Integrated Resort Development - The "Grand Lisboa Palace" integrated resort is set to open in the second half of 2020, featuring approximately 1,900 hotel rooms and suites[6]. - The resort will include three distinct hotel towers, with the five-star Grand Lisboa Hotel offering 1,350 spacious rooms designed with luxurious "Chinese style" elements[6]. - The total floor area of the resort is 521,435 square meters, with over 90% designated for non-gaming purposes, enhancing luxury accommodation and leisure experiences[8]. - The shopping center within the resort will cover over 75,000 square meters, housing more than 100 stores, including a flagship duty-free store and Macau's largest department store[8]. - The "Grand Lisboa Palace" will feature over 30 restaurants, showcasing the company's leadership in the Macau dining industry with multiple Michelin-starred awards[8]. - The resort will be the only one globally designed by international fashion brands Versace and Karl Lagerfeld, enhancing its unique appeal[6]. Financial Performance - Total net revenue for the year ended December 31, 2019, was HK$33,875 million, a decrease of 1.6% from HK$34,410 million in 2018[21]. - Gaming net revenue decreased by 1.5% to HK$33,159 million from HK$33,677 million in the previous year[21]. - Profit attributable to the company's owners increased by 12.5% to HK$3,207 million, up from HK$2,850 million in 2018[21]. - Adjusted EBITDA rose by 13.2% to HK$4,213 million compared to HK$3,724 million in 2018[21]. - Adjusted EBITDA margin improved to 12.4%, up from 10.8% in the previous year, reflecting a 1.6% increase[21]. - The flagship casino, Grand Lisboa, saw table gaming revenue and slot machine revenue increase by 8.1% and 5.4%, respectively[16]. - The total cash and bank balance as of December 31, 2019, was HK$15.5 billion, with total loans amounting to HK$15.3 billion[16]. COVID-19 Impact - The company donated MOP 20 million to support COVID-19 relief efforts in Hubei Province, including the procurement of essential medical supplies[12]. - As of February 20, 2020, 16 out of 20 casinos under the company had reopened following a 15-day closure due to COVID-19, with strict health measures in place[12]. - The company emphasizes its commitment to maintaining a safe and hygienic environment for employees and guests amid the pandemic[12]. - The impact of COVID-19 on the company's business in 2020 is expected to be significant, although the extent is currently uncertain[12]. - The impact of COVID-19 is expected to significantly affect the group's performance in the first half of 2020 and beyond, though the full extent remains uncertain[39]. Corporate Social Responsibility - The group has established scholarships for students at the University of Macau and the Macao Institute for Tourism Studies, providing HKD 10,000 each to ten outstanding students annually[53]. - The group sponsored various cultural activities in Macau, promoting the region as a multicultural exchange hub[54]. - 澳博 has registered 1,259 local suppliers under the "Local SME Procurement Cooperation Plan" since its launch in August 2016, with total procurement amounting to over MOP 900 million in 2019[61]. - In 2019, 澳博 provided responsible gambling training to 1,848 new employees and engaged 14,481 participants in responsible gambling promotional activities[58]. - 澳博 sponsored the 13th "Michelin Star Charity Auction Dinner" in December 2019, raising funds for various charitable organizations in Macau[59]. - Over 665 澳博 employees participated in volunteer activities throughout 2019, supporting various community service initiatives[60]. Leadership and Governance - The company has a strong leadership team with extensive experience in public service and community involvement, enhancing its corporate governance[75][76][78]. - The leadership team includes members who have received multiple awards and honors, indicating their recognition in the industry and community[77][78]. - The company has a diversified board with members holding significant positions in other organizations, enhancing its strategic partnerships[75][76][78]. - The executive team is focused on strategic management and overall business operations, ensuring effective governance and decision-making[78]. - The company emphasizes the importance of education and professional development among its leadership, with members holding advanced degrees and professional qualifications[78]. Shareholder and Dividend Information - The proposed final dividend per share is HK$0.22, an increase from HK$0.21 in the previous year, totaling HK$0.30 for the year including the interim dividend[16]. - The company reported a mid-term dividend of HKD 0.08 per share for the six months ended June 30, 2019, consistent with the previous year[91]. - As of December 31, 2019, the company's distributable reserves amounted to HKD 7.329 billion, a decrease from HKD 7.491 billion on December 31, 2018[92]. - The