Financial Performance - The company's gaming net revenue for 2023 was HKD 20,059 million, a significant increase of 229.3% compared to HKD 6,092 million in 2022[2] - Adjusted EBITDA for the group was HKD 1,727 million, recovering from a loss of HKD 3,095 million in 2022[2] - The loss attributable to the company's owners was HKD 2,010 million, an improvement from a loss of HKD 7,798 million in the previous year[2] - The group's total revenue for 2023 was HKD 22,768.5 million, compared to HKD 7,041.7 million in 2022, indicating a significant increase[25] - Total net revenue for 2023 reached HKD 21,623 million, a 223.7% increase from HKD 6,679 million in 2022[52] - The gaming business reported revenue of HKD 20,059.2 million in 2023, a significant increase from HKD 6,092.0 million in 2022[18] - The group’s interest income from the gaming business increased to HKD 61.4 million in 2023 from HKD 28.2 million in 2022[33] - The total interest expenses for the year were HKD 1,930.1 million, compared to HKD 1,122.6 million in 2022, representing an increase of about 72%[37] - The pre-tax loss for 2023 was reported at HKD 5,723.3 million, slightly higher than HKD 5,573.9 million in 2022, indicating an increase of about 2.7%[38] Gaming Operations - The company's market share in Macau's gross gaming revenue was 11.9%, including 14.8% of the mass table gaming revenue and 3.5% of the VIP gaming revenue[3] - The total gaming revenue for 2023 reached HKD 21,204.5 million, a significant increase from HKD 6,455.1 million in 2022, representing a growth of approximately 228%[36] - Non-convertible gaming revenue surged to HKD 17,874.4 million in 2023, compared to HKD 5,262.4 million in 2022, marking an increase of around 239%[36] - Electronic gaming revenue totaled HKD 10.987 billion, reflecting an 879.2% increase from HKD 1.122 billion[56] - The overall gaming win percentage for non-licensed gaming was 14.5%, up by 0.9 percentage points from the previous year[59] - Satellite gaming revenue reached HKD 8,647 million for the year ended December 31, 2023, an increase of HKD 4,859 million or 128.3% compared to HKD 3,788 million in 2022[60] Hotel and Hospitality Performance - The occupancy rate of the company's hotels increased by 50.4% to 82.6%, with average room rates rising by 44.3% to HKD 1,322[3] - The average room rate for the new hotel increased by 76.8% to HKD 1,121, with a significant rise in gaming revenue to HKD 54,390 million[3] - Hotel operations revenue increased to HKD 765.5 million in 2023, compared to HKD 141.6 million in 2022[19] - The hotel occupancy rate improved significantly to 82.6%, up by 50.4 percentage points from 32.2% in 2022[56] Financial Position and Assets - The company recorded cash, bank balances, and short-term bank deposits of HKD 4,550 million as of December 31, 2023, against total debts of HKD 28,150 million[3] - Non-current assets decreased from HKD 40,049.7 million in 2022 to HKD 38,353.9 million in 2023, a decline of approximately 4.2%[6] - Current assets increased from HKD 44,767.7 million in 2022 to HKD 45,305.9 million in 2023, an increase of about 1.2%[6] - Total liabilities increased from HKD 4,539.0 million in 2022 to HKD 5,275.5 million in 2023, representing an increase of approximately 16.3%[6] - The company's equity attributable to owners decreased from HKD 15,998.6 million in 2022 to HKD 13,935.6 million in 2023, a decline of about 13%[7] - Total equity decreased from HKD 16,013.4 million in 2022 to HKD 14,085.2 million in 2023, a decrease of approximately 12.0%[8] - The net asset value of the company decreased from HKD 48,108.7 million in 2022 to HKD 44,464.2 million in 2023, a decline of about 7.0%[6] Debt and Financing - The group completed refinancing of its syndicated loan facilities, with HKD 3,300 million remaining undrawn as of December 31, 2023[4] - The total outstanding bank loans as of December 31, 2023, amounted to HKD 15.236 billion, down from HKD 18.975 billion in the previous year[64] - The financing costs for the gaming business rose to HKD 1,816.1 million in 2023, compared to HKD 1,087.3 million in 2022[32] - The interest expenses from bank loans amounted to HKD 1,021.4 million in 2023, up from HKD 588.2 million in 2022, reflecting a rise of approximately 74%[37] Strategic Initiatives - The company signed a new gaming concession agreement with the Macau government, effective from January 1, 2023, for a period of 10 years[4] - The company is focused on expanding its operations in Macau, particularly in the entertainment and hospitality sectors, to drive future growth[9] - The company plans to continue focusing on the Macau market while considering expansion opportunities in Asia[51] - The company aims to maintain a strong financial position to achieve sustainable long-term growth[51] - The company plans to expand its market presence with the opening of Palazzo Versace in the second quarter of 2023[57] Regulatory and Compliance - The implementation of revised Hong Kong Financial Reporting Standards is expected to enhance the transparency of the company's financial disclosures[10] - The application of revised Hong Kong Financial Reporting Standards is not expected to have a significant impact on the group's financial position and performance[15] - The group has not yet applied the temporary exceptions related to the Pillar Two legislation, pending its enactment in relevant jurisdictions[14] - The group will disclose known or reasonably estimable information regarding the risks associated with the Pillar Two income tax upon its enactment[14] Audit and Governance - The group's consolidated financial statements for the year ended December 31, 2023, have been reviewed by the audit committee and verified by Deloitte[73] - The auditor's report for the financial statements of the years ended December 31, 2023, and 2022, contains no reservations or emphasis of matter[73] - The company has submitted its financial statements for the year ended December 31, 2022, to the Companies Registry in accordance with Hong Kong Companies Ordinance[73]

