AGP Executive Report

Macau Gaming Outlook: J.P. Morgan cut its Macau GGR forecast for FY26 to MOP254.6 billion, citing softer June results and tough year-on-year comps, with July expected to fall 8% YoY to MOP20.3 billion. Macau Property Watch: Centaline reported weak momentum in the first half of 2026, with transactions down 20% YoY to 149 cases, and price strength limited to prime pockets rather than a broad recovery. Tourism Policy & Taxes: Hoteliers pushed back on new local tourism tax rules, saying the promised F&B “level playing field” still leaves hotel bars excluded from exemptions. Urban Renewal Funding: The government is exploring land premium adjustments and possible tax incentives to make redevelopment of aging buildings more financially workable, while lawmakers ask for easier ownership and condo repair procedures. Cross-border Payments: Macau expanded e-payment trials to transport, government services and campuses, aiming to boost convenience and usage. Regional Business & Talent: IPIM and Shengqu Technology hosted the “Digiloong Cup” AI and gaming investment forum in Macau, drawing about 120 institutional representatives for matchmaking across the Greater Bay Area. Corporate Moves: SJM Holdings named former NagaCorp executive Sean Tan as CFO, replacing Christopher Ip. Health & Insurance: Manulife appointed Lilian Ng as an independent non-executive director and reshuffled marketing leadership for Hong Kong and Macau.

Macao Tech & Payments: The Monetary Authority of Macao confirmed the e-MOP digital pataca sandbox is moving beyond policy design, with trials expanding to public transport, e-government services and university campuses, after core infrastructure was completed. AI & Industry Building: IPIM and Shengqu Technology’s “Digiloong Cup” summit drew about 120 institutional representatives to push AI and digital entertainment ecosystem links, with matchmaking sessions aimed at accelerating Macau’s sci-tech cluster plans. Cross-border Integration: Chief Executive Sam Hou Fai said the Guangdong-Macao Intensive Cooperation Zone in Hengqin is entering a more execution-focused phase, reviewing progress and setting priorities for major projects and institutional integration. Public Services Upgrade: The LRT operator began a 105-working-day project to install public toilets at Union Hospital Station and Seac Pai Van Station, the only two LRT stops without passenger toilets. Gaming Business Moves: MGM China completed a $20m acquisition of MGM Asia-Pacific Ltd, expanding its mainland hospitality management reach via an asset-light platform tied to branding, loyalty and training. Casino Finance Leadership: SJM Holdings named former NagaCorp executive Sean Tan as CFO, replacing Christopher Ip. Sports & Community Research: UTM hosted a symposium on how sporting events can drive community engagement and tourism-leisure development. Regional Context: Xi Jinping hailed the CPC’s 105-year “epic” and urged preparation for “high winds, rough seas,” while Sam Hou Fai pledged Macau will uphold Party leadership and implement the “One country, two systems” path.

SJM Holdings CFO change: Macau casino operator SJM named long-serving NagaCorp executive Sean Tan as its new chief financial officer, replacing Christopher Ip after Ip’s resignation. Gaming revenue hit: Emperor Entertainment reported a 38.8% revenue drop in FY26 after the shutdown of the Grand Emperor satellite casino, though losses narrowed on lower expenses. MGM China expansion: MGM China completed a US$20m acquisition of MGM Asia-Pacific, a mainland hotel management firm running eight MGM-branded hotels, to strengthen its Greater China hospitality footprint. Wellness and AI at Sands China: Sands China wrapped its sixth “Happy 360 Month” campaign, rolling out AI tongue-image health screening for more than 7,000 staff. Tourism tax relief: Macau exempted restaurants and bars outside hotels from the 5% tourism tax starting today, alongside a new licensing framework for dine-in venues. Tech push in Macau: The Macao International Technology Industry Centre was inaugurated as a pilot platform to attract firms in biomedicine, digital tech, chips and aerospace. Local enforcement: Police arrested a mainland man livestreaming casino baccarat to solicit online bets, and also nabbed a local businessman over a Portugal visa scam. Payments data: DSEC said May electronic payment values rose 14.0% in retail and 1.8% in restaurants year-on-year.