company continues to focus on maintaining shareholder value through consistent dividend payments and strategic investments[91]. Related Party Transactions - The company has ongoing agreements with 澳娛 for property rental and service provision, ensuring fair and reasonable terms compared to independent third parties[119]. - The annual cap for related party transactions with 澳娛 for the fiscal years ending December 31, 2020, 2021, and 2022 is set at HKD 790 million, HKD 120 million, and HKD 29.3 million respectively[125]. - The total amount for property leasing agreements as of December 31, 2019, was HKD 242.7 million, with an annual cap of HKD 307 million for 2020[124]. - The total value of transportation services provided by the group was HKD 99.8 million for the year ending December 31, 2019, with an annual cap of HKD 236 million for 2020[124]. Stock Options and Incentives - The company has a structured stock option plan to incentivize directors and key employees, reflecting a commitment to align interests with shareholders[104][105]. - The total number of stock options granted is 188,270,000, with 175,658,000 remaining unexercised as of December 31, 2019[106]. - The exercise price for stock options is determined by the board and must not be lower than the higher of the closing price on the grant date or the average closing price over the five trading days prior to the grant date[102]. - The total number of stock options granted to directors amounts to 119,500,000, with 4,000,000 options canceled during the year, resulting in a balance of 115,500,000 options as of December 31, 2019[104]. Board Composition and Meetings - The board consists of 12 members, with 7 executive directors (58.3%), 1 non-executive director (8.3%), and 4 independent non-executive directors (33.4%)[156]. - The company adopted a board diversity policy in 2013, considering factors such as gender, age, race, culture, education background, and professional experience for board member nominations[157]. - The board's diversity improved following the appointments of new non-executive and independent non-executive directors on June 11, 2019[157]. - The board of directors held a total of eight meetings in 2019, with individual attendance details provided for each director[171]. Audit and Risk Management - The audit committee consists of 4 members, all of whom are independent non-executive directors, ensuring 100% independence[176]. - The audit committee is responsible for overseeing the financial reporting process and ensuring the effectiveness of internal controls and risk management systems[176]. - The company held a minimum of 2 meetings per year for the audit committee to discuss financial matters[176]. - The Audit Committee held five meetings in 2019, reviewing the company's accounting principles and discussing audit, risk management, and internal control matters[178].

Financial Performance - Total net revenue for the six months ended June 30, 2019, was HKD 17,074 million, a decrease of 0.7% compared to HKD 17,197 million in 2018[8]. - Adjusted EBITDA for the same period increased by 6.1% to HKD 2,078 million from HKD 1,959 million in 2018, with an adjusted EBITDA margin of 12.2%[11]. - Profit attributable to owners of the company rose by 12.1% to HKD 1,679 million, compared to HKD 1,498 million in the previous year[11]. - The net profit for the period was HKD 1,739.7 million, an increase of 14.5% from HKD 1,518.1 million in the same period of 2018[47]. - Basic earnings per share increased to HKD 0.296 from HKD 0.265, representing a growth of 11.7%[47]. - The company reported a total comprehensive income of HKD 1,699.0 million for the period, compared to HKD 1,549.7 million in 2018, marking a rise of 9.6%[47]. Gaming Revenue - VIP gaming revenue decreased by 25.1% to HKD 7,455 million, with the average daily net win per VIP table dropping by 25.7% to HKD 143,010[14]. - Mass market table gaming revenue increased by 8.0% to HKD 12,402 million, with the average daily net win per mass table rising by 5.0% to HKD 47,158[17]. - The company's gaming revenue accounted for approximately 14.1% of Macau's total gaming revenue during the reporting period, down from 15.1% in the previous year[12]. - The gaming revenue from slot machines accounted for 2.8% of total gaming revenue during the reporting period, up from 2.6% in the same period last year[18]. - The gross gaming revenue from the new Lisboa Casino was HKD 6,859 million, a decrease of 13.7% compared to HKD 7,949 million in 2018[19]. - The gross gaming revenue from VIP gaming at the new Lisboa Casino decreased by 22.8% to HKD 3,948 million, with the average daily net win per VIP table dropping by 26.0% to HKD 183,313[20]. - The gross gaming revenue from other self-promoted casinos was HKD 3,025 million, a slight decrease of 0.3% from HKD 3,034 million in 2018[22]. - The gross gaming revenue from satellite casinos was HKD 10,548 million, down 4.5% from HKD 11,044 