金沙中国有限公司(01928) - 2024 - 中期财报

Financial Performance - For the six months ended June 30, 2024, adjusted property EBITDA was $1,170,000,000, an increase of 24.7$939,000,000 for the same period in 2023[4]. - Net revenue for the six months ended June 30, 2024, was $3,550,000,000, up 22.7$2,900,000,000 in the same period of 2023[4]. - Profit for the six months ended June 30, 2024, was $541,000,000, a significant increase of 209.1$175,000,000 in the same period of 2023[4]. - The total net revenue from the Macau Venetian reached $1,194 million, an increase of 23.2$969 million in the same period last year[11]. - The total revenue from slot machines was $3,038 million, reflecting a 27.6$2,380 million[11]. - The total revenue from shopping centers was $231 million, up 3.1$224 million, primarily due to increased occupancy rates and base rents[15]. - The total revenue from the Macau Parisian was $3,170 million, reflecting a 51.9$2,087 million[11]. - The total net revenue from the Macau Palace was $248 million, a decrease of 4.2$259 million[11]. - The company reported a significant increase in user data engagement, with a 15% rise in customer visits across its properties compared to the previous year[90]. - The company reported a significant recovery in performance post-COVID-19, with a year-on-year increase in revenue of 45% for the first half of 2024[126]. Visitor Statistics - The total number of visitors from mainland China to Macau for the six months ended June 30, 2024, was 11,500,000, representing an increase of approximately 52.9% year-over-year[6]. - User data indicated a 30% increase in the number of visitors to the integrated resorts compared to the previous year, reflecting a strong rebound in tourism[127]. - The company reported a significant increase in visitor numbers, with a total of 1.5 million entries recorded in the last quarter, representing a 25% increase year-over-year[132]. Capital Expenditures and Investments - The company plans to invest MOP 35,800,000,000 (approximately $4,450,000,000) in capital and operational projects until 2032, including MOP 33,360,000,000 (approximately$4,150,000,000) for non-gaming projects[7]. - The ongoing development of The Londoner Macao Phase II includes renovations and upgrades, with an estimated total cost of $1,200,000,000, expected to be completed by early 2025[7]. - Total capital expenditures for the six months ended June 30, 2024, amounted to$218 million, a significant increase from $79 million in the same period of 2023[32]. - The company is investing$200 million in new technology for gaming operations, aiming to improve customer engagement and streamline services[128]. - The company plans to allocate $102 million to statutory reserves, which is 10$2,700,000,000, a 24.8% increase from $2,160,000,000 in the same period of 2023[10]. - The revenue from the gaming segment for the six months ended June 30, 2024, was$2,698 million, up from $2,161 million in the same period of 2023, representing a growth of 24.9$135 million, a 29.8% rise from $104 million, driven by higher business volume in dining and banquet services[18]. - Retail and other revenue reached$94 million, a 38.2% increase from $68 million, driven by increased visitor demand[18]. Operating Expenses - Operating expenses totaled$2.863 billion, a 16.3% increase from $2.462 billion, primarily due to increased visitor volume in Macau[19]. - Gaming expenses rose to$1.75 billion, a 23.2% increase from $1.42 billion, attributed to higher gaming tax from increased revenue[20]. Debt and Financing - Net financing costs for the six months ended June 30, 2024, were$220 million, down 23.3% from $287 million in the same period in 2023[25]. - The company repurchased$175 million of its 5.125% senior notes due August 8, 2025, resulting in a gain of approximately $1 million from early debt repayment[27]. - The capital debt ratio decreased to 92.2$175 million in outstanding principal of 2025 senior notes[39]. - The net debt as of June 30, 2024, was $6.213 billion, a decrease from$6.809 billion at the end of 2023[39]. Corporate Governance - The company has established principles and guidelines to ensure high standards of corporate governance, which are crucial for creating shareholder value and managing stakeholder interests[44]. - The board of directors has confirmed compliance with the company's code of conduct and standard code throughout the reporting period ending June 30, 2024[46]. - The company has adopted several best practices in corporate governance as per the code, ensuring investor confidence in management responsibilities[44]. Shareholder Information - As of June 30, 2024, major shareholder VVDI (II) holds 5,748,281,984 shares, representing approximately 71.02% of the company's issued share capital[60]. - The company has no knowledge of any major shareholders holding any short positions in the company's shares as of June 30, 2024[60]. - The company did not declare an interim dividend for the six months ended June 30, 2024[35]. Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance customer experience and operational efficiency[92]. - Future guidance includes a target of achieving $1.5 billion in total revenue for the fiscal year 2024, reflecting a robust recovery trajectory[127]. - The company is exploring potential acquisitions to further strengthen its market position and diversify its offerings[132].