2025-11-12 09:38Financial Performance - The group's gaming net revenue for Q3 2025 was HKD 6.537 billion, a decrease of 6.5% compared to HKD 6.995 billion in Q3 2024[4] - Adjusted EBITDA for Q3 2025 was HKD 881 million, down 15.0% from HKD 1.037 billion in Q3 2024[7] - The adjusted EBITDA margin for Q3 2025 was 12.5%, a decline of 1.3 percentage points from 13.8% in Q3 2024[7] - The group recorded a loss attributable to the company’s owners of HKD 9 million in Q3 2025, compared to a profit of HKD 101 million in Q3 2024, representing a 91.1% decrease[7] - Total net revenue for Q3 2025 was HKD 7.034 billion, a decrease of 6.2% from HKD 7.499 billion in Q3 2024[7] Cash and Debt Position - The group’s cash, bank balances, and short-term bank deposits amounted to HKD 34.48 billion as of September 30, 2025[6] - The group’s total debt was HKD 273.12 billion as of September 30, 2025[6] Non-Gaming Revenue - Non-gaming revenue for Q3 2025 was HKD 4.97 billion, slightly down from HKD 5.04 billion in Q3 2024[7] - Non-gaming revenue from hotels increased by 20.9% to HKD 52 million, compared to HKD 43 million in the previous year[11] - Non-gaming revenue from restaurants and shopping centers decreased by 8.3% to HKD 143 million compared to HKD 156 million in the previous year[10] Gaming Revenue - The group’s electronic gaming gross revenue for Q3 2025 was HKD 688 million, an increase of 11.0% from HKD 620 million in Q3 2024[8] - Gaming turnover increased by 27.8% to HKD 11,846 million, up from HKD 9,267 million in the same quarter last year[10] - The company reported a decline in gaming win percentage to 3.8%, down 0.9 percentage points from 4.7% in the previous year[10] - Casino gross revenue for the third quarter was HKD 1,305 million, a decrease of 5.6% compared to HKD 1,383 million in the previous year[12] - Casino gross revenue for the nine months ended September 30 was HKD 3,961 million, a slight increase of 1.5% from HKD 3,904 million[12] EBITDA and Adjusted EBITDA - The group’s adjusted property EBITDA for Q3 2025 was HKD 1.11 billion, down from HKD 1.65 billion in Q3 2024[6] - Adjusted property EBITDA decreased by 32.7% to HKD 111 million from HKD 165 million year-over-year[10] - Adjusted property EBITDA for the third quarter was HKD 300 million, down 12.5% from HKD 343 million year-over-year[12] - The EBITDA for satellite casinos showed a significant increase of 3,333% to HKD 206 million from HKD 6 million in the previous year[13] Capital Expenditures - Capital expenditures for the third quarter amounted to HKD 412 million, primarily for furniture, fixtures, and equipment, as well as property renovations[14] Hotel Performance - Hotel occupancy rate was 98.0%, a slight decrease of 0.9 percentage points from 98.9% in the previous year[11] - Average daily room rate increased by 17.3% to HKD 1,385 from HKD 1,181 in the same quarter last year[11] - The average daily room rate for the hotel was HKD 235, representing a 20.5% increase compared to HKD 195 in the previous year[12] - The occupancy rate for the hotel was 97.7%, down 2.2 percentage points from 99.9% year-over-year[12] Other Financial Metrics - The total revenue for the third quarter reached HKD 1,909 million, an increase of 7.4% compared to HKD 1,777 million in the previous year[10] - The total revenue for the nine months ended September 30 was HKD 5,537 million, a 17.0% increase from HKD 4,733 million in the previous year[10] - The company reported an unrealized fair value loss of HKD 7.4 million from equity securities investments, recognized in other comprehensive expenses[13] - The total revenue for the third quarter was HKD 1,379 million, down 5.5% from HKD 1,459 million year-over-year[12]