million in 2018[24]. Visitor Statistics - The total number of visitors to the new Lisboa Casino exceeded 6.3 million during the reporting period, averaging about 35,000 visitors per day, compared to approximately 31,000 visitors per day in the same period last year[20]. - The number of visitors to Macau increased by 20.6% to 20.3 million in the first half of 2019, with visitors from mainland China rising by 22.3% to 14.3 million, accounting for 70.6% of total visitors[27]. Capital Expenditures and Investments - The company is currently constructing the "Lisboa Palace" integrated resort, which will provide approximately 1,900 hotel rooms and various entertainment facilities[3]. - The construction of the "Lisboa Palace" integrated resort is progressing well, with a total project cost estimated at HKD 39 billion, which reflects an 8% increase from the original budget[28]. - The group's capital expenditure commitments as of June 30, 2019, amounted to HKD 9.3 billion, with HKD 9 billion allocated for the "Lisboa Palace" project[36]. - The total capital expenditure authorized but not contracted for the "Lisboa Palace" project was HKD 5,651.6 million as of June 30, 2019, compared to HKD 4,098.5 million as of December 31, 2018, representing an increase of approximately 37.9%[153]. Financial Position - As of June 30, 2019, the group's cash and bank balances were HKD 16.466 billion, a decrease of 11.9% from HKD 18.691 billion at the end of 2018, primarily due to capital expenditures for the "Lisboa Palace" project[34]. - The group maintained a zero debt-to-asset ratio at the end of the reporting period, indicating a strong financial position[35]. - The company's total equity as of June 30, 2019, was HKD 28,122.1 million, an increase from HKD 27,686.6 million at the end of 2018[51]. - Total assets of the group as of June 30, 2019, were HKD 58,024.7 million, compared to HKD 56,398.6 million as of December 31, 2018, indicating a growth of 2.88%[100]. - The group’s liabilities totaled HKD 29,902.6 million as of June 30, 2019, up from HKD 28,712.0 million at the end of 2018, representing an increase of 4.15%[100]. Shareholder Information - The total number of issued shares as of June 30, 2019, was 5,664,109,293[176]. - Major shareholder, Macau Tourism Entertainment Co., Ltd., holds 3,062,059,500 shares, representing 54.06% of the issued shares[180]. - The total ownership percentage of major shareholders and related parties is significant, indicating strong control over the company[180]. - The company continues to maintain transparency in disclosing the interests of directors and major shareholders as required by regulations[178]. Stock Options and Employee Compensation - The company granted stock options with exercise prices ranging from HKD 2.82 to HKD 22, with various expiration dates extending to 2027[150]. - The total number of stock options granted amounts to 188,270,000, with 4,450,000 options exercised and 1,772,000 options expired, leaving a balance of 182,048,000 options[188]. - The stock options plan reflects the company's strategy to incentivize employees and align their interests with shareholders[150]. - The company reported an increase of HKD 167,124 in special director's remuneration for 2018 for a specific director[194]. - The basic annual remuneration for directors increased by HKD 100,000 starting January 1, 2019[194]. Compliance and Governance - The company complied with all provisions of the corporate governance code as per the listing rules during the period from January 1, 2019, to June 30, 2019[197]. - All directors adhered to the standards set forth in the code of conduct for securities transactions during the six months ended June 30, 2019[198]. - The interim report for the six months ended June 30, 2019, was reviewed by the audit committee and the financial statements were reviewed in accordance with the relevant standards[199].

Financial Performance - Macau Gaming Holdings Limited reported a net gaming revenue of HKD 33,677 million for the year ended December 31, 2018, an increase of 8.3% from HKD 31,095 million in 2017[9]. - The company achieved adjusted EBITDA of HKD 3,724 million, reflecting a 21.1% increase compared to HKD 3,074 million in the previous year[9]. - Profit attributable to the company's owners rose by 45.2% to HKD 2,850 million, up from HKD 1,963 million in 2017[9]. - The basic earnings per share increased to HKD 0.504, compared to HKD 0.347 in the prior year[9]. - The total net revenue for the group in 2018 was HKD 34,410 million, an increase of 8.3% compared to HKD 31,771 million in 2017[16]. - The adjusted EBITDA for 2018 was HKD 3,724 million, reflecting a growth of 21.1% from HKD 3,074 million in 2017[16]. - The group’s profit attributable to owners increased by 45.2% to HKD 2,850 million from HKD 1,963 million in 2017[16]. - The group’s market share in Macau's gaming revenue decreased to 14.9% in 2018 from 16.1% in 2017[17]. - The total