Financial Performance - The net gaming revenue for the year ended December 31, 2021, was HK$9,608 million, an increase from HK$7,304 million in 2020, representing a growth of approximately 31.5%[14] - Revenue from hotel, dining, retail, leasing, and other sources reached HK$592 million, up from HK$359 million in the previous year, indicating a growth of about 65%[14] - Adjusted EBITDA for the year was a loss of HK$1,581 million, an improvement from a loss of HK$2,089 million in 2020[14] - The loss attributable to equity holders of the company was HK$4,144 million, compared to a loss of HK$3,025 million in 2020, reflecting an increase in losses[14] - Basic and diluted loss per share was HK$72.9 cents, worsening from HK$53.3 cents in the previous year[14] - The total net revenue for the group increased by 34.2% to HK$10.076 billion in 2021 from HK$7.507 billion in 2020[23] - The overall gaming revenue for the group was HK$6,525 million, a 34.4% increase from HK$4,854 million in 2020[31] - The company reported a significant increase in revenue, with a year-on-year growth of 15% in 2021[54] - The company reported a net profit margin of 18%, up from 15% in the previous year[54] - Total assets increased by 12% to $1.5 billion, reflecting strong financial health[54] Gaming Operations - The company's subsidiary, 澳娛綜合, reported a gaming net revenue of HKD 9.608 billion in 2021, up from HKD 7.304 billion in 2020, representing a 31.5% increase[17] - The group’s mid-market gaming revenue for Q4 2021 was HKD 2.086 billion, compared to HKD 1.878 billion in Q4 2020, marking an increase of 11.0%[19] - The group’s VIP gaming revenue decreased by 61.7% to HKD 180 million in Q4 2021 compared to the previous year[19] - The mass gaming segment saw a revenue increase of 48.3%, reaching HKD 1,271 million compared to HKD 857 million in 2020[28] - The slot machine revenue increased by 71.5%, totaling HKD 188 million, up from HKD 109 million in 2020[28] - The mass table gaming win increased by 48.3%, amounting to HKD 1,271 million, compared to HKD 857 million in 2020[28] Capital Expenditure and Financial Position - The total capital expenditure for the new Lisboa project was approximately HKD 39 billion[37] - The group recorded cash and bank balances of HKD 3.348 billion as of December 31, 2021, against total debts of HKD 22.574 billion[17] - The total outstanding bank loans as of December 31, 2021, amounted to HKD 13.186 billion, down from HKD 18.787 billion as of December 31, 2020[41] - The group's debt-to-asset ratio was 41.3% as of December 31, 2021, compared to 26.9% as of December 31, 2020[42] - Capital expenditure commitments as of December 31, 2021, were HKD 479 million, significantly reduced from HKD 2.8 billion as of December 31, 2020[43] Strategic Developments - The new integrated resort, Grand Lisboa Palace, opened in phases starting July 30, 2021, featuring 1,892 hotel rooms and various entertainment facilities[11] - The company is preparing to participate in the bidding for new gaming licenses, with a maximum of six licenses expected to be issued for a term not exceeding ten years[10] - The company aims to enhance its service offerings by integrating Eastern and Western hospitality, reflecting its commitment to Macau's unique cultural blend[10] - The company has partnered with Versace and KARL LAGERFELD for the design of two hotel towers within the resort, showcasing its innovative spirit[12] - The company plans to open more hotel rooms and dining facilities in the upcoming year, further expanding its offerings[11] Stock Options and Shareholder Information - A total of 3,300,000 stock options were exercised during the year, generating proceeds of HKD 32,425,800 from the issuance of these shares[95] - As of December 31, 2021, 477,085,000 stock options were granted, with 299,765,000 options exercised, resulting in proceeds of HKD 2,023,951,490[95] - There are 149,013,000 unexercised stock options remaining, which could generate additional proceeds of HKD 1,892,125,410 if exercised[95] - The maximum number of shares that could be issued under the plan was capped at 10% of the issued share capital as of May 13, 2009, equating to 500,000,000 shares[93] - The total number of shares issued by the company was 5,681,444,293 