Financial Performance - Macau Legend Development Limited reported a significant increase in revenue, reaching HKD 1.2 billion, representing a 25% year-over-year growth[19]. - For the six months ended June 30, 2022, the Group reported total revenue of approximately HK$543.8 million, an increase of approximately HK$16.4 million or 3.1% compared to HK$527.4 million in the same period last year[28][31]. - Revenue for the six months ended June 30, 2022, was HK$543,751,000, an increase of 3% compared to HK$527,439,000 in the same period of 2021[152]. - The Group's gaming revenue increased by approximately 6.7% to approximately HK$449.3 million for the six months ended 30 June 2022 compared to the same period last year[47]. - The Group's total reported revenue for gaming services was HK$449.3 million, with mass market tables contributing HK$374.3 million[42]. - The reported revenue from the Legend Palace Casino was HK$235.4 million, a 14.6% increase from HK$205.4 million in the previous year[38]. - The Group's revenue from the Babylon Casino showed a net win of HK$67.8 million, a 12.5% increase from HK$60.3 million year-on-year[38]. Visitor Engagement - The company experienced a 30% increase in user visits to its gaming facilities, totaling 1.5 million visitors in the first half of 2022[19]. - The total gaming turnover for mass market tables was HK$1,824.4 million, representing a 22.3% increase from HK$1,491.5 million in the previous year[38]. - The average number of gaming tables in operation increased to 75 from 69, representing an 8.7% increase[38]. Operational Efficiency - Macau Legend's EBITDA margin improved to 35%, up from 30% in the previous year, reflecting better cost management and operational efficiencies[19]. - The company has set a target to reduce operational costs by 10% over the next year through efficiency improvements and technology integration[19]. - The Group incurred a net cash outflow from investing activities of HK$39,576,000 for the six months ended June 30, 2022, compared to HK$38,218,000 in the same period of 2021[168]. Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new marketing strategies and enhanced customer engagement[19]. - Macau Legend plans to expand its market presence by opening two new gaming venues in the next 12 months, aiming to increase its market share by 10%[19]. - The Group expects the economy to remain low for a certain period due to the impact of COVID-19 and the new gaming law[66]. Financial Challenges - The Group recorded a loss of approximately HK$485.5 million during the six months ended June 30, 2022[73]. - The Group's financial situation raises significant doubt about its ability to continue operations without successful implementation of its financial strategies[145]. - The Group breached certain loan covenant clauses, which may lead to immediate repayment demands from creditor banks for outstanding borrowings totaling HK$2,136 million[144]. - The Group's liquidity needs primarily comprise working capital, capital expenditure, and servicing borrowings, funded from internal resources, debt, and/or equity financing[72]. COVID-19 Impact - The Group's operations were significantly affected by COVID-19 related social distancing measures and travel restrictions, leading to a decline in visitor arrivals to Macau and Lao PDR compared to 2019[63]. - The Group has implemented various measures to mitigate the impact of COVID-19, including active cost control strategies[63]. Shareholder Information - The interests of substantial shareholders as of June 30, 2022, include Mr. Chan Weng Lin with 2,058,146,252 shares, representing approximately 33.19% of total issued shares[94]. - Mr. David Chow holds 613,471,468 shares, accounting for approximately 9.89% of total issued shares[94]. - The total number of shares held by substantial shareholders as of June 30, 2022, is 1,121,926,179, representing 18.09% of total issued shares[121]. Corporate Governance - The company has complied with the Corporate Governance Code throughout the six months ended June 30, 2022, except for code provision C.2.1[126]. - The company has established written guidelines for employees regarding securities trading, ensuring compliance with the standard code[129]. Asset Management - The Group's total comprehensive loss reflects ongoing challenges in the gaming and hospitality sectors, influenced by regulatory changes and market conditions[172]. - The Group's consolidated net assets attributable to owners of the Company amounted to approximately HK$3,827.1 million, a decrease of approximately HK$487.8 million from HK$4,314.9 million as of December 31, 2021[73]. - The Group's total non-current assets as of June 30, 2022, were HK$7,307,590,000, down from HK$7,546,383,000 at the end of 2021[157].

