Financial Performance - The total net revenue for the year ending December 31, 2024, was $7,080,000,000, an increase of 8.4% compared to $6,530,000,000 for the year ending December 31, 2023[6]. - The profit for the year ending December 31, 2024, was $1,050,000,000, representing a 51.0% increase from $692,000,000 in the previous year[6]. - Adjusted property EBITDA for the year ending December 31, 2024, was $2,330,000,000, up 4.7% from $2,230,000,000 in 2023[6]. - The net revenue from gaming operations was $5,346,000,000, reflecting a 10.4% increase from $4,841,000,000 in the previous year, driven by increased visitor volume[21]. - The operating profit for the year ended December 31, 2024, was $1,366 million, compared to $1,225 million in 2023, reflecting improved operational efficiency[63]. - The company reported a net profit attributable to equity holders of $1,045 million for 2024, up from $692 million in 2023, marking an increase of approximately 50.9%[98]. - Basic earnings per share increased to $12.91 in 2024 from $8.56 in 2023, reflecting a growth of approximately 50.9%[98]. Visitor Statistics and Tourism - The number of visitors to Macau in 2024 was approximately 35,000,000, compared to 28,000,000 in 2023, marking a significant recovery in tourism[7]. - The total number of visitors from mainland China to Macau reached 24,500,000, an increase of approximately 28.6% compared to 2023[75]. Capital Investments and Projects - The company has invested approximately $17,000,000,000 to support Macau's economic diversification and enhance its status as a leading leisure and business travel destination[9]. - The company plans to invest about $4,500,000,000 in capital and operational investments in Macau during the current gaming license period from 2023 to 2032[11]. - The company is making significant progress on the Londoner project in Macau, with completion expected in the second quarter of 2025[8]. - The Londoner Macao will open on September 26, 2024, featuring 2,405 newly renovated rooms and suites, with a total estimated project cost of $1,200,000,000[19]. - The company announced the opening of The Londoner Macao's second phase on September 26, 2024, which will feature 2,405 rooms and suites, with an estimated total project cost of $1,200 million expected to be completed in the first half of 2025[58]. Revenue Breakdown - The gross gaming revenue in Macau for the year ending December 31, 2024, was approximately $28,350,000,000, an increase of about 23.9% compared to the previous year[15]. - The Venetian Macao's gaming revenue totaled $2,282,000,000, a 6.1% increase from $2,151,000,000, with non-rolling chip drop increasing by 6.8%[23]. - The Londoner Macao's gaming revenue reached $1,462,000,000, up 14.0% from $1,283,000,000, with a 16.2% increase in non-rolling chip drop[23]. - The Parisian Macao reported gaming revenue of $740,000,000, a 13.0% increase from $655,000,000, with a significant 28.8% rise in non-rolling chip drop[23]. - The total revenue from meetings, ferries, retail, and other sources was $207 million, a 15.6% increase from $179 million, attributed to higher visitor numbers[32]. Operating Expenses and Financial Metrics - Operating expenses for the year ended December 31, 2024, were $5.71 billion, a 7.6% increase from $5.31 billion, primarily due to increased expenses in gaming and other operational areas[33]. - The total loss on disposal of properties and equipment was $32 million, up from $12 million, mainly due to increased demolition costs related to renovations[34]. - Depreciation and amortization expenses decreased to $754 million, down 6.8% from $809 million, primarily due to reduced accelerated depreciation related to specific assets[33]. - The net cash generated from operating activities for the year ended December 31, 2024, was $2,070 million, a decrease from $2,290 million in 2023, primarily due to a $63 million cash outflow from working capital changes and $11 million in income tax payments[50]. - The net cash used in investing activities for the year ended December 31, 2024, was $810 million, mainly due to capital expenditures of $871 million, offset by $62 million in interest received[52]. - The net cash used in financing activities for the year ended December 31, 2024, was $658 million, primarily due to the repurchase of $174 million in outstanding principal of 2025 senior notes and interest payments of $398 million[53]. Debt and Financing - Net financing costs for the year ended December 31, 2024, were $424 million, down 20.3% from $532 million for the year ended December 31, 2023, primarily due to a decrease in average borrowing balances and average interest rates[39]. - The average interest rate decreased from 5.4% for the year ended December 31, 2023, to 4.9% for the year ended December 31, 2024, due to credit rating upgrades and changes in interest payment options[39]. - The company maintained a maximum debt to adjusted EBITDA ratio of 4.00 times and a minimum adjusted EBITDA to net interest expense ratio of 2.50 times throughout the financing period[46]. - The 2024 SCL credit facility provides HKD 19,500 million (approximately $2,510 million) in unsecured revolving credit financing, available until September 24, 2029[45]. - The 2024 SCL credit facility also includes HKD 12,950 million (approximately $1,670 million) in unsecured term loan financing, available until August 31, 2025, for repaying outstanding amounts under the 2025 senior notes[46]. Shareholder Information - The board proposed a final dividend of HK$0.25 per share for the year ended December 31, 2024, amounting to an estimated total of approximately $260 million[60]. - The proposed final dividend is expected to be paid on June 20, 2025, if conditions are met[123]. - The company will suspend share transfer registration from May 19, 2025, to May 22, 2025, to determine eligible shareholders for the annual general meeting[125]. - A second suspension of share transfer registration will occur on May 30, 2025, to identify shareholders eligible for the proposed final dividend[125]. Asset and Equity Position - The total assets as of December 31, 2024, were $11,169 million, an increase from $10,258 million in 2023, indicating growth in the company's asset base[67]. - The company reported a total equity of USD 1,031 million, compared to a loss of USD 4 million in the previous year[70]. - The total liabilities decreased slightly to USD 10,138 million from USD 10,262 million year-over-year[70]. - The total assets minus current liabilities amounted to USD 8,176 million, down from USD 8,886 million in the previous year[70]. Operational Developments - The newly renovated Venetian Theatre has reopened with a capacity of 14,000 seats, designed for large-scale live entertainment events[19]. - The company operates a total of 1,680 gaming tables and 3,700 slot machines across its properties[19]. - The total retail space across all properties is 2,127,000 square feet, with 769 retail outlets[18]. - Room revenue for the year ended December 31, 2024, was $774 million, an increase of 1.7% compared to $761 million for the year ended December 31, 2023, primarily due to increased occupancy rates[25]. - Total shopping center revenue decreased to $493 million, down 3.9% from $513 million, mainly due to a reduction in excess rent[28]. - Dining revenue increased to $260 million, an 8.3% increase from $240 million, driven by increased visitor volume and the addition of new dining establishments[32].
金沙中国有限公司(01928) - 2024 - 年度业绩