澳博控股(00880) - 2025 - 中期业绩

Financial Highlights The Group's total net revenue grew 6.1% to HKD 14.639 billion, but adjusted EBITDA declined 5.1% to HKD 1.646 billion, and loss attributable to owners expanded to HKD 182 million Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (Million HKD) | 2024 (Million HKD) | Increase/(Decrease) | | :--- | :--- | :--- | :--- | | Group Total Net Revenue | 14,639 | 13,801 | 6.1% | | Gaming Net Revenue | 13,628 | 12,897 | 5.7% | | Adjusted EBITDA | 1,646 | 1,734 | (5.1%) | | Loss Attributable to Owners of the Company | (182) | (162) | NM | | Basic Loss Per Share (HK cents) | (2.6) | (2.3) | NM | Interim Dividend The Board resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 (2024: nil)[5] Operations Summary SJM Resorts' gaming net revenue grew to HKD 13.628 billion, Grand Lisboa Palace Resort's total revenue increased 22.7%, while Grand Lisboa's total revenue slightly declined - SJM Resorts' gaming net revenue for the first half of 2025 was HKD 13.628 billion, an increase from HKD 12.897 billion in the first half of 2024[6] - SJM Resorts accounted for 12.9% of Macau's gross gaming revenue, with mass market table gross gaming revenue at 16.1% and VIP gross gaming revenue at 3.7%[6] Key Property Operating Data (H1 2025 vs H1 2024) | Property | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | :--- | | Grand Lisboa Palace Resort | Gross Revenue | 3.626 billion | 2.956 billion | +22.7% | | | Adjusted Property EBITDA | 82 million | 192 million | -57.3% | | | Occupancy Rate | 98.1% | 94.8% | +3.3 percentage points | | | Average Daily Room Rate | 1,221 | 1,155 | +5.7% | | Grand Lisboa | Gross Revenue | 3.760 billion | 3.800 billion | -1.1% | | | Adjusted Property EBITDA | 863 million | 1.010 billion | -14.6% | | | Occupancy Rate | 98.6% | 98.5% | +0.1 percentage points | | | Average Daily Room Rate | 1,398 | 1,226 | +14.0% | - As of June 30, 2025, the Group's cash, bank balances, short-term bank deposits, and pledged bank deposits totaled HKD 3.335 billion, with debt at HKD 27.257 billion[6] Condensed Consolidated Financial Statements This section provides the condensed consolidated statements of profit or loss and financial position, detailing the Group's financial performance and position Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group reported total revenue of HKD 14.639 billion, with a loss for the period of HKD 138 million and basic and diluted loss per share of 2.6 HK cents Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (Million HKD) | 2024 (Million HKD) | | :--- | :--- | :--- | | Revenue from Gaming, Hotel, F&B, Retail, Leasing and Related Services | 14,639.3 | 13,801.3 | | Gaming Revenue | 13,627.5 | 12,897.0 | | Special Gaming Tax and Special Levy | (5,928.1) | (5,516.7) | | Hotel, F&B, Retail, Leasing and Related Services Income | 1,011.8 | 904.3 | | Marketing and Promotion Expenses | (2,634.9) | (2,422.9) | | Operating and Administrative Expenses | (5,098.8) | (4,772.8) | | Finance Costs | (847.1) | (975.8) | | Loss Before Tax | (107.1) | (85.2) | | Loss for the Period | (138.1) | (108.6) | | Loss Attributable to Owners of the Company | (182.2) | (162.4) | | Basic Loss Per Share (HK cents) | (2.6) | (2.3) | | Diluted Loss Per Share (HK cents) | (2.6) | (2.3) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group reported total non-current assets of HKD 45.306 billion, net current liabilities of HKD 10.359 billion, and total equity of HKD 14.024 billion Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (Million HKD) | December 31, 2024 (Million HKD) | | :--- | :--- | :--- | | Non-Current Assets | | | | Property and Equipment | 37,839.1 | 37,566.4 | | Gaming Concession Rights | 1,906.6 | 2,097.7 | | Total Non-Current Assets | 45,306.4 | 45,463.4 | | Current Assets | | | | Bank Balances and Cash | 2,103.1 | 1,992.9 | | Total Current Assets | 3,634.4 | 3,261.5 | | Current Liabilities | | | | Trade and Other Payables | 4,641.8 | 4,743.5 | | Bank Loans Due Within One Year | 3,424.0 | 1,729.5 | | Unsecured Notes | 5,492.5 | — | | Total Current Liabilities | 13,993.9 | 6,933.4 | | Net Current Liabilities | (10,359.5) | (3,671.9) | | Non-Current Liabilities | | | | Bank Loans Due After One Year | 10,891.7 | 11,769.7 | | Unsecured Notes | 3,799.8 | 9,349.9 | | Total Non-Current Liabilities | 20,922.2 | 27,615.5 | | Net Assets | 14,024.7 | 14,176.0 | | Equity Attributable to Owners of the Company | 13,728.7 | 13,924.1 | | Total Equity | 14,024.7 | 14,176.0 | Notes to the Condensed Consolidated Financial Statements This section provides detailed notes to the condensed consolidated financial statements, covering accounting policies, segment performance, and financial details General Information and Basis of Preparation The Company, a Hong Kong-registered investment holding company, presents its HKD financial statements in accordance with HKAS 34 and Listing Rules, consistent with prior accounting policies - The Company is a public limited company registered in Hong Kong, primarily engaged in the development and operation of casinos and related facilities, hotels, food and beverage, retail, leasing, and related services in Macau[10] - The condensed consolidated financial statements are presented in Hong Kong Dollars (HKD) and prepared in accordance with Hong Kong Accounting Standard 34 and Appendix D2 of the Listing Rules of The Stock Exchange of Hong Kong Limited[11] - The accounting policies for the six months ended June 30, 2025, are consistent with those applied in the annual consolidated financial statements for the year ended December 31, 2024, with no significant impact on financial position or performance from the application of revised Hong Kong Financial Reporting Standards[13][14] Operating Segments The Group operates in two segments: gaming, with revenue of HKD 13.628 billion, and hotel/related businesses, reporting HKD 1.0118 billion in external sales - The Group is currently divided into two reporting segments: Gaming Operations (operating casinos and related facilities) and Hotel, Food and Beverage, Retail, and Leasing Operations (operating hotels, food and beverage, retail, leasing, and related services)[15] Segment Revenue and Results Analysis (For the Six Months Ended June 30) | Segment | 2025 Revenue (Million HKD) | 2024 Revenue (Million HKD) | 2025 Results (Million HKD) | 2024 Results (Million HKD) | | :--- | :--- | :--- | :--- | :--- | | Gaming Operations | 13,627.5 | 12,897.0 | 120.7 | 78.6 | | Hotel, F&B, Retail & Leasing Operations (External Sales) | 1,011.8 | 904.3 | (169.3) | (103.7) | | Total (from Customer Contracts and Operating Leases) | 14,639.3 | 13,801.3 | (48.6) | (25.1) | Segment Assets and Liabilities Analysis (As of June 30, 2025) | Segment | 2025 Assets (Million HKD) | 2024 Assets (Million HKD) | 2025 Liabilities (Million HKD) | 2024 Liabilities (Million HKD) | | :--- | :--- | :--- | :--- | :--- | | Gaming Operations | 35,398.2 | 35,117.6 | 32,887.7 | 32,483.8 | | Hotel, F&B, Retail & Leasing Operations | 10,502.6 | 10,460.4 | 1,399.3 | 1,439.3 | | Total Group | 48,940.8 | 48,724.9 | 34,916.1 | 34,548.9 | Gaming Revenue Total gross gaming revenue reached HKD 14.8206 billion, with non-rolling chip gaming revenue as the largest component, resulting in net gaming revenue of HKD 13.6275 billion Composition of Gaming Revenue (For the Six Months Ended June 30) | Item | 2025 (Million HKD) | 2024 (Million HKD) | | :--- | :--- | :--- | | Rolling Chip Gross Gaming Revenue | 1,099.4 | 1,177.7 | | Non-Rolling Chip Gross Gaming Revenue | 12,302.0 | 