Core Viewpoint - 澳博控股 reported a net profit of 31 million HKD in Q1 2025, marking a turnaround from a loss of 74 million HKD in Q1 2024 [1] Financial Performance - The company's gaming revenue increased to 6.949 billion HKD in Q1 2025, compared to 6.464 billion HKD in Q1 2024 [1] - The profit attributable to the owners of the company for Q1 2025 was 31 million HKD, a significant improvement from the loss of 74 million HKD in the same quarter of the previous year [1]

Financial Performance - The group's gaming net revenue for Q1 2025 increased to HKD 6.949 billion, compared to HKD 6.464 billion in Q1 2024, representing a growth of 7.5%[7] - Adjusted EBITDA for Q1 2025 was HKD 958 million, up from HKD 864 million in Q1 2024, reflecting a 10.9% increase[7] - The adjusted EBITDA margin for Q1 2025 was 12.8%, compared to 12.5% in Q1 2024, an increase of 0.3 percentage points[7] - The group reported a profit attributable to shareholders of HKD 31 million in Q1 2025, a significant recovery from a loss of HKD 74 million in Q1 2024[7] - The overall revenue for Q1 2025 was HKD 7.480 billion, which includes hotel, dining, retail, leasing, and related service revenues of HKD 531 million, up from HKD 456 million in Q1 2024[7] Revenue Breakdown - The gross revenue from the Grand Lisboa integrated resort for Q1 2025 was HKD 1.931 billion, including gaming gross revenue of HKD 1.568 billion and non-gaming revenue of HKD 363 million, compared to HKD 1.418 billion in Q1 2024[10] - The electronic gaming gross revenue for Q1 2025 was HKD 707 million, an increase of 32.1% from HKD 535 million in Q1 2024[8] - Casino gross gaming revenue for the three months ended March 31, 2025, was HKD 1,794 million, a decrease of 4.4% compared to HKD 1,877 million in 2024[11] - Total revenue for the same period was HKD 1,887 million, down 3.6% from HKD 1,958 million[11] - Electronic gaming revenue increased significantly by 48.8% to HKD 3,689 million from HKD 2,479 million[11] - Non-gaming revenue from hotels, dining, and shopping centers rose by 19.5% to HKD 49 million[11] - Total revenue for other properties, including satellite casinos, was HKD 1,419 million, an increase of 6.8% from HKD 1,329 million[12] Operational Metrics - The occupancy rate for the Grand Lisboa integrated resort was 98.7% in Q1 2025, up from 92.6% in Q1 2024, an increase of 6.1 percentage points[10] - The average daily room rate for Q1 2025 was HKD 1,253, which is an increase of 6.9% from HKD 1,172 in Q1 2024[10] - The average daily room rate increased by 14.0% to HKD 1,407 from HKD 1,234[11] - The occupancy rate for hotels was 98.8%, up 0.5 percentage points from 98.3%[11] Financial Position - The group had cash, bank balances, and short-term bank deposits of HKD 3.232 billion as of March 31, 2025, with total debt of HKD 26.739 billion[6] - Capital expenditure for the first quarter of 2025 was HKD 492 million, primarily for property and equipment[14] - The company reported an unrealized fair value loss of HKD 5.8 million from equity securities investments included in other comprehensive income[13]

Financial Performance - The company's gaming net revenue for 2024 reached HKD 26,846 million, a 33.8% increase from HKD 20,059 million in 2023[10]. - Adjusted EBITDA for the group was HKD 3,764 million, up 117.9% from HKD 1,727 million in 2023[10]. - The company reported a profit attributable to owners of HKD 3 million, recovering from a loss of HKD 2,010 million in 2023[10]. - Total net revenue increased by 33.0% from HKD 21,623 million in 2023 to HKD 28,769 million in 2024[29]. - Adjusted EBITDA rose by 117.9% from HKD 1,727 million in 2023 to HKD 3,764 million in 2024, with an adjusted EBITDA margin of 13.1%[29][30]. - Gaming revenue (gross gaming revenue) increased by 35.9% from HKD 21,204 million in 2023 to HKD 28,824 million in 2024[30]. - The total revenue for the new Lisboa reached HKD 7,839 million in 2024, a 36.4% increase from HKD 5,746 million in 2023[34]. - Non-gaming revenue from food and beverage, shopping centers, and others increased by 20.3% to HKD 611 million in 2024[31]. - The adjusted property EBITDA for the new Lisboa increased by 58.0% to HKD 2,094 million in 2024[34]. - The total electronic gaming revenue rose by 91.9% to HKD 21,086 million in 2024[31]. Market Position and Expansion - The overall market share of the group increased from 11.9% in 2023 to 13.1% in 2024, with the gaming revenue