Financial Performance - For the six months ended June 30, 2024, the adjusted property EBITDA was $1,170,000,000, an increase of 24.7% compared to $939,000,000 for the same period in 2023[2] - The total net revenue for the six months ended June 30, 2024, was $3,550,000,000, representing a 22.7% increase from $2,900,000,000 in the prior year[2] - The profit for the six months ended June 30, 2024, was $541,000,000, a significant increase of 209.1% compared to $175,000,000 in the same period of 2023[2] - The net revenue for the six months ended June 30, 2024, was $3,551 million, an increase of 22.7% compared to $2,895 million for the same period in 2023[31] - The operating profit for the same period was $688 million, up from $433 million, reflecting a significant increase in profitability[31] - The company reported a profit attributable to equity holders of $541 million for the six months ended June 30, 2024, significantly up from $175 million in the same period of 2023, representing a growth of about 209.1%[41] - Basic earnings per share for the six months ended June 30, 2024, were 6.69 cents, compared to 2.16 cents for the same period in 2023[31] - The company recorded a tax benefit of $43 million for the six months ended June 30, 2024, compared to $2 million in the same period of 2023[45] Visitor Statistics - The total number of visitors from mainland China to Macau for the six months ended June 30, 2024, was 11,500,000, an increase of approximately 52.9% year-over-year[3] - The number of visitors from mainland China to Macau increased by approximately 52.9% to 11.5 million for the six months ended June 30, 2024, compared to the same period in 2023[36] Gaming Revenue - The gross gaming revenue in Macau for the same period was MOP 113,800,000,000 (approximately $14,140,000,000), up about 41.9% from the previous year[3] - The net revenue from gaming operations for the six months ended June 30, 2024, was $2,700,000,000, reflecting a 24.8% increase from $2,160,000,000 in the prior year[6] - The gross gaming revenue for the same period was approximately $14.14 billion, an increase of about 41.9% compared to the previous year[36] Revenue Breakdown - Room revenue for the same period was $393,000,000, a 16.3% increase from $338,000,000 in the previous year[8] - The company reported a 29.8% increase in food and beverage revenue, reaching $135,000,000 compared to $104,000,000 in the previous year[5] - Total room revenue for The Venetian Macao reached $102 million, a 17.2% increase from $87 million[9] - Total shopping center revenue increased to $231 million, a 3.1% rise from $224 million, driven by higher rental rates[10] - Total shopping center revenue for The Venetian Shopping Center was $108 million, a 4.9% increase from $103 million[11] - Total room revenue for The Londoner Macao reached $166 million, a 23.0% increase from $135 million[9] - Total revenue from meetings, ferries, retail, and other services was $94 million, a 38.2% increase from $68 million, driven by increased visitor demand[13] - The Macau Venetian generated net revenue of $1,457 million for the six months ended June 30, 2024, up from $1,211 million in the same period of 2023, reflecting a growth of approximately 20.3%[39] - The Macau Londoner reported net revenue of $1,006 million for the six months ended June 30, 2024, compared to $685 million in the same period of 2023, marking an increase of around 46.8%[39] - The EBITDA for the Macau Parisian was $154 million for the six months ended June 30, 2024, compared to $120 million in the same period of 2023, showing an increase of approximately 28.3%[41] - The company’s revenue from ferry and other businesses was $55 million for the six months ended June 30, 2024, compared to $41 million in the same period of 2023, indicating an increase of approximately 34.1%[39] Capital Expenditures and Investments - The company plans to invest MOP 35,800,000,000 (approximately $4,450,000,000) in capital and operational projects until 2032, including MOP 33,360,000,000 (approximately $4,150,000,000) for non-gaming projects[4] - The ongoing development of The Londoner Macao Phase II is expected to cost approximately $1,200,000,000 and is anticipated to be completed by early 2025[4] - Capital expenditures for the six months ended June 30, 2024, amounted to $218,000,000, compared to $79,000,000 in the same period of 2023[24] - The company has contracted but unrecognized capital expenditures of $710,000,000 as of June 30, 2024, compared to $510,000,000 as of December 31, 2023[25] - The company is continuing the Phase II development of The Londoner Macao, with an estimated total cost of $1,200,000,000, expected to be completed in early 2025[26] Debt and Financing - Net financing costs for the six months ended June 30, 2024, were $220,000,000, down from $287,000,000 in the same period of 2023, reflecting a decrease in interest and other financing costs by $65,000,000[17] - The capital debt ratio decreased to 92.2% as of June 30, 2024, down from 100.1% at the end of 2023, primarily due to the repurchase of $175 million in outstanding preferred notes and an increase in total equity by $531 million[29] - The total liabilities as of June 30, 2024, were $10,028 million, down from $10,262 million at the end of 2023, indicating a reduction in overall debt levels[34] - The total borrowings amount to $8,153 million as of June 30, 2024, compared to $8,328 million as of December 31, 2023, indicating a decrease of approximately 2.1%[53] - The company repurchased $1.8 billion of outstanding principal amount of 5.125% senior notes due August 8, 2025, resulting in a gain of approximately $1 million from early debt repayment[54] - The available borrowing limit under the 2018 SCL credit facility is $2.5 billion as of June 30, 2024, slightly up from $2.49 billion as of December 31, 2023[55] - The company has complied with all debt covenants under the 2018 SCL credit facility as of June 30, 2024[55] - The company’s credit rating was upgraded to BBB- by Fitch on February 1, 2024, leading to a 0.25% reduction in the annual interest rate on outstanding senior notes[54] Corporate Governance and Compliance - The company has maintained a high level of corporate governance, adhering to all code provisions and adopting several best practice recommendations[56] - The audit committee reviewed the accounting policies and the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, confirming compliance with applicable accounting standards[59] - The company adopted revised international financial reporting standards with no significant impact on its operating performance and financial position[37] Dividends - The board of directors did not recommend an interim dividend for the six months ended June 30, 2024[27] - The company did not recommend the payment of a final dividend for the year ended December 31, 2023, nor an interim dividend for the six months ended June 30, 2024[48] Assets and Equity - The total assets as of June 30, 2024, amounted to $10,555 million, compared to $10,258 million at the end of 2023, indicating growth in the asset base[34] - The total equity attributable to the company's shareholders was $527 million as of June 30, 2024, compared to a loss of $4 million at the end of 2023[34] - Trade receivables as of June 30, 2024, were $160 million, down from $222 million as of December 31, 2023[49] - Trade payables and other payables as of June 30, 2024, totaled $1,294 million, slightly down from $1,299 million as of December 31, 2023[51] - As of June 30, 2024, the company's trade payables aging analysis shows $40 million in the 0 to 30 days category, up from $39 million as of December 31, 2023[53]
金沙中国有限公司(01928) - 2024 - 中期业绩