Business Operations - The Group operates the Macau Fisherman's Wharf, a waterfront integrated gaming, hotel, convention, and entertainment complex, aligning with the Macau government's policy on leisure and tourism [16]. - The Group provides gaming services to SJM for the operation of Legend Palace Casino [17]. - The Group operates a casino within the Savan Legend Resorts Hotel and Entertainment Complex in Laos [17]. - The Group's business includes the operation of hotels, entertainment, and leisure facilities within its properties [17]. - The Group is one of the leading owners of entertainment and casino gaming facilities in Macau [16]. - The Group's operations contribute to the diversification of the local economy in Macau [16]. - The Group's headquarters is located in Macau, with significant operations in the region [15]. - The Group's strategic focus includes enhancing its gaming and entertainment offerings to attract more visitors [16]. - The Group aims to expand its market presence through potential new developments and partnerships in the region [16]. Financial Performance - In 2023, total reported revenue was approximately HK$901.6 million, an increase of about HK$190.0 million or approximately 26.7% compared to HK$711.6 million in 2022 [28]. - The total gross gaming revenue in Macau surged from HK$41 billion in 2022 to approximately HK$177.7 billion in 2023 [25]. - Adjusted EBITDA for the year was a profit of approximately HK$185.9 million, significantly improved from a loss of approximately HK$218.8 million in the previous year [25]. - The number of recorded visits to Macau increased from about 5.7 million in 2022 to approximately 28.2 million in 2023 [25]. - The Group's revenue from gaming services included service income from SJM for mass market tables and casino operations in Laos [29]. - The net win from mass market tables was HK$607.7 million, a 269.7% increase from HK$164.4 million in the previous year [30]. - The average number of gaming tables in operation at year-end was 33, with a net win per table of HK$51, a 218.8% increase from HK$16 [30]. - For the year ended 31 December 2023, the Group's gaming revenue decreased by approximately HK$26.0 million or 5.0% compared to the previous year [46]. - The total gaming revenue decline was primarily due to the termination of contracts with New Legend and the cessation of operations at Babylon Casino, resulting in a loss of approximately HK$356.2 million in total gaming revenue [46]. - Improvements in the mass market tables operation at Legend Palace Casino and overall gaming operations at Savan Legend Casino helped recover approximately HK$331.3 million in total gaming revenue [46]. - As of 31 December 2023, the Group operated 33 gaming tables in Macau, a significant increase from zero tables as of 31 December 2022 [47]. - The Group recorded a total non-gaming revenue of approximately HK$408.5 million for the year ended 31 December 2023, representing an increase of approximately HK$216.0 million or 112.2% from HK$192.5 million in the previous year [48]. - The company reported a loss attributable to owners of HK$13,171,000 for 2023, a significant recovery from a loss of HK$758,053,000 in 2022 [61]. Non-Gaming Operations - Hotel room income increased to HK$218,570,000 in 2023 from HK$49,677,000 in 2022, marking a substantial rise driven by increased tourist visitation [51]. - The occupancy rate for Legend Palace Hotel reached 89.7% in 2023, up from 60.2% in 2022, while the average daily rate (ADR) increased to HK$1,043 from HK$580 [58]. - Non-gaming revenue growth was primarily attributed to the relaxation of travel restrictions in January 2023, leading to higher occupancy rates and average room rates [52]. - The income from food and beverage operations rose to HK$107,385,000 in 2023, compared to HK$67,043,000 in 2022, indicating a growth of approximately 60% [51]. - Licensing income from investment properties increased to HK$38,866,000 in 2023 from HK$32,157,000 in 2022, reflecting a growth of about 20.5% [51]. - The company’s total revenue for 2023 was HK$408,512,000, compared to HK$192,486,000 in 2022, representing an increase of approximately 112.3% [51]. Environmental and Sustainability Initiatives - The company generated 26,445.11 tons of CO2 equivalent greenhouse gases during the reporting period, with electricity consumption being the largest source of carbon emissions [95]. - The company has converted approximately 99% of non-LED lights to LED and optimized lighting schedules to ensure only necessary lights are on [101]. - The company has stopped operating boilers and replaced them with heat pumps for generating hot water for guest rooms, casinos, and restaurants [101]. - The company is investing in energy efficiency to lower its carbon footprint and achieve environmental protection [97]. - The company acknowledges the increasing importance of identifying and mitigating ESG risks, integrating ESG factors into existing risk management and control [110]. - The company aims to reduce carbon emission intensity (Scope 1 and Scope 2, per million HK$ revenue) by 15% by the target year 2025 [113]. - Water consumption intensity (per million HK$ revenue) is targeted to decrease by 10% by 2025 [113]. - Energy consumption intensity (per million HK$ revenue) is set to be reduced by 15% by 2025 [113]. - The Group has implemented energy-saving devices that can save 25% of energy consumption by replacing high energy consumption AC motors with energy-efficient DC motors [125]. - The Group has developed a centralized waste treatment and recycling center to enhance waste management practices [135]. - The Group encourages guests to participate in sustainability efforts, such as minimizing the replacement of bed linens and towels [163]. - The Group strategically placed recycling bins during the Mid-Autumn Festival to support sustainable waste management initiatives [167]. Corporate Governance - The company has received written annual confirmation from each independent non-executive Director of their independence, considering all independent non-executive Directors to be independent according to the Listing Rules [106]. - The Board has established a Nomination Committee to identify suitable candidates for Directors, including independent non-executive Directors, and will assess their independence annually [106]. - On January 1, 2023, Mr. Li Chu Kwan was appointed as the Chief Executive Officer, also serving as Chairman, which deviates from the corporate governance code but is deemed appropriate by the Board [108]. - The Board believes that the current structure of having the same individual as both Chairman and CEO provides strong and consistent leadership for the Group [108]. - The independent non-executive Directors contribute to the effective direction of the Company and provide adequate checks and balances to safeguard the interests of the Group and shareholders [106]. - The independent non-executive Directors are appointed for terms of two or three years, renewable automatically unless terminated with prior notice [108]. - The Group's overall management and control are vested in the Board, which is responsible for enhancing shareholder value through strategic policy approval [190]. - The Company has complied with the Corporate Governance Code and Listing Rules requirements for the year ended December 31, 2023, except for the separation of the roles of chairman and chief executive [190]. Management and Leadership - The Group's human resources management and strategy are overseen by experienced professionals in various industries, including gaming and hospitality [185]. - The senior management is delegated authority by the Board for day-to-day operations, with periodic reviews of delegated functions [190]. - The Group collaborates with 1,796 suppliers from various regions and countries during the reporting period [197]. - The Group sets standards for consumables and other supplies to prevent over-purchasing and excess storage, reviewed and adjusted every two years based on actual consumption [194]. - The Group considers ESG factors when selecting suppliers, making their ESG performance a significant part of the evaluation criteria during the bidding process [196].
澳门励骏(01680) - 2023 - 年度财报