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金沙中国有限公司(01928) - 2024 - 年度业绩
01928SANDS CHINA LTD(01928)2025-02-21 10:00

Financial Performance - The total net revenue for the year ending December 31, 2024, was 7,080,000,000,anincreaseof8.47,080,000,000, an increase of 8.4% compared to 6,530,000,000 for the year ending December 31, 2023[6]. - The profit for the year ending December 31, 2024, was 1,050,000,000,representinga51.01,050,000,000, representing a 51.0% increase from 692,000,000 in the previous year[6]. - Adjusted property EBITDA for the year ending December 31, 2024, was 2,330,000,000,up4.72,330,000,000, up 4.7% from 2,230,000,000 in 2023[6]. - The net revenue from gaming operations was 5,346,000,000,reflectinga10.45,346,000,000, reflecting a 10.4% increase from 4,841,000,000 in the previous year, driven by increased visitor volume[21]. - The operating profit for the year ended December 31, 2024, was 1,366million,comparedto1,366 million, compared to 1,225 million in 2023, reflecting improved operational efficiency[63]. - The company reported a net profit attributable to equity holders of 1,045millionfor2024,upfrom1,045 million for 2024, up from 692 million in 2023, marking an increase of approximately 50.9%[98]. - Basic earnings per share increased to 12.91in2024from12.91 in 2024 from 8.56 in 2023, reflecting a growth of approximately 50.9%[98]. Visitor Statistics and Tourism - The number of visitors to Macau in 2024 was approximately 35,000,000, compared to 28,000,000 in 2023, marking a significant recovery in tourism[7]. - The total number of visitors from mainland China to Macau reached 24,500,000, an increase of approximately 28.6% compared to 2023[75]. Capital Investments and Projects - The company has invested approximately 17,000,000,000tosupportMacau′seconomicdiversificationandenhanceitsstatusasaleadingleisureandbusinesstraveldestination[9].−Thecompanyplanstoinvestabout17,000,000,000 to support Macau's economic diversification and enhance its status as a leading leisure and business travel destination[9]. - The company plans to invest about 4,500,000,000 in capital and operational investments in Macau during the current gaming license period from 2023 to 2032[11]. - The company is making significant progress on the Londoner project in Macau, with completion expected in the second quarter of 2025[8]. - The Londoner Macao will open on September 26, 2024, featuring 2,405 newly renovated rooms and suites, with a total estimated project cost of 1,200,000,000[19].−ThecompanyannouncedtheopeningofTheLondonerMacao′ssecondphaseonSeptember26,2024,whichwillfeature2,405roomsandsuites,withanestimatedtotalprojectcostof1,200,000,000[19]. - The company announced the opening of The Londoner Macao's second phase on September 26, 2024, which will feature 2,405 rooms and suites, with an estimated total project cost of 1,200 million expected to be completed in the first half of 2025[58]. Revenue Breakdown - The gross gaming revenue in Macau for the year ending December 31, 2024, was approximately 28,350,000,000,anincreaseofabout23.928,350,000,000, an increase of about 23.9% compared to the previous year[15]. - The Venetian Macao's gaming revenue totaled 2,282,000,000, a 6.1% increase from 2,151,000,000,withnon−rollingchipdropincreasingby6.82,151,000,000, with non-rolling chip drop increasing by 6.8%[23]. - The Londoner Macao's gaming revenue reached 1,462,000,000, up 14.0% from 1,283,000,000,witha16.21,283,000,000, with a 16.2% increase in non-rolling chip drop[23]. - The Parisian Macao reported gaming revenue of 740,000,000, a 13.0% increase from 655,000,000,withasignificant28.8655,000,000, with a significant 28.8% rise in non-rolling chip drop[23]. - The total revenue from meetings, ferries, retail, and other sources was 207 million, a 15.6% increase from 179million,attributedtohighervisitornumbers[32].OperatingExpensesandFinancialMetrics−OperatingexpensesfortheyearendedDecember31,2024,were179 million, attributed to higher visitor numbers[32]. Operating Expenses and Financial Metrics - Operating expenses for the year ended December 31, 2024, were 5.71 billion, a 7.6% increase from 5.31billion,primarilyduetoincreasedexpensesingamingandotheroperationalareas[33].−Thetotallossondisposalofpropertiesandequipmentwas5.31 billion, primarily due to increased expenses in gaming and other operational areas[33]. - The total loss on disposal of properties and equipment was 32 million, up from 12million,mainlyduetoincreaseddemolitioncostsrelatedtorenovations[34].−Depreciationandamortizationexpensesdecreasedto12 million, mainly due to increased demolition costs related to renovations[34]. - Depreciation and amortization expenses decreased to 754 million, down 6.8% from 809million,primarilyduetoreducedaccelerateddepreciationrelatedtospecificassets[33].−ThenetcashgeneratedfromoperatingactivitiesfortheyearendedDecember31,2024,was809 million, primarily due to reduced accelerated depreciation related to specific assets[33]. - The net cash generated from operating activities for the year ended December 31, 2024, was 2,070 million, a decrease from 2,290millionin2023,primarilyduetoa2,290 million in 2023, primarily due to a 63 million cash outflow from working capital changes and 11millioninincometaxpayments[50].