Citi: Macau high rollers seemingly undeterred by impending visit of Xi Jinping | CPT PPP Coverage

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The proliferation of high rollers in Macau has showed no signs of slowing down in December, despite concerns that the impending visit of China’s President Xi Jinping from 18 to 20 December may prove a deterrent, according to Citigroup.

The observation followed Citi’s monthly Macau premium mass table survey, with the brokerage noting that while concessionaires had seemingly opened fewer tables, player count and average wager per player held up well.

Specifically, premium mass player count was up 26% year-on-year and average wager down only 8%. There were 21 “whales” spotted, with average bet size down 9% versus December 2023.

“Our survey suggests that there are plenty of players in Macau whose gaming appetites seem little affected [by Xi’s visit],” said analysts George Choi and Timothy Chau.

Citi also noted that its latest observation for December 2024 mirrors a table survey conducted five years earlier ahead of President Xi’s December 2019 visit to Macau. Back then, premium mass average wager per player was down 6% versus the prior year period, and average mass baccarat minimum bet down 4%. This year, premium mass average wager per player is down 8% and average mass baccarat minimum bet again down 4%.

“Macau had a strong finish in late December 2019 after 20 December as GGR came in flat month-on-month at MOP22.8 billion,” Citi wrote. “ We will not be surprised if history repeats itself, and we remain comfortable with our December 2024 GGR forecast of MOP18.5 billion (flat month-on-month).”