Financial Performance - The adjusted property EBITDA for the first half of 2025 was $1,100,000,000, a decrease of 5.9% compared to $1,170,000,000 in the first half of 2024[10]. - The total net revenue for the first half of 2025 was $3,490,000,000, down 1.7% from $3,550,000,000 in the first half of 2024[10]. - The profit for the first half of 2025 was $413,000,000, a decrease of 23.7% from $541,000,000 in the first half of 2024[10]. - The net revenue from the gaming segment for the first half of 2025 was $2,620,000,000, down 3.0% from $2,700,000,000 in the first half of 2024[19]. - Total net revenue from the Macau Venetian casino was $1,019 million, a decrease of 14.7% compared to $1,194 million in the previous year[21]. - Total net revenue from the Londoner Macau casino increased by 21.7% to $897 million from $737 million[21]. - The total revenue from the Parisian Macau casino was $316 million, a decrease of 16.8% from $380 million[21]. - For the six months ended June 30, 2025, the net revenue was $3,492 million, a decrease of 1.7% compared to $3,551 million in the same period of 2024[133]. - Operating profit for the same period was $585 million, down 15.0% from $688 million in 2024[133]. - Profit attributable to equity holders for the six months was $413 million, a decrease of 23.6% from $541 million in 2024[133]. Visitor and Gaming Revenue Trends - The Macau government reported a 19.3% increase in the total number of visitors from mainland China for the first half of 2025 compared to the same period in 2024[15]. - The gross gaming revenue in Macau increased by 4.4% for the first half of 2025 compared to the same period in 2024[15]. - The total revenue from slot machines at the Macau Venetian was $2,776 million, down 8.6% from $3,038 million[21]. - The total revenue from shopping centers increased by 7.8% to $249 million from $231 million[27]. - The total revenue from the Venetian shopping center was $121 million, an increase of 12.0% from $108 million[28]. Capital Expenditures and Investments - The Londoner Macao Phase II project, which includes the renovation of the Sheraton Grand Macao into The Londoner Hotel, has an estimated total cost of $1,200,000,000 and was largely completed in the first quarter of 2025[16]. - Capital expenditures for the six months ended June 30, 2025, amounted to $333 million, up from $218 million in the same period in 2024[53]. - The company committed to invest at least MOP 35.84 billion (approximately $4.43 billion), with MOP 33.39 billion (approximately $4.13 billion) allocated for non-gaming projects to be completed by December 2032[58]. Operating Expenses and Financial Management - Total operating expenses for the six months ended June 30, 2025, were $2.91 billion, an increase of 1.5% from $2.86 billion in the same period of 2024[33]. - Employee benefits expenses increased by $42 million, and foreign exchange losses rose by $31 million, contributing to the overall increase in operating expenses[33]. - The financing cost for the six months ended June 30, 2025, was $196 million, a decrease of 12.1% from $223 million for the same period in 2024[41]. - Net financing costs, after capitalized interest, were $195 million for the six months ended June 30, 2025, compared to $220 million for the same period in 2024, reflecting a decrease of 11.4%[41]. Shareholder Returns and Dividends - The company declared an interim dividend of HKD 0.25 per share, totaling HKD 2,020,000,000 (approximately USD 258,000,000) to be paid on September 12, 2025[59]. - A final dividend of HK$0.25 (approximately $0.032) per share was declared, totaling HK$2.02 billion (approximately $261 million), to be paid on June 20, 2025[171]. Legal and Regulatory Matters - A lawsuit was filed against the company for MOP 3,000,000,000 (approximately USD 371,000,000) regarding alleged breaches of a joint bidding agreement[62]. - The Macau court ruled in 2014 that the claims against the company were baseless, but the plaintiff appealed the decision[64]. - The plaintiff increased the claim amount to MOP 96,450,000,000 (approximately USD 11,930,000,000) in 2019, asserting it represented lost earnings from 2004 to 2018[65]. - The company will continue to actively defend against the ongoing litigation[72]. Debt and Financial Position - As of June 30, 2025, the net debt was $5,939 million, a slight decrease from $6,036 million as of December 31, 2024, resulting in a net debt to total equity ratio of 84.1% compared to 85.4%[76]. - The total equity increased to $1,120 million as of June 30, 2025, up from $1,031 million as of December 31, 2024[76]. - The company has a total of 27,052 full-time team members as of June 30, 2025, with a gender ratio of 49% male and 51% female[81]. Corporate Governance and Management - The company has established five board committees to ensure effective corporate governance, including an Audit Committee and a Remuneration Committee[90]. - Patrick Sydney Dumont was appointed as a non-executive director on August 8, 2025, indicating a potential shift in board composition[87]. - The Audit Committee has reviewed the accounting policies adopted by the group and the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, confirming compliance with applicable accounting standards[93]. Environmental, Social, and Governance (ESG) Initiatives - The company published its 2024 Environmental, Social, and Governance (ESG) report in March 2025, demonstrating its commitment to sustainability[80].
金沙中国有限公司(01928) - 2025 - 中期财报