as of December 31, 2021[144] Corporate Governance - The board consists of 12 members, with 50% being executive directors, 16.7% non-executive directors, and 33.3% independent non-executive directors[174] - The board diversity policy considers factors such as gender, age, race, culture, and professional experience to ensure a balanced skill set[175] - The roles of the chairman and CEO are clearly separated, with the chairman responsible for overall business development policies[179] - The company has established written guidelines for employee trading of company securities, ensuring compliance with standard codes[173] - The board has a strong independent element, with one-third of the directors being independent non-executive directors[174] Environmental and Social Responsibility - The company has implemented various environmental measures, including the installation of LED lighting and the transition to green energy buses by 2022[164] - The company has received LEED silver certification for the hotel portion of "上葡京," indicating commitment to sustainable building practices[164] - The group made donations totaling HKD 3.3 million during the year, a decrease from HKD 4.3 million in the previous year[86] Future Outlook - The company provided a positive outlook for 2022, projecting a revenue growth of 10% to 12%[58] - New product launches are expected to contribute an additional 5% to overall revenue in the upcoming fiscal year[58] - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share by 2023[58] - Ongoing research and development efforts are focused on enhancing gaming technology, with an investment of $50 million planned for the next two years[58] - The company is considering strategic acquisitions to bolster its portfolio, with a budget of $100 million allocated for potential deals[58]

Financial Performance - The group's total net revenue for the six months ended June 30, 2021, was HKD 5,222 million, an increase of 19.4% from HKD 4,374 million in the same period of 2020[10]. - Gaming net revenue rose to HKD 5,076 million, up 18.8% from HKD 4,272 million year-on-year[10]. - Adjusted EBITDA improved by 48.2%, from a loss of HKD 984 million to a loss of HKD 510 million[10]. - The loss attributable to the company's owners was HKD 1,466 million, a 3.8% increase from HKD 1,412 million in the previous year[10]. - Total revenue for the six months ended June 30, 2021, was HKD 1,198 million, a decrease of 9.7% compared to HKD 1,325 million in 2020[13]. - The company reported a pre-tax loss of HKD 1,487.7 million, slightly higher than the loss of HKD 1,465.1 million in the previous year[32]. - Total comprehensive income for the period was a loss of HKD 1,439.0 million, reflecting a significant decrease from the previous year's comprehensive income[37]. - The company incurred a loss of HKD 1,465.9 million during the period, which included other comprehensive income of HKD 26.9 million[37]. Gaming Operations - The mass table gaming gross revenue increased by 33.2% to HKD 4,385 million, while VIP gaming gross revenue decreased by 37.5% to HKD 855 million[12]. - The overall gaming win rate decreased by 1.0 percentage points to 2.6% from 3.6% in the previous year[13]. - The total revenue from slot machines increased by 39.9% to HKD 1,993 million compared to HKD 1,425 million in 2020[13]. - VIP chip sales amounted to HKD 14,543 million, down 30.2% from HKD 20,838 million in the previous year[13]. - The VIP gaming business generated revenue of HKD 855.6 million for the six months ended June 30, 2021, down from HKD 1,368.3 million in the same period of 2020, reflecting a decline of 37.4%[53]. - The mass table gaming revenue increased to HKD 4,385.2 million in the first half of 2021, compared to HKD 3,291.4 million in the same period of 2020, marking a growth of 33.2%[53]. Hotel and Hospitality - The occupancy rate of the New Lisboa hotel increased by 43.6% to 62.4%, while the average daily room rate decreased by 60.1% to HKD 713[8]. - The average daily room rate for the new Lisboa Hotel decreased by 60.1% to HKD 713 from HKD 1,789 in 2020[19]. - The occupancy rate for the new Lisboa Hotel increased to 62.4%, up 43.6 percentage points from 18.8% in 2020[19]. - The group’s total revenue from the hotel, restaurant, and