from self-promoted casinos rising by 43.6% to HKD 18,000 million[15]. - The company plans to expand its non-gaming investments in Macau to further enhance its market position[15]. - The company is actively promoting sports tourism, hosting major events such as the Macau Golf Open and the Macau Grand Prix to enhance Macau's international reputation[21]. - The company aims to strengthen the "Lisboa" brand's visibility in key Asian markets, including South Korea, Japan, and Thailand, through strategic partnerships[23]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[65]. Visitor and Occupancy Statistics - The number of visitors to Macau increased by 23.6% to 34.93 million, with mainland visitors accounting for 70.1% of the total[14]. - The occupancy rate of the Grand Lisboa increased by 14.4% to 97.0%, while the average room rate decreased by 9.9% to HKD 1,191[11]. - The average occupancy rate for hotels reached 97.0% in 2024, up from 82.6% in 2023, representing a 14.4 percentage point increase[31]. - The Palazzo Versace Macau, with 271 rooms, opened in March 2024, achieving an average occupancy rate of over 96% since its launch, contributing to revenue growth for the overall resort[37]. Strategic Projects and Developments - Palazzo Versace Macau opened in March 2024, marking the brand's first hotel project in Asia, with 271 rooms designed to enhance the overall service experience[17]. - The company opened the "Golden Pavilion" project in Macau, successfully merging urban cultural heritage with modern lifestyle experiences, aiming to attract more young consumers[18]. - The company plans to enhance its conference and exhibition capabilities by adding two new venues at the "Grand Lisboa" in 2025, increasing the resort's event hosting capacity by 132%[20]. - The company is planning significant renovations at the "New Lisboa" hotel, increasing room capacity by over 10% and adding new multifunctional meeting rooms and banquet halls[20]. - The group plans to invest in the revitalization of the historical district in Macau, with the "Golden Pavilion" project set to open in January 2025, aiming to attract younger consumers and enhance foot traffic in the area[38]. Financial Management and Investments - The total cash and undrawn revolving credit facilities reached HKD 7,600 million as of December 31, 2024[15]. - As of December 31, 2024, the group had a bank balance and cash of HKD 2.208 billion, a decrease of 37.7% from HKD 3.542 billion on December 31, 2023, primarily due to loan repayments[42]. - The total outstanding bank loan balance as of December 31, 2024, was HKD 13.499 billion, down from HKD 15.236 billion on December 31, 2023[42]. - The group's capital expenditure commitments as of December 31, 2024, amounted to HKD 760 million, an increase from HKD 427 million on December 31, 2023, with HKD 631 million allocated for government tender projects in Macau[44]. - The group's debt-to-asset ratio at the end of the reporting period was 51.1%, slightly down from 52.2% on December 31, 2023[43]. Corporate Governance and Compliance - The board of directors includes independent non-executive members with extensive experience in various industries[67]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, ensuring compliance with all relevant provisions[181]. - The board consists of 9 members, with 56% being executive directors, 11% non-executive directors, and 33% independent non-executive directors[187]. - The board has established mechanisms to ensure independent viewpoints are expressed, including annual meetings with independent non-executive directors[188]. - The company encourages independent professional advice for directors to fulfill their responsibilities[189]. Sustainability and Environmental Initiatives - The company has implemented various environmental measures, including LED lighting and electronic processes to reduce paper usage[172]. - The hotel section of the integrated resort has received LEED Silver certification for energy and environmental design[172]. - The company submitted a carbon emissions report for its Hong Kong office in 2024 as part of its commitment to sustainability[173]. - The company has engaged an external consultant to review its sustainability governance structure and policies, aiming for compliance with the new ESG reporting code effective from January 1, 2025[174]. - The company has established a Sustainability Steering