2026-03-05 08:41Financial Performance - The company's gaming revenue for the year ended December 31, 2025, was HKD 26,203 million, a decrease of 2.4% from HKD 26,846 million in 2024[4] - Adjusted EBITDA for the group was HKD 3,198 million, down 15.0% from HKD 3,764 million in 2024[4] - The company reported a loss attributable to shareholders of HKD 429 million, compared to a profit of HKD 3 million in 2024[4] - The group's total revenue for 2025 was HKD 30,586.5 million, a decrease of 0.5% from HKD 30,746.5 million in 2024[23] - The group reported a pre-tax loss of HKD 304.1 million for 2025, compared to a profit of HKD 158.8 million in 2024[23] - Total net revenue decreased by 2.1% from HKD 28,769 million in 2024 to HKD 28,170 million in 2025[45] - The total revenue from hotel, dining, retail, leasing, and related services for 2025 was HKD 1,966.9 million, an increase of 2.3% from HKD 1,922.8 million in 2024[23] Assets and Liabilities - Cash, bank balances, and short-term bank deposits amounted to HKD 3,010 million, with total debt at HKD 29,252 million as of December 31, 2025[6] - The company’s total assets less current liabilities were HKD 37,013 million as of December 31, 2025, down from HKD 41,791 million in 2024[8] - The total assets of the group increased to HKD 51,207.4 million in 2025, up from HKD 48,724.9 million in 2024, representing a growth of 3.0%[24] - The total liabilities of the group rose to HKD 37,415.5 million in 2025, compared to HKD 34,548.9 million in 2024, indicating an increase of 5.4%[24] - The total liabilities decreased slightly from HKD 7,022.2 million in 2024 to HKD 7,073.9 million in 2025[43] - The total equity attributable to owners of the company decreased from HKD 13,924.1 million in 2024 to HKD 13,468.8 million in 2025, representing a decrease of approximately 3.3%[9] Revenue Breakdown - The gross revenue from the company's flagship properties included HKD 7,373 million from gaming and HKD 1,307 million from non-gaming sources for the year 2025[6] - The gaming business segment's assets increased to HKD 37,129.9 million in 2025, up from HKD 35,117.6 million in 2024, reflecting a growth of 5.7%[24] - The gaming revenue from the casino increased by 15.8% to HKD 6,066 million, compared to HKD 5,238 million in the previous year[50] - The total electronic gaming revenue surged by 35.6% to HKD 28,587 million, up from HKD 21,086 million[50] - The gross gaming revenue from electronic gaming increased to HKD 2,717.1 million in 2025, up from HKD 2,374.2 million in 2024[30] Expenses and Costs - The company’s marketing and promotional expenses were HKD 4,678.8 million, a decrease from HKD 5,071.8 million in 2024[7] - The company’s financing costs decreased to HKD 1,654.7 million from HKD 1,892.6 million in the previous year[7] - The total employee benefits cost increased to HKD 6,620.4 million in 2025, up from HKD 6,297.5 million in 2024[31] - Non-gaming revenue, including hotel, dining, and retail, showed a significant increase in depreciation and amortization costs, rising to HKD 988.8 million in 2025 from HKD 977.6 million in 2024[28] Corporate Governance and Compliance - The company has complied with the corporate governance code as of December 31, 2025[70] - The company has maintained a high level of corporate governance and transparency[69] - The audit report for the financial statements did not contain any reservations or emphasis of matter[74] - The company’s financial statements for the year ended December 31, 2025, have been reviewed by the audit committee and confirmed by Deloitte[73] Future Outlook and Strategy - The company plans to focus on business opportunities in Macau and consider expansion opportunities in Asia[46] - The group aims to maintain a prudent approach focusing on cost control and customer mix optimization to enhance operational efficiency and profit growth[58] - The company plans to close all satellite casinos by the end of 2025, impacting short-term performance[55] Investments and Acquisitions - The group invested HKD 3,897.1 million in non-current assets in 2025, significantly higher than HKD 1,991.9 million in 2024[26] - Strategic acquisitions in Macau include the Crystal Palace and the Triumph Hotel, enhancing operational scale in the central entertainment area[55] - The group acquired the entire issued share capital of the Parisian Macao Development Limited for a total consideration of HKD 1.75 billion, including the repayment of bank loans[65] Employee and Operational Metrics - The group has approximately 20,400 full-time employees as of December 31, 2025, with a low employee turnover rate[66] - The group hosted or participated in nearly 70 large-scale non-gaming events in 2025, enhancing Macau's appeal as a global tourism and leisure center[57] - The average daily room rate increased by 4.1% to HKD 1,240, while the occupancy rate slightly decreased to 96.5%[50] Miscellaneous - The company has received approval for a tax exemption on gaming-related income from January 1, 2023, to December 31, 2032, from the Macau government[35] - The company has not applied new or revised Hong Kong Financial Reporting Standards that are not yet effective, indicating a stable accounting framework for the foreseeable future[14] - The company will submit its financial statements for the year ended December 31, 2025, to the Companies Registry in due course[73]