Financial Performance - For the six months ended June 30, 2024, the adjusted property EBITDA was 1,170,000,000,anincreaseof24.7939,000,000 for the same period in 2023[2] - The total net revenue for the six months ended June 30, 2024, was 3,550,000,000,representinga22.72,900,000,000 in the prior year[2] - The profit for the six months ended June 30, 2024, was 541,000,000,asignificantincreaseof209.1175,000,000 in the same period of 2023[2] - The net revenue for the six months ended June 30, 2024, was 3,551million,anincreaseof22.72,895 million for the same period in 2023[31] - The operating profit for the same period was 688million,upfrom433 million, reflecting a significant increase in profitability[31] - The company reported a profit attributable to equity holders of 541millionforthesixmonthsendedJune30,2024,significantlyupfrom175 million in the same period of 2023, representing a growth of about 209.1%[41] - Basic earnings per share for the six months ended June 30, 2024, were 6.69 cents, compared to 2.16 cents for the same period in 2023[31] - The company recorded a tax benefit of 43millionforthesixmonthsendedJune30,2024,comparedto2 million in the same period of 2023[45] Visitor Statistics - The total number of visitors from mainland China to Macau for the six months ended June 30, 2024, was 11,500,000, an increase of approximately 52.9% year-over-year[3] - The number of visitors from mainland China to Macau increased by approximately 52.9% to 11.5 million for the six months ended June 30, 2024, compared to the same period in 2023[36] Gaming Revenue - The gross gaming revenue in Macau for the same period was MOP 113,800,000,000 (approximately 14,140,000,000),upabout41.92,700,000,000, reflecting a 24.8% increase from 2,160,000,000intheprioryear[6]−Thegrossgamingrevenueforthesameperiodwasapproximately14.14 billion, an increase of about 41.9% compared to the previous year[36] Revenue Breakdown - Room revenue for the same period was 393,000,000,a16.3338,000,000 in the previous year[8] - The company reported a 29.8% increase in food and beverage revenue, reaching 135,000,000comparedto104,000,000 in the previous year[5] - Total room revenue for The Venetian Macao reached 102million,a17.287 million[9] - Total shopping center revenue increased to 231million,a3.1224 million, driven by higher rental rates[10] - Total shopping center revenue for The Venetian Shopping Center was 108million,a4.9103 million[11] - Total room revenue for The Londoner Macao reached 166million,a23.0135 million[9] - Total revenue from meetings, ferries, retail, and other services was 94million,a38.268 million, driven by increased visitor demand[13] - The Macau Venetian generated net revenue of 1,457millionforthesixmonthsendedJune30,2024,upfrom1,211 million in the same period of 2023, reflecting a growth of approximately 20.3%[39] - The Macau Londoner reported net revenue of 1,006millionforthesixmonthsendedJune30,2024,comparedto685 million in the same period of 2023, marking an increase of around 46.8%[39] - The EBITDA for the Macau Parisian was 154millionforthesixmonthsendedJune30,2024,comparedto120 million in the same period of 2023, showing an increase of approximately 28.3%[41] - The company’s revenue from ferry and other businesses was 55millionforthesixmonthsendedJune30,2024,comparedto41 million in the same period of 2023, indicating an increase of approximately 34.1%[39] Capital Expenditures and Investments - The company plans to invest MOP 35,800,000,000 (approximately 4,450,000,000)incapitalandoperationalprojectsuntil2032,includingMOP33,360,000,000(approximately4,150,000,000) for non-gaming projects[4] - The ongoing development of The Londoner Macao Phase II is expected to cost approximately 1,200,000,000andisanticipatedtobecompletedbyearly2025[4]−CapitalexpendituresforthesixmonthsendedJune30,2024,amountedto218,000,000, compared to 79,000,000inthesameperiodof2023[24]−Thecompanyhascontractedbutunrecognizedcapitalexpendituresof710,000,000 as of June 30, 2024, compared to 510,000,000asofDecember31,2023[25]−ThecompanyiscontinuingthePhaseIIdevelopmentofTheLondonerMacao,withanestimatedtotalcostof1,200,000,000, expected to be completed in early 2025[26] Debt and Financing - Net financing costs for the six months ended June 30, 2024, were 220,000,000,downfrom287,000,000 in the same period of 2023, reflecting a decrease in interest and other financing costs by 65,000,000[17]−Thecapitaldebtratiodecreasedto92.2175 million in outstanding preferred notes and an increase in total equity by 531million[29]−ThetotalliabilitiesasofJune30,2024,were10,028 million, down from 10,262millionattheendof2023,indicatingareductioninoveralldebtlevels[34]−Thetotalborrowingsamountto8,153 million as of June 30, 2024, compared to 8,328millionasofDecember31,2023,indicatingadecreaseofapproximately2.11.8 billion of outstanding principal amount of 5.125% senior notes due August 8, 2025, resulting in a gain of approximately 1millionfromearlydebtrepayment[54]−Theavailableborrowinglimitunderthe2018SCLcreditfacilityis2.5 billion as of June 30, 2024, slightly up from 2.49billionasofDecember31,2023[55]−Thecompanyhascompliedwithalldebtcovenantsunderthe2018SCLcreditfacilityasofJune30,2024[55]−Thecompany’screditratingwasupgradedtoBBB−byFitchonFebruary1,2024,leadingtoa0.2510,555 million, compared to 10,258millionattheendof2023,indicatinggrowthintheassetbase[34]−Thetotalequityattributabletothecompany′sshareholderswas527 million as of June 30, 2024, compared to a loss of 4millionattheendof2023[34]−TradereceivablesasofJune30,2024,were160 million, down from 222millionasofDecember31,2023[49]−TradepayablesandotherpayablesasofJune30,2024,totaled1,294 million, slightly down from 1,299millionasofDecember31,2023[51]−AsofJune30,2024,thecompany′stradepayablesaginganalysisshows40 million in the 0 to 30 days category, up from $39 million as of December 31, 2023[53]
