At Macao's premium massplay, demand for gaming remains strong at the moment, and investors" concerns about a negative impact on casino gross gaming revenue (GGR) as China promises to crack down on illegal currency exchanges "seems excessive."
So the bank's analysts, George Choi and Ryan Cheung, proposed Citigroup in a premium media survey conducted in the Macau market for July. Citigroup analysts, George Choi and Ryan Cheung, said they observed a year-on-year increase in total wages for premium media and an increase in the number of premium media, a group of big cash bettors.
Citi analysts said, "We continue to believe that most players in Macau have their own legal way to transfer their funds to Macau."
The total number of premium mass players observed in the July survey was about HK$12.2 million, up 34% from about HK$9.1 million observed in the same month a year ago. The number of premium mass players observed in the survey this month was 575, up 61% from a year ago.
"This means wages per player recovered to HK$21,193 in July 2024 (15% higher than HK$18,478 in June 2024). Our survey once again indicates gaming demand remains robust," Citi said.
Galaxy Entertainment Group Ltd and Sands China Ltd were the top and second, respectively, in Citi's latest premium mass survey, with the two casino operators each accounting for about 25% of the total betting.
Citi analysts saw a total of 23 "whales" - defined as players with a betting size of HK$100,000 or more - bet at Macau casinos in a July survey, up from 19 observed in July 2023.
According to the survey, a total of 11 of the 23 whales were playing at Galaxy Entertainment and Sands China's casinos. In the case of Sands China, the two observed two Japanese whales at the accommodation plaza, where they were betting HK$100,000 and HK$200,000 respectively.
"To our surprise, we encountered HK$1 million whales for the second month in a row (before 2024, we encountered HK$1 million whales only five times since our whale watch began in January 2018)," analysts said.
Citi also noted that it has used more "smart" gaming tables in restricted, pulverized bulk baccarat play spaces at properties promoted by Galaxy Entertainment, Sands China and Win Macau.
According to the agency, all included are "43 tables" in the Pavilion South Room, a high-restriction play area in Galaxy Macao, "18 tables" in the Apex gaming room in Plaza, and 73 smart game tables in the Grind Mass area of Venice Macao operated by Sands China, and six out of 32 game tables in the Win Encore Casino on the Macau Peninsula.
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