In spite of the downturn in Macau’s VIP sector and the uncertain state of the China economy, high-stakes players known as ‘whales’ are still making big bets at the city’s casinos.

A recent table survey conducted by Citigroup revealed that premium-mass players in Macau were placing an average of HK$655K in wagers per sitting in September, marking a 43% increase compared to the same period last year. Throughout the year, these so-called whales, who typically wager HKD100K or more on average, have collectively bet a staggering HK$43.3m, surpassing the HK$39.7m wagered in all of 2023.

The number of high-stakes players has also seen a notable increase, with Citi reporting more than 600 premium-mass players at casino tables in September, a 42% year-on-year rise.

Despite a recent crackdown on illicit money touts in an effort to combat exchange gangs and loan sharks around Macau’s casinos, demand from mainland Chinese players remains strong, as noted by Citi analysts George Choi and Ryan Cheung in an August report. These players are able to effortlessly transfer funds from the mainland into the special administrative region, unfazed by the economic challenges in China.

Choi and Cheung observed that Macau continues to attract players who are eager and capable of spending significant sums. At Galaxy StarWorld, they witnessed a gambler confidently placing a bet of HK$640K, while at Galaxy Macau and Wynn Palace, high rollers were seen betting HK$130K to HK$330K.

Despite the recent decline in Macau’s junket trade, whales and premium players remain a vital part of the customer base at the city’s casinos. The fact that these players are still able to access funds through legitimate channels even after the government’s decision to criminalize illegal money exchanges within casino premises speaks to the resilience of Macau’s gaming sector.