Financial Performance - The adjusted property EBITDA for Sands China Ltd. in the first half of 2021 was $234 million (HKD 1.82 billion), compared to an adjusted property EBITDA loss of $243 million (HKD 1.9 billion) in the first half of 2020, indicating a recovery from the pandemic impact[7]. - Total net revenue for the first half of 2021 was $1.62 billion (HKD 12.58 billion), representing a 91.0% increase from $848 million (HKD 6.57 billion) in the first half of 2020[7]. - The company reported a loss of $381 million (HKD 2.96 billion) in the first half of 2021, an improvement from a loss of $716 million (HKD 5.55 billion) in the same period of 2020[7]. - The total gaming revenue for the six months ending June 30, 2021, increased by 45.4% compared to the same period in 2020[15]. - The gaming revenue for the six months ended June 30, 2021, was $1,182,000,000, up 89.1% from $625,000,000 in the same period of 2020[25]. - The total comprehensive loss attributable to equity holders for the first half of 2021 was $383 million, compared to $701 million in the same period of 2020[102]. - The company reported a basic loss per share of 4.71 cents for the first half of 2021, an improvement from a loss of 8.85 cents per share in the same period of 2020[101]. - The company reported a net loss attributable to equity holders of $381 million for the six months ended June 30, 2021, compared to a loss of $716 million for the same period in 2020[118]. Visitor Trends - The total number of visitors to Macau from mainland China decreased from 2,300,000 in the quarter ending March 31, 2020, to 1,600,000 in the quarter ending March 31, 2021, while increasing to 2,000,000 in the quarter ending June 30, 2021[15]. - The total number of visitors to Macau for the six months ended June 30, 2021, was 3,600,000, representing a 52.3% increase compared to the same period in 2020[19]. - The company’s operations have been severely impacted by the decrease in visitors to Macau, with ongoing uncertainty regarding the duration and severity of the COVID-19 pandemic[111]. - The company’s properties remain open, but operations have been scaled back due to low visitor numbers and required safety measures[111]. Development and Renovation - Sands China Ltd. continues to focus on developing its Cotai properties and enhancing its integrated resort business model to become a leading destination for gaming, leisure, exhibitions, and conferences in Asia[9]. - The renovation of the VIP and premium mass gaming areas at The Venetian Macao has been completed, featuring modern designs and an increased number of private gaming rooms[10]. - The Londoner Macao project is ongoing, with phased deliveries expected throughout 2021, including the opening of a hotel with 594 London-themed suites in January 2021[12]. - The company is actively evaluating opportunities to enhance its product offerings, including significant upgrades to its hotels, restaurants, and gaming areas[9]. - The company is undergoing a major development project to transform Sands Cotai Central into The Londoner Macao, with the hotel opening in January 2021 and further retail options being expanded[109]. Revenue Streams - The company reported a significant increase in revenue from shopping centers, which reached $218,000,000, a 120.2% increase from $99,000,000 in the previous year[25]. - Total revenue for the Venetian Macao shopping center reached $95 million, a 102.1% increase compared to the previous period[32]. - The total revenue from the Macau Londoner was $959 million, a 70.9% increase from $561 million in the previous year[26]. - The total revenue from the Macau Parisian was $128 million, reflecting a 50.6% increase from $85 million in the previous year[26]. - The company reported a 10% increase in non-gaming revenue, highlighting the importance of diversified income streams[154]. Financial Position and Cash Management - The company reported a cash and cash equivalents balance of $861 million, excluding restricted cash, and an available borrowing capacity of $2 billion from the 2018 SCL revolving credit facility[15]. - The company has implemented cost-cutting measures and capital expenditure plans to minimize cash outflows during the current environment[15]. - The total assets as of June 30, 2021, amounted to $10,415 million, a decrease from $10,548 million as of December 31, 2020[103]. - The total liabilities increased to $8,853 million as of June 30, 2021, compared to $8,619 million as of December 31, 2020[105]. - The company’s total equity decreased to $1,562 million as of June 30, 2021, from $1,929 million as of December 31, 2020[105]. Corporate Governance - Robert Glen Goldstein serves as both Chairman and CEO since January 2021, enhancing strategic focus and management effectiveness[67]. - The company established an Environmental, Social, and Governance (ESG) Committee, chaired by Zhang Yun, to enhance governance practices[72]. - The company has five non-executive directors, four of whom are independent, providing independent judgment on strategy and performance[67]. - The company has implemented a securities trading code for directors and employees to comply with insider trading regulations[69]. Future Outlook - The company is optimistic about the future growth as travel restrictions are expected to be lifted, enhancing its market leadership position[18]. - The company provided a performance guidance of $1.5 billion in revenue for the second half of 2021, anticipating continued recovery[153]. - Sands China plans to expand its market presence in the Greater Bay Area, leveraging the region's economic growth potential[155]. - The company is exploring strategic partnerships for potential acquisitions to enhance its competitive position in the market[155].
金沙中国有限公司(01928) - 2021 - 中期财报