银河娱乐(00027) - 2025 - 中期财报

Company Information Board of Directors and Committees Galaxy Entertainment Group's Board of Directors comprises a Chairman, Executive Directors, Non-Executive Directors, and Independent Non-Executive Directors, with committees ensuring sound corporate governance - Board members include Chairman Mr. Lui Che Woo, Executive Directors Mr. Francis Lui Yiu Tung, Ms. Jenny Tsang, Ms. Joanna Lui, and several Non-Executive and Independent Non-Executive Directors[9] - Established Audit Committee, Remuneration Committee, Nomination Committee, and Corporate Governance Committee, with Independent Non-Executive Directors serving as chairmen or key members in each committee[9] Company Contact and Listing Information The company disclosed key corporate information, including its independent auditor, registered office, share registrar, principal bankers, legal advisors, listing code, and investor relations contact details - Independent auditor is PricewaterhouseCoopers[10] - The company's shares are listed on The Stock Exchange of Hong Kong Limited, stock code 27[10] - Investor relations contact details include telephone (852) 3150 1111, fax (852) 3150 1100, and email ir@galaxyentertainment.com[11] Company Profile Vision and Operating Philosophy Galaxy Entertainment Group's vision is to become Asia's leading gaming and entertainment enterprise, achieving this through its operating philosophy - Vision: To be Asia's leading gaming and entertainment enterprise[3][5] - Operating philosophy includes: deep understanding of local market, professional experience, clear positioning, and demand-driven strategy[4][6] Core Business and Properties The Group primarily develops and operates integrated resorts, retail, dining, hotel, and gaming facilities in Macau, with three flagship projects: "Galaxy Macau™", StarWorld Hotel, and "Broadway Macau™" - The Group is a world-leading resort, hotel, and gaming enterprise, primarily operating integrated resorts in Macau[14] - "Galaxy Macau™" is one of the world's largest integrated resorts, spanning 1.4 million square meters, offering approximately 4,700 rooms, suites, and villas, along with diverse retail, dining, entertainment, leisure, and MICE facilities[14][17][20] - StarWorld Hotel, opened in 2006, is the Group's first five-star hotel, located in the heart of Macau Peninsula, featuring over 500 luxurious rooms and suites[18][21] - "Broadway Macau™", opened in 2015, is connected to "Galaxy Macau™" via a sky bridge, offering approximately 310 rooms and suites, and features the 2,500-seat "Broadway Theatre" and a variety of local delicacies[26] Future Development Opportunities The Group is actively advancing several future development projects, including the upcoming full opening of Capella at Galaxy Macau, the Cotai Phase 4 expansion plan, and continuously exploring development opportunities in the Greater Bay Area and overseas markets - Capella at Galaxy Macau provided an exclusive preview in May 2025, with a full public opening expected in the coming months, offering approximately 100 ultra-luxury suites and Capella Sky Villas[23] - Cotai Phase 4 plan will expand the footprint by 600,000 square meters, including multiple high-end hotel brands, a theater with approximately 5,000 seats, diverse dining, retail, non-gaming facilities, gardens, water play zones, and a casino, bringing the total hotel room and suite supply to approximately 7,000 upon completion[24] - The Group will continue to explore development opportunities in the Greater Bay Area and overseas, including a strategic investment in Société des Bains de Mer et du Cercle des Étrangers à Monaco, and is committed to youth education development in Macau and mainland China[25] Financial and Operational Highlights Group Performance In the first half of 2025, the Group achieved robust growth in both net revenue and adjusted EBITDA, with a significant increase in profit attributable to shareholders, maintaining a highly liquid balance sheet, and declaring an interim dividend Group's Key Financial Data for H1 2025 | Metric | 2025 H1 (HKD Million) | 2024 H1 (HKD Million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Revenue | 23,200 | 21,470 | +8 | | Adjusted EBITDA | 6,900 | 6,011 | +14 | | Profit Attributable to Shareholders | 5,200 | 4,387 | +19 | | Cash and Liquid Investments (as of June 30) | 30,700 | 28,968 | +6 | | Net Cash (as of June 30) | 30,300 | 25,131 | +20.5 | | Interim Dividend (HKD per share) | 0.70 | 0.50 | +40 | - In H1 2025, the gaming business experienced a higher-than-normal net win rate, increasing adjusted EBITDA by approximately HKD 737 million; after normalizing the net win rate, adjusted EBITDA was HKD 6.1 billion, a 3% year-on-year increase[32] "Galaxy Macau™" Performance "Galaxy Macau™" achieved strong growth in H1 2025, with significant increases in both net revenue and adjusted EBITDA, maintaining high hotel occupancy, and growing non-gaming revenue "Galaxy Macau™" Key Financial Data for H1 2025 | Metric | 2025 H1 (HKD Million) | 2024 H1 (HKD Million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Revenue | 19,100 | 16,958 | +13 | | Adjusted EBITDA | 6,300 | 5,395 | +18 | | Average Hotel Occupancy Rate | 98% | - | - | | Non-Gaming Revenue | 2,800 | 2,697 | +4 | - In H1 2025, the gaming business experienced a higher-than-normal net win rate, increasing adjusted EBITDA by approximately HKD 755 million; after normalizing the net win rate, adjusted EBITDA was HKD 5.6 billion, a 3% year-on-year increase[32] StarWorld Hotel Performance StarWorld Hotel's net revenue and adjusted EBITDA both decreased in H1 2025, primarily due to a lower-than-normal gaming net win rate, though hotel occupancy remained at 100% StarWorld Hotel Key Financial Data for H1 2025 | Metric | 2025 H1 (HKD Million) | 2024 H1 (HKD Million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Revenue | 2,400 | 2,692 | -10 | | Adjusted EBITDA | 653 | 825 | -21 | | Hotel Occupancy Rate | 100% | - | - | | Non-Gaming Revenue | 248 | 267 | -7 | - In H1 2025, the gaming business experienced a lower-than-normal net win rate, decreasing adjusted EBITDA by approximately HKD 18 million; after normalizing the net win rate, adjusted EBITDA was HKD 671 million, a 14% year-on-year decrease[32] "Broadway Macau™", City Clubs, and Construction Materials Business Performance Adjusted EBITDA for "Broadway Macau™" and City Clubs both decreased, while the construction materials business saw growth in adjusted EBITDA, benefiting from improved sales in mainland China Adjusted EBITDA for Other Businesses in H1 2025 | Business | 2025 H1 (HKD Million) | 2024 H1 (HKD Million) | | :--- | :--- | :--- | | "Broadway Macau™" | 6 | 12 | | City Clubs | 3 | 9 | | Construction Materials Business | 423 | 365 | - Construction materials business adjusted EBITDA increased by 16% year-on-year, primarily benefiting from improved sales in mainland China[32] Recent Developments The Group continues to advance multiple development projects, including the exclusive preview of Capella at Galaxy Macau, enhancement of Cotai Phase 3 facilities, focus on non-gaming development for Cotai Phase 4, and exploration of overseas market opportunities such as Thailand - Capella at Galaxy Macau provided an exclusive private preview in May[33] - Cotai Phase 3 continues to enhance the performance of Galaxy International Convention Center, Galaxy Arena, Raffles at Galaxy Macau, and Andaz Macau[33] - Cotai Phase 4 project focuses on non-gaming businesses, primarily targeting entertainment and family-friendly facilities, in addition to a casino[33] - The Group continues to explore development opportunities in overseas markets, including Thailand[33](index=33&type=chunk