AGP Executive Report

Macau Gaming: Macau’s casino gross gaming revenue fell 1.2% YoY to MOP$18.06bn in September, with the nine-month total still up 3.2% to MOP$187.12bn—yet analysts keep trimming 2026 forecasts as demand stays soft into Golden Week. Energy & Shipping: China suspended oil product exports for October to destinations beyond Hong Kong and Macau, tightening Asian diesel and jet fuel supplies while Middle East shipping risks linger after attacks near the Strait of Hormuz. EU–US Diesel Standoff: The EU rejected a US diesel export threat and pushed back on Washington’s calls for France and Germany to release emergency diesel reserves, escalating a new transatlantic energy dispute. Macau Social Sector (Opinion): A Macau-focused piece argues NGOs can boost impact with “Lean Thinking,” shifting from simply adding resources to improving processes and talent. Capital Markets: Shenzhen’s Lygend Resources & Technology raised about RMB3.7bn in its A-share main board listing, underscoring ongoing investment in China’s nickel supply chain.

Macau Gaming: Macau’s September gross gaming revenue fell 1.2% year-on-year to MOP 18.06 billion, the lowest in three years, with month-on-month down 17.5%—adding pressure to already revised-down 2026 forecasts as China’s tax enforcement and softer demand weigh on visitation. Energy & Logistics: China suspended October exports of refined fuels to destinations beyond Hong Kong and Macau, tightening global diesel and jet supplies and pushing Brent above $100; the move also raises knock-on risks for regional shipping and fuel costs. US–Middle East Shipping Risk: The Strait of Hormuz remains volatile as the US sends a third aircraft carrier and more Marines to the Middle East, while tanker incidents keep energy traders on edge. Cross-border Mobility (Macao–Zhuhai–HK): The HKZM Bridge is bracing for heavy National Day traffic, with authorities forecasting over 100,000 passenger crossings daily at peaks and sustained vehicle flows. Policy/Business Signals: Macau’s proposed Telecommunications Law is moving to recalibrate the sector’s framework, while DHL Express appoints a new managing director for Hong Kong and Macau.

Macau Gaming: Macau’s 20 casinos posted September gross gaming revenue of 18.06 billion patacas, down 1.2% year-on-year and down 17.5% month-on-month, the lowest in three years, as the market keeps softening. Cross-border Transport: The HK-Zhuhai-Macao Bridge is bracing for National Day traffic, with daily passenger volumes forecast to top 100,000 and vehicle crossings averaging over 20,000 during Oct 1–7. Food Safety: Macau’s IAM ordered a stop-sale and recall of a “Familie” black truffle sauce after heavy-metal total arsenic exceeded local limits, urging residents to avoid the affected batch. Energy & Prices: China suspended fuel exports for October beyond Hong Kong and Macau, pushing Brent above $100 and adding pressure to already tight global diesel markets. Retail & F&B Expansion: DFI Retail Group plans to expand Starbucks in Vietnam and Thailand and take full control of Starbucks operations across key Asian markets including Macau, aiming for a “billion-dollar business.” Manufacturing & Tech: The 2026 World Manufacturing Convention in Hefei secured 790 project agreements worth RMB 363.4 billion, highlighting intelligent manufacturing deals. Local Industry Events: Sands China extended its Macau firecracker exhibition through Nov 29 and added guided tours and a free seminar during Golden Week.

Aviation & Trade Links: Shenzhen Airlines launched its first Bandar Seri Begawan–Shenzhen route, opening a new Brunei–Greater Bay Area air bridge aimed at boosting bilateral trade, investment and cultural exchange. Macau Gaming Sentiment: Wynn said it can’t isolate a single cause for Macau’s recent gaming slowdown, but expects any “pause in spend” to be temporary; executives also pushed back on using visitor numbers as a direct read on gaming demand. Tourism & Culture: Sands China extended its firecracker industry exhibition to Nov 29 and added Golden Week guided tours plus a free seminar on Oct 24, while the 38th Macao International Music Festival kicked off Oct 2 with “Silk Resonances.” Food Safety: Macau’s IAM ordered a recall after a black truffle sauce (“Familie”) was found to exceed heavy-metal limits for total arsenic. Logistics Leadership: DHL Express appointed Julian Neo as Managing Director for Hong Kong and Macau from Oct 1. Local Economy Snapshot: DSEC reported August electronic payments rising for restaurants (+1.8% y/y) and retail trade (+7.0% y/y). Tourism Industry Forum: Macao will host the 12th Global Tourism Economy Forum (Oct 15–17) under “Crisis • Resilience • Evolution.”