11,489.6 | | Electronic Gaming Gross Revenue | 1,419.2 | 1,124.0 | | Gross Gaming Revenue | 14,820.6 | 13,791.3 | | Less: Commissions and Incentives | (1,193.1) | (894.3) | | Net Gaming Revenue | 13,627.5 | 12,897.0 | Items Deducted From/Credited to Loss Before Tax Total staff costs were HKD 3.3212 billion, with depreciation of property and equipment at HKD 786.9 million, and bank interest income at HKD 32.1 million Items Deducted From/Credited to Loss Before Tax (For the Six Months Ended June 30) | Item | 2025 (Million HKD) | 2024 (Million HKD) | | :--- | :--- | :--- | | Total Staff Costs | 3,321.2 | 3,132.4 | | Amortisation of Gaming Concession Rights | 127.0 | 130.7 | | Depreciation of Property and Equipment | 786.9 | 742.5 | | Depreciation of Right-of-Use Assets | 70.3 | 60.3 | | Bank Interest Income | 32.1 | 59.5 | | Dredging Service Income | 81.8 | 99.3 | Taxation Total tax for the period was HKD 31 million, with SJM Resorts exempt from complementary tax on gaming income, but shareholders liable for a special complementary tax Composition of Taxation (For the Six Months Ended June 30) | Item | 2025 (Million HKD) | 2024 (Million HKD) | | :--- | :--- | :--- | | Current Tax—Macau SAR Complementary Tax | 25.2 | 23.4 | | Deferred Tax | 5.8 | — | | Total | 31.0 | 23.4 | - SJM Resorts has been exempted from complementary tax on income derived from gaming operations for the period from January 1, 2023, to December 31, 2027[26] - SJM Resorts' shareholders are required to pay a special complementary tax at the applicable rate on gross gaming revenue for the period from January 1, 2023, to December 31, 2025[26] Dividends The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 (2024: nil)[28] Loss Per Share Loss attributable to owners was HKD 182.2 million, resulting in basic and diluted loss per share of 2.6 HK cents, an increase from 2.3 HK cents Loss Per Share Calculation (For the Six Months Ended June 30) | Indicator | 2025 (Million HKD/HK cents) | 2024 (Million HKD/HK cents) | | :--- | :--- | :--- | | Loss for the purpose of calculating basic and diluted loss per share (Loss attributable to owners of the Company) | (182.2) | (162.4) | | Weighted Average Number of Ordinary Shares | 7,101,805,366 | 7,101,805,366 | | Basic Loss Per Share | (2.6) HK cents | (2.3) HK cents | | Diluted Loss Per Share | (2.6) HK cents | (2.3) HK cents | Trade and Other Receivables Total trade and other receivables increased to HKD 1.0913 billion, with net advances to gaming customers rising to HKD 215.2 million Trade and Other Receivables (As of June 30, 2025) | Item | June 30, 2025 (Million HKD) | December 31, 2024 (Million HKD) | | :--- | :--- | :--- | | Advances to Gaming Customers (Net) | 215.2 | 153.9 | | Lease Receivables | 270.4 | 213.4 | | Prepayments | 280.0 | 231.8 | | Other Miscellaneous Receivables | 325.7 | 268.5 | | Total | 1,091.3 | 867.6 | - As of June 30, 2025, the gross carrying amount of advances to gaming customers of HKD 85 million was overdue, of which HKD 68.4 million was overdue by 90 days or more but still considered recoverable[35] Aging Analysis of Advances to Gaming Customers (As of End of Reporting Period) | Aging | June 30, 2025 (Million HKD) | December 31, 2024 (Million HKD) | | :--- | :--- | :--- | | 0 to 30 Days | 87.9 | 30.0 | | 31 to 60 Days | 45.8 | 99.3 | | 61 to 90 Days | 13.1 | 16.1 | | Over 90 Days | 68.4 | 8.5 | | Total | 215.2 | 153.9 | Trade and Other Payables Total trade and other payables decreased to HKD 6.6412 billion, including HKD 924 million for special gaming tax and HKD 2.3375 billion for gaming concession Trade and Other Payables (As of June 30, 2025) | Item | June 30, 2025 (Million HKD) | December 31, 2024 (Million HKD) | | :--- | :--- | :--- | | Trade Payables | 331.3 | 395.6 | | Special