Greater Bay Area Tech Boom: Shenzhen’s AI² Robotics and X Square Robot both crossed 20 billion yuan valuations, underscoring China’s embodied AI rush and IPO chatter. Macao Tech & Investment Push: Chief Executive Sam Hou Fai inaugurated the Macao International Technology Industry Centre as a “pilot” platform ahead of a larger science park, while the government named 17 industry figures as “Macao Investment Promotion Ambassadors” to attract high-quality firms. Tourism Tax Relief: From today, restaurants and bars outside hotels are exempt from the 5% tourism tax under a new licensing law. Gaming Enforcement: Police arrested a mainland man livestreaming casino baccarat to take online bets, and nabbed a local businessman over breach of trust in a Portugal visa scam. Payments Snapshot: DSEC data showed May retail e-payments up 14.0% and restaurant e-payments up 1.8% year-on-year. Culture & Community: The 18th China–Portuguese-speaking Countries Cultural Week opened in Macau, and Na Tcha folk belief blessings drew visitors ahead of a major parade. APEC Tourism Spotlight: APEC tourism ministers met in Macao, pushing digital innovation and connected, tech-enabled travel.

Macau Urban Planning: The government has launched a public consultation on draft amendments to the Macau urban master plan, cutting the 2040 population forecast to about 783,000 and adjusting the plan’s land area to 36.96 sq km, to better fit major infrastructure projects and support industrial diversification and regional connectivity. Cross-border Low-altitude Economy: Macau and Hengqin are moving toward cross-border drone and other low-altitude test flights, with regulators working on technical rules and pilot trials under existing safety and legal frameworks. Digital Company Services: The Legal Affairs Bureau (DSAJ) expanded fully digital commercial registration to cover share transfers, board dismissals/appointments, and articles-of-association amendments, using the Business & Association Platform and Macao One Account end-to-end online. Public Health & Social Support: A Down syndrome caregivers survey found high stress and major service gaps, with only about 20% satisfied with psychological support and 96.6% calling for more residential care facilities. Gaming-linked Enforcement: Police arrested two suspects in separate gambling-related cases, including a chip-related transaction and a counterfeit gold scam, seizing assets worth over HKD100,000. Greater Bay Area Mobility Payments: Visa launched a contactless transit payment pilot across Shenzhen Metro, letting eligible international cards work at gates—another step toward smoother cross-border travel ahead of APEC in 2026. Corporate/Market Signals: Alebund Pharmaceuticals listed on HKEx Main Board after its global offering, while Moody’s shifted Wynn Macau and Wynn Las Vegas outlooks to “stable” from “positive,” citing still-elevated leverage.

Macau Urban Planning: The government has launched a public consultation on draft amendments to Macau’s urban master plan, proposing a 2040 population of 783,000 (down from 808,000) and a total planned land area of 36.96 sq km (up from 36.8), marking the first revision since the plan took effect in 2022. APEC Tourism in Macau: APEC tourism ministers met in Macao with a focus on digital innovation, smoother cross-border travel and broader community benefits, with Chief Executive Sam Hou Fai saying the city will use the platform to deepen sustainable tourism cooperation. Gaming Finance Watch: Moody’s shifted the outlook on Wynn Resorts entities, including Wynn Macau, from “positive” to “stable,” citing leverage that remains elevated rather than falling well below 6x. SJM Leadership Change: SJM Holdings said CFO Christopher Ip has resigned and been replaced by Sean Tan, a former NagaCorp executive, as the company navigates post-satellite casino closures and upgrades. Mainland Business Links: Li Auto officially entered the Macao market, opening its first retail center via Hong Yue Group and rolling out localized vehicle and connectivity upgrades for local users. Energy Storage Deal: Pace Digitek’s Lineage Power signed an MSA with Guangzhou Rongjie Energy Tech for 3 GWh of LFP battery cells to support its BESS manufacturing expansion. Local Culture & Retail: The Cultural Affairs Bureau’s Online Bookshop launched a month-long summer promotion with 20% off books and complimentary Taipa-themed bookmarks, while a Lusophone handicraft exhibition opened at IAM Gallery as part of the China–Portuguese-speaking countries cultural week.

