Tuesday, November 28, 2023

Macau gaming thrives on high bets and luxury shopping By Investing.com

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© Reuters.

Macau’s gaming sector is witnessing a significant uptick, with the premium mass gambling segment experiencing a 37% increase in the average bet per player to HK$22,251 this November compared to the same month in 2019. This growth has been bolstered by high-profile events and robust luxury retail spending by mainland Chinese visitors.

Analysts from Citigroup noted that despite a 21% decrease in the number of gamblers, the total premium mass wager reached approximately HK$9.5 million. The rise in wager amounts was particularly notable during the autumn Golden Week, coinciding with the 70th Macau Grand Prix, when an all-time high bet per player of HK$29,633 was recorded in October.

Galaxy Entertainment Group (OTC:) Ltd has emerged as a clear leader in this surge, capturing nearly 38% of the market share. In contrast, Sands China (OTC:) Ltd holds about 20%, although it saw a decline from around 20% in October to 14% in November. The Horizon room at Galaxy alone saw the day’s highest single-room wager totaling HK$1,866,000, while players at Sands China’s Plaza’s Apex room averaged wagers of HK$63,077 (USD1 = HKD7.7932) each.

The performance of Macau’s gaming industry has also been influenced by entertainment offerings such as post-survey concerts by Teens in Times at Galaxy Macau and Westlife at The Londoner Macao. Additionally, the presence of ‘whales’, or high-stakes gamblers, was marked at Galaxy, indicating significant betting activity.

The allure for mainland Chinese tourists extends beyond the casinos to the luxury retail sector. Long queues at Chanel and Hermes boutiques within Sands China’s Shoppes at Four Seasons highlighted the strong consumer behavior of these visitors.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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