Financial Performance - The company reported a total revenue of HKD 1.2 billion for the year 2021, representing a 15% increase compared to the previous year[19]. - In 2021, the total reported revenue of the Group was approximately HK$1,135.6 million, representing an increase of approximately 62.1% compared to HK$700.7 million in 2020[36]. - The company expects revenue growth of 10-15% for the upcoming fiscal year, driven by increased tourism and new marketing strategies[19]. - The Group's loss attributable to owners for the year ended December 31, 2021, was approximately HK$1,190.4 million, a decrease from a loss of approximately HK$1,955.1 million in the previous year, representing an improvement of about 39.2%[67]. - Adjusted EBITDA for the year ended 31 December 2021 recorded a loss of approximately HK$300.3 million, representing an improvement of approximately HK$129.0 million or approximately 30.0% over the loss of approximately HK$429.3 million in the previous year[57]. Visitor and Gaming Statistics - User data indicated that the number of visitors to the company's properties increased by 20% year-on-year, reaching 3 million visitors in 2021[19]. - The number of visitors to Macau reached approximately 7.7 million in 2021, an increase of about 31% compared to 2020[27]. - Total gross gaming revenue in Macau for 2021 was approximately HK$84 billion, an increase of approximately 44% compared to the previous year[27]. - The Group's gaming turnover for mass market tables increased by 36% to approximately HK$3,049.1 million in 2021[39]. - The total gaming drop for the year ended December 31, 2021, reached HK$3,824,633,000, a significant increase of 196.3% compared to HK$1,290,712,000 in 2020[41]. Market Expansion and Strategic Initiatives - The company is expanding its market presence in Southeast Asia, with plans to open two new properties by the end of 2023[19]. - New product launches, including a themed hotel and entertainment offerings, are projected to contribute an additional HKD 300 million in revenue[19]. - A strategic acquisition of a local gaming company was completed, expected to enhance the company's market share by 5%[19]. - The Group plans to optimize facilities at Macau Fisherman's Wharf and enhance the leisure experience in alignment with the Macau government's tourism initiatives[29]. - The Group expects the number of visitors to Macau to increase steadily in the second half of 2022 due to the increasing popularity of vaccines and the gradual relaxation of travel restrictions[89]. Operational Improvements and Investments - The company invested HKD 150 million in technology upgrades to improve customer experience and operational efficiency[19]. - The Group has been actively monitoring the impact of COVID-19 and has implemented measures to manage operating costs and expenses[67]. - The Group's operations were significantly impacted by COVID-19, leading to a decline in visitor arrivals to Macau and Laos, which necessitated various cost control measures[67]. - The Group has been upgrading dining and entertainment offerings at MFW to improve existing operations in Macau[83]. - The Group's finance costs for the year were HK$63.9 million, compared to HK$126.6 million in the previous year, indicating a reduction of approximately 49.6%[1]. Corporate Governance and Management - The board has committed to enhancing corporate governance practices to ensure transparency and accountability[160]. - The company has maintained compliance with corporate governance codes, with a focus on separating the roles of chairman and CEO[160]. - The board composition includes a diverse range of expertise, with at least three independent non-executive directors ensuring effective oversight[164]. - The Company has received written annual confirmation of independence from each independent non-executive Director as per Listing Rules[174]. - The Company encourages all Directors to participate in relevant training courses, with costs covered by the Company[188]. Human Resources and Workforce - The Group employed approximately 3,603 employees as of December 31, 2021, a decrease from 3,898 employees in 2020[104][105]. - The Group recognizes the importance of maintaining a stable workforce for continued success, with remuneration based on qualifications, performance, and market trends[106]. - The human resources vice president, Ms. Ng Wai Ching, has rich experience in HR management across various sectors, including gaming and hospitality[151]. - The management team is committed to enhancing the company's operational strategies and market expansion efforts[144]. - The Group reimbursed SJM for the salaries and benefits of approximately 1,122 gaming operation employees[105]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25%[156]. - The company aims to leverage Mr. Chow's extensive experience to drive future growth and market expansion in the hospitality sector[121]. - The company is focused on strategic human resource management to support its projects in Macau, mainland China, and overseas[151]. - The company has a strategic focus on expanding its gaming services and enhancing its operational capabilities in Macau[121]. - The company is actively involved in overseas business development, leveraging the expertise of its senior vice president in this area[146].

Financial Performance - The group's total revenue for the year ended December 31, 2021, was HKD 1,135,586,000, representing a 62% increase from HKD 700,726,000 in 2020[5] - The cost of sales and services increased to HKD 1,506,840,000, up from HKD 1,168,703,000, resulting in a gross loss of HKD 371,254,000 compared to a gross loss of HKD 467,977,000 in the previous year[5] - The net loss for the year was HKD 1,190,444,000, an improvement from a net loss of HKD 1,955,147,000 in 2020[5] - The total comprehensive loss for the year amounted to HKD 1,206,245,000, compared to HKD 1,922,182,000 in the previous year[5] - The operating loss for the gaming segment was HKD 162,980,000, while the non-gaming segment reported a loss of HKD 497,485,000 in 2021[30] - The company recorded a net loss of HKD 1,863,502,000 before tax for the year ended December 31, 2021[31] - The group's pre-tax loss for the year was HKD 1,190 million, compared to a loss of HKD 1,955 million in the previous year[44] - The group's loss attributable to owners for the year was approximately HKD 1,190,400,000, down from a loss of approximately HKD 1,955,100,000 in the previous year[77] Assets and Liabilities - Non-current assets decreased to HKD 7,546,383,000 from HKD 8,280,548,000 in 2020[7] - Current assets increased slightly to HKD 423,723,000 from HKD 412,430,000 in the previous year[7] - Total liabilities increased to HKD 3,655,166,000 from HKD 3,171,793,000 in 2020[9] - The group's net asset value decreased to HKD 4,314,940,000 from HKD 5,521,185,000 in the previous year[9] - The group has a current net liability of approximately HKD 788,000,000 as of December 31, 2021[11] - The group's bank borrowings totaled HKD 2,359,000,000, with HKD 207,000,000 due within the next 12 months, and cash and cash equivalents at HKD 133,000,000 as of December 31, 2021[58] - The group's total outstanding secured and guaranteed bank borrowings amounted to approximately HKD 2,358,700,000 as of December 31, 2021[88] - The net capital debt ratio of the group was 52.7% as of December 31, 2021, compared to 33.4% on December 31, 2020[90] Revenue Breakdown - The group reported total gaming revenue of HKD 917,340,000 for the year ended December 31, 2021, compared to HKD 526,845,000 in the previous year, representing a year-over-year increase of approximately 74%[21] - The revenue from mass gaming tables was HKD 780,365,000, while VIP gaming tables contributed HKD 119,583,000 for the year ended December 31, 2021[21] - Non-gaming revenue for 2021 reached HKD 218,246,000, an increase of 25.5% from HKD 173,881,000 in 2020[23] - Hotel room revenue increased to HKD 45,176,000 in 2021 from HKD 31,940,000 in 2020, representing a growth of 41.1%[23] - Food and beverage revenue surged to HKD 96,361,000 in 2021, up 68.3% from HKD 57,273,000 in 2020[23] - Total revenue from customer contracts for 2021 was HKD 