APEC Tourism in Macao: Tourism ministers meeting in Macao put digital innovation and seamless travel facilitation at the center of the agenda, with China’s Sun Yeli urging real-time translation and smarter cross-border coordination, while Macau’s CE Sam Hou Fai said the city will use the platform to deepen sustainable tourism ties across APEC. US snub over consular access: The US declined to send senior officials, citing visa restrictions that limit emergency consular help for Americans in Macau. Macau business diversification push: University of Macau plans four new research institutes under a revamped network to speed technology transfer and support industrial diversification, with new AI and smart-city units starting in August. Automotive retail expansion: Li Auto opened its first Macao retail center with Hong Yue Group and completed local upgrades for regulations and connectivity, aiming to strengthen its Greater Bay Area footprint. Energy storage supply deal: Pace Digitek’s material unit Lineage Power signed an MSA for 3 GWh LFP battery cells with Guangzhou Rongjie Energy, supporting its BESS manufacturing ramp-up. Gaming finance leadership change: SJM named former NagaCorp CFO Sean Tan as CFO after Christopher Ip’s sudden resignation, as the operator continues post-satellite-casino restructuring. Tourism enforcement spotlight: Police arrested a Mainland man accused of selling fake casino chips in Cotai, with an ongoing hunt for alleged accomplices.

APEC Tourism in Macao: The 13th APEC Tourism Ministerial Meeting opened in Macao under “Digital Innovation, Collaborative Empowerment,” with ministers pushing faster travel facilitation and smarter, more connected tourism across 21 economies. Digital tourism push: China’s culture and tourism minister Sun Yeli urged policy alignment on mutual visa exemptions, customs clearance, cross-border payments and tax refunds, while delegates highlighted tools like real-time translation and tech-enabled visitor experiences. Macao’s diversification agenda: The host side tied the talks to Macao’s “tourism+” direction and economic diversification, including smart tourism initiatives and the Hengqin Guangdong-Macao cooperation zone. UM research expansion: The University of Macau said it will build a network of 11 research institutes (four new ones) to support technology transfer and diversification, with two institutes starting operations on Aug 1. New Development Bank bond in Macao: The NDB priced a $50m three-year floating-rate note in Macao, its first bond issuance there, as it diversifies funding sources. Local business/market: Li Auto opened its first Macao retail center, partnering with Hong Yue Group on Gold Island and localizing products to meet local requirements.

APEC Tourism in Macao: The 13th APEC Tourism Ministerial Meeting opened in Macao under “Digital Innovation, Collaborative Empowerment,” with ministers pushing digital tools for smoother travel, real-time translation and smarter visitor experiences, plus closer cross-border cooperation. Policy push on travel facilitation: China’s tourism chief Sun Yeli urged easing bureaucratic barriers, citing expanded visa-free arrangements and fast-track customs, cross-border payments and tax refunds for departing tourists. Macao’s hosting role: Macao’s CE Sam Hou-fai said the SAR is ready to deepen APEC exchanges and use the event to unlock new tourism cooperation avenues. Finance milestone: The New Development Bank priced a three-year floating-rate note in Macao, marking its first bond issuance in the SAR. Auto retail expansion: Li Auto opened its first Macao retail center at Gold Island with localized product adaptations to meet local rules. Gaming business move: Century Entertainment launched a new online gaming platform in the Philippines, deploying 27 games across seven venues with plans to scale further in 2026.

APEC Tourism Push in Macao: The 13th APEC Tourism Ministerial Meeting opened in Macao under “Digital Innovation, Collaborative Empowerment,” with delegates from 21 economies backing closer cooperation on smart tourism, travel facilitation and digital transformation. China Eases Travel Barriers: China’s tourism chief urged more visa exemptions, faster customs clearance, cross-border payments and tax refunds to make travel easier for international visitors. Macao Readies for More Tourism Ties: Chief Executive Sam Hou-fai said Macao is ready for “profound exchanges” and to explore new avenues for Asia-Pacific tourism cooperation, as the city hosts the ministerial meeting and related working group sessions. New Development Bank Bond in Macao: The New Development Bank priced a $50m three-year floating-rate note in Macao, marking its first bond issuance in the SAR. Li Auto Enters Macao Market: Li Auto opened its first Macao retail center at Gold Island with localized vehicle and service adaptations, expanding its Greater Bay Area footprint. Pharma Deal Ends: SPARC terminated its 2019 licensing agreement with CMS Bridging covering five drug candidates, effective June 25.