Gaming Tax Payable | 924.0 | 955.1 | | Chips in Circulation | 376.9 | 386.7 | | Chips and Deposits Held for Gaming Customers and Promoters | 584.2 | 502.4 | | Amounts Payable for Gaming Concession | 2,337.5 | 2,493.4 | | Other Miscellaneous Payables and Accrued Expenses | 887.7 | 813.2 | | Total | 6,641.2 | 7,022.2 | | Less: Non-Current Portion | (1,999.4) | (2,278.7) | | Current Portion | 4,641.8 | 4,743.5 | Aging Analysis of Trade Payables (As of End of Reporting Period) | Aging | June 30, 2025 (Million HKD) | December 31, 2024 (Million HKD) | | :--- | :--- | :--- | | 0 to 30 Days | 306.0 | 363.1 | | 31 to 60 Days | 22.4 | 29.3 | | 61 to 90 Days | 1.9 | 2.5 | | Over 90 Days | 1.0 | 0.7 | | Total | 331.3 | 395.6 | - The average credit period for trade payables is 90 days, and the Group has financial risk management policies in place to ensure all payables are settled within credit terms[39] Business Review The Group's total net revenue grew 6.1% to HKD 14.639 billion, driven by gaming, but adjusted EBITDA declined 5.1%, with varied property performance Group Operating Results Total net revenue grew 6.1% to HKD 14.639 billion, but adjusted EBITDA decreased 5.1% to HKD 1.646 billion, with the margin declining to 11.2% Group Operating Results (For the Six Months Ended June 30) | Indicator | 2025 (Million HKD) | 2024 (Million HKD) | Increase/(Decrease) | | :--- | :--- | :--- | :--- | | Total Net Revenue | 14,639 | 13,801 | 6.1% | | Gaming Net Revenue | 13,628 | 12,897 | 5.7% | | Loss Attributable to Owners of the Company | (182) | (162) | NM | | Adjusted EBITDA | 1,646 | 1,734 | (5.1%) | | Adjusted EBITDA Margin | 11.2% | 12.6% | (1.4) percentage points | Composition of Gross Gaming Revenue (For the Six Months Ended June 30) | Item | 2025 (Million HKD) | 2024 (Million HKD) | Increase/(Decrease) | | :--- | :--- | :--- | :--- | | Rolling Chip Gross Gaming Revenue | 1,100 | 1,178 | (6.6%) | | Non-Rolling Chip Gross Gaming Revenue | 12,302 | 11,489 | 7.1% | | Electronic Gaming Gross Revenue | 1,419 | 1,124 | 26.2% | | Gross Gaming Revenue | 14,821 | 13,791 | 7.5% | | Less: Commissions and Incentives | (1,193) | (894) | 33.4% | | Gaming Net Revenue | 13,628 | 12,897 | 5.7% | Property Statistics This section details operating data for Grand Lisboa Palace Resort, Grand Lisboa, other self-promoted casinos, and satellite casinos, including revenue and EBITDA Grand Lisboa Palace Resort Statistics Grand Lisboa Palace Resort's total revenue grew 22.7% to HKD 3.626 billion, but adjusted property EBITDA declined 57.3% to HKD 82 million, despite improved occupancy Grand Lisboa Palace Resort Statistics (For the Six Months Ended June 30) | Indicator | 2025 (Million HKD/%) | 2024 (Million HKD/%) | Change (Million HKD/percentage points) | | :--- | :--- | :--- | :--- | | Total Revenue | 3,626 | 2,956 | +670 (+22.7%) | | Casino (Gross Gaming Revenue) | 2,936 | 2,325 | +611 (+26.3%) | | Adjusted Property EBITDA | 82 | 192 | (110) (-57.3%) | | Rolling Chip Turnover | 25,326 | 18,524 | +6,802 (+36.7%) | | Non-Rolling Chip Drop | 9,821 | 7,892 | +1,929 (+24.4%) | | Electronic Gaming Win | 12,808 | 9,245 | +3,563 (+38.5%) | | Hotel Occupancy Rate | 98.1% | 94.8% | +3.3 percentage points | | Average Daily Room Rate | HKD 1,221 | HKD 1,155 | +HKD 66 (+5.7%) | Grand Lisboa Statistics Grand Lisboa's total revenue slightly declined 1.1% to HKD 3.760 billion, with adjusted property EBITDA down 14.6% to HKD 863 million, despite strong hotel performance Grand Lisboa Statistics (For the Six Months Ended June 30) | Indicator | 2025 (Million HKD/%) | 2024 (Million HKD/%) | Change (Million HKD/percentage points) | | :--- | :--- | :--- | :--- | | Total Revenue | 3,760 | 3,800 | (40) (-1.1%) | | Casino (Gross Gaming Revenue) | 3,582 | 3,660 | (78) (-2.1%) | | Adjusted