Workflow
金沙中国有限公司(01928) - 2023 - 年度业绩
01928SANDS CHINA LTD(01928)2024-02-16 10:34

Financial Performance - The total net revenue for the year ended December 31, 2023, was 6,530,000,000,anincreaseof307.16,530,000,000, an increase of 307.1% compared to 1,610,000,000 for the year ended December 31, 2022[3]. - The profit for the year ended December 31, 2023, was 692,000,000,recoveringfromalossof692,000,000, recovering from a loss of 1,580,000,000 in the previous year[3]. - Adjusted property EBITDA for the year ended December 31, 2023, was 2,230,000,000,comparedtoanadjustedpropertyEBITDAlossof2,230,000,000, compared to an adjusted property EBITDA loss of 323,000,000 for the year ended December 31, 2022[3]. - The company's total net revenue for the year ended December 31, 2023, was 6,534,000,000,anincreaseof307.16,534,000,000, an increase of 307.1% compared to 1,610,000,000 for the year ended December 31, 2022[11]. - The gaming segment generated net revenue of 4,840,000,000,up411.24,840,000,000, up 411.2% from 947,000,000 in the previous year, driven by increased visitor numbers[12]. - The company’s revenue from the hotel segment reached 761,000,000,reflectinga313.6761,000,000, reflecting a 313.6% increase from 184,000,000 in the previous year[11]. - The shopping mall segment reported revenue of 513,000,000,a44.9513,000,000, a 44.9% increase from 354,000,000 year-over-year[11]. - The company’s food and beverage revenue was 240,000,000,whichisa258.2240,000,000, which is a 258.2% increase from 67,000,000 in the previous year[11]. - The total net revenue from the Macau Venetian casino reached 2,151million,asignificantincreaseof391.12,151 million, a significant increase of 391.1% compared to 438 million in the previous year[13]. - The total revenue from slot machines was 5,066million,reflectinga347.55,066 million, reflecting a 347.5% increase from 1,132 million[13]. - For the fiscal year ending December 31, 2023, the company reported a profit of 692million,comparedtoalossof692 million, compared to a loss of 1.58 billion for the fiscal year ending December 31, 2022[26]. - The total assets as of December 31, 2023, amounted to USD 10,258 million, a decrease from USD 10,562 million in the previous year[40]. - The total liabilities decreased to USD 10,262 million as of December 31, 2023, from USD 11,262 million in the previous year[41]. - The company did not recommend a final dividend for the year ending December 31, 2023[37]. - Basic and diluted earnings per share for the year ending December 31, 2023, are USD 8.56, compared to a loss of USD 19.55 in 2022[60]. Visitor and Market Trends - Visitor numbers to Macau exceeded 28,000,000 in 2023, a significant increase from approximately 6,000,000 in 2022 following the lifting of COVID-19 travel restrictions[4]. - The total gross gaming revenue in Macau increased by approximately 333.8% compared to 2022, although it decreased by about 37.4% compared to 2019[3]. - The total number of visitors from mainland China to Macau increased by approximately 273.1% compared to 2022 and decreased by about 31.8% compared to 2019[43]. - The company remains optimistic about future growth driven by rising demand for travel and entertainment in Asia[6]. Investments and Future Plans - The company has invested over 15,000,000,000tosupportMacau′seconomicdiversificationandenhanceitsstatusasaleadingleisureandbusinesstraveldestination[5].−Anewinvestmentof15,000,000,000 to support Macau's economic diversification and enhance its status as a leading leisure and business travel destination[5]. - A new investment of 1,200,000,000 has been announced for The Londoner Macao, expected to be completed by early 2025, aimed at enhancing customer experience[6]. - The company plans to increase capital and operational investments in Macau by 4,500,000,000by2032[6].−Thebusinessstrategyfocusesonleveragingaconvention−basedintegratedresortmodeltosupportMacau′sdiversificationefforts[6].−VMLisrequiredtoinvestatleastMOP30,240,000,000(approximatelyUSD3,760,000,000)inMacaubyDecember2032,includingMOP27,800,000,000(approximatelyUSD3,450,000,000)innon−gamingprojects[36].