Committee, primarily composed of senior executives, to oversee sustainability and climate-related matters[182]. Shareholder and Stock Options Information - The company has a total of 7,101,805,366 shares issued, with key shareholders holding significant stakes[153]. - Major shareholder Macau Leisure Entertainment holds approximately 61.91% of the issued shares, with 3,892,610,855 shares owned[160]. - A total of 477,085,000 stock options were granted under the plan before the completion of the rights issue on September 21, 2022, with 299,765,000 options exercised, generating total proceeds of HKD 2,023,951,490[91]. - The total number of stock options unexercised as of December 31, 2024, is 118,994,700, with 4,815,000 options expected to be exercised[93]. - The company has a strict policy regarding the minimum holding period before exercising stock options, which is set at six months[90].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.02, representing a potential upside of 24.3% from the current price of HKD 2.43 [1][2]. Core Insights - The company's Q4 2024 performance met expectations, with a continuous improvement in debt ratios. The overall market share slightly decreased, but the company is expected to benefit from Macau's ongoing recovery [2][3]. - The report highlights significant growth in net income, projecting a remarkable increase from a loss of HKD 2,009.8 million in 2023 to a profit of HKD 885.9 million in 2025, reflecting a growth rate of 27,585.7% [2][3]. - The company is focusing on enhancing its competitive advantage through the performance of "上葡京" and the installation of smart gaming tables, which are expected to be completed by November this year [2][3]. Financial Summary - **Revenue Growth**: The company reported a net income of HKD 21,623.2 million in 2023, with projections of HKD 30,400.2 million in 2025, indicating a growth rate of 33.0% [2][3]. - **EBITDA**: The EBITDA for 2023 was HKD 1,727.0 million, with a forecasted increase to HKD 4,517.7 million in 2025, showing a growth rate of 14.1% [2][3]. - **Net Profit**: The net profit is expected to rise significantly, from a loss in 2023 to a profit of HKD 885.9 million in 2025, with a projected net profit margin of 2.9% [2][3]. - **Debt Ratios**: The net debt/EBITDA ratio improved from 13.7 times to 6.3 times, indicating a healthier financial position [2][3]. Market Performance - The company's overall market share in Q4 2024 was 13.5%, a slight decrease of 0.4 percentage points from the previous quarter [2][3]. - The report notes that the company's cash balance is approximately HKD 3,220 million, with net debt around HKD 23,200 million [2][3]. Future Outlook - The company plans to invest HKD 15-20 billion in capital expenditures starting in 2025, which includes renovations and expansions to enhance its offerings [2][3]. - The report anticipates double-digit growth in gaming revenue for January-February 2025, with the market share expected to remain stable compared to Q4 2024 [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance in Q4 2024 met expectations, with a net revenue of HKD 7.47 billion, recovering to 87.2% of Q4 2019 levels. The gaming and non-gaming net revenues were HKD 6.95 billion and HKD 0.52 billion, respectively, recovering to 83.0% and 285.0% of the same period in 2019 [6] - The adjusted EBITDA for Q4 2024 was HKD 0.99 billion, aligning closely with market expectations of HKD 1.02 billion, and recovering to 83.8% of Q4 2019 levels [6] - The company is focused on upgrading its properties, with a target market share of 5% for its flagship property, and has implemented several strategies to enhance operational efficiency and customer experience [6] - The company does not express concern over satellite casinos potentially ceasing operations, as it believes it can effectively utilize its own gaming tables and staff to maintain performance [6] - The revenue forecast for 2024-2026 is maintained at HKD 28.92 billion, HKD 31.41 billion, and HKD 33.52 billion, respectively, with adjusted property EBITDA forecasts of HKD 3.79 billion, HKD 4.71 billion, and HKD 5.43 billion [6] Financial Projections - Total revenue projections for 2023A, 2024E, 2025E, and 2026E are HKD 21,623.2 million, HKD 28,921.2 million, HKD 31,408.8 million, and HKD 33,521.4 million, respectively, with year-on-year growth rates of 223.8%, 33.8%, 8.6%, and 6.7% [6][7] - Adjusted property EBITDA for