Property EBITDA | 863 | 1,010 | (147) (-14.6%) | | Rolling Chip Turnover | 11,021 | 14,334 | (3,313) (-23.1%) | | Non-Rolling Chip Drop | 14,916 | 14,223 | +693 (+4.9%) | | Electronic Gaming Win | 7,772 | 4,848 | +2,924 (+60.3%) | | Hotel Occupancy Rate | 98.6% | 98.5% | +0.1 percentage points | | Average Daily Room Rate | HKD 1,398 | HKD 1,226 | +HKD 172 (+14.0%) | Other Self-Promoted Casinos, Artyzen Grand Lapa Macau, Kam Pek Paradise Casino and Sofitel Macau At Ponte 16 Statistics Other self-promoted casinos and hotels saw total revenue grow 5.4% to HKD 2.799 billion, with adjusted property EBITDA up 0.3% to HKD 651 million, and electronic gaming win up 42.9% Other Self-Promoted Casinos and Hotels Statistics (For the Six Months Ended June 30) | Indicator | 2025 (Million HKD/%) | 2024 (Million HKD/%) | Change (Million HKD/percentage points) | | :--- | :--- | :--- | :--- | | Total Revenue | 2,799 | 2,655 | +144 (+5.4%) | | Casino (Gross Gaming Revenue) | 2,656 | 2,521 | +135 (+5.4%) | | Adjusted Property EBITDA | 651 | 649 | +2 (+0.3%) | | Non-Rolling Chip Drop | 16,164 | 16,501 | (337) (-2.0%) | | Electronic Gaming Win | 200 | 140 | +60 (+42.9%) | | Artyzen Grand Lapa Macau Average Daily Room Rate | HKD 245 | HKD 210 | +HKD 35 (+16.7%) | | Sofitel Macau At Ponte 16 Occupancy Rate | 86.3% | 84.9% | +1.4 percentage points | Satellite Casinos Statistics Satellite casinos' gross gaming revenue grew 6.8% to HKD 5.647 billion, with adjusted property EBITDA significantly improving to a profit of HKD 153 million Satellite Casinos Statistics (For the Six Months Ended June 30) | Indicator | 2025 (Million HKD/%) | 2024 (Million HKD/%) | Change (Million HKD/%) | | :--- | :--- | :--- | :--- | | Casino Revenue (Gross Gaming Revenue) | 5,647 | 5,285 | +362 (+6.8%) | | Adjusted Property EBITDA | 153 | (29) | +182 (NM) | - SJM Resorts operated nine satellite casinos as of June 30, 2025, with Casino Grandview ceasing operations by the end of July 2025[48] Recent Developments and Outlook The Group is pursuing strategic expansions in Hengqin, restructuring satellite casinos, acquiring Grand Lisboa Hotel property, and developing F&B, MICE, sports, and cultural tourism facilities Hengqin Strategic Expansion The Group acquired a 19,781 sqm property in Hengqin for RMB 724 million to develop a 250-room three-star hotel, targeting mid-range accommodation demand - The Group acquired approximately 19,781 square meters of property at Hengqin "Shun Tak Port Business Centre" for approximately RMB 724 million[49] - The property will be converted into a three-star hotel with approximately 250 rooms, expected to be completed within approximately 24 months after obtaining construction permits[49] - This initiative aims to capture the rising demand for mid-range accommodation and achieve synergies with SJM Resorts' other tourism projects through its geographical advantage[49] Restructuring of Satellite Casino Operations The Group plans to cease operations of seven satellite casinos by end-2025, evaluating property acquisitions, to redeploy resources, enhance brand experience, and optimize costs - The Group will orderly cease operations of seven satellite casinos by the end of 2025, with Casino Grandview having exited by the end of July 2025[50] - The Group is evaluating the possibility of acquiring the properties where Casino L'Arc Macau and Ponte 16 Casino are located[50] - The restructuring aims to concentrate resources on the Group's self-managed core venues, create a consistent "Grand Lisboa" brand experience, expand operational scale, optimize cost structure, and enhance earnings quality[50] Acquisition of Designated Property Floors of Grand Lisboa Hotel The Group plans to acquire 7,504 sqm of former gaming area in Grand Lisboa Hotel