Financial Performance - The group's gaming net revenue for Q3 2023 was HKD 5.413 billion, a 492.9% increase from HKD 913 million in Q3 2022[2] - Adjusted EBITDA for Q3 2023 was HKD 566 million, compared to a loss of HKD 968 million in Q3 2022, representing a 158.5% improvement[4] - The adjusted EBITDA margin for Q3 2023 was 9.6%, significantly up from -94.2% in Q3 2022[4] - The group reported a loss attributable to shareholders of HKD 410 million in Q3 2023, an improvement of 78.4% from a loss of HKD 1.895 billion in Q3 2022[4] - Total net revenue for Q3 2023 was HKD 5.868 billion, a 470.8% increase from HKD 1.028 billion in Q3 2022[4] - The company's gaming revenue for Q3 2023 reached HKD 5,731 million, a 502.0% increase from HKD 952 million in Q3 2022[6] - The net gaming revenue for the first nine months of 2023 was HKD 14,108 million, up 198.6% from HKD 4,724 million in the same period of 2022[6] - The total revenue for the company in Q3 2023 was HKD 1,548 million, reflecting an increase of 1,123.7% compared to HKD 126.5 million in Q3 2022[8] - Adjusted EBITDA for Q3 2023 was HKD 373 million, a significant improvement from a loss of HKD 223 million in Q3 2022, marking a 267.3% increase[8] - The total revenue for Q3 2023 was HKD 1,257 million, a 396.8% increase from HKD 253 million in Q3 2022[9] - Adjusted property EBITDA for Q3 2023 was HKD 345 million, compared to a loss of HKD 171 million in Q3 2022, representing a 301.8% increase[9] Revenue Breakdown - The group's non-gaming revenue for Q3 2023 was HKD 455 million, up from HKD 115 million in Q3 2022[5] - The group's electronic gaming revenue for Q3 2023 was HKD 499 million, a 330.2% increase from HKD 116 million in Q3 2022[5] - The group's total gross revenue for Q3 2023 was HKD 10.84 billion, with gaming gross revenue of HKD 7.83 billion and non-gaming revenue of HKD 3.01 billion[3] - The company reported a 1,800.5% increase in electronic gaming revenue, totaling HKD 3,649 million in Q3 2023 compared to HKD 192 million in Q3 2022[7] - Non-gaming revenue for the first nine months of 2023 was HKD 12,574 million, a 209.0% increase from HKD 4,069 million in the same period of 2022[6] - Non-gaming revenue for the first nine months of 2023 reached HKD 20,708 million, a 240.5% increase from HKD 6,082 million in the same period of 2022[9] - The total electronic gaming revenue for Q3 2023 was HKD 1,638 million, a 186.4% increase from HKD 572 million in Q3 2022[10] Operational Metrics - The occupancy rate for hotels reached 98.4% in Q3 2023, compared to 41.6% in Q3 2022[8] - The average daily room rate increased by 104.5% to HKD 1,172 in Q3 2023 from HKD 573 in Q3 2022[8] - The company achieved a non-gaming win percentage of 20.2% in Q3 2023, up from 19.7% in Q3 2022[8] - The total amount wagered in the gaming segment was HKD 6,447 million in Q3 2023, with a win amount of HKD 192 million, indicating a win percentage of 3.0%[7] - The average daily room rate for the "回力酒店" was HKD 188, a 32.6% increase from HKD 141 in Q3 2022[9] - The occupancy rate for the "澳門十六浦索菲特酒店" was 78.4%, up from 44.9% in Q3 2022[9] Financial Position - The group's cash, bank balances, and short-term bank deposits as of September 30, 2023, amounted to HKD 4.570 billion, with total debt of HKD 28.299 billion[3] - The group completed refinancing of its syndicated bank financing on June 20, 2022, with HKD 33 billion yet to be drawn as of September 30, 2023[3] - Capital expenditures for Q3 2023 amounted to HKD 65 million, primarily for construction and equipment[11] Other Financial Information - The company reported an unrealized fair value loss of HKD 11 million from equity securities investments, recognized in other comprehensive expenses[10] - The adjusted EBITDA for satellite gaming venues in Q3 2023 was HKD 2,297 million, compared to a loss of HKD 80 million in Q3 2022, reflecting a 301.6% increase[10] - Non-gaming revenue for the first nine months of 2023 was HKD 6,098 million, a 101.1% increase from HKD 3,032 million in the same period of 2022[10]

Financial Performance - The group's total net revenue for the six months ended June 30, 2023, was HKD 9,362 million, a 126.7% increase from HKD 4,129 million in the same period of 2022[39]. - The net gaming revenue reached HKD 8,695 million, up 128.2% from HKD 3,811 million year-on-year[39]. - Adjusted EBITDA for the period was HKD 461 million, a significant improvement from a loss of HKD 1,176 million in the previous year, representing a 139.2% increase[39]. - The loss attributable to the company's owners was HKD 1,264 million, reduced by 54.1% from a loss of HKD 2,757 million in the same period last year[39]. - The adjusted EBITDA margin improved to 4.9%, up 33.4 percentage points from a negative 28.5% in the prior year[41]. - Total revenue for the first half of 2023 reached HKD 1,430 million, a significant increase of 242.9% compared to HKD 417 million in 2022[44]. - The gaming revenue from the main casino operations surged to HKD 1,034 million, reflecting a remarkable growth of 347.6% from HKD 231 million in the previous year[44]. - The company reported a