Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q1 2024 was slightly below expectations, primarily due to one-time opening costs associated with the Versace hotel. The net revenue for Q1 2024 was HKD 6.92 billion, aligning closely with Bloomberg's consensus estimate of HKD 6.85 billion, and recovering to 68.2% of Q1 2019 levels. Gaming and non-gaming net revenues were HKD 6.46 billion and HKD 460 million, respectively, recovering to 76.3% and 250.5% of the same period in 2019 [1] - The "One SJM" strategy has proven effective, with gaming revenue accelerating recovery. Total gaming revenue for Q1 2024 reached HKD 6.89 billion, recovering to 66.2% of Q1 2019 levels. VIP and mass market gaming revenues were HKD 650 million and HKD 6.25 billion, respectively, recovering to 16.4% and 96.4% of the same period in 2019 [1] - The company maintains a market share target of 5% for the Grand Lisboa, with a current market share of 2.0% in Q1 2024, which increased to 2.2% in April 2024. The company plans to enhance accessibility and increase marketing personnel to achieve this target [1] Summary by Sections Financial Performance - For 2023A, total revenue was HKD 21,623.2 million, with projections of HKD 29,138.4 million for 2024E, HKD 30,675.9 million for 2025E, and HKD 32,042.5 million for 2026E. The year-on-year growth rates are 223.8% for 2023A and 34.8% for 2024E [2] - Adjusted EBITDA for 2023A was HKD 1,928.0 million, with projections of HKD 4,050.0 million for 2024E, HKD 4,672.2 million for 2025E, and HKD 4,969.0 million for 2026E, reflecting a year-on-year growth of 110.1% in 2024E [2] - The diluted earnings per share for 2023A was -0.28 HKD, with projections of 0.07 HKD for 2024E, 0.19 HKD for 2025E, and 0.26 HKD for 2026E [2] Operational Insights - The average daily operating expenses for Q1 2024 were approximately HKD 20.4 million, a 5.5% increase from the previous quarter, mainly due to one-time opening costs and the addition of 20-30 marketing personnel [1] - The company expects that once the Grand Lisboa achieves its target market share, the average daily operating expenses will approach HKD 8 million [1] Valuation Metrics - The current stock price corresponds to an EV/Adjusted EBITDA of 11.34 for 2024E, 9.83 for 2025E, and 9.25 for 2026E. The target price is set at HKD 3.6, maintaining a "Buy" rating [1]

Revenue Growth - The group's gaming net revenue for Q1 2024 increased to HKD 6.464 billion, compared to HKD 3.705 billion in Q1 2023, representing a growth of 74.5%[2] - The group recorded total net revenue of HKD 6.92 billion for Q1 2024, a 73.0% increase from HKD 4.0 billion in Q1 2023[4] - The group's gaming gross revenue for Q1 2024 was HKD 6.892 billion, compared to HKD 3.888 billion in Q1 2023, marking a growth of 77.3%[7] - The group's non-gaming revenue for Q1 2024 was HKD 4.56 billion, up from HKD 2.95 billion in Q1 2023[4] - The total revenue for the entertainment segment (gaming gross revenue) reached HKD 1,877 million, a 102.3% increase from HKD 928 million in the same period last year[9] - Non-gaming revenue from the entertainment segment was HKD 1,261 million, a 34.0% increase from HKD 941 million year-over-year[10] - The total revenue for the group was HKD 1,958 million, representing a 97.4% increase from HKD 992 million in the same quarter last year[9] EBITDA and Profitability - Adjusted EBITDA for Q1 2024 was HKD 864 million, a significant increase from HKD 31 million in Q1 2023, reflecting a growth of 2,687%[4] - The adjusted EBITDA margin for Q1 2024 was 12.5%, up from 0.8% in Q1 2023, an increase of 11.7 percentage points[4] - The group’s adjusted property EBITDA for Q1 2024 was HKD 88 million, compared to a loss of HKD 230 million in Q1 2023, reflecting a turnaround of HKD 318 million[8] - Adjusted property EBITDA was HKD 535 million, reflecting a significant increase of 242.9% compared to HKD 156 million in the previous year[9] Hotel Performance - The occupancy rate for hotels in the group reached 92.6% in Q1 2024, up from 83.7% in Q1 2023, an increase of 8.9 percentage points[8] - The hotel occupancy rate improved to 98.3%, up 13.0 percentage points from 85.3% in the same quarter last year[9] - The average daily room rate increased by 37.0% to HKD 1,234 from HKD 901 in the same period