1,088,771,000, a significant increase of 67.7% compared to HKD 648,722,000 in 2020[23] - The company reported a total external revenue of HKD 1,135,586,000 for 2021, compared to HKD 700,726,000 in 2020, marking a growth of 62.2%[30] Operational Measures - The group is actively negotiating with banks to amend covenants or extend existing waivers due to potential breaches of financial covenants[12] - The group has implemented cost control measures to reduce unnecessary cash outflows in response to the current business environment[14] - The group is considering various divestment transactions to improve its working capital situation[14] - The group has taken measures to improve its liquidity and financial position, which are critical for the validity of the going concern assumption in the financial statements[58] - The company has implemented measures to actively control operational costs and expenses in response to the impact of COVID-19 on its operations[77] Future Outlook - The group anticipates sufficient working capital to meet its financial obligations in the foreseeable future, contingent on successful negotiations with banks and the completion of divestment plans[14] - The group expects the number of visitors to Macau to gradually recover in the second half of 2022 as vaccination rates increase and travel restrictions are eased[84] - The group aims to continue providing effective casino management services and explore new collaboration opportunities within the constraints of the new gaming law[83] Governance and Compliance - The company appointed Mr. Li Zhukun as the chairman and Ms. Chen Meiyi as the CEO, ensuring a clear division of responsibilities and enhancing governance functions[98] - The consolidated financial statements for the year ended December 31, 2021, were reviewed by the audit committee, which consists of three independent non-executive directors[99] - Ernst & Young confirmed that the figures in the preliminary announcement are consistent with the annual consolidated financial statements[100] Shareholder Information - The group did not declare or propose any dividends for the year[43] - The company did not declare any final dividend for the year ended December 31, 2021[78] - Trading of the company's shares was suspended on April 1, 2022, and resumed on June 29, 2022, following the announcement of the annual results[101]

Business Operations - The group operates the Macau Fisherman's Wharf, a waterfront integrated facility that combines gaming, hotels, conferences, and entertainment, aligning with the Macau government's policies on leisure and tourism [15]. - The company provides gaming services at the Legend Palace Casino, Babylon Casino, and the Land Casino under service agreements [15]. - The group also operates the Savan Legend Hotel and Entertainment Complex in Laos, expanding its gaming and hospitality footprint [15]. - The company is committed to developing new technologies and products to improve operational efficiency and customer engagement [15]. - The group aims to align its business strategies with the evolving regulatory landscape in Macau and the broader region [15]. - The company plans to invest in marketing initiatives to attract more visitors to its facilities, particularly in the post-pandemic recovery phase [15]. - The Group has recognized impairment losses for its overseas project in Cape Verde due to adverse economic changes caused by the COVID-19 pandemic [58]. - The Group plans to enhance non-gaming tourism activities and facilities, including transforming Legend Boulevard into a leisure avenue with diverse dining and entertainment options [64]. Financial Performance - For the six months ended June 30, 2021, the Group reported total revenue of approximately HK$527.4 million, an increase of approximately HK$163.3 million or 44.9% compared to HK$364.1 million in the same period last year [25]. - The Group's gaming revenue in Macau increased by approximately 64% in the first half of 2021 compared to the same period last year, while the overall gaming revenue in Macau rose by approximately 45% [61]. - Non-gaming revenue for the six months ended June 30, 2021, was approximately HK$106.4 million, an increase of approximately 38.1% from HK$77.0 million in the same period last year [41]. - The Group's total loss for the six months ended June 30, 2021, was approximately HK$688.6 million, compared to a loss of approximately HK$550.2 million in the previous year [58]. - The company reported a significant increase in mass market table revenue, contributing HK$344,574,000 in 2021, compared to HK$207,619,000 in 2020, a rise of 66.0% [183]. - The total comprehensive loss for the period was HK$704,992,000, compared to HK$569,469,000 in the same period last year, indicating a 23.7% increase in total loss [121]. - The company incurred a loss for the period of HK$688,643,000, compared to a loss of HK$550,187,000 in the first half of 2020 [130]. Gaming Operations - The Group's gaming services revenue included service income from SJM for mass market tables, VIP tables, and slot machines, as well as casino operations in Laos [26]. - The total games drop for mass market tables was HK$1,123.0 million, representing a 32.6% increase from HK$846.6 million in the previous year [28]. - The net win from mass market tables was HK$186.1 million, an increase of 11.9% from HK$166.3 million in the previous year [28]. - The Group's net win from VIP tables was HK$59.6 million, up 18.3% from HK$50.3 million in the previous year [28]. - The total turnover for the Babylon Casino was HK$1,282.3 million, a 40.9% increase from HK$909.9 million in the previous year [30]. - The average number of mass market tables increased by 31.3% to 63 from 48 in the previous year [28]. - The Group's hold rate for mass market tables was 16.57%, a decrease of 3.1 percentage points from 19.64% in the previous year [28]. Operational Adjustments - The interim report indicates a focus on enhancing user experience and expanding service offerings in the gaming sector [15]. - The management emphasizes the importance of maintaining a diversified portfolio to mitigate risks associated with market fluctuations [15]. - The interim financial results will be closely monitored to guide future investment decisions and operational adjustments [15]. - The Group has implemented various measures to control operating costs and expenses in response to the ongoing impact of the COVID-19 pandemic [58]. - The Group has obtained a waiver of loan covenant from banks for a period of 12 months up to and including June 30, 2022, allowing it to avoid early repayment demands due to covenant breaches [148]. Corporate Governance - The company has a structured governance framework in place, as evidenced by the registration of interests required under the Securities and Futures Ordinance [102]. - The report highlights the importance of corporate governance and transparency in maintaining shareholder trust and compliance with regulatory requirements [102]. - The company has complied with the Corporate Governance Code throughout the six months ended June 30, 2021, except for code provision A.2.1, which stipulates that the roles of chairman and chief executive should be separate [104]. - The company has adopted the Model Code as its code of conduct governing directors' dealings in the company's securities, with all directors confirming compliance during the six months ended June 30, 2021 [108]. - The audit committee, comprising three independent non-executive directors and one non-executive director, reviewed the 2021 Interim Report and unaudited condensed consolidated financial information [109]. Future Outlook - Future outlook includes strategic market expansion and potential acquisitions to strengthen its position in the gaming and entertainment industry [15]. - The Directors expect an increase in the number of tourists traveling to Macau once the border between Hong Kong and Macau reopens, which is anticipated to benefit the Group's business and improve financial performance [151]. - The Group remains optimistic about the recovery of Macau's overall tourism and consumer market as travel restrictions are gradually relaxed [64].