pre-tax loss of HKD 1,196.9 million for the first half of 2023, an improvement from a loss of HKD 2,759.8 million in the same period last year[61]. - Basic and diluted loss per share for the period was HKD 17.8 cents, compared to HKD 45.4 cents in the previous year, indicating a reduction in loss per share[61]. - The company's total comprehensive income for the period was a loss of HKD 1,301.8 million, significantly worse than the loss of HKD 2,815.2 million reported for the same period in 2022[67]. Revenue Breakdown - The gross gaming revenue from the group's flagship properties included HKD 10,340 million from gaming and HKD 3,960 million from non-gaming sources at the Grand Lisboa[40]. - Non-gaming revenue, including hotel and dining, reached HKD 228 million, up 52.0% from HKD 150 million in the prior year[44]. - The total revenue for the New Lisboa Casino was HKD 2,403 million, a 209.7% increase from HKD 776 million in 2022[46]. - The adjusted property EBITDA for New Lisboa Casino was HKD 473 million, a significant turnaround from HKD (374) million in the previous year, reflecting improved profitability[46]. - The non-gaming revenue from the satellite casinos reached HKD 3,801 million, a 54.5% increase from HKD 2,460 million in 2022[48]. - The hotel, dining, retail, and leasing segment generated revenue of HKD 290.0 million and HKD 303.3 million from dining and leasing operations respectively, compared to HKD 165.3 million and HKD 72.6 million in 2022, indicating significant growth[81]. Operational Metrics - The average daily room rate for the group's hotels increased by 47.8% to HKD 1,360, while occupancy rates rose to 83.9%, a 49.6% increase compared to the previous year[40]. - The hotel occupancy rate increased to 83.9%, up by 49.6 percentage points from 34.3% in 2022, showcasing a strong recovery in the hospitality sector[44]. - The group accounted for 11.8% of Macau's gaming revenue, with 14.9% from mass table gaming and 3.5% from VIP gaming[40]. - In the first half of 2023, the number of inbound tourists to Macau increased by 236.1% year-on-year, with June seeing a remarkable growth of 480.5%[49]. Financial Position - The group held cash, bank balances, and short-term deposits totaling HKD 4,959 million as of June 30, 2023, with total debt amounting to HKD 28,535 million[40]. - As of June 30, 2023, the group had cash and bank balances of HKD 3.951 billion, a decrease of 42.4% from HKD 6.856 billion on December 31, 2022[52]. - The total outstanding bank loans as of June 30, 2023, amounted to HKD 15.698 billion, down from HKD 18.975 billion as of December 31, 2022[52]. - The group's debt-to-asset ratio was 50.2% at the end of the reporting period, down from 53.2% on December 31, 2022[53]. - The company's total equity decreased to HKD 14,778.8 million as of June 30, 2023, from HKD 16,013.4 million at the end of 2022[65]. - The company has reported a net current asset deficiency of HKD 903.0 million as of June 30, 2023, compared to a surplus of HKD 3,341.0 million at the end of 2022[63]. Debt and Financing - The group completed refinancing of its syndicated loan facilities, which included HKD 9,000 million in term loans and HKD 10,000 million in revolving credit, with HKD 3,300 million remaining undrawn as of June 30, 2023[40]. - The group recorded a significant reduction in bank loan repayments, totaling HKD 3,330.0 million for the current period, down from HKD 13,939.8 million in the previous year[68]. - The actual annual interest rate for secured bank loans ranges from 5.21% to 6.92% as of June 30, 2023, compared to 2.53% to 6.66% at the end of 2022[118]. - The group has issued unsecured notes totaling USD 500 million with a fixed annual coupon of 4.50%, maturing in 2026, and another USD 500 million at 4.85%, maturing in 2028[122]. Employee and Operational Developments - The group had approximately 18,400 full-time employees as of June 30, 2023, with a low employee turnover rate in the first half of the year[56]. - The company expects to complete the recruitment and training of new staff by the end of the year to meet the demand for its 1,892 hotel rooms at The Lisboa[51]. - Total employee benefits costs amounted to HKD 2,709.6 million, down from HKD 2,867.1 million, reflecting a decrease of 5.5%[90]. Future Commitments and Investments - The company is committed to investing a total of MOP 14.033 billion (approximately HKD 13.624 billion) under the new gaming concession from January 1, 2023, to December 31, 2032[50]. - The group has committed to invest a total of MOP 14.033 billion (approximately HKD 13.624 billion) over the term of the new gaming license, with MOP 12 billion (approximately HKD 11.651 billion) allocated for non-gaming capital investments[74]. Shareholder Information - The total number of shares held by major shareholders and directors reflects a diverse ownership structure, with no single entity holding a majority[162]. - The company reported a total of 7,101,805,366 shares issued as of June 30, 2023, with various directors holding significant stakes[153]. - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[185].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 於香港註冊成立的有限責任公司 股份代號:880 截至2023年6月30日止六個月 中期業績公佈 澳門 博彩控股 有限公 司（「本公 司」）董事 會（「董事 會」）謹此 公佈本公 司及其 附屬公 司（ 統稱 「本集團」）截至2023年6月30日止六個月（「報告期間」）之未經審核綜合中期業績。 財務摘要 | --- | --- | --- | --- | |---------------------------|------------------------------------------------------------------|-----------------------------------------------------------|--------| | | 截 至 6 月 30 日 \n2023 年 \n百 萬 港 元 \n（ 未 經 審 核 ） | 止 六 個 月 \n202 ...