last year[9] Electronic Gaming Performance - The group's electronic gaming gross revenue for Q1 2024 was HKD 4.143 billion, a 262.2% increase from HKD 1.144 billion in Q1 2023[8] - The total electronic gaming revenue was HKD 2,479 million, a 33.7% increase from HKD 1,854 million year-over-year[9] Non-Gaming Performance - The non-gaming win amount was HKD 1,192 million, a 37.6% increase from HKD 866 million in the previous year[10] - The group reported a non-gaming win percentage of 14.7%, slightly up by 0.1 percentage points from 14.6% year-over-year[10] Financial Position - The group reported a cash and bank balance of HKD 4.952 billion as of March 31, 2024, with total debt of HKD 28.488 billion[3] Capital Expenditures - Capital expenditures for the first quarter of 2024 amounted to HKD 73 million, primarily for furniture, fixtures, and equipment[12]

Financial Performance - The company's subsidiary, SJM Resorts, recorded a net gaming revenue of HKD 20.059 billion in 2023, compared to HKD 6.092 billion in 2022[4] - The group's adjusted EBITDA was HKD 1.727 billion in 2023, a significant improvement from a loss of HKD 3.095 billion in 2022[4] - The company's attributable loss to owners was HKD 2.010 billion in 2023, reduced from HKD 7.798 billion in 2022[4] - Total net revenue increased by 223.7% to HKD 21.623 billion in 2023 compared to HKD 6.679 billion in 2022, driven by rolling chip, non-rolling chip, and electronic gaming revenue[10][11] - Gaming net revenue surged by 229.3% to HKD 20.059 billion in 2023 from HKD 6.092 billion in 2022, with non-rolling chip gaming revenue growing by 239.6% to HKD 17.874 billion[10][12] - Adjusted EBITDA improved significantly to HKD 1.727 billion in 2023 from a loss of HKD 3.095 billion in 2022, with an adjusted EBITDA margin of 8.0% compared to -46.3% in the previous year[10] - Total revenue for 2023 reached HKD 5,746 million, a 379.2% increase compared to 2022, driven by significant growth in casino, hotel, and other non-gaming segments[15] - Casino gross gaming revenue surged to HKD 5,439 million in 2023, up 409.7% from HKD 1,067 million in 2022[15] - Adjusted property EBITDA turned positive at HKD 1,325 million in 2023, compared to a loss of HKD 758 million in 2022[15] - Satellite casino revenue grew 128.3% to HKD 8,647 million in 2023, with adjusted property EBITDA improving to a loss of HKD 338 million from a loss of HKD 635 million in 2022[17] Gaming Revenue and Operations - SJM Resorts accounted for 11.9% of Macau's gross gaming revenue, including 14.8% of mass table gaming revenue and 3.5% of VIP gaming revenue[5] - Grand Lisboa Palace recorded gross revenue of HKD 3.670 billion, including HKD 2.690 billion in gaming revenue and HKD 980 million in non-gaming revenue[5] - Non-rolling chip turnover rose by 350.9% to HKD 9.094 billion in 2023, with a win rate of 16.4%, up 1.3 percentage points from 15.1% in 2022[13] - Electronic gaming revenue soared by 879.2% to HKD 10.987 billion in 2023, with a win rate of 3.1%, slightly down from 3.7% in 2022[13] - Non-rolling chip turnover increased by 590.5% to HKD 22,482 million, with a win rate of 19.8%, slightly lower than the 21.5% in 2022[15] Hotel and Non-Gaming Revenue - Grand Lisboa Palace's occupancy rate increased by 50.4% to 82.6% in 2023, with an average room rate increase of 44.3% to HKD 1,322[5] - Grand Lisboa Hotel's occupancy rate rose by 46.8% to 93.0% in 2023, with an average room rate increase of 76.8% to HKD 1,121[5] - Grand Lisboa Palace's total revenue increased by 434.2% to HKD 3.670 billion in 2023, with casino revenue growing by 677.5% to HKD 2.690 billion and hotel revenue increasing by 615.2% to HKD 472 million[13] - Hotel occupancy rate at Grand Lisboa Palace improved significantly to 82.6% in 2023 from 32.2% in 2022, with average daily rate increasing by 44.3% to HKD 1,322[13] - Hotel occupancy rate improved to 93.0% in 2023, up 46.8 percentage points from 46.2% in 2022, with average daily room rate rising 76.8% to HKD 1,121[15] Financial Position and Liquidity - The group had cash, bank balances, short-term bank deposits, and pledged bank deposits totaling HKD 4.550 billion as of December 31, 2023[5] - The group completed the refinancing of its syndicated loan facility (including HKD 9 billion in