Financial Performance - The company reported a significant increase in revenue, achieving a total of $200 million, representing a 25% growth year-over-year[11]. - For the year ended December 31, 2020, the Group reported total revenue of approximately HK$700.7 million, a decrease of approximately 70.3% compared to HK$2,359.7 million in the previous year[37]. - The total gaming revenue for the year ended December 31, 2020, was HK$1,290,712,000, a decrease of 72.7% compared to HK$4,734,956,000 in 2019[40]. - The Group's gaming revenue decreased by approximately 72.2% to approximately HK$526.8 million compared to the previous year, primarily due to the COVID-19 pandemic[54]. - The total revenue from non-gaming operations was HK$173.9 million, down from HK$438.2 million in the previous year[60]. - The Group's total reported revenue for gaming services was HK$526.8 million, down from HK$1,898.2 million in the previous year[52]. - The total loss attributable to owners of the Company for 2020 was approximately HK$1,635.2 million, compared to a loss of HK$215.1 million in 2019, reflecting a significant increase in losses[67]. - The Group's loss for the year ended December 31, 2020, was approximately HK$1,955.1 million, a significant increase from a loss of approximately HK$190.3 million in the previous year, primarily due to decreased revenue from COVID-19 impacts[75]. User Engagement and Market Expansion - User data showed a rise in active users to 1.5 million, up from 1.2 million, indicating a 25% increase in user engagement[11]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[11]. - New product launches are expected to contribute an additional $30 million in revenue, with anticipated sales of 500,000 units[11]. - The company provided a positive outlook for the next fiscal year, projecting revenue growth of 15% to 20%[11]. Operational Strategies - Cost management strategies have led to a reduction in operational expenses by 5%, improving overall profitability[11]. - The company is investing $10 million in R&D for new technologies aimed at improving user experience and operational efficiency[11]. - The company plans to enhance its digital marketing efforts, allocating an additional $5 million to increase brand visibility and customer acquisition[11]. - Future guidance includes maintaining a gross margin of 40%, with a focus on optimizing product pricing strategies[11]. Impact of COVID-19 - The company faced significant challenges due to COVID-19, leading to a drastic reduction in visitor numbers and revenue, prompting cost control measures[72]. - The Group anticipates a gradual recovery in tourist arrivals to Macau in 2021 as vaccination rates increase and travel restrictions ease[29]. - The Group has undertaken various measures to control operating costs and expenses in response to the COVID-19 pandemic[75]. - The company is actively monitoring the impact of COVID-19 on its operations and has implemented various measures to mitigate the effects[72]. Leadership and Management - Mr. Chan Weng Lin has been the CEO since December 29, 2020, and has over a decade of experience in the gaming industry[110]. - The management team has a strategic focus on resource allocation, financial reporting, and corporate governance[115]. - The Company has a strong leadership team with significant experience in the real estate and gaming sectors, enhancing its operational capabilities[126]. - The Company has a history of leadership in the Macau gaming sector, with key executives holding significant positions in various industry-related organizations[155]. Corporate Governance - The Company emphasizes the importance of good corporate governance practices to maintain investor confidence and ensure sustainable growth[172]. - The Company has complied with the corporate governance code as of December 31, 2020, with exceptions noted regarding the roles of the chairman and CEO[172]. - The Board is responsible for overall management and control, focusing on enhancing shareholder value through strategic policies and plans[176]. - The Board consists of executive and non-executive directors, ensuring a balance of expertise and independent judgment[191].

