美高梅中国(02282) - 2021 - 中期财报

Financial Performance - Entertainment revenue for the six months ended June 30, 2021, was HKD 4,133,230, compared to HKD 2,045,405 for the same period in 2020, representing an increase of 102.5%[7] - Adjusted EBITDA for the first half of 2021 was HKD 200,352, a significant improvement from a loss of HKD 1,008,386 in the first half of 2020[7] - The company reported an operating loss of HKD 1,049,788 for the first half of 2021, compared to a loss of HKD 2,395,901 in the same period of 2020, indicating a reduction in losses[7] - Loss attributable to shareholders for the period was HKD 1,733,311, an improvement from HKD 2,860,430 in the prior year[7] - Basic and diluted loss per share for the first half of 2021 was HKD 0.456, compared to HKD 0.753 for the same period in 2020[7] - Total operating revenue for the six months ended June 30, 2021, was HKD 4.711 billion, representing a 98.7% increase compared to HKD 2.370 billion in the same period of 2020[47] - The company reported a net loss attributable to shareholders of HKD 1,733,311,000 for the six months ended June 30, 2021, an improvement from a loss of HKD 2,860,430,000 in the same period of 2020, reflecting a reduction of approximately 39.4%[158] - The basic and diluted loss per share for the period was HKD 0.456, compared to HKD 0.753 in the previous year, indicating a decrease in loss per share by about 39.5%[158] Visitor and Gaming Revenue - For the six months ending June 30, 2021, total visitor numbers increased by 20.2% year-over-year, while visitors from mainland China rose by 52.3%[13] - Macau's total gaming revenue for the first half of 2021 increased by 45.4% year-over-year to HKD 47.6 billion[13] - The total win amount from mass table games was HKD 3,744,264,000, up from HKD 1,545,386,000 in the previous year[191] - Main table gaming win for the six months ended June 30, 2021, was HKD 3.744 billion, up 142.3% from HKD 1.545 billion in 2020[58] - VIP table gaming win increased by 24.1% to HKD 1.158 billion for the six months ended June 30, 2021, compared to HKD 933.7 million in 2020[59] - Slot machine win rose by 76.5% to HKD 480.6 million for the six months ended June 30, 2021, from HKD 272.2 million in 2020[60] Operational Challenges - The ongoing COVID-19 pandemic has significantly impacted the company's operations, with various health measures still in effect as of the report date[11] - The company resumed operations on February 20, 2020, after a temporary suspension due to COVID-19, with health protection measures implemented[11] - New health and social distancing measures have been implemented to address customer safety concerns and adapt to changing behaviors[24] - The impact of COVID-19 has led to significant operational challenges, with restrictions affecting visitor numbers and overall business performance[175] Cost Management and Financial Flexibility - The company has taken measures to reduce salary expenses, including limiting on-site staff numbers and implementing voluntary unpaid leave[18] - Employee costs decreased by 4.5% to HKD 1.564 billion, reflecting cost management measures during the pandemic[66] - The company has a strong balance sheet and significant financial flexibility, which supports its growth potential[21] - The company has revised its financial covenants for its revolving credit facilities to allow for higher leverage and interest coverage ratios[14] Future Developments and Projects - A new luxury suite project at MGM Cotai is expected to open in the third quarter of 2021, enhancing the company's position in the premium segment[19] - The company plans to develop the MGM Art House Villas with an expected total capital cost of HKD 677 million to strengthen its position in the mid-to-high-end market[24] - The company is focusing on diversifying its services to meet different market segments and enhance financial performance[21] - The company is identifying innovative gaming and non-gaming investment opportunities to drive growth[21] Shareholder and Corporate Governance - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2021[113] - The company has complied with the corporate governance code as per the listing rules during the period from January 1, 2021, to June 30, 2021[150] - The company has adopted a comprehensive incentive plan allowing the issuance of stock options and other equity awards to eligible directors and employees[122] Debt and Financing - The company issued USD 500 million in 5.25% senior notes due June 18, 2025, to repay part of its revolving credit facilities, increasing available unsecured credit to HKD 83.4 billion[14] - The company has a total borrowing amount of HKD 22.74 billion as of the reporting date, compared to HKD 21.16 billion in the previous period[87] - The company has increased its available undrawn credit facilities to HKD 31.2 billion as of June 29, 2020, following amendments to its revolving credit facilities[186] - The company has drawn HKD 1.76 billion from its unsecured credit facilities as of the reporting date[87] Employee and Management - The company employed 10,065 full-time and part-time employees as of June 30, 2021, a decrease from 10,364 employees on December 31, 2020[108] - The company has shown a strategic focus on managing employee costs while facing rising operational expenses in maintenance and financing[195][196][200]