term loans and HKD 10 billion in revolving credit) on June 20, 2022, with HKD 3.3 billion undrawn as of December 31, 2023[5] - As of December 31, 2023, the company held HKD 3.542 billion in cash and bank balances, a 48.3% decrease from HKD 6.856 billion at the end of 2022[21] - Total outstanding bank loans decreased to HKD 15.236 billion as of December 31, 2023, down from HKD 18.975 billion at the end of 2022[21] - The company's asset-liability ratio was 52.2% at the end of the reporting period, down from 53.2% at the end of 2022[23] - The company's committed capital expenditure commitments were HK$427 million as of December 31, 2023, up from HK$117 million at the end of 2022[24] - The company had mortgaged properties and equipment with a book value of HK$34.055 billion and right-of-use assets of HK$1.711 billion as of December 31, 2023[24] - The company had HK$1.009 billion in pledged bank deposits as of December 31, 2023, down from HK$1.154 billion at the end of 2022[24] - The company had no significant contingent liabilities as of December 31, 2023[25] Corporate Governance and Board Structure - The board of directors consists of 10 members, with 5 executive directors (50%), 1 non-executive director (10%), and 4 independent non-executive directors (40%)[136] - The company has established mechanisms to ensure independent views and opinions are expressed within the board, including annual meetings between the chairman and independent non-executive directors[138] - The board diversity policy, adopted in 2013, emphasizes factors such as gender, age, race, cultural and educational background, and professional experience[139] - As of December 31, 2023, the board includes 4 female directors and 6 male directors, with a gender ratio of 47% male and 53% female in the overall workforce[141] - The company has separated the roles of chairman and CEO, with Ms. Angela Leong as the chairman and Dr. Ambrose So as the CEO until June 15, 2023[142] - The company's board of directors has the authority to appoint directors to fill temporary vacancies or new director positions, subject to shareholder election at the first annual general meeting after appointment[144] - One-third of the company's directors must retire at each annual general meeting but are eligible for re-election, with specific directors set to retire at the 2024 annual general meeting[144] - Non-executive directors, including independent non-executive directors, have three-year appointment terms and must retire in rotation according to the company's articles of association and listing rules[145] - Independent non-executive directors provide independent, constructive, and well-founded opinions on the company's strategy and policies, contributing positively to decision-making[145] - The company ensures that independent non-executive directors constitute at least one-third of the board and that at least one has appropriate professional qualifications or accounting and financial management expertise[145] Sustainability and Environmental Measures - The company has implemented multiple environmental measures, including installing LED lighting and adopting electronic processes to reduce paper usage[126] - The company's hotel section has obtained the LEED Silver certification from the U.S. Green Building Council[126] - The company submitted a carbon emissions report for its Hong Kong office in 2023, which is available on the carbon neutrality and sustainable development website[126] - The company has established a Sustainability Steering Committee to oversee and report on environmental, social, and governance (ESG) activities[126][131] - The company has a framework to identify and consider environmental and social risks, with the Sustainability Steering Committee providing recommendations to the Board[131] Related Party Transactions - The company's property lease agreement with Sociedade de Turismo e Diversões de Macau, S.A. (STDM) and its affiliates has an annual cap and total transaction amount for 2023, covering the period from January 1, 2023, to December 31, 2025[82] - STDM and its affiliates provide various products and services to the company, including hotel accommodation, hospitality, transportation, maintenance, laundry, hotel management, and advertising