Business Operations - The group operates the Macau Fisherman's Wharf, a waterfront integrated facility that combines gaming, hotels, conferences, and entertainment, aligning with the Macau government's policies on leisure and tourism [15]. - The company provides gaming services at the Legend Palace Casino, Babylon Casino, and the Land Casino under service agreements [15]. - The group also operates the Savan Legend Hotel and Entertainment Complex in Laos, expanding its gaming and hospitality footprint [15]. - The company is committed to developing new technologies and products to improve operational efficiency and customer engagement [15]. - The group aims to align its business strategies with the evolving regulatory landscape in Macau and the broader region [15]. - The company plans to invest in marketing initiatives to attract more visitors to its facilities, particularly in the post-pandemic recovery phase [15]. - The Group has recognized impairment losses for its overseas project in Cape Verde due to adverse economic changes caused by the COVID-19 pandemic [58]. - The Group plans to enhance non-gaming tourism activities and facilities, including transforming Legend Boulevard into a leisure avenue with diverse dining and entertainment options [64]. Financial Performance - For the six months ended June 30, 2021, the Group reported total revenue of approximately HK$527.4 million, an increase of approximately HK$163.3 million or 44.9% compared to HK$364.1 million in the same period last year [25]. - The Group's gaming revenue in Macau increased by approximately 64% in the first half of 2021 compared to the same period last year, while the overall gaming revenue in Macau rose by approximately 45% [61]. - Non-gaming revenue for the six months ended June 30, 2021, was approximately HK$106.4 million, an increase of approximately 38.1% from HK$77.0 million in the same period last year [41]. - The Group's total loss for the six months ended June 30, 2021, was approximately HK$688.6 million, compared to a loss of approximately HK$550.2 million in the previous year [58]. - The company reported a significant increase in mass market table revenue, contributing HK$344,574,000 in 2021, compared to HK$207,619,000 in 2020, a rise of 66.0% [183]. - The total comprehensive loss for the period was HK$704,992,000, compared to HK$569,469,000 in the same period last year, indicating a 23.7% increase in total loss [121]. - The company incurred a loss for the period of HK$688,643,000, compared to a loss of HK$550,187,000 in the first half of 2020 [130]. Gaming Operations - The Group's gaming services revenue included service income from SJM for mass market tables, VIP tables, and slot machines, as well as casino operations in Laos [26]. - The total games drop for mass market tables was HK$1,123.0 million, representing a 32.6% increase from HK$846.6 million in the previous year [28]. - The net win from mass market tables was HK$186.1 million, an increase of 11.9% from HK$166.3 million in the previous year [28]. - The Group's net win from VIP tables was HK$59.6 million, up 18.3% from HK$50.3 million in the previous year [28]. - The total turnover for the Babylon Casino was HK$1,282.3 million, a 40.9% increase from HK$909.9 million in the previous year [30]. - The average number of mass market tables increased by 31.3% to 63 from 48 in the previous year [28]. - The Group's hold rate for mass market tables was 16.57%, a decrease of 3.1 percentage points from 19.64% in the previous year [28]. Operational Adjustments - The interim report indicates a focus on enhancing user experience and expanding service offerings in the gaming sector [15]. - The management emphasizes the importance of maintaining a diversified portfolio to mitigate risks associated with market fluctuations [15]. - The interim financial results will be closely monitored to guide future investment decisions and operational adjustments [15]. - The Group has implemented various measures to control operating costs and expenses in response to the ongoing impact of the COVID-19 pandemic [58]. - The Group has obtained a waiver of loan covenant from banks for a period of 12 months up to and including June 30, 2022, allowing it to avoid early repayment demands due to covenant breaches [148]. Corporate Governance - The company has a structured governance framework in place, as evidenced by the registration of interests required under the Securities and Futures Ordinance [102]. - The report highlights the importance of corporate governance and transparency in maintaining shareholder trust and compliance with regulatory requirements [102]. - The company has complied with the Corporate Governance Code throughout the six months ended June 30, 2021, except for code provision A.2.1, which stipulates that the roles of chairman and chief executive should be separate [104]. - The company has adopted the Model Code as its code of conduct governing directors' dealings in the company's securities, with all directors confirming compliance during the six months ended June 30, 2021 [108]. - The audit committee, comprising three independent non-executive directors and one non-executive director, reviewed the 2021 Interim Report and unaudited condensed consolidated financial information [109]. Future Outlook - Future outlook includes strategic market expansion and potential acquisitions to strengthen its position in the gaming and entertainment industry [15]. - The Directors expect an increase in the number of tourists traveling to Macau once the border between Hong Kong and Macau reopens, which is anticipated to benefit the Group's business and improve financial performance [151]. - The Group remains optimistic about the recovery of Macau's overall tourism and consumer market as travel restrictions are gradually relaxed [64].
澳门励骏(01680) - 2021 - 中期财报