Financial Performance - For the six months ended June 30, 2020, the Group reported total revenue of approximately HK$364.1 million, a decrease of approximately HK$717.7 million or 66.3% compared to HK$1,081.8 million in the same period last year[29][31]. - Reported revenue for the period was HK$95,403,000, down 69.8% from HK$316,184,000 in the previous year[34]. - The group's gaming revenue decreased by approximately 66.9% to approximately HK$287.1 million for the six months ended June 30, 2020, compared to the same period last year[46]. - Total reported revenue for gaming services was HK$287,056,000, down from HK$867,540,000 in 2019, reflecting a significant decline due to COVID-19[42]. - Non-gaming revenue totaled approximately HK$77.0 million, a decrease of approximately 64.0% from HK$214.2 million in the same period last year[49]. - The Group's loss for the six months ended June 30, 2020, was approximately HK$550.2 million, compared to a loss of approximately HK$107.5 million in the same period last year, primarily due to significant decreases in revenue from COVID-19 related travel restrictions[67]. - Loss before tax for the period was HK$493,558,000, compared to a loss of HK$91,438,000 in the previous year, representing a significant increase in losses[166]. - Total comprehensive loss for the period amounted to HK$569,469,000, compared to HK$91,296,000 in the same period of 2019, indicating a substantial decline in financial performance[166]. Gaming Operations - The Group's revenue from gaming services included service income from SJM for mass market tables, VIP tables, and slot machines, as well as casino operations in Laos[32]. - The Group continues to provide gaming services under a service agreement with SJM for Legend Palace Casino, Babylon Casino, and Landmark Casino[22]. - Total gaming drop for Mass Market Tables decreased by 71.3% to HK$846,615,000 compared to HK$2,948,411,000 in 2019[34]. - Net win for VIP Tables fell by 78.2% to HK$50,346,000 from HK$231,008,000 in 2019[34]. - The average number of gaming tables decreased by 29.8% to 40 from 57 in the previous year[34]. - The number of gaming tables in operation at period end decreased by 29.8% to 40 from 57 in 2019[34]. - The average number of slot machines in operation decreased by 30.3% to 76 from 109 in the previous year[34]. - The net win for mass market tables was HK$16,004,000, down 71.2% from HK$55,504,000 in 2019[46]. - The Group's adjusted EBITDA for gaming services was a loss of approximately HK$59.9 million for the six months ended June 30, 2020, compared to a profit of HK$21.2 million in the previous year[63]. Impact of COVID-19 - The significant decline in revenue is attributed to the impact of the COVID-19 pandemic on the gaming and tourism sectors in Macau[29]. - Future outlook remains cautious due to ongoing uncertainties in the market and potential recovery timelines for tourism and gaming activities[29]. - MFW's gross gaming revenues contracted approximately 67% for the first half of 2020 compared to the same period for the previous year, while the overall gaming market in Macau contracted approximately 77%[77]. - The occupancy rate for Legend Palace Hotel was 44% in 2020, down from 94% in 2019, indicating a significant impact on hotel operations due to the pandemic[54]. - The Group has implemented various mitigating measures, including a cost control program to minimize cash outflow of non-essential items[191]. Cost Control and Financial Management - The management is focused on cost control measures to mitigate the financial impact during this challenging period[29]. - The Group is negotiating for refinancing its existing bank borrowings with a longer-term facility[90]. - The Group is negotiating with banks to restructure existing outstanding bank borrowings into long-term financing, leveraging its good track record and relationships with the banks[191]. - Adjusted EBITDA from operations excluding Savan Legend and unallocated corporate expenses decreased by approximately 238.7% to a loss of approximately HK$181.0 million compared to the last corresponding period[66]. Future Outlook and Expansion - The Group is exploring opportunities for market expansion and potential new projects to enhance its service offerings[29]. - The Directors expect an increase in the number of tourists traveling to Macau due to the resumption of visa applications for residents of Zhuhai, Guangdong, and all travelers from mainland China starting from August 12, August 26, and September 23, 2020, respectively[189]. - The financial performance is expected to improve with the relaxation of travel restrictions between mainland China and Macau[189]. Corporate Governance - The company has complied with the Corporate Governance Code except for provisions A.2.1 and A.4.1 during the six months ended 30 June 2020[145]. - The company has established written guidelines for employees regarding securities transactions, with no incidents of non-compliance noted during the reporting period[155]. - The company believes that good corporate governance practices are essential for maintaining investor confidence and sustainable growth[145]. - The roles of chairman and chief executive are currently held by co-chairmen, ensuring timely and constructive discussions on major issues[147]. Shareholder Information - As of June 30, 2020, Mr. David Chow held a beneficial interest in 1,404,322,826 shares, representing approximately 22.65% of the total issued shares[113]. - The total number of shares held by directors and chief executives amounted to 1,853,708,892 shares, approximately 29.89% of the total issued shares[113]. - The total number of shares held by substantial shareholders amounts to 1,122,647,179, approximately 18.10% of total issued shares[131]. - The company is not aware of any other individuals or corporations with registered interests or short positions as of June 30, 2020[137]. Employee Information - The Group had approximately 4,071 employees as of June 30, 2020, including 1,243 gaming operation employees[105]. - Employee remuneration is based on qualifications, performance, and market trends, with discretionary bonuses granted based on merit[108].