services, with an annual cap and total transaction amount for 2023[84] - The company has a chip agreement with STDM and STDM's integrated resort, which has been in place since June 18, 2008, with no fixed term and can be terminated by mutual agreement or upon the termination of STDM's gaming concession[86] - The total value of STDM chips redeemed in 2023 has significantly decreased compared to previous years, as STDM's integrated resort has had sufficient chip supply since 2011 and no longer needs to borrow STDM chips[87] - The total amount for property leasing agreements with SJM and its subsidiaries for the year ended December 31, 2023, was HKD 18.4 million, with an annual cap of HKD 34.5 million[88] - The total amount for hotel accommodation services under the product and service agreement for the year ended December 31, 2023, was HKD 49.1 million, with an annual cap revised to HKD 65.0 million[88][90] - The annual cap for hotel accommodation services under the product and service agreement was further revised to HKD 103.5 million for 2024 and HKD 113.9 million for 2025, reflecting strong growth in hotel services[90] - The annual cap for the chip agreement with SJM was set at HKD 76.0 million for the years 2023, 2024, and 2025, based on the outstanding amount of SJM chips in circulation[90] - The total transaction amount under the New Yaohan Department Store agreement for 2023 was HKD 79.6 million, with annual caps set from HKD 99.2 million in 2023 to HKD 161.6 million in 2031[92][93] - The monthly basic fee for the first three years is 4% of the monthly sales revenue, increasing to 4.5% for years seven to nine, and 5% for years ten to twelve, with a minimum fee based on the previous period's average plus a 10% increase[94] - The fixed monthly management fee for the first three years is approximately HKD 2.1 million, increasing by 7.5% every three years[94] - The fixed monthly promotional fee for the first three years is approximately HKD 333,000, increasing by 7.5% every three years[94] - The total amount for annual rent and related payments for 2023 was HKD 34.8 million, with annual caps set at HKD 37.4 million for 2023, HKD 10.2 million for 2024, and HKD 3.0 million for 2025[97] - The annual cap for the property leasing master agreement was revised to HKD 10.2 million for the fiscal year ending December 31, 2024, due to the extension of the lease agreement for the Grand Lisboa Palace[98] - The company renewed the property leasing master agreement with Angela Leong in March 2023, setting annual caps for the fiscal years ending December 31, 2023, 2024, and 2025 at HKD 37.4 million, HKD 3.0 million, and HKD 3.0 million, respectively[98] - The company entered into a service agreement with Grand Emperor Entertainment, which provides marketing, promotion, and customer development services, and allows the use of designated areas of the Grand Emperor Hotel for casino operations[99] - The fees for the Grand Emperor service agreement are determined based on a fixed percentage of the gross gaming revenue from the relevant casino areas, after deducting all related costs and expenses[100] - The service fee payable to Arc de Triomphe Entertainment for the year ended December 31, 2023, was HKD 325.7 million, with an annual cap of HKD 510.0 million[102] - The annual caps for the service fee payable to Arc de Triomphe Entertainment for the years ending December 31, 2024, and 2025, are HKD 351.7 million and HKD 450.1 million, respectively[102] - The board revised the annual cap for the Arc de Triomphe service agreement for the year ending December 31, 2023, to HKD 510.0 million, considering factors such as actual gross gaming revenue and expected growth in visitor numbers[103] - The annual caps for the Arc de Triomphe service agreement were determined based on historical gaming revenue, expected recovery in visitor numbers, and a 15% buffer for inflation and unexpected growth[103] - The auditors confirmed that the disclosed related party transactions did not exceed the maximum annual amounts previously disclosed by the company[104] - Independent non-executive directors confirmed that the related party transactions were conducted on normal commercial terms and in the best interests of shareholders[105] - The net amount of circulating