the same years is projected at HKD 1,928.0 million, HKD 3,786.5 million, HKD 4,712.1 million, and HKD 5,427.4 million, with growth rates of 96.4%, 24.4%, and 15.2% for 2024E, 2025E, and 2026E [6][7] - The diluted earnings per share are forecasted to be HKD -0.28, HKD 0.03, HKD 0.18, and HKD 0.31 for 2023A, 2024E, 2025E, and 2026E, respectively [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance in Q4 2024 met expectations, with a net revenue of HKD 7.47 billion, recovering to 87.2% of Q4 2019 levels. The gaming and non-gaming net revenues were HKD 6.95 billion and HKD 0.52 billion, respectively, recovering to 83.0% and 285.0% of the same period in 2019 [6] - The adjusted EBITDA for Q4 2024 was HKD 0.99 billion, aligning closely with market expectations of HKD 1.02 billion, and recovering to 83.8% of Q4 2019 levels [6] - The company is focused on upgrading its properties, with a long-term market share target of 5% for its flagship property, and has implemented several strategies to enhance operational efficiency and customer experience [6] - The company does not express concern over satellite casinos potentially ceasing operations, as it believes it can effectively utilize its own gaming tables and staff to maintain performance [6] - The revenue forecasts for 2024-2026 are maintained at HKD 28.92 billion, HKD 31.41 billion, and HKD 33.52 billion, respectively, with adjusted property EBITDA forecasts of HKD 3.79 billion, HKD 4.71 billion, and HKD 5.43 billion [6] Financial Projections - Total revenue for 2023 is projected at HKD 21.62 billion, with a year-on-year growth of 223.8%. For 2024, the revenue is expected to reach HKD 28.92 billion, reflecting a growth of 33.8% [7] - The adjusted property EBITDA for 2023 is estimated at HKD 1.93 billion, with projections of HKD 3.79 billion for 2024, indicating a significant increase of 96.4% [7] - The earnings per share (EPS) is expected to turn positive in 2024, with estimates of HKD 0.03 per share, rising to HKD 0.31 by 2026 [7] - The company's EV/adjusted EBITDA ratios for 2024, 2025, and 2026 are projected at 11.12, 8.94, and 7.76, respectively [6][7]

Financial Performance - The company's gaming net revenue for the year ended December 31, 2024, was HKD 26,846 million, representing a 33.8% increase from HKD 20,059 million in 2023[3]. - Adjusted EBITDA for the group was HKD 3,764 million, up 117.9% from HKD 1,727 million in the previous year[3]. - The profit attributable to the company's owners was HKD 3 million, a significant recovery from a loss of HKD 2,010 million in 2023[3]. - The total revenue from hotel, dining, retail, leasing, and related services was HKD 2,186 million, reflecting a 20.4% increase from HKD 1,815 million in 2023[3]. - Total net revenue increased by 33.0% from HKD 21,623 million in 2023 to HKD 28,769 million in 2024[53]. - The group reported a pre-tax profit of HKD 158.8 million in 2024, a significant improvement from a loss of HKD 1,838.9 million in 2023[26]. - The total gross gaming revenue for the group was HKD 28,824 million, up 35.9% from HKD 21,204 million in 2023[56]. Revenue Breakdown - The group reported segment revenue for the gaming business of HKD 26,846.1 million in 2024, up from HKD 20,059.2 million in 2023, representing a growth of 33.9%[25]. - The hotel, restaurant, retail, and leasing business generated segment revenue of HKD 1,922.8 million in 2024, compared to HKD 1,564.0 million in 2023, reflecting an increase of 22.9%[25]. - The gross gaming revenue from the integrated resort reached HKD 5,238 million, a 94.7% increase compared to HKD 2,690 million in 2023[58]. - Casino gross gaming revenue increased by 18.4% to HKD 5,241 million from HKD 4,428 million[62]. - Satellite casino revenue grew by 24.9% to HKD 10,797 million from HKD 8,647 million[63]. Assets and Liabilities - The group’s total assets less current liabilities amounted to HKD 41,791.5 million as of December 31, 2024[9]. - The total assets decreased to HKD 48,724.9 million in 2024 from HKD 49,739.7 million in 2023, reflecting a decline of 2.0%[30]. - The total liabilities of the group decreased to HKD 34,548.9 million in 2024, down 3.1% from HKD 35,654.5 million in 2023[30]. - The company's financing costs were HKD 1,892.6 million, slightly down from HKD 1,930.1 million in the previous year[8]. - Non-current liabilities decreased from HKD 30,379.0 million in 2023 to HKD 27,615.5 million in 2024, a