Business Operations - The Group operates the Macau Fisherman's Wharf, a waterfront integrated gaming, hotel, convention, and entertainment complex, aligning with the Macau government's policy on leisure and tourism [16]. - The Group provides gaming services to SJM in the Legend Palace Casino, Babylon Casino, and Landmark Casino under a service agreement [17]. - The Group also operates a casino within the Savan Legend Resorts Hotel and Entertainment Complex in Laos [17]. - The Group's business includes the operation of hotels, entertainment, and leisure facilities within its properties [17]. - The Group is one of the leading owners of entertainment and casino gaming facilities in Macau [16]. - The Group's operations contribute to the diversification of the local economy in Macau [16]. Financial Performance - In 2019, Macau's total gross gaming revenue reached approximately MOP292.5 billion, a decrease of about 3.4% compared to the previous year [23]. - The Group's total reported revenue for 2019 was approximately HK$2,359.7 million, representing an increase of approximately 26.5% from HK$1,865.4 million in 2018 [32]. - Adjusted EBITDA for the year was approximately HK$365.8 million, reflecting a growth of approximately 1.7% compared to the previous year [23]. - The Group's net win from gaming services increased by 18.0% to HK$1,183.5 million in 2019 compared to HK$1,002.9 million in 2018 [37]. - The total reported revenue for gaming services increased by approximately 39.8% to HK$1,898,200,000 in 2019, compared to HK$1,357,940,000 in 2018 [46]. - The Group reported a profit attributable to owners of the Company of (HK$215.1 million) for 2019, compared to a profit of HK$1.9 billion in 2018 [58]. - The Group recorded a loss of approximately HK$190.3 million for the year ended December 31, 2019, compared to a profit of approximately HK$1,966.1 million in the previous year, largely due to a gain on the disposal of a subsidiary in April 2018 [72]. Gaming Operations - The Legend Palace Casino significantly contributed to the increase in gaming revenue, with high occupancy rates and effective utilization of F&B and entertainment facilities at Macau Fisherman's Wharf [24]. - Babylon Casino reported a net win of HK$227,091,000 for 2019, a 56.2% increase from HK$145,356,000 in 2018 [40]. - Landmark Casino's net win reached HK$1,087,143,000 in 2019, reflecting an 89.2% increase from HK$574,574,000 in 2018 [41]. - The average number of mass market tables increased from 50 in 2018 to 54 in 2019, while the average net win per table rose from HK$55,000 to HK$60,000 [37]. - The average number of gaming tables at Babylon Casino increased by 33.3% to 24 in 2019 from 18 in 2018 [40]. - The average net win per table per day at Landmark Casino increased by 80% to HK$45,000 in 2019 from HK$25,000 in 2018 [41]. Non-Gaming Operations - The Group's non-gaming revenue decreased by approximately 9.1% to HK$461,500,000 in 2019 compared to the previous year [48]. - Income from hotel rooms was HK$181.4 million, down from HK$229.2 million in 2018, reflecting a decrease of approximately 20.8% [53]. - Total revenue from non-gaming operations, excluding Savan Legend, was HK$438.2 million in 2019, compared to HK$485.8 million in 2018, showing a decline of approximately 9.8% [53]. - The decrease in non-gaming revenue was primarily due to reduced contributions from The Landmark Macau following its disposal [54]. Future Plans and Developments - The Group plans to enhance offerings at Macau Fisherman's Wharf, including renovations of the convention center and the introduction of new non-gaming attractions [24]. - The Savan Legend Resort in Laos is expected to open new projects, The Suites boutique hotel and The Thakhet Club, in the second half of 2020, aiding business expansion in Laos [26]. - Construction of a new hotel and casino complex in Cape Verde is ongoing, with a soft opening anticipated in late 2021 [27]. - The Group is actively enhancing offerings at MFW, including extensive renovations and new F&B outlets, aiming to become the most prominent entertainment complex in Peninsula Macau [80]. Corporate Governance - The Company has complied with the Corporate Governance Code, except for provisions A.2.1 and A.4.1, which require separation of roles between the chairman and CEO, and specific terms for non-executive directors, respectively [153]. - The Board is responsible for the overall management and control of the Company's business, focusing on enhancing shareholder value [156]. - The Company has established committees, including the Audit and Remuneration Committees, to enhance governance and oversight [161]. - The Board's composition includes members with appropriate professional qualifications and financial management expertise [168]. - The Company emphasizes good corporate governance practices to maintain investor confidence and sustainable growth [153]. Management and Leadership - Ms. Melinda Chan has been the CEO of MFW Investment since October 2017, actively shaping the company's policy and daily operations [111]. - The company is managed by a team with extensive experience in the casino and real estate sectors, enhancing its operational capabilities [113]. - The management team has a diverse background, contributing to the company's strategic direction and operational effectiveness [132]. - The company has a strong focus on community service, with directors actively participating in various charitable organizations and committees [136]. Employee Relations - The Group recognizes the importance of maintaining a stable staff force for its continued success [99]. - Employee remuneration is determined based on personal qualifications, work performance, industry experience, responsibilities, and market trends [99]. - Discretionary bonuses are granted to employees based on merit and in accordance with industry practice [99]. - Other benefits offered to eligible employees include share options, reward shares, retirement benefits, subsidized medical care, and sponsorship for external education and training programs [99].