chips received and receivable for the year ended December 31, 2023, was HKD 200,000[105] - All related party transactions complied with the requirements under Chapter 14A of the Listing Rules[106] Shareholder and Dividend Information - The company did not declare an interim dividend for the six months ended June 30, 2023, and does not recommend paying a final dividend for the year ended December 31, 2023[43] - The company's annual general meeting is scheduled for June 26, 2024, with the notice to be published on the company's website and the Hong Kong Stock Exchange website around April 29, 2024[44] - The company will suspend share transfer registration from June 20, 2024, to June 26, 2024, to determine shareholder eligibility for the 2024 Annual General Meeting[45] - The last date for share registration for the 2024 Annual General Meeting is June 19, 2024[45] - The deadline for submitting proxy forms for the 2024 Annual General Meeting is June 24, 2024, at 2:30 PM[45] - The company's distributable reserves to shareholders reached HKD 7.167 billion as of December 31, 2023, compared to HKD 7.307 billion in 2022[51] - The company's donations for the year amounted to HKD 2.6 million, down from HKD 3.2 million in 2022[51] Property Portfolio - The company's property portfolio includes the Grand Lisboa Palace with a 94% ownership stake, covering 70,468 square meters of land and 521,435 square meters of floor area[47][49] - The Lisboa Hotel units have an 88.27% ownership stake, covering 11,626 square meters of land and 122,524 square meters of floor area[47][49] - The Oceanus building has a 58.4% ownership stake, covering 6,952 square meters of land and 39,242 square meters of floor area[49] - The Ponte 16 property has a 51% ownership stake, covering 23,066 square meters of land and 126,500 square meters of floor area[49] - The company's Macau International Center property is fully owned, with a floor area of 5,582.72 square meters[49] Share Options and Equity - 477,085,000 share options were granted under the plan, with 299,765,000 exercised, generating HK$2,023,951,490 in proceeds from the issuance of 299,765,000 shares[55] - 147,733,000 share options remained unexercised as of September 21, 2022, adjusted to 158,074,310 after the rights issue[55] - 118,994,700 share options remained unexercised as of December 31, 2023, potentially generating HK$1,091,456,496 if all are exercised[55] - 43,870,000 share options were unexercised by directors as of December 31, 2023[57] - The plan has a validity period of 10 years from the adoption date and expired on May 13, 2019[54] - The exercise price of share 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 preceding five business days[54] - Share options must be exercised within nine years from six months after the grant date[54] - The minimum holding period for share options is six months from the grant date, with the board having discretion to set a longer period[54] - HK$1 is required to accept the share options, payable within 28 days from the date of the grant letter[54] - 37,180,360 share options expired during the year ended December 31, 2023[55] - The total number of share options granted under the share option plan as of December 31, 2023, is 118,994,700, with a total of 37,180,360 options canceled or expired during the year[58] - The share options granted to employees (excluding directors' associates) as of December 31, 2023, amount to 45,635,500, with 36,431,360 options canceled or expired during the year[58] - The share options granted to service providers as of December 31, 2023, total 24,075,000, with 535,000 options canceled or expired during the year[58] - The share options granted to directors' associates (who are also employees/former employees) as of December 31, 2023, amount to 5,414,200, with 214,000 options canceled or expired during the year[58] - The exercise price for share options granted on October 8