APEC Tourism Push: Macao is hosting the 13th APEC Tourism Ministerial Meeting and the 67th APEC Tourism Working Group in the city, with Chief Executive Sam Hou-fai saying the SAR is ready to deepen Asia-Pacific tourism cooperation and spotlight “tourism+” and smart tourism, including a 240-hour visa-free transit push to draw multi-destination visitors. Finance & Capital Markets: The New Development Bank priced a three-year floating-rate note worth US$50 million in Macao, marking its first bond issuance in the SAR as it diversifies funding for infrastructure and sustainable development. Regional Governance & Integration: The Guangdong–Macao In-Depth Cooperation Zone in Hengqin completed an institutional reform, bringing nine bureaus under the executive committee to speed up services for deeper Macao-Hengqin integration. Employment Snapshot: Macao’s unemployment rate for March–May 2026 held at 2.3%, while underemployment rose to 2.4%, with most job-seekers coming from retail, construction and transport. Tourism Culture Calendar: The Macao 2026 Specialized World Stamp Exhibition opened at Cotai Expo, billed as the first-ever specialized world stamp show in Macao and coinciding with FIP’s centenary. Business & Hospitality: SJM’s MICHELIN-star chefs will headline “Macau After Dark” at Grand Lisboa Palace on 7 July, tying fine dining to the city’s leisure brand.

APEC Tourism Push in Macao: Chief Executive Sam Hou Fai met APEC Secretariat Executive Director Eduardo Pedrosa ahead of the 13th APEC Tourism Ministerial Meeting, highlighting record visitor arrivals in 2025 and Macao’s “tourism+” push, including smart tourism and a 240-hour visa-free transit policy to spur multi-destination travel. APEC Working Group Agenda: The 67th APEC Tourism Working Group meeting in Macao (June 24-25) focused on digital transformation, human capital, travel facilitation, competitiveness, and sustainable tourism, with Macao sharing its diversification strategy and regional cooperation plans. Hengqin Zone Governance Upgrade: The Guangdong-Macao In-Depth Cooperation Zone in Hengqin completed institutional reform, bringing nine new or renamed bureaus into operation under the executive committee to improve integration with Macao and speed up services for the zone’s development. Macau Employment Snapshot: DSEC reported the local residents’ unemployment rate at 2.3% for March-May 2026, steady from the prior period, while underemployment edged up to 2.4%. Hospitality and Talent Signals: Melco Resorts & Entertainment received HR Asia awards for workplace culture and people transformation, while Galaxy Entertainment Group said its hotels and MICE facilities maintained strong EarthCheck certification results.

Guangdong-Macao Integration: The Hengqin In-Depth Cooperation Zone’s executive committee has completed an institutional reform, with nine new or renamed bureaus now operating—covering areas from administration and legal affairs to finance, industrial development, urban planning and talent—aimed at boosting service efficiency and deeper integration, with the zone targeting about 80,000 Macao workers by 2035. Cross-border Convenience: Facial recognition “face scan” smart immigration clearance has been extended to Qingmao Port and the Zhuhai-Macao Hall of the HZMB, following a successful Hengqin pilot, cutting down clearance steps for frequent travellers. Gaming & Hospitality: The long-troubled Cotai property formerly known as The 13 Hotel is rebranded as The 13 Palace, with a gold exterior and expanded luxury offerings ahead of a limited trial run. AI & Work Rules: Lawmaker José Pereira Coutinho urged faster local legislation to define robots and set rights/duties, warning Macau’s reskilling pace lags behind AI-driven labour change, especially in gaming. MICE & Sustainability: Sands China said it has hosted 12,800 MICE events since 2007 and drawn 15.7 million MICE visits, while GEG highlighted further EarthCheck certification upgrades across its hotel brands and convention facilities. Regional Business Moves: Sa Sa reported a 160.5% profit jump, boosting Hong Kong and Macao focus, and SJM Resorts joined the Global Sustainable Tourism Council as Macau’s first GSTC member organisation.

