Citi observed mass gaming floor upgrades at Wynn Macau, Parisian Macao, and Grand Lisboa Palace, likely pre-Chinese New Year touch-ups, set for mid-February. Parisian Macao featured a Pop Mart collaboration showcasing the viral Twinkle Twinkle IP from the Labubu doll craze.
Sands Macao unveiled The Pearl Room on the ground floor, targeting mass-market bet sizes. Meanwhile, SJM Holdings repurposed a third-floor VIP space at Grand Lisboa into a fresh mass area with 12 baccarat tables.
Market Signals Point Upward
These survey insights suggest Macau’s high-end segments gaining traction, fueled by targeted perks and ongoing tweaks. With VIP baccarat revenue share expanding and whale averages soaring, operators appear primed to capitalize on affluent footfall amid seasonal builds.
Source: GGR Asia