−VMLmustincreaseitsinvestmentinnon−gamingprojectsby204,500,000,000 by 2032[6]. - The business strategy focuses on leveraging a convention-based integrated resort model to support Macau's diversification efforts[6]. - VML is required to invest at least MOP 30,240,000,000 (approximately USD 3,760,000,000) in Macau by December 2032, including MOP 27,800,000,000 (approximately USD 3,450,000,000) in non-gaming projects[36]. - VML must increase its investment in non-gaming projects by 20%, resulting in an additional investment of MOP 5,560,000,000 (approximately USD 691,000,000) due to Macau's total gaming gross revenue exceeding MOP 180,000,000,000 (approximately USD 22,360,000,000) for the year ending December 31, 2023[36]. - The company plans to expand its conference capabilities by constructing a new state-of-the-art venue covering approximately 18,000 square meters, aimed at making Macau a preferred destination for international corporate gatherings[36]. Operational Metrics - The company reported a total of 12,050 hotel rooms and suites across its properties as of December 31, 2023[9]. - The number of gaming tables operated by the company is currently permitted to be up to 1,680, with 3,700 slot machines available[10]. - The average daily room rate at the Venetian Macau increased by 45.5% to 208 from 143[16].−TheoccupancyrateattheLondonerMacaureached80.4143[16]. - The occupancy rate at the Londoner Macau reached 80.4%, up 53.5 percentage points from 26.9%[16]. - The total revenue for the Venetian Shopping Center reached 227 million, a 47.4% increase from 154millioninthepreviousyear[18].−ThetotalrevenuefortheLondonerShoppingCenterwas154 million in the previous year[18]. - The total revenue for the Londoner Shopping Center was 66 million, reflecting a 40.4% increase from 47million[18].−ThetotalrevenuefortheParisianShoppingCenteramountedto47 million[18]. - The total revenue for the Parisian Shopping Center amounted to 32 million, up 28.0% from 25million[18].−Thecompanyoperatesatotalof722retailoutletsacrossitsproperties[9].FinancialPositionandCashFlow−Thecompanyhasastrongbalancesheetwithtotalunrestrictedcashandcashequivalentsof25 million[18]. - The company operates a total of 722 retail outlets across its properties[9]. Financial Position and Cash Flow - The company has a strong balance sheet with total unrestricted cash and cash equivalents of 1,360,000,000 and available borrowings of 2,490,000,000[3].−ThenetcashgeneratedfromoperatingactivitiesforthefiscalyearendingDecember31,2023,was2,490,000,000[3]. - The net cash generated from operating activities for the fiscal year ending December 31, 2023, was 2.29 billion, a significant increase from a net cash used of 473millioninthepreviousyear[31].−Thecompanyincurredanetcashoutflowof473 million in the previous year[31]. - The company incurred a net cash outflow of 180 million from investing activities, primarily due to capital expenditures of 231million[32].−Thenetcashusedinfinancingactivitiesforthefiscalyearwas231 million[32]. - The net cash used in financing activities for the fiscal year was 2.45 billion, mainly due to the repayment of 1.95billionunderthe2018SCLcreditfacility[33].−Totalcapitalexpendituresfortheyearamountedto1.95 billion under the 2018 SCL credit facility[33]. - Total capital expenditures for the year amounted to 231 million, with significant investments in properties such as the Londoner Macao (131million)andVenetianMacao(131 million) and Venetian Macao (71 million)[34]. - As of December 31, 2023, the total amount available under the revised and restated financing agreement was 2.49billionafterrepaymentsof2.49 billion after repayments of 1.95 billion[28]. - The company believes that its cash flow from operations, along with available credit, will be sufficient to meet its financial covenants and capital expenditure commitments[29]. - The company has contracted but not yet recognized liabilities for capital expenditures totaling $510 million as of December 31, 2023[35]. Governance and Compliance - The company has adhered to all provisions of the corporate governance code during 2023, ensuring high standards of corporate governance[78]. - The role of Chairman and CEO was held by Robert Glen Goldstein until January 24, 2024, when a separation of roles occurred, with Zheng Junuo appointed as CEO[79]. - The Audit Committee has reviewed the annual performance for the year ending December 31, 2023, and confirmed compliance with applicable accounting standards and regulations[83]. - The annual report for the year ending December 31, 2023, will be sent to shareholders and published on the stock exchange and the company's website[84]. - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[86].