Drug Policy & Public Health: Macau psychologist Lao Chin Soi says registered drug-abuser figures may hide a “massive, hidden iceberg,” warning that youth increasingly use e-cigarettes and private spaces to evade detection, complicating anti-drug work. Sustainability in Tourism: Galaxy Entertainment Group reports EarthCheck certification wins across its hotel brands and MICE facilities, with Banyan Tree Macau upgraded to Platinum and Galaxy Hotel to Gold. MICE & Diversification: Sands China says it has attracted over 15.7 million MICE visits since 2007, citing 12,800 events and 1.6 million sq ft of facilities as it pushes non-gaming growth. Creative Economy: BIGGER Art Fair debuts in Macau at Fisherman’s Wharf, running four days and spotlighting independent publishers and designers under “Flip Macau.” Gaming Tech Expansion: Paradise Entertainment says a Singapore unit has received approved-manufacturer status from the Gambling Regulatory Authority, aiming to speed up regional expansion. Smart Mobility & Border Tech: “Face Scan” smart immigration clearance is extended to Qingmao Port and the Zhuhai-Macao Bridge joint inspection channels. Public Finance: Macau’s financial reserves hit a record 697.27 billion patacas at end-April, up 4.6% from end-2025. Local Business & Transport: Macau’s two bus operators posted combined 2025 net profit of 97.1 million patacas as ridership reached a record 231 million trips. Governance & Integrity: CCAC uncovers a courier kickback scheme involving HKD1.1 million in bribes and alleged inflated delivery billing over MOP5 million. International Politics: The US snubbed the APEC tourism ministerial meeting in Macau, citing China’s visa rules limiting emergency consular access. FIA Governance: The FIA removed term limits for its presidency and other roles at an extraordinary general assembly in Macau, clearing the way for Mohammed Ben Sulayem’s longer tenure.

Smart Border Tech: “Face Scan” smart immigration clearance is being extended to Qingmao Port and the Zhuhai-Macao Bridge joint inspection channels from 26 June, building on Hengqin Port’s earlier rollout that has drawn 310,000 registrations and 6.21 million cumulative users. University-Led Diversification: UM’s 45th anniversary push includes 11 planned research institutes in Hengqin and new science/tech faculties from 2026/27, with two AI-focused institutes set to start operations on 1 August to speed lab-to-industry translation. Public Transport Performance: Macau’s two bus operators posted combined 2025 net profit of MOP97.1 million as ridership hit a record 231 million trips; TCM rose to MOP49.25 million and Transmac to MOP47.85 million. Fiscal Buffer: Macau’s financial reserves reached a record MOP697.27 billion at end-April, up 4.6% from end-2025, supported by budget surpluses and investment returns. Anti-Corruption Crackdown: The CCAC uncovered a courier kickback scheme tied to delivery contracts, alleging monthly HKD20,000 payments over 2020-2025 and more than HKD1.1 million in bribes, plus fraud claims exceeding MOP5 million. Heritage Risk: A fire at a protected heritage building on Avenida de Almeida Ribeiro led to road closures and damage to multiple floors; authorities say it was linked to an air-conditioning wiring short circuit and note affected bus routes. Gaming Business Signals: Paradise Entertainment says its Singapore unit received “approved manufacturer” status from Singapore’s Gambling Regulatory Authority, while a formerly bankrupt ultra-luxury Macau hotel reopens as The 13 Palace after creditor sale. Regional Policy Watch: Indonesia’s immigration chief urged caution on expanding visa-free access under its 8+1 plan that would include Macau, warning of “low-quality tourists” and revenue loss.

APEC Tourism Push: Macau is set to host the 13th APEC Tourism Ministerial Meeting from June 24-28, with the opening ceremony Saturday and the Tourism Working Group meeting running today and tomorrow—an event expected to spotlight the city’s heritage-led tourism and business opportunities. Tourism Spend Boost: MGTO is partnering with e-payment platforms in South Korea, Thailand and Hong Kong (Naver Pay, TrueMoney and AlipayHK) to drive visitor spending incentives through late-year campaigns and major events. Anti-Corruption Crackdown: The CCAC says it busted a supplier who allegedly paid monthly kickbacks to an international courier Macau boss to win delivery contracts, and colluded to falsify delivery records—netting more than MOP5 million via fraud. Public Finance Snapshot: Macau’s financial reserves hit a record 697.27 billion patacas at end-April, up 4.6% from 2025 year-end, supported by budget surpluses and positive investment returns. Transport Earnings: Macau’s two public bus operators posted combined 2025 profit of 97.1 million patacas, while passenger numbers reached a record 231 million. Heritage Fire Risk: A historic building on San Ma Lou was gutted by a smoky blaze; the IC chief says affected listed buildings may apply for funding under the Historic Buildings improvement plan. Elderly Care Pressure: A survey by the Macau Social Security Society finds most residents lack confidence in the long-term financial sustainability of elderly care, with 84.3% worried about future medical and care costs. Gaming Caution: Morgan Stanley advises investors to stay cautious on Macau casino stocks as GGR growth slows, though it keeps MGM China as its preferred pick. Cross-border Education Plan: Macau is accelerating the Macao-Hengqin International Education (University) Town, with the first phase due to start in August for about 1,300 postgraduate students.