Financial Performance - The group's gaming net revenue for Q1 2023 increased to HKD 3.705 billion, compared to HKD 2.350 billion in Q1 2022, representing a growth of 57.7%[2] - Adjusted EBITDA for Q1 2023 was HKD 31 million, a significant improvement from a loss of HKD 474 million in Q1 2022, marking a 106.5% increase[4] - The adjusted EBITDA margin for Q1 2023 was 0.8%, up from a negative 18.7% in Q1 2022, reflecting a 19.5 percentage point improvement[4] - Total net revenue for Q1 2023 was HKD 4.000 billion, compared to HKD 2.538 billion in Q1 2022, reflecting a growth of 57.6%[4] - Adjusted EBITDA for the group was HKD 83 million, a 120.2% increase from a loss of HKD 411 million year-over-year[12] Revenue Breakdown - VIP gaming gross revenue for Q1 2023 was HKD 201 million, down 41.6% from HKD 344 million in Q1 2022[5] - Mass gaming gross revenue increased to HKD 3.435 billion in Q1 2023, up 67.0% from HKD 2.058 billion in Q1 2022[7] - Slot machine gaming gross revenue rose to HKD 252 million, a substantial increase of 81.3% from HKD 139 million in Q1 2022[5] - VIP revenue decreased to HKD 85 million, down 64.6% from HKD 240 million year-over-year[9] - Mass market revenue increased to HKD 746 million, up 177.3% from HKD 269 million year-over-year[9] - Slot machine revenue reached HKD 97 million, a 131.0% increase from HKD 42 million year-over-year[9] - Total gaming revenue rose to HKD 928 million, reflecting a 68.4% increase from HKD 551 million year-over-year[9] - Non-gaming revenue from other self-promoted venues increased to HKD 941 million, up 167.3% from HKD 352 million year-over-year[10] Financial Position - The group recorded a cash and bank balance of HKD 4.776 billion as of March 31, 2023, with total debt amounting to HKD 28.518 billion[3] - The group completed refinancing of its syndicated loan facilities on June 20, 2022, which included HKD 9 billion in term loans and HKD 10 billion in revolving credit, with HKD 3.3 billion yet to be drawn as of March 31, 2023[3] Operational Highlights - Hotel occupancy rates improved significantly, with the Grand Lisboa at 83.7%, up 43.8 percentage points from 39.9% year-over-year[13] - Capital expenditures for the first quarter amounted to HKD 32 million, primarily for construction and equipment[14] - The group reported an unrealized fair value loss of HKD 18 million on equity securities investments during the first quarter[14] - The group plans to continue expanding its market presence and enhancing its product offerings in the coming quarters[15]

Financial Performance - Gaming net revenue for 2022 was HKD 6.092 billion, a decrease from HKD 9.608 billion in 2021 [6] - Adjusted EBITDA for 2022 was negative HKD 3.095 billion, compared to negative HKD 1.581 billion in 2021 [6] - The company's attributable loss was HKD 7.798 billion in 2022, up from HKD 4.144 billion in 2021 [6] - Total net revenue decreased by 33.7% to HKD 6,679 million in 2022 compared to HKD 10,076 million in 2021 [12] - Gaming net revenue declined by 36.6% to HKD 6,092 million in 2022 from HKD 9,608 million in 2021 [12] - Adjusted EBITDA dropped by 95.8% to HKD -3,095 million in 2022 from HKD -1,581 million in 2021 [12] - Adjusted EBITDA margin worsened to -46.3% in 2022 from -15.7% in 2021, a decrease of 30.6 percentage points [12] - VIP gaming gross revenue plummeted by 64.2% to HKD 486 million in 2022 from HKD 1,359 million in 2021 [14] - Mass market gaming gross revenue fell by 34.5% to HKD 5,553 million in 2022 from HKD 8,472 million in 2021 [14] - Slot machine gaming gross revenue decreased by 22.5% to HKD 416 million in 2022 from HKD 537 million in 2021 [14] - Total gaming gross revenue declined by 37.7% to HKD 6,455 million in 2022 from HKD 10,368 million in 2021 [14] - Mass market table drop increased by 91.4% to HKD 2,017 million in 2022 from HKD 1,054 million in 2021 [15] - Slot machine handle surged by 118.3% to HKD 1,122 million in 2022 from HKD 514 million in 2021 [15] - VIP gaming revenue at Grand Lisboa decreased by 63.6% to HKD 252 million in 2022 compared to HKD 693 million in 2021 [16] - Mass market gaming revenue at Grand Lisboa dropped by 44.9% to HKD 700 million in 2022 from HKD 1,271 million in 2021 [16] - Total gaming revenue at Grand Lisboa fell by 50.4% to HKD 1,067 million in 2022 from HKD 2,152 million in 2021 [16] - VIP gaming revenue at satellite casinos declined by 64.3% to HKD 234 million in 2022 from HKD 656 million in 2021 [18] - Mass market gaming revenue at satellite casinos decreased by 39.8% to HKD 3,428 million in 2022 from HKD 5,697 million in 2021 [18] - Total gaming revenue at satellite casinos dropped by 41.9% to HKD 3,788 million in 2022 from HKD 6,525 million in 2021 [18] - Adjusted property EBITDA for the group decreased by 113.2% to a loss of HKD 2,836 million in 2022 from a loss of HKD 1,330 million in 2021 [19] - The company recorded impairment losses of HKD 1.21 billion related to property and equipment at the Lobby Building and HKD 4.6 million for the closure of five satellite casinos and two self-promoted casinos [26] - The company recorded a loss per share for the year ended December 31, 2022, and the conversion of the convertible bonds would reduce the loss per share [88] Property and Casino Operations - Grand Lisboa Palace's gross revenue was HKD 687 million, including gaming revenue of HKD 346 million and non-gaming revenue of HKD 341 million [7] - Grand Lisboa's gross revenue was HKD 1.199 billion, with gaming revenue of HKD 1.067 billion and non-gaming revenue of HKD 132 million [7] - Grand Lisboa Palace's occupancy rate decreased by 16.5% to 32.2%, while the average room rate increased by 0.2% to HKD 916 [7] - Grand Lisboa's occupancy rate decreased by 12.6% to 46.2%, and the average room rate decreased by 10.2% to HKD 634 [7] - Occupancy rate at Grand Lisboa Hotel fell by 12.6 percentage points to 46.2% in 2022 from 58.8% in 2021 [21] - Revenue per available room at Grand Lisboa Hotel decreased by 29.4% to HKD 293 in 2022 from HKD 415 in 2021 [21] - The company operated 9 satellite casinos as of December 31, 2022, down from 14 in the previous year [18] - The company's main property, Grand Lisboa Palace, has a total area of 70,468 square meters and a gross floor area of 521,435 square meters, with the company holding a 94% interest [57] - The Lisboa Hotel property in Macau has a gross floor area of 122,524 square meters, with the company holding an 88.27% interest [57] - The Oceanus property, used for gaming, F&B, and back-of-house facilities, has a gross floor area of 39,242 square meters, with the company holding a 58.4% interest [57] - The Ponte 16 property, used for gaming, hotel, and commercial purposes, has a gross floor area of 126,500 square meters, with the company holding a 51% interest [57] - The Macau International Center, used as staff quarters, has a gross floor area of 5,582.72 square meters, fully owned by the company [57] - The China Merchants Tower property in Hong Kong, used as the company's office, has a gross floor area of 2,248.25 square meters, fully owned by the company [57] - 41.6% of the Oceanus building was returned to the Macau government, with SJM Holdings granted usage and operation rights for 10 years starting January 1, 2023 [58] - 11.73% of the Grand Lisboa Hotel units were returned to the Macau government, with SJM Holdings granted usage and operation rights for 10 years starting January 1, 2023 [58] Financing and Debt - The company's cash, bank balances, short-term bank deposits, and pledged bank deposits totaled HKD 8.010 billion as of December 31, 2022 [7] - The company completed the refinancing of its syndicated loan facility, totaling HKD 19 billion, on June 20, 2022 [7] - The company's total bank balance and cash increased by 114.1% to HKD 6.856 billion as of December 31, 2022, compared to HKD 3.201 billion in the previous year [28] - The company's total outstanding bank loans increased to HKD 18.975 billion as of December 31, 2022, up from HKD 13.186 billion in the previous year [28] - The company's asset-to-liability ratio increased to 53.2% as of December 31, 2022, compared to 41.3% in the previous year [29] - The company issued HKD 1.906 billion in convertible bonds with a 2% coupon rate, maturing on June 22, 2027, to fund the acquisition of part of the Oceanus building [33] - A syndicated loan facility of up to HKD 19 billion was secured, including a HKD 9 billion term loan and a HKD 10 billion revolving loan, with a new maturity date of June 20, 2028 [33] - Approximately HKD 13 billion of the new loan facility was used to repay existing syndicated loans, increasing liquidity by about HKD 6 billion [33] - The company raised approximately HKD 2.936 billion through a rights issue, with HKD 2.7 billion used to increase the equity of its major subsidiary [33] - Champion Path Holdings Limited issued USD 500 million 4.50% senior notes due 2026 and USD 500 million 4.85% senior notes due 2028, with interest payable semi-annually [77][78][79] - Champion Moments Limited issued HKD 1.25 billion 3.90% senior notes due 2026 and MOP 300 million 3.90% senior notes due 2026, with interest payable semi-annually [82][83] - The company issued HKD 300 million in 2026 HKD-denominated senior notes with an annual interest rate of 3.90%, payable semi-annually on May 12 and November 12 each year [84] - Approximately 90% of the net proceeds from the issuance of the 2026 HKD senior notes were used for refinancing consortium credit facilities, with the remaining balance allocated for general corporate purposes [84] - The 2026 HKD senior notes include a special put option for bondholders, allowing them to demand the company repurchase the notes at 100% of the principal amount plus accrued and unpaid interest under certain adverse events related to gaming licenses or operations [86] - The company issued HKD 1.906 billion in 5-year convertible bonds with a 2% annual interest rate, which can be converted into shares at an initial conversion price of HKD 4.07 per share, adjusted to HKD 3.78 per share after a rights issue [88] - If the convertible bonds are fully converted, they would represent approximately 7.10% of the company's total issued shares as of December 31, 2022, or 6.63% of the enlarged share capital [88] - Upon full conversion of the convertible bonds, the major shareholder's stake would increase from 54.81% to 57.81%, while another significant shareholder's stake would decrease from 8.09% to 7.55% [88] - The company has sufficient cash and bank balances as of December 31, 2022, to fulfill its redemption obligations under the convertible bonds [88] - No convertible bonds were converted, redeemed, or canceled by the company or its subsidiary, Crown Resorts, during the year [89] Gaming Concession and Investments - The company signed a new 10-year gaming concession contract with the Macau government, effective from January 1, 2023, to December 31, 2032 [7] - The company's new gaming concession contract with the Macau government requires a total investment commitment of MOP 14.033 billion (approximately HKD 