2025-09-03 08:38Financial Performance - For the six months ended June 30, 2025, operating revenue reached HKD 16,661 million, an increase of 2.7% compared to HKD 16,218 million for the same period in 2024[11]. - Adjusted EBITDA for the same period remained stable at approximately HKD 4,879 million, compared to HKD 4,948 million in 2024[11]. - Profit attributable to the company's owners for the six months ended June 30, 2025, was HKD 2,383 million, a decrease of 11.3% compared to HKD 2,685 million in 2024[11]. - The increase in operating costs and expenses, along with net foreign exchange losses from USD-denominated senior notes, contributed to the decline in profit[11]. - The operating profit for the same period was HKD 3,383.020 million, down from HKD 3,522.333 million in 2024, reflecting a decrease of 3.97%[185]. - The total comprehensive income attributable to the company's owners was HKD 2,386.134 million, compared to HKD 2,682.934 million in 2024, a decrease of 11.06%[185]. Gaming Operations - The company's share of the overall gaming market was 16.2% for the six months ended June 30, 2025, down from 16.5% in the same period of 2024[11]. - Total win from mass table games increased by 2.1% to HKD 15,074 million, driven by a 2.6% increase in table game turnover to HKD 31,897 million[11]. - Total win from VIP table games rose by 2.7% to HKD 2,440 million, primarily due to an increase in VIP table win rate[11]. - Total win from slot machines slightly decreased by 0.9% to HKD 1,088 million, attributed to a decline in slot machine win rate[11]. - The company's mass gaming operations accounted for 87% of its gaming gross revenue for the six months ending June 30, 2025[31]. Market and Visitor Trends - Macau's total visitor arrivals increased by 14.9% for the six months ended June 30, 2025, compared to the same period in 2024, with mainland Chinese visitors increasing by 19.3%[26]. - Macau's gross gaming revenue for the six months ended June 30, 2025, rose by 4.4% to HKD 115.3 billion compared to the same period in 2024[26]. - The company is optimistic about long-term growth in the Macau market due to infrastructure improvements and increased direct flights to international destinations[27]. Investments and Developments - The company has committed to invest a total of MOP 19.7 billion (approximately HKD 19.1 billion) to develop international markets and non-gaming projects[22]. - The company has launched the "Treasure Box," a multifunctional venue equipped with three ultra-high-definition LED screens for various events[15]. - The company plans to enhance non-gaming entertainment offerings to attract more visitors to Macau, with a new show directed by Zhang Yimou set to premiere on December 15, 2024[39]. - The newly opened Poly MGM Museum in Macau attracted 500,000 visitors within three months of its launch[37]. Financial Position and Liquidity - Cash and cash equivalents amounted to HKD 5.52 billion, with undrawn unsecured credit facilities of HKD 17 billion as of June 30, 2025[72]. - The company believes it can meet its financial obligations due within the next twelve months based on its cash resources and available credit facilities[118]. - The company has a market-based compensation system aimed at attracting and retaining a diverse and skilled workforce[119]. - The company has a total of USD 2 billion in outstanding senior notes, which contributes to its foreign currency risk exposure[114]. Shareholder Information - The company declared a final dividend of HKD 0.251 per share, totaling approximately HKD 953.4 million, which was paid on June 12, 2025[122]. - The board announced an interim dividend of HKD 0.313 per share, amounting to about HKD 1.1894 billion, representing 49.9% of the profit attributable to shareholders for the six months ended June 30, 2025[122]. - The board believes that the declaration of the interim dividend aligns with the overall interests of the company and its stakeholders[123]. - As of June 30, 2025, the company’s director, Ho Chao Kiong, holds 854,561,200 shares, representing 22.49% of the issued share capital[125]. Employee and Operational Metrics - As of June 30, 2025, the company employed 13,556 full-time and part-time staff, an increase from 13,327 on December 31, 2024[119]. - Employee costs rose by 8.8% to HKD 2,480,319, attributed to general salary increases and a rise in headcount[64]. - The occupancy rate for hotel rooms was 94.4%, slightly up from 94.1% in the previous year[50]. Legal and Compliance - The company is involved in several lawsuits arising from its ordinary business operations, but management believes these will not have a significant impact on its financial performance[89]. - The company maintained compliance with the corporate governance code during the reporting period[172]. - The company’s board of directors confirmed adherence to the securities trading code during the reporting period[173].