Research / Quarterly Assessment

The Quarterly Assessment.

Quarterly · Jan/Apr/Jul/OctFull text: Executive · See plans →

Jurisdiction risk matrices and the quarter's verified record — the strategic read on the region.

Published the first week of January, April, July and October

YearTopic

01 JUL 2026 · V1·Q2MACAU, AUSTRALIA, SINGAPOREQUARTERLYANALYSIS

Q2 2026 Strategic Assessment: The Softer Floor and the Harder Regulator

The quarter the easy money stopped and the hard supervision started. Macau decelerated to a single-digit grind — April +5.5%, May +6.7% — before June ran into the World Cup trough, and the Street split on what comes next. Meanwhile supervision turned personal and active: an Australian court banned the two Star officers who owned the risk, Singapore censured Resorts World Sentosa for a control that lived on paper, and Macau’s regulator-in-chief was promoted into the economic secretariat. The throughline for surveillance and compliance: a dated record that the control worked is now the only defensible position.

8 min readOpen file →

01 APR 2026 · V1·Q1AUSTRALIA, SOUTH KOREA, MACAUQUARTERLYANALYSIS

Q1 2026 Strategic Assessment: Macau Leads, Margins Compress, Regulators Harden

Macau's 13.9% Q1 GGR growth masks deteriorating margins across the SAR's concessionaires. Sands and Melco beat; MGM China contracts; SJM's share collapses to 9.6%. Singapore prints +28%, Australia distresses, South Korea cracks. The easy reopening comparables are over.

8 min readOpen file →

The strategic record, four times a year.

Full text: Executive