13.624 billion) over the concession period [23] - The company will pay an annual usage fee of approximately MOP 69 million (approximately HKD 67 million) for the first three years (2023-2025) and MOP 229.3 million (approximately HKD 222.6 million) from the fourth year (2026) onwards for the use of government-owned casino areas [22] - The company was authorized to operate 1,250 gaming tables and 1,700 gaming machines under the new concession contract [23] - Capital expenditure commitments for 2022 amounted to HKD 311 million, a decrease from HKD 479 million in 2021, with HKD 210 million allocated to the Grand Lisboa Palace project [30] - The total estimated project cost for the Grand Lisboa Palace as of December 31, 2022, is approximately HKD 39 billion, including capital expenditure commitments to date [30] - Assets with a book value of HKD 35.56 billion and HKD 1.756 billion were mortgaged to banks for loan financing as of December 31, 2022 [31] - The company raised approximately HKD 2.954 billion through a rights issue, issuing 1,420,361,073 shares at HKD 2.08 per share [60] - HKD 2.7 billion from the rights issue proceeds was used to invest in SJM Resorts to meet pre-qualification requirements for the new gaming concession [60] - No borrowing costs were capitalized in 2022, compared to HKD 322 million in 2021 [59] Visitor and Market Trends - The company's total visitor arrivals in 2022 decreased by 26.0% to 5.7 million, representing only 14.5% of pre-pandemic levels in 2019 [25] - The company's visitor arrivals in January 2023 increased by 101.3% year-over-year to 1.4 million, with 70.9% coming from mainland China and 25.5% from Hong Kong [25] Corporate Governance and Leadership - Co-Chairman and Executive Director Mr. Stanley Ho, aged 77, was appointed as Executive Director in 2010 and Co-Chairman in 2018 [37] - Co-Chairman and Executive Director Ms. Angela Leong, aged 61, has been an Executive Director since 2007 and Co-Chairman since 2018 [38] - Vice Chairman, Executive Director, and CEO Dr. Ambrose So, aged 71, has been a Director since 2006 and CEO since 2018, overseeing the company's strategy and overall management [40] - Dr. Ambrose So has over 40 years of experience in the casino business, joining the company in 1976 [40] - Ms. Angela Leong has been actively involved in public and community services in China, Hong Kong, and Macau, serving in various legislative and advisory roles [38] - Mr. Stanley Ho holds multiple prestigious positions, including Chairman of the Ho Tung Group and honorary roles in international sports organizations [37] - Dr. Ambrose So holds honorary titles and awards, including an honorary doctorate from the University of Macau and a Portuguese Commander of the Order of Merit [40] - Ms. Angela Leong has received several awards, including the Bronze Bauhinia Star from the Hong Kong SAR Government in 2015 [39] - Dr. Ambrose So serves as an honorary consul for Portugal in Hong Kong and as an advisor to the Macau SAR Government's Economic Development Committee [40] - Ms. Angela Leong has been a member of the Macau SAR Legislative Assembly since 2005, holding key positions such as Chairperson of the Executive Committee [38] - Dr. Chan Wun San, aged 69, has been an Executive Director since June 2018 and has been a director of Sociedade de Jogos de Macau, S.A. since 2009 [42] - Mr. Shum Hong Kuen, aged 68, has been an Executive Director since 2007 and serves on the Executive Committee and the Cotai Project Committee [42] - Mr. Tsang On Yip, aged 51, has been a Non-Executive Director since June 2019 and is the CEO and Director of Chow Tai Fook Enterprises Limited [44] - Mr. Tse Hau Yin, aged 75, has been an Independent Non-Executive Director since 2007 and chairs the Audit Committee [45] - Ms. Wong Yu Pui, aged 74, has been an Independent Non-Executive Director since June 2019 and chairs the Remuneration Committee [46] - Mr. Yeung Ping Leung, aged 66, has been an Independent Non-Executive Director since May 2021 and serves on the Audit, Remuneration, and Nomination Committees [46] - The company's board of directors consists of 11 members, with 6 executive directors (54.5%), 1 non-executive director (9.1%), and 4 independent non-executive directors (36.4%) [149] - The board of directors has a balanced composition, with over one-third being independent non-executive directors, ensuring strong independent judgment [149] - The company has established mechanisms to ensure the board receives independent perspectives and opinions, which were reviewed and deemed satisfactory on March 8, 2023 [150] - The company adopted a board diversity policy in 2013, considering factors such as gender, age, race, cultural and educational background, and professional experience when appointing directors [151] - The chairman promotes an open and positive discussion culture, ensuring directors can comfortably express their views and opinions [152] - Independent non-executive directors can request additional meetings with the chairman to express their views and opinions [152] - Directors can seek independent professional advice at the company's expense to assist in fulfilling their duties [152] - The board of directors consists of 4 female directors and 7 male directors, achieving a satisfactory level of gender diversity [153] - The company's workforce has a relatively balanced gender ratio, with males accounting for approximately 46% and females for 54%, including senior management [153] - In the operational departments, female managers account for approximately 