retail business was HKD 145.2 million for the six months ended June 30, 2021, compared to HKD 102.0 million in the same period of 2020, an increase of 42.3%[49]. Financial Position - As of June 30, 2021, the group's cash, bank balances, and short-term bank deposits totaled HKD 2,709 million[8]. - The total outstanding bank loans as of June 30, 2021, amounted to HKD 9.005 billion, down from HKD 18.787 billion on December 31, 2020[24]. - The asset-liability ratio at the end of the reporting period was 33.4%, up from 26.9% on December 31, 2020[25]. - The group has an unutilized unconditional financing facility of HKD 8.270 billion from bank loan financing agreements as of June 30, 2021[24]. - The company's net asset value decreased to HKD 23,205.3 million from HKD 24,639.9 million at the end of 2020[36]. - The company’s total liabilities exceeded current assets, resulting in a net current liability of HKD 12,418.7 million[34]. - The group reported a total liability of HKD 26,378.6 million as of June 30, 2021, down from HKD 28,081.6 million as of December 31, 2020[51]. Capital Expenditure and Investments - The company invested HKD 859.0 million in property and equipment during the first half of 2021, a decrease from HKD 1,790.4 million in the same period of 2020[38]. - The total project cost for the Lisboa Palace was approximately HKD 39 billion, with capital commitments of HKD 1.2 billion as of June 30, 2021[21]. - The company has capital commitments related to property and equipment amounting to HKD 471.3 million as of June 30, 2021, compared to HKD 1,051.1 million as of December 31, 2020[94]. - The company has a total of HKD 35,449.6 million in construction in progress related to the "Grand Lisboa Palace" project as of June 30, 2021, compared to HKD 34,023.0 million at the end of 2020[61]. Debt and Financing - The group issued $500 million (equivalent to HKD 3.875 billion) 4.5% senior notes due January 27, 2026, and $500 million (equivalent to HKD 3.875 billion) 4.85% senior notes due January 27, 2028, rated Ba2 and BB+ by Moody's and Fitch respectively[22]. - The company raised HKD 9,292.3 million through the issuance of unsecured notes during the financing activities[38]. - The company issued unsecured notes totaling USD 500 million with a fixed annual interest rate of 4.50%, maturing in 2026, and the actual annual interest rate is 4.65%[86]. - The company also issued USD 500 million of 4.85% senior notes due in 2028 on January 27, 2021[155]. - The company has established financial risk management policies to ensure all payables are settled within credit terms[76]. COVID-19 Impact - The group anticipates that gaming gross revenue and related tourism sectors will continue to be negatively impacted by COVID-19, with 2021 revenues expected to remain below pre-pandemic levels[23]. - The COVID-19 pandemic has significantly adversely affected the group's financial condition, operations, and cash flow, with future impacts being difficult to estimate due to uncertainties[44]. - The group has implemented health protection measures in response to COVID-19, affecting operations and visitor numbers[42]. - The group has recognized a reduction in lease liabilities of HKD 23.9 million due to rent concessions related to COVID-19, which has been accounted for as variable lease payments[46]. Shareholder Information - The total issued and paid-up share capital as of June 30, 2021, was HKD 11,479.3 million, with 5,681,444,293 shares issued[89]. - Major shareholder 澳門旅遊娛樂股份有限公司 holds 3,062,059,500 shares, representing 53.90% of the issued shares[128]. - The company has a stock option plan approved in 2009, which has since expired, but unexercised options remain valid until the end of their exercise period[131]. - The company granted stock options totaling 101.5 million shares, with 98.5 million shares remaining unexercised as of June 30, 2021[134]. Corporate Governance - The company confirmed compliance with the corporate governance code during the reporting period[148]. - The company adopted a standard code for securities trading by directors, confirming adherence during the reporting period[149]. - The company’s interim report for the six months ending June 30, 2021, was reviewed by the audit committee[149].

