Financial Performance - Integrated Resorts in Macao and Singapore contributed 53% and 47% of total adjusted property EBITDA, respectively, during 2024[27]. - Macao's annual gross gaming revenues reached 226.78 billion patacas (approximately 28.35billion)in2024,markinga23.91.2 billion, expected to be substantially completed in the first half of 2025[79]. - The MBS Expansion Project in Singapore has an estimated total project cost of approximately 8.0billion,includinganadditional2,000squaremetersofgamingarea[82].FinancialCommitmentsandInvestments−Thecompanyisobligatedtoinvestanadditional5.56billionpatacas(approximately695 million) in non-gaming projects due to Macao's annual gross gaming revenue reaching 183.06 billion patacas in 2023[96]. - The total investment commitment in Macao has increased to 35.80 billion patacas (approximately 4.48billion)duetotheadditionalinvestmentrequirement[96].−Thecompanyhascommittedtoinvestatleast30.24billionpatacas(approximately3.78 billion) in Macao as part of its concession agreement[95]. - As of December 31, 2024, approximately 1.36billionhasbeenincurredfortheMBSdevelopmentproject,withanadditionallandpremiumestimatedat1.0 billion[84]. - The renovation of Marina Bay Sands Towers 1 and 2 cost approximately 1.0billion,withongoingrenovationsforTower3estimatedat750 million[86]. Regulatory and Tax Environment - The annual fee for the Macao concession is estimated at 13millionfor2025,increasingtoapproximately42 million annually for the subsequent seven years[93]. - VML received an exemption from Macao's corporate income tax on profits generated by casino operations for the period from January 1, 2023, through December 31, 2027[116]. - A shareholder dividend tax agreement was entered into with the Macao government, effective for the period from January 1, 2023, through December 31, 2025, substituting a 12% tax on dividend distributions[117]. - The goods and services tax on gross gaming revenue increased from 7% to 9% effective January 1, 2024[128]. - The casino tax rates for premium players increased to 12% and for mass players to 22% on gross gaming revenue above specified thresholds[128]. Risks and Challenges - The company faces significant risks associated with its operations in Macao, including economic, political, and legal uncertainties[135]. - The company’s operations are sensitive to fluctuations in discretionary consumer spending and may be adversely affected by economic downturns[153]. - The company is exposed to competition from numerous casinos in Macao and Singapore, as well as emerging markets in Asia, which could negatively affect its market position[186][187]. - The company faces potential adverse effects on operations and cash flows due to restrictions on subsidiaries in Singapore, Macao, and Hong Kong regarding distributions and currency exchange limitations[206]. - The company is subject to extensive regulations governing its operations in various jurisdictions, which may impact its ability to obtain or renew licenses[161]. Debt and Financial Position - As of December 31, 2024, the company had 13.75billionofdebtoutstanding,netoforiginalissuediscountanddeferredofferingcosts[170].−Thecompanyexpects3.16 billion, 3.49billion,1.45 billion, 1.91billion,and1.91 billion in debt maturing during the years ending December 31, 2025, 2026, 2027, 2028, and 2029, respectively[173]. - The company has unrestricted cash and cash equivalents of 2.69billionandrestrictedcashof125 million as of December 31, 2024, with approximately $2.14 billion available for repatriation[145]. - The company suspended its quarterly dividend program in April 2020 due to COVID-19, but reinstated it in August 2023[142]. - The company’s future dividend payments will be at the discretion of the Board of Directors, considering various financial factors[142].