gaming revenue in Macau for 2018 reached HKD 294.025 billion, with the group accounting for approximately HKD 43.8 billion[17]. Gaming Revenue Breakdown - The company's mass gaming revenue and slot machine revenue grew by 12.1% and 12.6% respectively, while VIP gaming revenue decreased by 1.1%[11]. - The mass table gaming revenue increased by 12.1% to HKD 23,080 million in 2018 from HKD 20,584 million in 2017[21]. - The VIP gaming revenue decreased by 1.1% to HKD 19,663 million in 2018 from HKD 19,877 million in 2017[19]. - The average daily net win per VIP table increased by 1.0% to HKD 187,055 in 2018[19]. - The average daily net win per mass table increased by 10.1% to HKD 44,657 in 2018[21]. - The flagship New Lisboa Casino reported a 4.7% increase in gaming gross revenue, reaching HKD 15,663 million in 2018 compared to HKD 14,959 million in 2017[24]. - The flagship New Lisboa Casino reported a 24.3% increase in adjusted EBITDA, with VIP gaming revenue, mass table gaming revenue, and slot machine revenue increasing by 0.5%, 13.3%, and 16.0% respectively[11]. Operational Developments - The company is expanding its operations with the development of the "Grand Lisboa Palace" integrated resort, which will enhance its market position in the Cotai area[5]. - The group plans to complete the construction of the "Lisboa Palace" project in the first half of 2019, which will significantly increase hotel room capacity[12]. - The "Lisboa Palace" integrated resort is expected to open by the end of 2019, offering approximately 1,900 hotel rooms and a total floor area of 521,435 square meters[36]. Hotel and Service Performance - The average room rate for the New Lisboa Hotel was HKD 1,495, with an occupancy rate of 95.5% for the year[11]. - The new Lisboa Hotel generated revenue of HKD 518 million and adjusted EBITDA of HKD 33 million in 2018, compared to HKD 526 million and HKD 81 million in the previous year[33]. - The average occupancy rate for the new Lisboa Hotel was 95.5% in 2018, up from 93.8% in 2017, while the average room rate decreased to HKD 1,495 from HKD 1,609[33]. - Total revenue from all hotels, dining, retail, and related services was HKD 733 million in 2018, an 8.4% increase from HKD 676 million in 2017, driven by higher occupancy rates and retail business growth[34]. Community Engagement and Corporate Social Responsibility - 澳博设立的“澳博奖学金”每年资助十名优秀学生，每人每年获得20,000澳门元，至完成课程止[48]. - 2018年，澳博为1,244名新聘员工提供负责任博彩培训，并在多个娱乐场所宣传负责任博彩，覆盖11,895名员工[54]. - 超过650名澳博员工参与义工活动，支持社会服务机构和慈善活动[57]. - 澳博于2018年12月举办的慈善拍卖晚宴为澳门慈善机构筹集善款，所得款项全数捐赠[56]. - 澳博连续第四年冠名赞助“澳博澳门GT杯 — 国际汽联GT世界杯”[52]. - 澳博在2018年支持多项文化活动，包括赞助“第七届澳门文学节”和“第18届澳门美食节”[51]. - 澳博于2018年10月成为“世界旅游经济论坛”的主要赞助商[56]. - 澳博于2018年与逸安负责博彩辅导中心合作，积极推广负责任博彩[54]. - 澳博为员工子女设立的奖学金计划自2005年成立以来已有91名学生毕业[48]. Environmental and Sustainability Initiatives - The company participated in multiple environmental activities during the "Macau Energy Saving Week" and co-hosted the 7th International Clean Energy Forum in December 2018[60]. - The company received several awards in 2018, including the "Sustainable Energy Award" for hotels and the "Environmental Performance Award" gold award[61][69]. - The company received multiple awards including the Silver Award for "Macau Environmental Hotel Award 2017-2019" and the Gold Award for "Environmental Performance Award" at the 2018 Macau Business Awards[78]. Corporate Governance and Leadership - The company has a diverse board with members holding significant positions in various sectors, enhancing its governance and strategic direction[80]. - The company emphasizes corporate governance and social responsibility through active participation in community and charitable initiatives[93]. - The board of directors consists of 12 members, with 58.3% being executive directors, 8.3% non-executive directors, and 33.4% independent non-executive directors[192]. - The company adopted the corporate governance code as per the listing rules and complied with its provisions, except for a deviation regarding the absence of Dr. Ho Hung San due to health reasons[190]. - The roles of the chairman and CEO are clearly separated, with the chairman responsible for overall business development policy and the CEO managing the group's operations[196]. Stock Options and Shareholder Information - The share option plan approved in 2009 allows for the issuance of up to 500 million shares, with 33.75 million shares available for issuance as of the report date, representing approximately 0.60% of the issued share capital[130]. - As of December 31, 2018, a total of 477,085,000 stock options were granted under the plan, with 277,980,000 options exercised, generating total proceeds of HKD 1,858,651,740 from the issuance of shares[133]. - The total number of shares issued was 5,659,659,293 as of December 31, 2018[174]. - Major shareholder Macau Entertainment Holdings Limited owns 3,062,059,500 shares, accounting for 54.10% of the issued shares[177].