for HKD 529 million to expand Casino Grand Lisboa, redeploy resources, and strengthen its market position - The Group plans to acquire approximately 7,504 square meters of former gaming area within the Grand Lisboa Hotel from its controlling shareholder for HKD 529 million[51] - Following the acquisition, the relevant floor area will be integrated into the existing operations of Casino Grand Lisboa, and some gaming tables and slot machines from satellite casinos ceasing operations by year-end will be redeployed[51] - This move aims to consolidate the Group's leading position in the Peninsula market, enhance non-gaming consumption and customer dwell time, and strengthen its positioning for VIP and premium mass markets[51] Food and Beverage and MICE SJM Resorts has completed new F&B and MICE facilities at Grand Lisboa Palace Resort and Grand Lisboa Hotel, awaiting licenses to drive revenue growth and expand customer base - Grand Lisboa Palace Resort has completed seven new F&B projects, offering diverse cuisines and a modern food court[52] - The newly established "Grand Lisboa Palace Garden Hall" and the 2,900 square meter "Grand Lisboa Palace Grand Theatre" at Grand Lisboa Palace Resort have been completed and are awaiting license approval[52] - Grand Lisboa Hotel will also introduce new meeting rooms and renovated ballrooms to enhance event hosting capabilities and attract more high-end and business travelers[52] Sports and Cultural Tourism SJM Resorts promotes "Tourism + Culture" with art exhibitions and will support international sports events in H2 to attract diverse visitors and drive business growth - In the first half of 2025, the Grand Lisboa Palace Art and Culture Exhibition Hall opened, hosting "Grand Lisboa: A Macau Story" and the world premiere "Picasso: The Passion for Beauty," attracting family travelers, student groups, and cultural enthusiasts[53] - Looking ahead to the second half of the year, SJM Resorts will support several iconic international sports events in Macau, including the China Tennis Tour, Macau Golf Open, and Macau Grand Prix[54] - These events are expected to attract widespread international and regional participation, driving additional visitor traffic and enhancing Macau's appeal to sports enthusiasts and high-end travelers[54] Financial Review As of June 30, 2025, cash and bank balances were HKD 2.326 billion, total drawn bank loans were HKD 14.316 billion, and the gearing ratio increased to 52.5% Liquidity, Financial Resources and Capital Structure As of June 30, 2025, bank balances and cash were HKD 2.326 billion, total drawn bank loans were HKD 14.316 billion, and 32.7% of borrowings are due within one year - As of June 30, 2025, the Group's bank balances and cash were HKD 2.326 billion (excluding HKD 1.009 billion in pledged bank deposits), representing a 5.3% increase from December 31, 2024[55] - The total drawn outstanding bank loan balance was HKD 14.316 billion, and the total amount of issued senior notes and convertible bonds was HKD 10.935 billion[55] Debt Maturity Profile (As of June 30, 2025) | Within 1 Year | 1 to 2 Years | 3 to 5 Years | Over 5 Years | Total | | :--- | :--- | :--- | :--- | :--- | | 32.7% | 12.3% | 55.0% | 0% | 100% | Gearing Ratio The Group's gearing ratio increased to 52.5% as of June 30, 2025, up from 51.1% at December 31, 2024 - The Group's gearing ratio was 52.5% as of June 30, 2025, an increase from 51.1% as of December 31, 2024[56] Contracted Capital Commitments Contracted capital commitments were HKD 445 million as of June 30, 2025, with HKD 288 million for Macau government tender projects - As of June 30, 2025, the Group's contracted capital commitments amounted to HKD 445 million, of which HKD 288 million was for tender projects committed to the