−ThenetcashusedininvestingactivitiesfortheyearendedDecember31,2024,was11 million in income tax payments[50]. - The net cash used in investing activities for the year ended December 31, 2024, was 810 million, mainly due to capital expenditures of 871million,offsetby871 million, offset by 62 million in interest received[52]. - The net cash used in financing activities for the year ended December 31, 2024, was 658million,primarilyduetotherepurchaseof658 million, primarily due to the repurchase of 174 million in outstanding principal of 2025 senior notes and interest payments of 398million[53].DebtandFinancing−NetfinancingcostsfortheyearendedDecember31,2024,were398 million[53]. Debt and Financing - Net financing costs for the year ended December 31, 2024, were 424 million, down 20.3% from 532millionfortheyearendedDecember31,2023,primarilyduetoadecreaseinaverageborrowingbalancesandaverageinterestrates[39].−Theaverageinterestratedecreasedfrom5.4532 million for the year ended December 31, 2023, primarily due to a decrease in average borrowing balances and average interest rates[39]. - The average interest rate decreased from 5.4% for the year ended December 31, 2023, to 4.9% for the year ended December 31, 2024, due to credit rating upgrades and changes in interest payment options[39]. - The company maintained a maximum debt to adjusted EBITDA ratio of 4.00 times and a minimum adjusted EBITDA to net interest expense ratio of 2.50 times throughout the financing period[46]. - The 2024 SCL credit facility provides HKD 19,500 million (approximately 2,510 million) in unsecured revolving credit financing, available until September 24, 2029[45]. - The 2024 SCL credit facility also includes HKD 12,950 million (approximately 1,670million)inunsecuredtermloanfinancing,availableuntilAugust31,2025,forrepayingoutstandingamountsunderthe2025seniornotes[46].ShareholderInformation−TheboardproposedafinaldividendofHK1,670 million) in unsecured term loan financing, available until August 31, 2025, for repaying outstanding amounts under the 2025 senior notes[46]. Shareholder Information - The board proposed a final dividend of HK0.25 per share for the year ended December 31, 2024, amounting to an estimated total of approximately 260million[60].−TheproposedfinaldividendisexpectedtobepaidonJune20,2025,ifconditionsaremet[123].−ThecompanywillsuspendsharetransferregistrationfromMay19,2025,toMay22,2025,todetermineeligibleshareholdersfortheannualgeneralmeeting[125].−AsecondsuspensionofsharetransferregistrationwilloccuronMay30,2025,toidentifyshareholderseligiblefortheproposedfinaldividend[125].AssetandEquityPosition−ThetotalassetsasofDecember31,2024,were260 million[60]. - The proposed final dividend is expected to be paid on June 20, 2025, if conditions are met[123]. - The company will suspend share transfer registration from May 19, 2025, to May 22, 2025, to determine eligible shareholders for the annual general meeting[125]. - A second suspension of share transfer registration will occur on May 30, 2025, to identify shareholders eligible for the proposed final dividend[125]. Asset and Equity Position - The total assets as of December 31, 2024, were 11,169 million, an increase from 10,258millionin2023,indicatinggrowthinthecompany′sassetbase[67].−ThecompanyreportedatotalequityofUSD1,031million,comparedtoalossofUSD4millioninthepreviousyear[70].−ThetotalliabilitiesdecreasedslightlytoUSD10,138millionfromUSD10,262millionyear−over−year[70].−ThetotalassetsminuscurrentliabilitiesamountedtoUSD8,176million,downfromUSD8,886millioninthepreviousyear[70].OperationalDevelopments−ThenewlyrenovatedVenetianTheatrehasreopenedwithacapacityof14,000seats,designedforlarge−scaleliveentertainmentevents[19].−Thecompanyoperatesatotalof1,680gamingtablesand3,700slotmachinesacrossitsproperties[19].−Thetotalretailspaceacrossallpropertiesis2,127,000squarefeet,with769retailoutlets[18].−RoomrevenuefortheyearendedDecember31,2024,was10,258 million in 2023, indicating growth in the company's asset base[67]. - The company reported a total equity of USD 1,031 million, compared to a loss of USD 4 million in the previous year[70]. - The total liabilities decreased slightly to USD 10,138 million from USD 10,262 million year-over-year[70]. - The total assets minus current liabilities amounted to USD 8,176 million, down from USD 8,886 million in the previous year[70]. Operational Developments - The newly renovated Venetian Theatre has reopened with a capacity of 14,000 seats, designed for large-scale live entertainment events[19]. - The company operates a total of 1,680 gaming tables and 3,700 slot machines across its properties[19]. - The total retail space across all properties is 2,127,000 square feet, with 769 retail outlets[18]. - Room revenue for the year ended December 31, 2024, was 774 million, an increase of 1.7% compared to 761millionfortheyearendedDecember31,2023,primarilyduetoincreasedoccupancyrates[25].−Totalshoppingcenterrevenuedecreasedto761 million for the year ended December 31, 2023, primarily due to increased occupancy rates[25]. - Total shopping center revenue decreased to 493 million, down 3.9% from 513million,mainlyduetoareductioninexcessrent[28].−Diningrevenueincreasedto513 million, mainly due to a reduction in excess rent[28]. - Dining revenue increased to 260 million, an 8.3% increase from $240 million, driven by increased visitor volume and the addition of new dining establishments[32].