Financial Performance - Total revenue for 2018 reached HKD 19,200,721, an increase of 32.6% compared to HKD 14,480,532 in 2017[7] - Adjusted EBITDA for 2018 was HKD 4,837,180, marking a four-year high[7] - The company reported a net profit attributable to shareholders of HKD 1,068,499, down from HKD 2,320,185 in 2017[7] - Basic earnings per share for 2018 were HKD 0.281, compared to HKD 0.611 in the previous year[7] - Total adjusted EBITDA for the group reached HKD 4,837,180, an increase of 5.4% compared to HKD 4,587,435 in the previous year[56] - Adjusted EBITDA for MGM Macau was HKD 3,983,223, a decrease of 13.2% from HKD 4,587,435 in 2017[56] - The company's profit attributable to owners decreased by 53.9% year-on-year to HKD 1.068 billion, impacted by the operational ramp-up of MGM Cotai and lower gaming win rates[79] Gaming Operations - The total win from table games increased by approximately 34.0%, while slot machine wins grew by 58.8%[15] - The total win for slot machines at MGM Macau was HKD 1,504,785, an increase from HKD 1,406,587 in the previous year[59] - Total gaming revenue for VIP tables increased by 13.0% to HKD 9,682,345,000 in 2018, driven by an 18.2% increase in turnover to HKD 318,195,300,000[66] - Overall casino revenue rose by 26.7% to HKD 17,176,050,000 in 2018, compared to HKD 13,557,440,000 in 2017[64] - The company faced challenges with table win rates and slot machine win rates, which negatively impacted reported gaming revenue despite overall market growth[58] Market Expansion - The company opened its second property, MGM Cotai, in February 2018, which contributed to market share growth[15] - The overall market share of the company increased from 7.0% as of December 31, 2017, to 7.9% as of December 31, 2018[53] - The company plans to continue expanding its market presence and enhance customer experiences through innovative entertainment offerings[15] - The company aims to leverage improved transportation infrastructure to attract more visitors from Guangdong Province and beyond[16] - The opening of the 55-kilometer bridge connecting Hong Kong, Macau, and Zhuhai in October 2018 significantly reduced travel time and is anticipated to boost visitor numbers to Macau[16] Employee and Talent Development - The workforce exceeded 10,000 employees, with nearly 20% having been with the company since its inception, highlighting the importance of employee retention for future success[15] - The company has a strong focus on local talent development to enhance the overall talent pool in the region[16] - The local leadership talent development program has graduated over 160 participants since its launch in 2014, with a retention rate of 90%[116] - The company has provided over 200 training courses and more than 917,000 hours of training in 2018, averaging 85 hours per team member[115] Corporate Governance - The company is committed to maintaining strong corporate governance through its various committees, including audit and remuneration[34] - The board consists of 11 members, including 5 executive directors, 3 non-executive directors, and 3 independent non-executive directors, with no significant relationships among them[175] - The company has established a code of conduct applicable to all employees, covering anti-corruption, confidentiality, and conflict of interest[113] - The company has complied with the covenants in the fifth, fourth, and third supplemental agreements as of the end of 2018[94] Community Engagement and Sustainability - In 2018, the company conducted 106 community activities, contributing over 10,000 hours, marking the highest record in its history[110] - The company is committed to reducing its operational impact on the environment, focusing on areas such as waste management and greenhouse gas emissions[106] - The company aims to align its sustainability goals with the United Nations' Sustainable Development Goals, specifically targeting Goal 8 (Decent Work and Economic Growth), Goal 11 (Sustainable Cities and Communities), and Goal 12 (Responsible Consumption)[109] - The company has committed to providing a quality work environment for employees and actively giving back to the community[106] Environmental Management - The company’s environmental management system complies with ISO 50001, and it was the first integrated resort operator in Macau to receive this certification in 2016[146] - In 2018, MGM China's total greenhouse gas emissions amounted to 159,024.35 tons of CO2 equivalent, an increase of 89% from 2013, primarily due to the addition of MGM Cotai[147] - The company aims to stop using single-use plastics in all dining establishments by early 2019, becoming the first operator in Macau to provide plastic straws only upon request[160] - The waste management strategy focuses on reduction, reuse, and recycling, with new initiatives including a coffee capsule recycling program in partnership with Nespresso[161] Financial Management - As of December 31, 2018, the company had cash and cash equivalents of HKD 3.99 billion and undrawn credit facilities of HKD 2.78 billion available for operations and development activities[80] - The capital debt ratio rose to 62.5% in 2018 from 59.6% in 2017, indicating a higher level of leverage[82] - The company plans to utilize its revolving credit facilities to repay term loans within the next twelve months, with a total of HKD 15.6 billion in term loans fully drawn as of December 31, 2018[91] - The company has significant collateral for its loans, including most of its assets and shares of MGM Cotai and its subsidiaries[95]