Macau, China – In January, a survey conducted by Citigroup revealed a significant 72.3% increase in betting volumes from high-stakes gamblers, often referred to as “whales,” compared to the same period last year. The number of these high-rollers also rose by 16.7%, increasing from 24 to 28 individuals. This growth in whale activity is particularly noteworthy as it reflects a broader trend of increasing VIP baccarat gross gaming revenue, which surged approximately 20% quarter-on-quarter in the last quarter, capturing a larger 30.7% share of the total market revenue. This trend is of regulatory and market interest as it highlights the ongoing recovery and potential shifts in Macau’s gaming sector.
The survey, conducted by analysts George Choi and Timothy Chau, reported that high-rollers collectively placed HKD8.1 million in wagers this January, more than doubling the HKD4.7 million recorded in the previous year. Analysts attribute this rise to the blend of gaming and leisure activities available in Macau, which continue to attract affluent mainland Chinese visitors. Several significant wagers were observed, including a HKD1 million bet at Galaxy Macau’s Horizon Room, followed by HKD850,000 at Melco’s City of Dreams and HKD640,000 at Wynn Palace’s Chairman’s Club. The average amount wagered by these 28 players stood at HKD290,000, marking a 49% increase from the previous year. Notably, six players wagered HKD500,000 or more, compared to just two from the prior year.
The increase in betting volume among high-rollers might also be linked to various promotional events. Citigroup suggests that collaborations with popular concerts, such as those featuring Blackpink in Hong Kong, Raymond Lam at Sands China’s Venetian Arena, and Dylan Wang at Galaxy Arena, could have contributed to the uptick in whale activity. Official statistics corroborate the flourishing VIP segment, with baccarat maintaining a robust position within the revenue make-up.
Looking at the premium mass segment, total betting volumes increased by roughly 25% year-on-year to HKD16.0 million, although the number of players decreased by 11% to 564. This decline in player numbers led to a 41% rise in average wagers per player, reaching HKD28,424, akin to the brisk activity seen during the Golden Week of 2025. Galaxy Entertainment reclaimed the leading position in the premium mass market with approximately 25% market share, though this was slightly less than in January of the previous year. Key players in this category included Melco, Wynn Macau, and Sands China, holding market shares of 20.9%, 20.3%, and 20.2% respectively.
In anticipation of the upcoming Chinese New Year, several casinos have upgraded their mass gaming floors. Wynn Macau, Parisian Macao, and Grand Lisboa Palace have undertaken renovations, likely to attract more visitors. Parisian Macao’s enhancements included a collaboration with Pop Mart to showcase the Twinkle Twinkle IP from the Labubu doll series, while Sands Macao introduced The Pearl Room, targeting mainstream bettors. SJM Holdings also revamped a VIP area at Grand Lisboa into a new mass section containing 12 baccarat tables.
These developments underscore a positive trajectory for Macau’s high-end gaming sectors, driven by strategic perks and enhancements. With VIP baccarat revenue on the rise and increased whale activity, casino operators are well-positioned to benefit from the influx of affluent visitors, especially as the Chinese New Year approaches.
Moving forward, the focus will likely be on how effectively operators capitalize on these trends and whether the momentum can be sustained throughout the year. The regulatory environment will also play a crucial role in shaping market dynamics, as authorities continue to monitor the sector closely amid evolving business strategies and consumer preferences.
Erik Agary is a seasoned writer at True Games Reviews, specializing in gaming, casino games, and interactive entertainment. With a passion for all things digital, Erik dives deep into the latest trends and developments in the gaming world, offering insightful reviews and detailed analysis. His expertise spans across multiple gaming platforms, ensuring comprehensive coverage that resonates with both novice and experienced gamers alike.
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