Macau Economy Watch: The IMF published its 2026 Article IV Staff Report, saying Macao’s integrated tourism and leisure sector keeps the SAR on a resilient growth path, with 2026 growth forecast at 3.3% and inflation at 1.8%. Border & Tourism Flows: Ahead of the 1–7 Oct National Day Golden Week, Macau authorities expect 5.2–5.4 million passenger movements, with peak days 3–4 Oct possibly topping 800,000 crossings, alongside expanded police and transport dispatch plans. Retail & Dining Signals: DSEC data shows August electronic payment values rose 1.8% for restaurants & similar establishments (to MOP1.23b) and 7.0% for retail trade (to MOP5.01b), with strong gains in cosmetics/sanitary and watches/jewellery. Food Supply Chain: Hong Kong-Zhuhai-Macao Bridge fresh produce imports get 24-hour daily operating hours from 1 Oct, with CFS inspections and testing to support safer, more flexible logistics. Local Business & Trade: Macao Franchise Expo 2026 (21–24 Oct, Cotai Expo) will push cross-sector matching, spotlighting coffee and bakery with an end-to-end service chain and brand studio sections. Digital & Telecom Security: CTM and Huawei launched a Greater Bay Area integrated QKD-communication target network aimed at quantum-secured private lines for government, finance and critical infrastructure. Healthcare & Education: Macao Union Medical Center marked its 2nd anniversary with a medical and health forum opening ceremony, while UTM celebrated its 31st anniversary and began operations at its Hengqin extension under “One University, Two Campuses.”

Deep-sea clean energy: China Three Gorges Corp. has connected the first turbines of the Yangjiang Qingzhou Phase 5 and Phase 7 offshore wind project to the grid, a 2GW, 70km-offshore milestone using high-voltage flexible DC transmission. Sci-tech push (2026-2030): China’s Ministry of Science and Technology says the 15th Five-Year Plan will strengthen basic research and speed industrial use of research results, with AI-backed research methods highlighted. Macao tourism operations: Macau expects 5.2–5.4 million border crossings during the 1–7 Oct National Day Golden Week, with peak pressure on 3–4 Oct and added transport and crowd-control measures. Macao telecom reform: A proposed overhaul of Macau’s telecommunications law would move toward a technology-neutral licensing and competition framework. Biopharma deal with local relevance: Novo Nordisk will pay up to $2.6bn to Hengrui Pharma for HRS-1596, an oral once-weekly GLP-1/GIP dual agonist candidate, excluding mainland China, Hong Kong, Macao and Taiwan. Maritime/transport: A ship bidding notice was issued for bulk carrier “ZJ2026-0098,” with an online auction set for 27 Oct 2026. Tourism training: UTM–UN Tourism’s 18th training programme wrapped up in Macao, focusing on AI and digital marketing for destination branding.

Macao Policy & Telecom: Macau’s Legislative Assembly has advanced a proposed overhaul of the telecommunications law, aiming to replace fragmented, technology-specific rules with a unified, technology-neutral licensing and competition framework—while keeping TV, radio, satellite broadcasting and private telecoms under separate regulation. Beauty & Trade Events: Macao’s regional business calendar gets a boost as the 29th Cosmoprof Asia 2026 prepares for Nov. 10–13, linking branded beauty with Cosmopack Asia’s supply-chain focus (ingredients, packaging, machinery, contract manufacturing). Greater Bay Area Connectivity: Guangdong and Hong Kong signed work arrangements to enable cross-boundary individual yacht travel, building on earlier northbound flows and expected to lift water-based leisure demand. Digital Finance: Hong Kong priced about HK$20 billion in digital green bonds across HKD, RMB, USD and EUR, with strong subscription demand and new settlement features for the HKD tranche. Life Sciences Deals: Novo Nordisk will pay up to $2.6 billion to Hengrui for rights to experimental once-weekly oral GLP-1/GIP weight-loss drug HRS-1596 (excluding mainland China, Hong Kong, Macau and Taiwan). Energy & Infrastructure: China Three Gorges’ deep-sea offshore wind project in Guangdong connected its first turbines to the grid, using ultra-high-voltage flexible DC transmission to move power from far offshore. Macao Food & Industry Promotion: Macao will host PLPEX (Oct. 21–24), a trade exhibition for products and services from nine Portuguese-speaking countries, with zones spanning e-commerce, agriculture, marine tech, food & beverages, and professional services.