Financial Performance - The company's gaming net revenue for 2020 was HKD 7.304 billion, a decrease of 78.0% compared to HKD 33.159 billion in 2019[10]. - Adjusted EBITDA for the year was negative HKD 2.089 billion, a decline of 149.6% from HKD 4.213 billion in the previous year[11]. - The loss attributable to shareholders was HKD 3.025 billion, a decrease of 194.3% compared to a profit of HKD 3.207 billion in 2019[10]. - In 2020, the total net revenue of the company was HKD 7,507 million, a decrease of 77.8% compared to HKD 33,875 million in 2019[16]. - The company's adjusted EBITDA for 2020 was HKD (2,089) million, down 149.6% from HKD 4,213 million in 2019, resulting in an adjusted EBITDA margin of -27.8%[16]. - The group reported a loss of HKD 225 million attributable to shareholders for the year ended December 31, 2020, compared to a profit of HKD 525 million in 2019, representing a decline of 142.9%[30]. Gaming Revenue and Market Share - The flagship new Lisboa Casino's gross gaming revenue decreased by 84.0% year-on-year, with adjusted EBITDA and attributable profit dropping by 137.1% and 146.0% respectively[11]. - The company accounted for 14.1% of Macau's overall gross gaming revenue, including 19.7% of mass table gaming revenue and 8.0% of VIP gaming revenue[11]. - The company's market share in Macau's gaming revenue remained stable at 14.1%, consistent with 2019[17]. - VIP gaming revenue decreased by 85.1% in 2020, while mass table gaming revenue fell by 76.7%[17]. - The gross gaming revenue from the mass gaming segment decreased by 76.7% to HKD 5,859 million in 2020, compared to HKD 25,127 million in 2019[20]. - The gross gaming revenue from other self-promoted casinos decreased by 78.5% to HKD 1,354 million in 2020, down from HKD 6,308 million in 2019[26]. Visitor Statistics - The total number of visitors to Macau in 2020 dropped by 85% to 5.9 million, with visitors from mainland China decreasing by 83% to 4.8 million[14]. - The total number of visitors to the New Lisboa Casino dropped to over 1.8 million in 2020, compared to over 12 million in 2019[24]. - The average occupancy rate for the new Lisboa Hotel was 17.9% in 2020, significantly down from 93.8% in 2019, with total revenue from all hotel, dining, retail, and related services decreasing by 71.7% to HKD 203 million[32]. Financial Position and Cash Management - The company maintained a strong financial position with total cash, bank balances, and short-term deposits amounting to HKD 6.273 billion as of December 31, 2020[11]. - The company held cash of HKD 6.1 billion and available credit of HKD 6.5 billion at year-end 2020[13]. - As of December 31, 2020, the group's bank balance and cash amounted to HKD 6.126 billion, a decrease of 57.8% from HKD 14.504 billion on December 31, 2019[36]. - The total outstanding bank loan balance as of December 31, 2020, was HKD 18.787 billion, up from HKD 15.281 billion on December 31, 2019[36]. - The group's debt-to-asset ratio at the end of 2020 was 26.9%, compared to not applicable in 2019[37]. Cost Management and Operational Efficiency - The company initiated a cost reduction plan in Q1 2020, reducing daily operating costs by approximately 18%[12]. - The average number of operational gaming tables decreased by 38% to 1,095 in 2020, compared to 1,766 in 2019[12]. - The company aims to improve operational efficiency, targeting a 15% reduction in costs through process optimization[20]. Future Outlook and Projects - The integrated resort project "Lisboa Palace" has been completed and is undergoing final acceptance by local government authorities, with an expected opening in the first half of 2021[11]. - The company expressed optimism about market recovery signs entering 2021, coinciding with the opening of the new flagship resort[8]. - The "Grand Lisboa Palace" project is completed and expected to commence operations in the first half of 2021, with a total project cost estimated at HKD 39 billion[34]. Charitable Initiatives - The company supported various charitable initiatives during the pandemic, including donations and providing hotel facilities for medical observation[8]. - The group made donations amounting to