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金沙中国有限公司(01928) - 2023 - 年度财报
01928SANDS CHINA LTD(01928)2024-03-27 08:35

Financial Performance - 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[6]. - The profit for the year ended December 31, 2023, was 692,000,000,aturnaroundfromalossof692,000,000, a turnaround from a loss of 1,580,000,000 for the year ended December 31, 2022[6]. - 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[6]. - Casino revenue reached 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[74]. - Room revenue increased to 761,000,000,ariseof313.6761,000,000, a rise of 313.6% from 184,000,000, primarily due to higher occupancy rates and revenue per available room[77]. - The shopping center revenue was 513,000,000,reflectingagrowthof44.9513,000,000, reflecting a growth of 44.9% compared to the previous year[73]. - The total revenue from food and beverage services was 240,000,000, marking an increase of 258.2% year-over-year[73]. - Total operating expenses rose to 5.31billion,reflectinga91.85.31 billion, reflecting a 91.8% increase from the prior year[83]. - The company reported a total unrestricted cash and cash equivalents of 1.36 billion and available borrowing capacity of 2.49billionasofDecember31,2023[69].VisitorStatisticsandTourismInitiatives−Approximately90,000,000visitorswerereceivedatthepropertiesin2023,reflectingastrongrecoveryintourismandtravelconsumption[7].−In2023,SandsChinapropertiesattractedatotalof90millionvisitors,averagingapproximately245,000visitorsperday[10].−Thecompanyhostedover70liveperformanceeventsin2023,attractingmorethan560,000visitors[11].−ThecompanysupportedtheMacaoSARgovernment′s"Tourism+MICE"strategybyhostingthe"DiscoverMacao"event,attracting200MICEprofessionalsfromover13countries[7].−The2023SandsMacaoCarnivalattractedover420,000visitorssinceitsinceptionin2020,showcasingthecompany′ssuccessfuleventstrategy[8].MarketPositionandCompetitiveAdvantage−SandsChinarankedfirstinmarketshareforroomsalesandnon−roomrevenueonmajortravelplatformsinMacau,includingCtrip,Alibaba′sFliggy,Meituan,andAgoda[8].−Thecompanyhasastrongfocusoncorporategovernancewithexperiencedindependentnon−executivedirectors[26][27].−ThecompanyholdsasignificantmarketshareintheoverallMacaugamingmarket,particularlyinthemassgamingsegment,whichaccountedfor752.49 billion as of December 31, 2023[69]. Visitor Statistics and Tourism Initiatives - Approximately 90,000,000 visitors were received at the properties in 2023, reflecting a strong recovery in tourism and travel consumption[7]. - In 2023, Sands China properties attracted a total of 90 million visitors, averaging approximately 245,000 visitors per day[10]. - The company hosted over 70 live performance events in 2023, attracting more than 560,000 visitors[11]. - The company supported the Macao SAR government's "Tourism + MICE" strategy by hosting the "Discover Macao" event, attracting 200 MICE professionals from over 13 countries[7]. - The 2023 Sands Macao Carnival attracted over 420,000 visitors since its inception in 2020, showcasing the company's successful event strategy[8]. Market Position and Competitive Advantage - Sands China ranked first in market share for room sales and non-room revenue on major travel platforms in Macau, including Ctrip, Alibaba's Fliggy, Meituan, and Agoda[8]. - The company has a strong focus on corporate governance with experienced independent non-executive directors[26][27]. - The company holds a significant market share in the overall Macau gaming market, particularly in the mass gaming segment, which accounted for 75% of market revenue in 2023[39]. - The company benefits from operational scale efficiencies, which help maintain a cost advantage, including lower energy costs and effective staff allocation[38]. Leadership and Governance - The company has a board of directors consisting of eight members, including four independent non-executive directors[19]. - Robert Glen Goldstein serves as the Chairman of the Board and Non-Executive Director since January 2024[20]. - The company appointed Wilfred Wang as Executive Vice Chairman and Executive Director effective January 24, 2024[21]. - The company has a strong leadership team with extensive experience in various sectors, including finance and property development[21][22][24]. - The company is committed to maintaining high standards of financial reporting and compliance[27]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to sustainable practices through its "Green Meetings" initiative, part of the Sands Eco 360 global sustainability program[12]. - The company emphasizes its commitment to sustainable development and will publish an independent environmental, social, and governance report for the fiscal year ending December 31, 2023[136]. - The company achieved a 58% reduction in Scope 1 and 2 absolute greenhouse gas emissions compared to the 2018 baseline[138]. - The company has set a target to use 100% cage-free eggs by 2028[138]. - The company was included in the Dow Jones Sustainability World Index for the second consecutive year and ranked in the top 1% for ESG ratings in the S&P Global Sustainability Yearbook 2023[139]. Risks and Challenges - The company's business is particularly sensitive to economic downturns, affecting consumer discretionary spending on luxury facilities and services[107]. - The company faces risks related to compliance with anti-corruption laws, such as the FCPA, which could have a significant negative impact on its financial condition if violated[109]. - The company is exposed to risks from natural disasters, pandemics, and political instability, which could significantly disrupt operations and visitor numbers[107]. - The company faces significant competition from other casinos in Macau, with competitors announcing additional facilities, leading to increased market competition[114]. - The company is subject to extensive regulations and licensing requirements across multiple jurisdictions, which could adversely impact its operations if licenses are not obtained or renewed[109]. Investment and Development Plans - The company has invested over 15 billion to support Macau's economic diversification and enhance its status as a leading leisure and business travel destination[32]. - A new investment of $1.2 billion is planned for the Londoner Macao, expected to be completed by early 2025[33]. - The investment plan commits to a minimum investment of MOP 30,240,000,000 (approximately USD 3,760,000,000) in Macau, with MOP 27,800,000,000 (approximately USD 3,450,000,000) allocated for non-gaming projects, to be completed by December 2032[52]. - The company is required to invest in non-gaming projects if the gross gaming revenue exceeds MOP 180,000,000,000 (approximately USD 22,360,000,000) annually[52]. Corporate Structure and Shareholder Information - The company has a total issued share capital of 8,093,379,566 shares, with a statutory capital of 16,000,000,000 shares[128]. - The shareholder distribution shows that 64.65% of shareholders hold between 1-1,000 shares, while 99.976% of the issued shares are held by two shareholders with over 1,000,000 shares[129]. - Venetian Venture Development Intermediate II holds 69.91% of the company's shares, indicating a significant institutional investment[131]. - The company has entered into a shareholder dividend tax agreement with the Macau government, effective from the 2023 tax year until the 2025 tax year[118]. Operational Highlights - The company operates approximately 12,392 luxury suites and hotel rooms across its properties[34]. - The company operates several major integrated resorts in Cotai, featuring world-class hotel brands such as Four Seasons, St. Regis, Conrad, and Sheraton[35]. - The total number of restaurants and dining establishments across properties is 154, providing a wide range of culinary experiences[61]. - The company operates a fleet of over 100 luxury cars for its "Sands Limousine" service, providing 24/7 service for VIP clients[46]. Legal and Compliance Matters - The company is exposed to litigation, investigations, and enforcement actions that could result in substantial fines or penalties, impacting its financial performance[126]. - The company is required to allocate 5% of its gross gaming revenue to designated entities by the Macau government, including 2% for a public fund and 3% for urban development and tourism promotion[58]. - The company must maintain compliance with the Macau gaming authority's regulations regarding shareholder qualifications and financial reporting[54].