美高梅中国(02282) - 2023 - 中期财报

Financial Performance - MGM China reported entertainment revenue of HKD 9,602,035, a significant increase from HKD 2,752,694 in the previous year, representing a growth of 248.5%[6] - The company achieved an adjusted EBITDA of HKD 3,160,081, recovering from a loss of HKD 336,687 in the same period last year[6] - Operating profit for the period was HKD 1,866,591, compared to an operating loss of HKD 1,524,019 in the previous year[6] - The net profit attributable to shareholders was HKD 820,914, a turnaround from a loss of HKD 2,404,173 in the prior year[6] - Basic earnings per share were HKD 0.216, compared to a loss per share of HKD 0.633 in the same period last year[6] - Adjusted EBITDA for the six months ended June 30, 2023, was HKD 3,160,081, compared to a loss of HKD 336,687 for the same period in 2022, indicating a significant recovery[43] - The company reported a profit attributable to owners of HKD 820,914 for the six months ended June 30, 2023, compared to a loss of HKD 2,404,173 in the same period of 2022[43] - The total comprehensive income for the period was HKD 817,782, reflecting a significant recovery from the previous comprehensive loss of HKD (2,407,978) in the same period last year[190] Gaming Revenue and Market Presence - Macau's gross gaming revenue increased by 205.1% to HKD 77.8 billion for the six months ending June 30, 2023, reflecting a recovery in the tourism sector[14] - The main gaming table business in Macau accounted for 84% of the company's gaming gross revenue for the six months ended June 30, 2023[27] - The company’s total assets as of June 30, 2023, were HKD 3,800,000, with total liabilities amounting to HKD 10,404,469[190] - The company plans to invest a total of MOP 16.7 billion (approximately HKD 16.2 billion) during the concession period, with 90% allocated to developing international markets and non-gaming projects[21] - The company is focusing on enhancing customer experience through improved product and service quality, asset utilization, and operational efficiency[19] - The company aims to diversify its offerings to cater to different market segments and enhance operational scale for optimal financial performance[21] - The company recognizes the long-term growth potential of the Macau market, supported by infrastructure improvements and increasing outbound tourism from mainland China[25] Visitor Statistics and Tourism Impact - The total number of visitors to Macau increased by 236.1% in the first half of 2023 compared to the same period in 2022, with mainland Chinese visitors rising by 141.0%[21] - The easing of COVID-19 travel restrictions has led to a significant increase in visitor numbers to Macau, positively impacting the company's operations[14] - The occupancy rate for hotel rooms was 93.8% for the six months ended June 30, 2023, significantly higher than 59.3% in the same period of 2022, reflecting increased tourism[49] Debt and Financial Position - As of June 30, 2023, the company extended its revolving credit facility's maturity date from May 15, 2024, to May 15, 2026, with an increased borrowing limit of HKD 58.5 billion[16] - The total borrowings as of June 30, 2023, amounted to HKD 26.762 billion, a decrease from HKD 32.725 billion as of December 31, 2022[87] - The company has improved its liquidity position and financial performance, believing it can meet its financial obligations due within the next twelve months[117] - The company reported a foreign exchange loss of HKD (3,132) due to overseas operations[190] - The company incurred a loss of HKD (2,404,173) for the period, a significant improvement from the previous year's loss[190] Operational Developments - MGM China operates two major integrated resorts in Macau, MGM Macau and MGM Cotai, enhancing its market presence and customer experience[10] - The company has signed a service agreement with Mandarin Oriental to provide additional hotel rooms during peak demand periods[11] - MGM Cotai features Asia's first dynamic theater, showcasing advanced and innovative entertainment experiences[12] - The company is expanding its non-gaming offerings, including hotel rooms, dining, retail, and entertainment, to enhance customer experience and brand recognition[31] Employee and Corporate Governance - As of June 30, 2023, the company employed 10,568 full-time and part-time staff, an increase from 9,788 as of December 31, 2022[118] - The company has a competitive and comprehensive compensation system to attract and retain a diverse and skilled workforce[118] - The company has a performance-based incentive plan for all management-level employees since 2011, aimed at enhancing corporate value[118] - The company’s board of directors confirmed compliance with corporate governance codes during the reporting period[171] Shareholder Information - The company holds 380,000,000 shares personally and 474,561,200 shares through a controlled entity, representing 22.49% of the issued share capital[122] - MGM International, LLC and MGM Resorts International collectively hold 2,126,100,001 shares, representing 55.95% of the total shares[141] - The company has not reported any significant changes in shareholdings or interests since the last annual report[142]