HKD 4.3 million during the year, down from HKD 7.3 million in 2019[63]. Corporate Governance and Compliance - The company has adhered to the corporate governance code as per the listing rules for the year ended December 31, 2020[135]. - The board of directors consists of 12 members, with 6 executive directors (50%), 2 non-executive directors (16.7%), and 4 independent non-executive directors (33.3%)[138]. - The company has confirmed that all independent non-executive directors meet the independence criteria as per the listing rules[85]. Stock Options and Shareholder Information - A total of 13,775,000 share options were exercised during the year, generating proceeds of HKD 113,507,150 for the issuance of these shares[72]. - The company has 26,547,000 options that have lapsed as of December 31, 2020[72]. - The company’s reserves available for distribution to shareholders reached HKD 7.526 billion as of December 31, 2020, compared to HKD 7.329 billion on December 31, 2019[63]. Risk Management - The company has established a risk management framework that includes monitoring financial reporting processes to ensure accurate and timely recording of accounting and management information[187]. - The internal audit department regularly audits operations and compliance, ensuring the effectiveness of the internal control system without significant weaknesses impacting financial status[189]. - The risk management committee is established to assess and monitor the risks faced by the group, meeting at least quarterly to update the risk register[190].

Financial Performance - The group's total net revenue for the six months ended June 30, 2020, was HKD 4,374 million, a decrease of 74.4% compared to HKD 17,074 million in the same period of 2019[5]. - The adjusted EBITDA for the same period was HKD (984) million, representing a decline of 147.3% from HKD 2,078 million in 2019, with an adjusted EBITDA margin dropping from 12.2% to (22.5%) [8]. - The net loss attributable to the company's owners was HKD (1,412) million, compared to a profit of HKD 1,679 million in the previous year, marking a decrease of 184.1% [5]. - The group reported a loss of HKD 1,478.5 million for the period, compared to a profit of HKD 1,739.7 million in the prior year, indicating a substantial shift in financial performance[37]. - The group's pre-tax loss was HKD 1,465.1 million, with tax expenses of HKD 13.4 million, contrasting with a pre-tax profit of HKD 1,764.1 million and tax expenses of HKD 24.4 million in the previous year[37]. - The total comprehensive loss for the period amounted to HKD (1,766.3) million, compared to a comprehensive income of HKD 1,699.0 million in the prior year[37]. - The basic and diluted loss per share for the period was HKD (24.9) cents, compared to earnings of HKD 29.6 cents per share in the same period of the previous year[37]. Gaming Revenue - The group's gaming revenue from mass tables decreased by 73.5%, while VIP gaming revenue fell by 81.6% during the first half of 2020[6]. - The group's flagship casino, Grand Lisboa, experienced a gaming revenue decline of 80.7%, with adjusted EBITDA and attributable profit decreasing by 131.2% and 141.4%, respectively[6]. - The gross gaming revenue from the mass gaming tables accounted for 67.2% of the total gross gaming revenue during the reporting period, up from 60.7% in the same period last year[11]. - The gross gaming revenue from mass gaming tables was HKD 3,291 million, a decrease of 73.5% compared to HKD 12,402 million in the same period last year[12]. - The gross gaming revenue from VIP gaming at the new Lisboa Casino was HKD 742 million, down 81.2% from HKD 3,948 million in the previous year[16]. - VIP gaming revenue decreased to HKD 1,368.3 million, down 81.7% from HKD 7,454.8 million in 2019[54]. - Mass table gaming revenue fell to HKD 3,291.4 million, a decline of 73.5% compared to HKD 12,402.2 million in the previous year[54]. Operational Metrics - The average occupancy rate of the Grand Lisboa hotel dropped to 18.9%, a decrease of 75.9% compared to the previous year, although the average daily room rate increased by 9.5% to HKD 1,628[6]. - The average daily net win per mass