Macau government[57] Pledge of Assets As of June 30, 2025, property and equipment (HKD 33.739 billion) and right-of-use assets (HKD 1.662 billion) were pledged to banks, along with HKD 1.009 billion in pledged bank deposits - As of June 30, 2025, property and equipment with a carrying value of HKD 33.739 billion and right-of-use assets with a carrying value of HKD 1.662 billion were pledged to banks[58] - Pledged bank deposits amounted to HKD 1.009 billion[58] Contingent Liabilities The Group had no significant contingent liabilities as of June 30, 2025, and 2024 - The Group had no significant contingent liabilities as of June 30, 2025, and 2024[59] Financial Risks The Group employs prudent financial management to minimize currency and interest rate risks, with primary operations in HKD and no speculative trading - The Group employs prudent financial management policies to minimize currency and interest rate risks[60] - Primary operations are conducted and accounted for in Hong Kong Dollars (HKD), incurring minimal foreign exchange fluctuation risk[60] - The Group's policy is not to engage in speculative trading activities[60] Other Information This section covers non-financial information, including no significant acquisitions/disposals, stable human resources, listed securities repurchases, and corporate governance compliance Significant Acquisitions and Disposals The Group made no significant acquisitions or disposals of subsidiaries and associates during the reporting period - During the reporting period, the Group made no significant acquisitions or disposals of subsidiaries and associates[61] Human Resources As of June 30, 2025, the Group had 20,300 full-time employees, with low turnover, and provides remuneration and development opportunities based on performance and market trends - As of June 30, 2025, the Group had approximately 20,300 full-time employees, with a low employee turnover rate in the first half of the year[62] - Employee remuneration is determined with reference to job performance, professional qualifications, relevant work experience, and market trends, including salaries, allowances, medical insurance, and provident funds[62] - The Group encourages employees to participate in business-related training courses, sponsors further education, and awards scholarships to employees' children[62] Purchase, Sale or Redemption of Listed Securities A wholly-owned subsidiary repurchased and cancelled USD 8 million of 4.85% Senior Notes due 2028; no other listed securities were repurchased, sold, or redeemed - A wholly-owned subsidiary of the Company repurchased and cancelled USD 8 million principal amount of 4.85% Senior Notes due 2028[63] - As of June 30, 2025, USD 482 million of the 2028 USD Senior Notes remained outstanding[63] - Save as disclosed above, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of its listed securities[63] Corporate Governance Code The Company complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the Listing Rules for H1 2025 - The Company complied with all code provisions in the Corporate Governance Code as set out in Appendix C1 Part 2 of the Listing Rules for the period from January 1, 2025, to June 30, 2025[64] Review of Interim Report and Unaudited Condensed Consolidated Financial Statements The interim report and unaudited condensed consolidated financial statements for H1 2025 were reviewed by the Audit Committee and the Company's auditors - The Company's interim report for the six months ended June 30, 2025, has been reviewed by the Company's Audit Committee[65] - The condensed consolidated financial statements have been reviewed by the Audit Committee in conjunction with the Company's auditors in accordance with Hong Kong Standard on Review Engagements 2410[65]