Investment Rating - The report maintains a **Buy** rating for Macau Gaming Holdings Limited (880) with a target price of **HKD 3.28**, representing a **41.4%** upside from the current price [1] Core Views - The company's **EBITDA** turned positive in Q4 2023, reaching **HKD 70 million**, a **23.8%** increase QoQ, recovering to **59.1%** of 2019 levels [1] - The **Grand Lisboa Palace** project achieved an EBITDA of **HKD 2 million**, marking its first profitable quarter [1] - The company's market share remained stable at **12.0%** in Q4 2023, with potential for long-term growth to **4-6%** as product offerings expand and customer quality improves [1] Financial Performance - Gross gaming revenue in Q4 2023 increased by **9.0%** QoQ to **HKD 6.74 billion**, recovering to **65.7%** of 2019 levels [1] - VIP gaming revenue grew by **52.2%** QoQ, mass gaming revenue by **8.2%**, while slot machine revenue declined by **2.0%** [1] - Non-gaming revenue decreased by **6.9%** QoQ, accounting for **2.7%** of total revenue [1] - Net loss narrowed to **HKD 3.4 billion** in Q4 2023, with daily operating expenses increasing by **2.0%** to **HKD 19.3 million** [1] Segment Performance - **Grand Lisboa** saw a **16.4%** QoQ increase in gaming revenue to **HKD 1.71 billion**, recovering to **52.5%** of 2019 levels [1] - Other self-operated properties reported a **1.0%** decline in gaming revenue to **HKD 1.17 billion**, recovering to **70.9%** of 2019 levels [1] - Satellite casinos experienced a **10.8%** increase in gaming revenue to **HKD 2.55 billion**, recovering to **49.3%** of 2019 levels [1] Future Outlook - The company is implementing a centralized management system to improve operational efficiency and focus on growth and profitability [1] - The use of **RFID chips** is expected to enhance gaming speed, security, and customer data analysis, helping to identify high-quality customers [1] - The recovery of Macau's gaming market is expected to benefit the company, with potential synergies between **Grand Lisboa** and **Grand Lisboa Palace** [1] Financial Projections - Net revenue is projected to grow by **20.1%** in 2024 to **HKD 25.96 billion**, with further growth of **9.9%** in 2025 and **9.0%** in 2026 [1] - EBITDA is forecasted to increase by **110.6%** in 2024 to **HKD 3.64 billion**, with continued growth in subsequent years [1] - Net profit is expected to turn positive in 2024 at **HKD 667 million**, with significant growth in 2025 and 2026 [1] Valuation - The target price of **HKD 3.28** is based on a **10.4x** 2024 EBITDA valuation for the company's integrated resorts, self-promoted properties, and satellite casinos [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in Q4 2023 met expectations, with adjusted property EBITDA profit margins expected to recover to 2019 levels. The net revenue for Q4 2023 was HKD 6.39 billion, aligning closely with the expected HKD 6.47 billion, and recovering to 75.6% of the same period in 2019. Gaming and non-gaming net revenues were HKD 5.95 billion and HKD 0.44 billion, respectively, recovering to 71.0% and 245.2% of 2019 levels [2][3] - The company adjusted its organizational structure to enhance the synergy between the new and old properties, which has already shown positive results, including a 25% increase in mid-market betting amounts and a 12% increase in customer visits to the gaming area in early 2024 [3][4] - The report forecasts net revenues of HKD 21.71 billion, HKD 26.02 billion, and HKD 28.80 billion for 2023, 2024, and 2025, respectively, with adjusted property EBITDA of HKD 1.95 billion, HKD 3.48 billion, and HKD 4.91 billion for the same years. The target price is set at HKD 3.60 [3][4] Summary by Sections Financial Performance - Total revenue for Q4 2023 was HKD 6.30 billion, recovering to 62.5% of Q4 2019 levels. VIP and mass market gaming revenues were HKD 5.10 billion and HKD 5.79 billion, recovering to 15.3% and 86.0% of 2019 levels, respectively [3] - The company's overall market share in Q4 2023 was 12.0%, down from 14.4% in 2019, primarily due to the closure of five satellite casinos and regulatory impacts on VIP business [3] Organizational Changes - The company has restructured to better manage daily operations and service quality across its properties, aiming to maximize customer potential and improve occupancy rates at the new property [3][4] Earnings Forecast - The report maintains revenue and EBITDA forecasts for 2023-2025, with current stock prices corresponding to EV/EBITDA multiples of 21.2, 11.9, and 8.4 for the respective years [3][4]

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]