37%, significantly less than male managers at 63% [153] - The company is committed to developing female leaders through management development programs, particularly in operational departments [153] - The roles of Chairman and CEO are separated, with Ms. Angela Leong as Chairman and Dr. Ambrose So as CEO [154] - Dr. Ambrose So is one of the primary contacts for investor relations [155] - The board has the authority to appoint directors to fill temporary vacancies or new director positions, subject to shareholder election at the next annual general meeting [156] - One-third of the directors must retire at each annual general meeting but are eligible for re-election [156] - Non-executive directors, including independent non-executive directors, provide independent and constructive opinions on strategy and policy [157] - The company maintains at least one-third of the board as independent non-executive directors, ensuring at least one has appropriate professional qualifications or financial management expertise [157] - The company held a total of 12 board meetings in 2022 [161] - The board of directors ensures that non-executive directors have the same fiduciary duties and responsibilities as executive directors [158] - Board meeting notices are generally sent to all directors at least 14 days before regular meetings, with agendas and documents provided at least 3 days prior [159] - The company has established an Audit Committee, Remuneration Committee, and Nomination Committee, with their terms of reference and membership details available on the company and HKEX websites [160] - The company has a formal appointment letter for each director, outlining the main terms and conditions of their appointment [158] - Directors have the right to access board documents and related information, and can request additional information from management when necessary [159] - The company has arranged directors' and officers' liability insurance to cover any potential legal actions against directors [158] - The Cotai Project Committee was established in 2015 to oversee the development progress and costs of the Cotai project [160] -

Financial Statements - The company provided supplementary financial information for the fiscal years ending December 31, 2022, and December 31, 2021[2] - The company will submit the financial statements for the year ending December 31, 2022, to the Companies Registry at an appropriate time[2] Auditor's Report - The auditor's report on the financial statements for both years did not contain any reservations or emphasis of matter[3]

Financial Performance - The group's gaming net revenue for Q3 2022 was HKD 913 million, a decrease of 59.9% from HKD 2.276 billion in Q3 2021[2] - Adjusted EBITDA for Q3 2022 was negative HKD 968 million, compared to negative HKD 460 million in Q3 2021, representing a decline of 110.4%[4] - The group recorded a loss attributable to shareholders of HKD 1.895 billion in Q3 2022, an increase of 51.8% from a loss of HKD 1.248 billion in Q3 2021[4] - The adjusted EBITDA margin for Q3 2022 was negative 94.2%, down from negative 19.1% in Q3 2021, a decline of 75.1 percentage points[4] - Total net revenue for Q3 2022 was HKD 1.028 billion, a decrease of 57.4% from HKD 2.411 billion in Q3 2021[4] Gaming Operations - The gross revenue from the group's gaming operations in Q3 2022 included HKD 290 million from VIP gaming, down 91.0% from HKD 3.24 billion in Q3 2021[5] - The gross revenue from the group's mass gaming operations was HKD 857 million in Q3 2022, a decrease of 57.2% from HKD 2.001 billion in Q3 2021[5] - VIP gaming gross revenue decreased by 91.0% to HKD 29 million in Q3 2022, compared to HKD 324 million in Q3 2021[6] - Mass gaming gross revenue fell by 57.2% to HKD 857 million in Q3 2022, down from HKD 2,001 million in Q3 2021[6] - Slot machine gaming gross revenue decreased by 52.9% to HKD 66 million in Q3 2022, compared to HKD 140 million in Q3 2021[6] - Total gaming gross revenue dropped by 61.4% to HKD 952 million in Q3 2022, from HKD 2,465 million in Q3 2021[6] Cash and Debt Position - The group's cash, bank balances, and short-term bank deposits as of September 30, 2022, amounted to HKD 4.539 billion, with total debt of HKD 26.785 billion[3] - The group recorded a cash and bank balance of HKD 4.539 billion and total liabilities of HKD 26.785 billion as of September 30, 2022[12] Capital Expenditure and Financing - The group completed refinancing of its syndicated loan on June 20, 2022, which included HKD 9 billion in term loans and HKD 10 billion in revolving credit[3] - Capital expenditure for Q3 2022 was HKD 36 million, primarily for construction and equipment[12] Hotel Performance - The average occupancy rate for the group’s hotels was 24.4% in Q3 2022, down from 39.8% in Q3 2021[11] - The average daily room rate for the group’s hotels decreased by 5.3% to HKD 858 in Q3 2022 from HKD 906 in Q3 2021[11] Future Outlook and Strategic Initiatives - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the quarter, representing a 15% year-over-year growth[15] - User data showed an increase in active users, reaching 5 million, which is a 20% increase compared to the previous quarter[15] - The company provided an optimistic outlook for the next quarter, projecting revenue growth of 10% to 12%[15] - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[15] - The company is investing in new technology development, allocating $50 million towards R&D initiatives[15] - Market expansion plans include entering two new regions, which are projected to increase market share by 5%[15] - The company is considering strategic acquisitions to enhance its product offerings and market presence[15] - Cost management strategies have been implemented, aiming to reduce operational expenses by 8%[15] - The company reported a net profit margin of 25%, reflecting improved efficiency and cost control measures[15] - Customer satisfaction ratings have improved, with a score of 90%, indicating strong brand loyalty[15]