Macao Food & Events: Macao will host the Bocuse d’Or Asia-Pacific 2026 continental competition on Nov 1-2, bringing eight teams to compete for a spot at the Grand Finale in Jan 2027—another big signal for the city’s gastronomy brand. Portuguese-Speaking Trade & Industry: The 2026 Portuguese-Speaking Countries Products and Services Exhibition (PLPEX) runs Oct 21-24 at The Venetian Macao, with about 8,000 sq m and five zones covering cross-border e-commerce, agriculture, marine tech, food & beverages, and professional services, plus business matching on supply chains, wine/spirits and coffee. AI & Pharma Commercialization (Macao-linked): MindRank signed a commercialization deal for MDR-001, an AI-designed oral GLP-1, with 3SBio subsidiaries—covering mainland China, Hong Kong and Macau—with potential payments up to RMB 1.75b. Skills & Workforce: Macau’s delegation returned from WorldSkills Shanghai with gold, silver and bronze, plus 11 medals for excellence, highlighting vocational training and industry-education links. Business Climate (Macao): DSEC data shows Macao’s local resident unemployment rate edged up to 2.5% (June-Aug), while composite CPI rose 1.29% y/y in August. Sustainability in Hospitality: Artyzen Grand Lapa Macau won a Carbon Disclosure Award for energy/water efficiency, waste reduction and emissions monitoring, including upgrades like switching boilers to natural gas. Health & Safety (Macao region): CHP reported four Legionnaires’ cases in Hong Kong (Sep 20-26) and urged proper maintenance of water systems.

Macao Trade & Industry: Macao will host PLPEX 2026, a Portuguese-speaking countries products and services exhibition running Oct. 21-24 at The Venetian Macao’s Cotai Expo, covering about 8,000 sq m and featuring five zones on cross-border e-commerce, agriculture, marine tech, food & beverages, and professional services, plus business matching on agricultural supply chains, wine/spirits and coffee. Food Safety & Regulation: Hong Kong’s FEHD and Centre for Food Safety stepped up inspections of school lunch box suppliers for the new school year, checking 46 licensed factories since July and testing 92 lunch box samples so far, all satisfactory. Local Economy Watch (Macao): Macao’s local resident unemployment rate edged up 0.1 percentage point to 2.5% for June-August as fresh graduates entered the market, while underemployment fell to 2.0%. Housing Pipeline (Hong Kong): The government released its Long Term Housing Strategy Annual Progress Report 2026, setting a 10-year supply target of 420,000 units with a 70:30 public/private split. Vocational Skills (Macao): The Chief Executive congratulated Macao’s WorldSkills team after it won gold, silver and bronze across Visual Merchandising, Unmanned Aerial Systems and Retail Sales, plus 11 excellence awards.

Macao Business & Trade: Macao’s MICE push scored another win, with the city taking “Best Conventions Destination (Asia)” and “Best BT-MICE City” at global awards, and IPIM highlighting deeper Macao–Hengqin cooperation to tap Southeast Asia demand. AI & Data Centers: Brightray signed a prefabricated module sales framework for a planned 40MW AI data center campus in Coloane, with delivery targeted for Q3 2027 (subject to later contract steps). Energy & Construction Tech: ClearVue began a real-world Macau trial of its insulating solar photovoltaic window with side-by-side hotel room testing, plus facade cladding panel durability checks. Consumer & Retail: Alo Yoga opened its first Hong Kong flagship at K11 Musea and plans more stores across Greater China, including Macau, after a mainland Tmall launch. Food & Tourism: Macao will host the Bocuse d’Or Asia-Pacific selection on 1–2 Nov, positioning the city as a UNESCO Creative City of Gastronomy. Local Economy & Labor: DSEC data showed Macao’s local resident unemployment edged up to 2.5% (Jun–Aug 2026), with more fresh graduates seeking first jobs. Public Health & Environment: FEHD released the second batch of gravidtrap indexes for Aedes albopictus across 19 survey areas, continuing mosquito control measures. Industry & Innovation: Airwheel won a BEYOND Awards 2026 Innovation Award for its AI rideable suitcase, underscoring the shift toward smarter, connected consumer mobility. Clinical & Biotech: HUTCHMED initiated Phase Ia of a global trial for HMPL-A830, with first dosing in China on Sept 24 for KRAS-EGFR antibody-targeted therapy in solid tumors.

