Business Operations - The Group operates the Macau Fisherman's Wharf, a waterfront integrated gaming, hotel, convention, and entertainment complex, aligning with the Macau government's policy on leisure and tourism [16]. - The Group provides gaming services to SJM in the Legend Palace Casino, Babylon Casino, and Landmark Casino under a service agreement [17]. - The Group also operates a casino within the Savan Legend Resorts Hotel and Entertainment Complex in Laos [17]. - The Group's business includes the operation of hotels, entertainment, and leisure facilities within its properties [17]. - The Group is one of the leading owners of entertainment and casino gaming facilities in Macau [16]. - The Group's operations contribute to the diversification of the local economy in Macau [16]. Financial Performance - In 2019, Macau's total gross gaming revenue reached approximately MOP292.5 billion, a decrease of about 3.4% compared to the previous year [23]. - The Group's total reported revenue for 2019 was approximately HK$2,359.7 million, representing an increase of approximately 26.5% from HK$1,865.4 million in 2018 [32]. - Adjusted EBITDA for the year was approximately HK$365.8 million, reflecting a growth of approximately 1.7% compared to the previous year [23]. - The Group's net win from gaming services increased by 18.0% to HK$1,183.5 million in 2019 compared to HK$1,002.9 million in 2018 [37]. - The total reported revenue for gaming services increased by approximately 39.8% to HK$1,898,200,000 in 2019, compared to HK$1,357,940,000 in 2018 [46]. - The Group reported a profit attributable to owners of the Company of (HK$215.1 million) for 2019, compared to a profit of HK$1.9 billion in 2018 [58]. - The Group recorded a loss of approximately HK$190.3 million for the year ended December 31, 2019, compared to a profit of approximately HK$1,966.1 million in the previous year, largely due to a gain on the disposal of a subsidiary in April 2018 [72]. Gaming Operations - The Legend Palace Casino significantly contributed to the increase in gaming revenue, with high occupancy rates and effective utilization of F&B and entertainment facilities at Macau Fisherman's Wharf [24]. - Babylon Casino reported a net win of HK$227,091,000 for 2019, a 56.2% increase from HK$145,356,000 in 2018 [40]. - Landmark Casino's net win reached HK$1,087,143,000 in 2019, reflecting an 89.2% increase from HK$574,574,000 in 2018 [41]. - The average number of mass market tables increased from 50 in 2018 to 54 in 2019, while the average net win per table rose from HK$55,000 to HK$60,000 [37]. - The average number of gaming tables at Babylon Casino increased by 33.3% to 24 in 2019 from 18 in 2018 [40]. - The average net win per table per day at Landmark Casino increased by 80% to HK$45,000 in 2019 from HK$25,000 in 2018 [41]. Non-Gaming Operations - The Group's non-gaming revenue decreased by approximately 9.1% to HK$461,500,000 in 2019 compared to the previous year [48]. - Income from hotel rooms was HK$181.4 million, down from HK$229.2 million in 2018, reflecting a decrease of approximately 20.8% [53]. - Total revenue from non-gaming operations, excluding Savan Legend, was HK$438.2 million in 2019, compared to HK$485.8 million in 2018, showing a decline of approximately 9.8% [53]. - The decrease in non-gaming revenue was primarily due to reduced contributions from The Landmark Macau following its disposal [54]. Future Plans and Developments - The Group plans to enhance offerings at Macau Fisherman's Wharf, including renovations of the convention center and the introduction of new non-gaming attractions [24]. - The Savan Legend Resort in Laos is expected to open new projects, The Suites boutique hotel and The Thakhet Club, in the second half of 2020, aiding business expansion in Laos [26]. - Construction of a new hotel and casino complex in Cape Verde is ongoing, with a soft opening anticipated in late 2021 [27]. - The Group is actively enhancing offerings at MFW, including extensive renovations and new F&B outlets, aiming to become the most prominent entertainment complex in Peninsula Macau [80]. Corporate Governance - The Company has complied with the Corporate Governance Code, except for provisions A.2.1 and A.4.1, which require separation of roles between the chairman and CEO, and specific terms for non-executive directors, respectively [153]. - The Board is responsible for the overall management and control of the Company's business, focusing on enhancing shareholder value [156]. - The Company has established committees, including the Audit and Remuneration Committees, to enhance governance and oversight [161]. - The Board's composition includes members with appropriate professional qualifications and financial management expertise [168]. - The Company emphasizes good corporate governance practices to maintain investor confidence and sustainable growth [153]. Management and Leadership - Ms. Melinda Chan has been the CEO of MFW Investment since October 2017, actively shaping the company's policy and daily operations [111]. - The company is managed by a team with extensive experience in the casino and real estate sectors, enhancing its operational capabilities [113]. - The management team has a diverse background, contributing to the company's strategic direction and operational effectiveness [132]. - The company has a strong focus on community service, with directors actively participating in various charitable organizations and committees [136]. Employee Relations - The Group recognizes the importance of maintaining a stable staff force for its continued success [99]. - Employee remuneration is determined based on personal qualifications, work performance, industry experience, responsibilities, and market trends [99]. - Discretionary bonuses are granted to employees based on merit and in accordance with industry practice [99]. - Other benefits offered to eligible employees include share options, reward shares, retirement benefits, subsidized medical care, and sponsorship for external education and training programs [99].
澳门励骏(01680) - 2019 - 年度财报