Core Viewpoint - The Ministry of Commerce is committed to supporting the development of Macau's exhibition industry and promoting moderate economic diversification, aligning with national development strategies under the CEPA framework [1][2]. Group 1: Support for Macau's Exhibition Industry - The exhibition industry in Macau is showing a strong recovery, with the number of exhibition activities increasing by over 30% last year [2]. - The Ministry of Commerce will continue to implement central government decisions and expand the opening of service sectors to Macau, encouraging the local industry to utilize preferential policies in the exhibition sector [2][3]. Group 2: Cooperation and Integration - There will be a deepening of cooperation between mainland China and Macau, with efforts to implement CEPA agreements and expand service trade openings [2]. - The Ministry aims to enhance Macau's role as a platform for China and Portuguese-speaking countries, promoting trade cooperation and increasing Macau's international influence and competitiveness [2]. Group 3: Regional Development Initiatives - The Ministry will support the construction of the Guangdong-Hong Kong-Macau Greater Bay Area and the Hengqin Guangdong-Macau Deep Cooperation Zone, fostering industrial collaboration between Macau and the region [2]. - Efforts will be made to effectively integrate resources for the exhibition industry, promoting cross-border cooperation between Macau and neighboring regions [3]. Group 4: Infrastructure Forum Support - The Ministry will continue to play a guiding role in the Infrastructure Forum, supporting its sustainable development [4].

Core Viewpoint - Galaxy Entertainment Group reported a solid performance for Q1 2025, driven by diverse entertainment offerings and property enhancements, despite geopolitical instability and economic slowdown [2][3][37]. Financial Performance - For Q1 2025, the group recorded a net revenue of HKD 11.2 billion, a year-on-year increase of 6% but a quarter-on-quarter decrease of 1% [15][19]. - Adjusted EBITDA for the same period was HKD 3.3 billion, up 16% year-on-year and 2% quarter-on-quarter [11][15]. - The overall gaming revenue in Macau for Q1 2025 was HKD 56 billion, slightly up year-on-year and quarter-on-quarter, recovering to 76% of 2019 levels [2][14]. Business Segments - The group's flagship property, "Galaxy Macau™," contributed significantly with a net revenue of HKD 9.1 billion, a 10% increase year-on-year [21][23]. - The adjusted EBITDA for "Galaxy Macau™" was HKD 3 billion, reflecting a 15% year-on-year increase [21][23]. - The non-gaming segment continues to play a crucial role, with various entertainment events attracting visitors, leading to a 64% year-on-year increase in visitor numbers to "Galaxy Macau™" [4][38]. Development and Expansion - The new luxury hotel, Galaxy Hotel Capella, commenced trial operations in May 2025, expected to enhance the group's market share and luxury offerings [7][39]. - Ongoing construction of the fourth phase of development focuses on non-gaming facilities, including entertainment and family-friendly amenities, set to be completed by 2027 [33][39]. - The group is exploring overseas opportunities, including potential developments in Thailand [39][40]. Market Overview - Visitor numbers to Macau reached 9.9 million in Q1 2025, an 11% increase year-on-year, with mainland Chinese visitors growing by 15% [14][37]. - The Macau government continues to promote economic diversification and support non-gaming investments, aligning with the group's strategy [3][37].

Core Viewpoint - The Chief Executive of the Macao Special Administrative Region, Ho Iat Seng, stated that the U.S. abuse of tariffs against China and other countries makes it difficult for Macao to remain unaffected, although direct impacts on goods trade and reserve investments are minimal [1] Group 1: Economic Impact - Tariffs will indirectly affect consumer spending among tourists [1] - Macao will actively develop international tourism markets [1] Group 2: Strategic Initiatives - Collaboration with enterprises in the Greater Bay Area to promote economic diversification [1]

Group 1 - The core viewpoint of the report emphasizes the need for Macau to adapt to both challenges and opportunities in the evolving international landscape, highlighting the importance of preparing for various risks and challenges [1][2] - Macau has achieved significant economic growth and social stability since its return to the motherland, but it still faces structural issues such as a single economic structure and imbalanced fiscal revenue [2][4] - The new government aims to enhance economic diversification and address deep-rooted contradictions by implementing practical solutions and promoting new development spaces [4][5] Group 2 - The report outlines the government's focus on "four key areas" and aims to strengthen the integration with the Hengqin Guangdong-Macau Deep Cooperation Zone to promote economic diversification [4] - There is a recognition of the need to improve public governance and enhance the effectiveness of governance to better serve the national development strategy [4] - The government plans to launch significant projects based on scientific analysis and broad consultation to address social and economic challenges, aiming to improve citizens' sense of participation and well-being [4]