Macao MICE Momentum: Macao kept racking up international meetings and incentives awards, including “Best Conventions Destination (Asia)” and “Best BT-MICE City,” while pushing deeper Macao–Hengqin cooperation to tap Southeast Asia demand. AI & Data Center Buildout in Coloane: Brightray signed a prefabricated module sales framework for a planned ~40MW AI data center campus in Coloane, with delivery targeted for Q3 2027 (subject to later definitive contracts). Solar Tech Trial in Macau: ClearVue began a first real-world validation of its insulating photovoltaic window at a Macau hotel, with side-by-side testing against existing glazing plus facade cladding durability checks. Cultural & Creative Trade: Macao’s Cultural Affairs Bureau is inviting local creative firms to submit products for the Cross-Strait (Xiamen) Cultural Industries Fair, with consignment requirements tied to Macao World Heritage or intangible heritage themes. Local Economy Signals: DSEC reported Macao’s unemployment rate for June–August 2026 at 2.5% and CPI for August rising 1.29% year-on-year, with food and transport among key drivers. Gastronomy Spotlight: Macao will host the Bocuse d’Or Asia-Pacific selection on 1–2 November 2026, positioning the city as a UNESCO Creative City of Gastronomy hub.

Macao Economy & Jobs: DSEC reported August Composite CPI rose 1.29% year-on-year, with Transport up 3.08% and Food & Non-Alcoholic Beverages up 1.37%; meanwhile the local unemployment rate edged to 2.5% (June–August 2026), with most job-seekers previously in Gaming and Wholesale & Retail. AI & Data Centers: Brightray signed a prefabricated module sales framework for a planned 40MW AI data center campus in Coloane, with delivery targeted for Q3 2027 (subject to a later definitive deal). Energy & Tech Trials: ClearVue began its first real-world test of next-gen insulating solar glazing in a Macau hotel, pairing insulation performance checks with electricity generation and adding facade cladding panel durability tests. MICE & Hengqin Linkages: Macao’s MICE push scored major wins at global events and IPIM highlighted deeper Macao–Hengqin collaboration to tap Southeast Asia opportunities. Tourism & Events: MGTO and the Bocuse d’Or team confirmed Macao will host the Asia-Pacific selection on 1–2 November, reinforcing the city’s Creative City of Gastronomy status; Galaxy also announced the 2026 Macao International Marathon on 6 December. Cultural Heritage & Creative Industry: IC will restore the historic “Pátio das Palmas” gate (estimated cost ~MOP 200,000), and it opened applications for Macao’s cultural products to be showcased at the Cross-Strait (Xiamen) Cultural Industries Fair. Consumer & Retail Demand: Alo’s China flagship launch on Tmall drew over RMB 10 million in one minute, and the brand plans more physical stores including Macau. Industry Innovation Spotlight: Airwheel won a BEYOND Awards 2026 Innovation Award for its AI rideable suitcase, reflecting the push toward smarter consumer mobility.

Education & Skills: Macao’s regional talent ecosystem gets a boost as Secretary for Education Dr Choi Yuk-lin begins a Shanghai visit to watch the 48th WorldSkills Competition, highlighting Hong Kong’s biggest-ever delegation and extra Vocational Training Council support. Retail & Consumer Demand: Alo is pushing through China’s softer consumption with a Tmall flagship launch that hit 10 million yuan in one minute, and it plans eight more Greater China stores including Macau. AI & Finance: Wall Street banks are still funding the U.S. AI boom while also underwriting major Chinese AI and semiconductor deals, underscoring how capital flows persist despite tighter restrictions. Macao MICE & Tourism: Macao’s MICE push keeps winning—Macao again takes top Asia MICE awards and doubles down on Macao-Hengqin collaboration to tap Southeast Asia. Energy & Infrastructure: Brightray signs a prefabricated module framework for a planned 40MW AI data center campus in Coloane, with delivery targeted for Q3 2027. Public Health & Safety: FEHD releases updated gravidtrap and density indexes for Aedes albopictus across 19 survey areas. Creative & Gastronomy: Macao will host the Bocuse d’Or Asia-Pacific selection on 1–2 November, aiming to strengthen its UNESCO Creative City of Gastronomy brand. Tech in Buildings: ClearVue starts a first real-world Macau trial of insulating solar glazing at a hotel, alongside facade cladding tests.