gaming table was HKD 22,422, down 52.5% from HKD 47,158 in the previous year[12]. - The average number of mass gaming tables operated at the end of the period was 879, a decrease of 39.5% from 1,453 tables at the end of the previous year[12]. - The average daily net win per VIP gaming table in other self-promoted casinos was HKD 30,545, down 79.0% from HKD 145,654 in the previous year[19]. - The company operated 15 satellite casinos as of June 30, 2020, providing a total of 514 mass gaming tables and 510 slot machines[20]. Financial Position - The group maintained a strong financial position with cash, bank balances, and pledged bank deposits amounting to HKD 7.511 billion as of June 30, 2020[6]. - The company's cash and bank balances were HKD 7.364 billion, a decrease of 49.2% from HKD 14.504 billion at the end of 2019[27]. - The debt-to-asset ratio was 17.7% at the end of the reporting period, compared to not applicable at the end of 2019[28]. - The company's total equity as of June 30, 2020, was HKD 26,246.3 million, down from HKD 29,236.1 million, reflecting a decline of 10.2%[39]. - The company's cash and cash equivalents decreased to HKD 3,570.1 million from HKD 8,738.1 million, a decline of 59.1%[38]. - The company's retained earnings as of June 30, 2020, were HKD 13,984.9 million, down from HKD 16,641.1 million, a decrease of 16.0%[40]. Future Outlook - The company anticipates continued negative impacts on gaming revenue and related non-gaming activities due to COVID-19, with no recovery expected in 2020[26]. - The company anticipates that the ongoing effects of the Covid-19 pandemic will continue to impact its future operating performance, although the extent remains uncertain[43]. - Future outlook remains uncertain, with no specific guidance provided for the upcoming quarters[139]. - The company is focusing on new product development and technology enhancements to improve operational efficiency[139]. - Market expansion strategies are being evaluated, particularly in the context of post-pandemic recovery[139]. - The company is exploring potential mergers and acquisitions to strengthen its market position[139]. Capital Expenditures and Investments - The total project cost for the "Upper Lisboa" integrated resort is estimated at HK$39 billion, with capital commitments of approximately HK$5 billion as of June 30, 2020[25][29]. - The company reported capital expenditures related to property and equipment of HKD 2,811.7 million as of June 30, 2020, down from HKD 3,982.8 million as of December 31, 2019[89]. - The company has authorized but not contracted capital expenditures of HKD 2,710.4 million for the "Lisboa Palace" project as of June 30, 2020, compared to HKD 3,875.8 million as of December 31, 2019[89]. - The company has contracted but not provided for capital expenditures of HKD 2,451.2 million for the "Lisboa Palace" project as of June 30, 2020, down from HKD 3,067.4 million as of December 31, 2019[89]. Employee Metrics - The group maintained a low employee turnover rate with approximately 20,200 full-time employees as of June 30, 2020[33]. - Total employee costs amounted to HKD 2,757.4 million, down from HKD 2,979.0 million in 2019, indicating a reduction in workforce expenses[56]. Related Party Transactions - The company engaged in related party transactions totaling HKD 20.0 million for property rent, down from HKD 119.4 million in the same period of 2019, reflecting a decrease of approximately 83.3%[96]. - The company reported a significant transaction of HKD 490.7 million for the purchase of a property, which was not present in the previous period[96]. - The company disclosed related party transactions concerning property rental payments during the reporting period[103]. Compliance and Governance - The company confirmed compliance with the corporate governance code during the period from January 1, 2020, to June 30, 2020[132]. - The interim report for the six months ended June 30, 2020, was reviewed by the audit committee[132]. - The company’s audit committee, along with the auditors, reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2020[132].

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].