金沙中国有限公司(01928) - 2022 - 中期财报

Financial Performance - For the six months ended June 30, 2022, the adjusted property EBITDA loss was $120 million (HKD 942 million), compared to an adjusted property EBITDA of$234 million (HKD 1,820 million) for the same period in 2021[8]. - The total net revenue for the first half of 2022 was $915 million (HKD 7,180 million), a decrease of 43.5$1,620 million (HKD 12,580 million) in the first half of 2021[8]. - The loss for the first half of 2022 was $760 million (HKD 5,960 million), compared to a loss of$381 million (HKD 2,960 million) in the first half of 2021[8]. - Total gaming revenue in Macau for the six months ended June 30, 2022, decreased by approximately 46.4% and 82.4% compared to the same periods in 2021 and 2019, respectively[15]. - The company reported a total comprehensive loss of $762 million for the six months ended June 30, 2022, compared to a comprehensive loss of$383 million in the same period in 2021[111]. - The basic and diluted loss per share for the period was $(9.39) compared to$(4.71) in the previous year, indicating a significant increase in losses per share[110]. - The company reported a loss attributable to equity holders of $(760) million for the six months ended June 30, 2022, compared to a loss of$(381) million in the same period of 2021[138]. Visitor and Gaming Operations - The total number of visitors from mainland China to Macau decreased by approximately 12.2% and 78.1% compared to the same periods in 2021 and 2019, respectively[15]. - The company’s gaming operations remained open, but visitor numbers were adversely affected by travel restrictions due to multiple COVID-19 outbreaks in the region[13]. - The company anticipates a recovery in visitor numbers to Macau as travel restrictions are lifted, which is expected to drive future growth[24]. - The company’s properties experienced a significant decline in visitor numbers due to travel restrictions related to COVID-19, impacting overall business performance[120]. Strategic Developments - The business strategy focuses on developing the Cotai properties and enhancing the integrated resort business model to become Asia's premier gaming, leisure, exhibition, and conference destination[10]. - The company is preparing to submit a bid for new gaming licenses, with the deadline for submissions set for September 14, 2022[20]. - The amended gaming law reduces the duration of future gaming licenses to ten years and increases the minimum capital requirement to MOP 5 billion (approximately $619 million)[19]. - The company has committed to returning approximately 136,000 square meters of gaming and related areas to the Macau government upon the expiration of its current license[18]. Financial Position and Cash Flow - As of June 30, 2022, the company had cash and cash equivalents totaling$766 million, excluding restricted cash[16]. - The company received a loan of $1 billion from its parent company LVS on July 11, 2022, to support ongoing operations[16]. - The company is currently undergoing a renewal process for its debt obligations, which may significantly impact its financial condition and cash flow[22]. - The company has extended its gaming license until December 31, 2022, following approval from the Macau government[17]. - The company has taken several cost-cutting measures and capital expenditure reductions to manage cash flow during the ongoing COVID-19 pandemic[16]. Operational Metrics - The total number of full-time team members was 25,110, with a gender ratio of 48$149 million from investing activities, mainly due to capital expenditures of $156 million, including$118 million for The Londoner Macao and $31 million for The Venetian Macao[61]. - The company has not declared any interim dividends for the six months ended June 30, 2022, nor for the year ended December 31, 2021[66]. - The company’s total liabilities as of June 30, 2022, were$9,781 million, reflecting a decrease from $10,094 million as of December 31, 2021[143]. Corporate Governance and Compliance - The company has established a corporate governance framework to ensure effective management and compliance with stakeholder interests[76]. - The chairman and CEO roles are held by Robert Glen Goldstein since January 2021, aimed at enhancing strategic focus[77]. - The company confirmed compliance with the securities trading standards throughout the reporting period[79]. - The board of directors and committees remained unchanged as of June 30, 2022[82]. Environmental and Social Responsibility - The company emphasizes its commitment to environmental sustainability through its global strategy aimed at reducing ecological impact[74]. - The company aims to enhance its environmental, social, and governance (ESG) initiatives, committing to a 50% reduction in carbon emissions by 2025[178]. Market Risks and Challenges - The company continues to face uncertainties regarding the resumption of normal operations due to travel restrictions and the impact of COVID-19[15]. - The company faces potential negative impacts on its financial condition and operations if the gaming license is not renewed or if there are changes in gaming laws[131]. - The ongoing COVID-19 pandemic continues to affect the Macau gaming industry, with increased cases leading to tighter travel restrictions[25].