Financial Performance - The group's total net revenue for the six months ended June 30, 2022, was HKD 4,129 million, a decrease of 20.9% from HKD 5,222 million in the same period of 2021[40]. - The group's gaming net revenue was HKD 3,811 million, down 24.9% from HKD 5,076 million in the first half of 2021[41]. - Adjusted EBITDA for the group was negative HKD 1,176 million, compared to negative HKD 510 million in the first half of 2021, representing a decline of 130.8%[41]. - The loss attributable to the company's owners was HKD 2,757 million, an increase of 88.1% from a loss of HKD 1,466 million in the same period last year[41]. - The company reported a loss before tax of HKD 2,759.8 million, compared to a loss of HKD 1,487.7 million in the previous year, indicating a significant increase in losses[67]. - The total comprehensive loss for the period was HKD 2,828.7 million, compared to HKD 1,471.2 million in the same period last year, representing an increase of 92.3%[67]. - Basic and diluted loss per share was HKD 48.5 cents, compared to HKD 25.8 cents in the previous year, reflecting a worsening of financial performance[67]. Gaming Revenue - The group's share of Macau's gaming revenue was 16.0%, including 20.1% of mass table gaming gross revenue and 5.8% of VIP gaming gross revenue[41]. - The group's VIP gaming gross revenue was HKD 387 million, a decrease of 54.8% from HKD 855 million in the first half of 2021[45]. - VIP revenue decreased to HKD 223 million, down 41.0% from HKD 378 million[47]. - Mass market revenue fell to HKD 408 million, a decline of 43.4% from HKD 721 million[47]. - Total gaming revenue dropped to HKD 705 million, down 41.1% compared to HKD 1,198 million[47]. - Slot machine revenue totaled HKD 1,460 million, a decrease of 26.7% from HKD 1,993 million[47]. Operational Metrics - The occupancy rate of the group's integrated resort, The Venetian Macao, was 34.3%, with an average room rate of HKD 920[41]. - Hotel occupancy rate for the new Lisboa Hotel was 47.8%, down 14.6 percentage points from 62.4%[53]. - The average daily room rate for the new Lisboa Hotel decreased to HKD 643, down 9.3% from HKD 709[53]. - The number of visitors to Macau decreased by 11.8% in the first half of 2022 compared to the same period in 2021[54]. - Macau's gross gaming revenue decreased by 46.4% in the first half of 2022 compared to the same period in 2021[54]. Financial Position - As of June 30, 2022, the group's cash and bank balances were HKD 2.258 billion, a decrease of 29.5% from HKD 3.201 billion on December 31, 2021[58]. - The total outstanding bank loans as of June 30, 2022, amounted to HKD 15.301 billion, up from HKD 13.186 billion on December 31, 2021[58]. - The asset-liability ratio increased to 50.0% as of June 30, 2022, compared to 41.3% on December 31, 2021[59]. - The company's net asset value was HKD 18,151.1 million, down from HKD 20,405.1 million, reflecting a decline in overall equity[71]. - The company has a total of HKD 2,123.2 million in cash and cash equivalents as of June 30, 2022, down from HKD 3,024.2 million at the end of 2021[69]. Debt and Financing - The group completed refinancing of its syndicated loan facilities on June 20, 2022, which included HKD 9 billion in term loans and HKD 10 billion in revolving credit[41]. - The group issued a convertible bond with a principal amount of HKD 1.906 billion at a 2% coupon rate, maturing on June 22, 2027[56]. - The group has secured a bank loan of HKD 2.30 billion, with HKD 1.85 billion used for repaying outstanding bank loans and HKD 450 million allocated for general operating funds in non-gaming businesses[121]. - The group issued unsecured notes totaling USD 500 million with a fixed annual coupon rate of 4.50%, maturing in 2026, and another USD 500 million at 4.85%, maturing in 2028[123]. Strategic Initiatives - The company is focusing on market expansion and new strategies to recover from the financial downturn experienced during the reporting period[67]. - The company has plans for market expansion into Southeast Asia, targeting a 20% market share within three years[194]. - A recent acquisition of a local gaming company was completed for HKD 500 million, expected to enhance market presence[194]. - The company has introduced a new loyalty program, aiming to increase customer retention by 30%[193]. Employee and Governance - The group has approximately 19,400 full-time employees as of June 30, 2022, with a low employee turnover rate in the first half of the year[62]. - The board of directors has assessed that the company has sufficient resources to continue operating for the foreseeable future[75]. - The company confirmed that all directors adhered to the standard code of conduct for securities trading during the six months ending June 30, 2022[180]. Compliance and Corporate Governance - The company complied with all corporate governance code provisions during the period from January 1 to June 30, 2022[179]. - The interim report for the six months ending June 30, 2022, was reviewed by the audit committee[180].