AI & Manufacturing Leadership: Black Lake Technologies founder Yuxiang Zhou says AI is moving into the decision layer on the factory floor, shifting leaders from “using AI” to “copiloting AI” as production digitization deepens. Data Center Buildout in Macao: Brightray signed a prefabricated module sales framework for a planned 40MW AI data center campus in Coloane, with delivery targeted for Q3 2027 (framework only; final purchase depends on tenant and lease conditions). Energy & Cybersecurity: Envision Energy secured TÜV SÜD IEC 62443-3-3 SL2 certification for its wind farm control system, extending validated security from components to system level. MICE Boost for Macao-Hengqin: Macao’s MICE push earned top Asia awards, while IPIM highlights deeper Macao–Hengqin convention collaboration to tap Southeast Asia demand. Tourism & Food Industry: MGTO will host the Bocuse d’Or Asia-Pacific selection in Macao on 1–2 Nov 2026, positioning the city as a Creative City of Gastronomy. Local Economy Signals: DSEC reports August CPI up 1.29% year-on-year, with food and transport among key drivers; unemployment for June–August rose slightly to 2.5%. Cultural Trade Platform: IC is inviting Macao cultural and creative firms to consign heritage-themed products at the Cross-Strait Cultural Industries Fair in Xiamen (applications until 7 Oct).

AI for Manufacturing: Black Lake Technologies founder Yuxiang Zhou says AI is moving from factory digitisation into real production decision-making, with leaders shifting from “using AI” to “copiloting AI agents.” MICE & Tourism Business: Macao keeps racking up global MICE wins, including “Best Conventions Destination (Asia)” and “Best BT-MICE City,” while IPIM pushes deeper Macao–Hengqin MICE links to tap Southeast Asia. Gastronomy as an Industry Engine: Macao will host the Bocuse d’Or Asia-Pacific selection on 1–2 Nov, positioning the city as a UNESCO Creative City of Gastronomy and giving local catering firms a direct runway to global chefs. Cost of Living Watch: August CPI rose—Composite CPI up 1.29% year-on-year—driven by higher eating-out/takeaway and transport costs. Jobs Snapshot: June–August employment data shows local unemployment at 2.5% (up slightly), with more fresh graduates seeking first jobs. Energy & Built Environment Tech: ClearVue begins a first real-world Macau test of insulating solar glazing, pairing power generation with window insulation performance. Cross-border Mobility: Hong Kong expands Seamless e-Channel eligibility at HZMB, easing enrolment for frequent travellers and adding contactless options. Local Heritage & Community Markets: IC will restore the historic “Courtyard of the Palms” gate (Pátio das Palmas), while the Northern District Market returns with food, retail and family activities.

Macau-Hengqin Economic Push: Secretary for Economy and Finance Dora Ng told local associations Macau must “firmly grasp” Hengqin’s 3rd Five-Year Plan opportunities to drive a leapfrog development, as briefing sessions continue on the Guangdong-Macao In-Depth Cooperation Zone. Tourism & Community Boost: The Northern District Market’s Mid-Autumn/National Day edition runs this week and next, with 45 stalls and activities from lantern riddles to performances aimed at lifting northern district spending. GEG-UTM Partnership: Galaxy Entertainment Group donated MOP 1 million to the Macao University of Tourism Development Foundation to upgrade learning, teaching and research, deepening university-enterprise collaboration. Heritage & Built Environment: The Cultural Affairs Bureau approved restoration of the historic “Pátio das Palmas” courtyard gate linked to the former Leong Veng Heng incense factory, with an estimated cost of about MOP 200,000. Film & Mental Wellness: Sands China-backed International Film Camp revealed eight funded short-film projects, while Melco and Fu Luen launched an 11-school “Invisible Bullying” theatre tour to tackle less visible bullying and support student mental health. Energy & Tech Spillovers: ClearVue and LandVac began a real-world Macau hotel trial of photovoltaic solar glazing for building retrofits, while Macau-linked research highlights embodied intelligence for insect-scale robots. Cross-border Flows: Mid-Autumn and National Day holiday traffic forecasts point to a surge at key Guangdong ports serving Hong Kong and Macau, with border-clearance measures expected to keep travel moving.