Business Operations - The Group is one of the leading owners of entertainment and casino gaming facilities in Macau, operating the Macau Fisherman's Wharf[41]. - The Group's businesses include providing gaming services to SJM in three casinos and operating a casino in Laos[42]. - The Group completed the disposal of New Macau Landmark for a consideration of HK$4,600 million on April 27, 2018[43]. - The Group's operations align with the Macau government's policy on leisure, tourism, and economic diversification[41]. - The interim report indicates ongoing investments in enhancing entertainment and leisure facilities within its properties[39]. - The Group's financial performance is supported by its diversified business model across gaming and hospitality sectors[41]. - The management emphasizes future growth opportunities in the Macau gaming market[39]. - The Group is focused on expanding its market presence through strategic partnerships and operational improvements[39]. - The interim report highlights the importance of maintaining high service standards in its gaming operations[39]. - The Group aims to leverage its unique location and offerings to attract more visitors to its facilities[41]. Financial Performance - The Group reported total revenue of approximately HK$1,081.8 million for the six months ended June 30, 2019, an increase of approximately HK$130.2 million or about 13.7% compared to HK$951.6 million in the same period last year[47]. - Revenue from gaming services included service income from SJM for mass market tables, VIP tables, and slot machines, as well as casino operations in Laos[48]. - The total games drop for mass market tables was HK$2,948.4 million, representing a 20.1% increase from HK$2,454.7 million in the previous year[50]. - The net win from mass market tables increased by 24.4% to HK$564.3 million from HK$453.5 million year-on-year[50]. - The average hold rate for mass market tables was 19.14%, up from 18.47%[50]. - The number of gaming tables in operation at the end of the period was 316,184, a 24.3% increase from 254,281[50]. - The total games drop for VIP tables was HK$6,620.2 million, a decrease of 39.6% from HK$10,960.2 million[50]. - The net win from VIP tables decreased by 33.1% to HK$231.0 million from HK$345.5 million[50]. - The number of slot machines in operation at the end of the period was 3,188, an increase of 17.6% from 2,711[50]. - The Group's revenue from Babylon Casino showed a significant increase in games drop by 51.8% to HK$604.5 million compared to HK$398.2 million in the previous year[52]. - For the six months ended June 30, 2019, the Group's gaming revenue increased by approximately 28.7% to approximately HK$867.5 million compared to the same period last year[62]. - The increase in gaming revenue was primarily due to contributions from Legend Palace Casino (HK$98.9 million), Babylon Casino (HK$19.5 million), and Landmark Casino (HK$85.5 million), offset by a decrease from Savan Legend Casino (HK$10.6 million)[62]. - Total reported revenue for gaming services was HK$867.5 million, with Mass Market Tables contributing HK$697.2 million, VIP Tables contributing HK$122.9 million, and Slot Machines contributing HK$47.4 million[58]. - Non-gaming revenue for the six months ended June 30, 2019, was approximately HK$214.2 million, a decrease of approximately 22.8% from HK$277.4 million in the previous year[64]. - The average number of gaming tables in operation decreased by 17.8% for the Group's operations in Laos, with 55 tables in operation compared to 63 the previous year[63]. - The net win per table per day for Mass Market Tables was HK$41, an increase of 36.7% from HK$30 in the previous year[1]. - The net win per slot machine per day was HK$0.6, remaining unchanged from the previous year[1]. - The Group's hold rate for Mass Market Tables increased to 22.94%, up from 18.34% in the previous year[1]. - The average revenue per available room (REVPAR) for Legend Palace Hotel was HK$1,512 in 2019, down from HK$1,556 in 2018[69]. - Profit attributable to owners of the Company for the six months ended June 30, 2019, was a loss of HK$128,326,000, compared to a profit of HK$20,829,000 in the same period of 2018[73]. - The Group's loss for the six months ended June 30, 2019 was approximately HK$107.5 million, compared to a profit of approximately HK$2,853.7 million in the same period last year[80]. Operational Challenges - The decrease in non-gaming revenue was primarily due to a reduction of approximately HK$69.2 million from The Landmark Macau after its disposal[68]. - The second half of the year may be affected by uncertainties in the regional economic situation and global trade disputes[88]. - The Group will closely monitor Macau Government policy developments regarding gaming licenses expiring in 2022 to ensure continued participation in the gaming business[88]. Corporate Governance - The Company has maintained a consistent governance structure with no new share options issued since the scheme's inception[120]. - The controlling shareholders are required to hold at least 51% of the issued share capital of the company[141]. - The Company has complied with the Corporate Governance Code except for provisions A.2.1 and A.4.1 during the six months ended 30 June 2019[144]. - The roles of chairman and chief executive are currently held by co-chairmen, ensuring a balance of power and authority within the Board[144]. - The Company has adopted the Model Code for directors' dealings in the Company's securities, with all directors confirming compliance during the six months ended 30 June 2019[148]. - The company disclosed the interests and short positions of its directors and chief executives as required by the relevant regulations[139]. Shareholder Information - Mr. David Chow holds 319,696,000 shares, representing 5.11% of the total issued shares[122]. - Ms. Melinda Chan has an interest of 1,724,018,826 shares through her spouse, accounting for 27.57% of the total issued shares[122]. - The total beneficial ownership of Mr. Chow and Ms. Chan combined is 1,853,708,892 shares, which is 29.64% of the total issued shares[122]. - Elite Success International Limited, controlled by Mr. Li Chi Keung and Ms. Wong Hoi Ping, holds 1,012,599,750 shares, representing 16.19% of the total issued shares[126]. - Ms. Chan Un Chan, as the founder of a discretionary trust, holds 934,269,609 shares, which is 14.94% of the total issued shares[128]. Financial Reporting and Compliance - The Group's financial statements for the six months ended June 30, 2019, are prepared in accordance with Hong Kong Accounting Standard 34, reflecting compliance with applicable disclosure requirements[171]. - The Group's accounting policies and methods of computation for the interim period are consistent with those used in the preparation of the annual consolidated financial statements for the year ended December 31, 2018[174]. - The application of new and amendments to Hong Kong Financial Reporting Standards has had no material impact on the Group's financial performance and positions for the current and prior periods[175]. - The financial statements are presented in Hong Kong dollars (HK$), which is the functional currency of the Company[171]. - The Group applied HKFRS 16 for the first time in the current interim period, replacing HKAS 17 "Leases" and related interpretations[177]. - The Group has adopted HKFRS 16 "Leases," resulting in significant changes in accounting policies, particularly regarding lease liabilities and right-of-use assets[188]. Employee Information - The Group employed approximately 4,104 employees as of June 30, 2019, including approximately 1,140 gaming operation employees[96]. - Employee remuneration is determined based on personal qualifications, work performance, industry experience, responsibilities, and relevant market trends[99]. Cash Flow and Assets - As of June 30, 2019, bank balances and cash held by the Group amounted to approximately HK$999.0 million, including pledged bank deposits of approximately HK$1.7 million[90]. - The net cash used in investing activities was HK$246,729,000, compared to a net inflow of HK$3,342,739,000 in the same period of 2018[167]. - The company experienced a net decrease in cash and cash equivalents of HK$452,070,000 for the period[167].

Business Operations - The Group operates the Macau Fisherman's Wharf, a waterfront integrated gaming, hotel, convention, and entertainment complex, aligning with the Macau government's policy on leisure and tourism[17]. - The Group provides gaming services to SJM in the Legend Palace Casino, Babylon Casino, and Landmark Casino under a service agreement[17]. - The Group also operates a casino within the Savan Legend Resorts Hotel and Entertainment Complex in Laos[17]. - The Group's business strategy includes expanding its entertainment and leisure facilities within its properties[17]. - The Group is one of the leading owners of entertainment and casino gaming facilities in Macau, emphasizing its market position[17]. - The Group's operations contribute to the diversification of the Macau economy through tourism and entertainment[17]. - The Group aims to leverage its existing assets to capture growth opportunities in the gaming and entertainment sectors[16]. - The Group is actively improving facilities and increasing events at MFW to attract more well-known brands[25]. - The Group plans to continue seeking overseas projects with good development potential, focusing on Southeast Asia and Portuguese-speaking countries[28]. Financial Performance - The Group's total reported revenue for 2018 was approximately HK$1,865.4 million, an increase of about 1.6% from HK$1,836.1 million in 2017[33]. - Adjusted EBITDA for the year was approximately HK$359.8 million, reflecting a 29.4% increase compared to the previous year[24]. - The Group's gaming services revenue totaled approximately HK$1,357.9 million in 2018, up from HK$1,210.1 million in 2017[34]. - For the year ended 31 December 2018, gaming revenue increased by approximately 12.2% to approximately HK$1,357.9 million, while non-gaming revenue decreased by approximately 18.9% to approximately HK$507.4 million[40]. - The increase in gaming revenue was primarily due to the reported revenue from Legend Palace Casino rising to approximately HK$682.5 million, offset by decreases from Savan Legend Casino and Landmark Casino[40]. - The non-gaming revenue decline was mainly due to the cessation of consolidation of The Landmark Macau's revenue, resulting in a decrease of approximately 67.0%[41]. - Profit attributable to owners of the Company was HK$1,942.7 million, compared to a loss of HK$532.8 million in the previous year[44]. - The Group's profit for the year ended 31 December 2018 was approximately HK$1,966.1 million, a significant increase from a loss of approximately HK$507.3 million in the previous year[53]. Impairments and Economic Factors - Impairments were made on certain individual VIP gaming patrons and VIP rooms operators amounting to approximately HK$85.9 million, goodwill of approximately HK$682.0 million, and other intangible assets of approximately HK$97.4 million due to economic uncertainties[57]. - The impairment loss on goodwill related to the acquisition of Macau Fisherman's Wharf Group in 2012, driven by a reassessment of future cash flow forecasts[58]. - The expected future growth in revenue from MFW Group's operation is anticipated to be slower than previously expected, necessitating the impairment[63]. - The management has reassessed the recoverability of certain VIP gaming clients and operators due to uncertainties arising from the trade war and its impact on Macau's economy[57]. Shareholder and Corporate Governance - The Chairman's statement highlights the Group's commitment to enhancing shareholder value through strategic initiatives[20]. - The Board declared a special dividend of HK8 cents per share, totaling approximately HK$501.4 million, payable on 12 July 2018[67]. - The company has complied with the Corporate Governance Code during the year ended December 31, 2018, except for code provision A.2.1, which requires the roles of chairman and chief executive to be separate[161]. - The Board is responsible for the overall management and control of the company's business, focusing on enhancing shareholder value[162]. - The Board reserves the decision-making power for all major matters, including financial information and significant transactions[163]. - The Board composition includes executive directors, non-executive directors, and independent non-executive directors, ensuring a diverse governance structure[167][169]. Leadership and Community Involvement - Mr. David Chow has been actively involved in community service and has held various significant positions in Macau's tourism and hospitality sectors since 1996[113]. - Madam Lam Fong Ngo has over 30 years of experience in the Macau gaming industry and has been a director since December 2006, becoming an executive director and vice chairman in May 2012[116]. - The company has been recognized for its contributions to the tourism industry, with Mr. David Chow receiving the Order of Merit for Tourism from the Macau government[113]. - The company has a strong leadership team with familial ties, including Mr. David Chow as CEO and Madam Lam as his mother, highlighting a legacy of involvement in the business[117]. - The company is actively involved in community service, reflecting its commitment to corporate social responsibility[126]. Operational Metrics - As of 31 December 2018, the Group had a total of 194 gaming tables in Macau, with 177 in operation, compared to 165 in operation as of 31 December 2017[73]. - The Group's mass market tables generated a games drop of HK$5,058,386, a 52.9% increase from HK$3,307,454 in 2017[76]. - The net win from mass market tables was HK$1,002,894, reflecting a 103.1% increase from HK$493,904 in 2017[76]. - The total gaming turnover for Legend Palace Casino reached HK$19,297,580, an increase of 377.0% compared to HK$4,046,000 in 2017[78]. - The average occupancy rate for Legend Palace Hotel was 95.7%, up from 84.0% in 2017[87]. Future Outlook and Investments - The Group is working towards the introduction of a virtual reality experience centre, a wax museum, and new dining facilities at MFW in the second half of 2019[101]. - The Group has completed the superstructure work of the office building in Cape Verde and is revisiting the overall construction plan of the hotel and casino complex[101]. - The Group's investment in Cape Verde is expected to amount to approximately €250 million (equivalent to approximately HK$2,150 million)[97]. - The Group's investment in Hengqin is approximately HK$84 million[99].