reduction of approximately 9.2%[10]. - The total outstanding bank loans as of December 31, 2024, was HKD 134.99 billion, down from HKD 152.36 billion on December 31, 2023[73]. Cash Flow and Financial Position - The company recorded cash, bank balances, and short-term bank deposits of HKD 3,217 million, with total debt amounting to HKD 26,458 million as of December 31, 2024[7]. - As of December 31, 2024, the group's cash and bank balances amounted to HKD 22.08 billion, a decrease of 37.7% from HKD 35.42 billion on December 31, 2023[73]. - The group's asset-liability ratio at the end of the reporting period was 51.1%, compared to 52.2% on December 31, 2023[74]. - The group has issued priority notes and convertible bonds totaling HKD 109.52 billion as of December 31, 2024, slightly up from HKD 109.07 billion on December 31, 2023[73]. Employee and Operational Insights - The group employed approximately 20,400 full-time employees as of December 31, 2024, with a low employee turnover rate[80]. - The group’s pre-tax profit for 2024 was impacted by total employee benefits costs of HKD 6,297.5 million, up from HKD 5,723.3 million in 2023[40]. Future Plans and Developments - The company plans to maintain a strong financial position to achieve sustainable long-term growth[54]. - The company will continue to focus on its operations in Macau while considering expansion opportunities in Asia[54]. - The company plans to acquire and convert office properties in Hengqin into a three-star hotel to expand its mid-range hotel market[66]. - The company will enhance its event hosting capabilities by adding two new venues at the Venetian, increasing capacity by 132%[69]. - The group plans to continue participating in promotional activities to enhance the "Pousada" brand's visibility and attract diverse tourist markets in 2025[70]. - The group aims to expand high-end service experiences and diversify tourism services to contribute to sustainable tourism development in Macau[71]. Accounting and Compliance - The group is currently evaluating the specific impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements[21]. - The new accounting standards will take effect for annual periods beginning on or after January 1, 2027, with early application permitted[21]. - The group's consolidated financial statements for the year ended December 31, 2024, have been reviewed by the audit committee and confirmed by Deloitte[88]. - The auditor's report for the financial statements of the two years did not contain any reservations or emphasize any matters[89]. - The company has submitted financial statements for the year ended December 31, 2023, to the Companies Registry in accordance with Hong Kong Companies Ordinance[88].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 3.27 [2][3]. Core Insights - The company has transitioned from a loss to profit in Q3 2024, with a significant recovery in gaming revenue, achieving a 74.9% increase in gross gaming revenue compared to the previous quarter, and a 12.5% increase compared to the same period in 2019 [2][3]. - Non-gaming revenue also showed a positive trend, with a 10.4% increase to HKD 1.2 billion, contributing to the overall recovery of the company [2][3]. - The report highlights the performance of key properties, with "New Lisboa" and other self-operated venues showing a recovery to 69.4% and 84.8% of their 2019 levels, respectively [2][3]. Financial Summary - The company reported a net income of HKD 282.3 million for 2024, a significant turnaround from a loss of HKD 2,009.8 million in 2023 [5]. - EBITDA is projected to grow by 32.4% to HKD 3,826.2 million in 2024, with further growth expected in subsequent years [5]. - The company's total revenue is forecasted to reach HKD 28,633.7 million in 2024, reflecting a growth rate of 32.4% compared to 2023 [5]. Market Position - The company has improved its market share, with a reported increase of 40.8% in overall market share in Q3 2024 [2][3]. - The report indicates that the company is well-positioned to benefit from the ongoing recovery in the Macau gaming market, supported by strategic initiatives to enhance customer engagement and expand service offerings [2][3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.0 [1] Core Views - The company's Q3 2024 performance exceeded expectations, with net revenue reaching HKD 7.5 billion, recovering to 91% of Q3 2019 levels [1] - Adjusted EBITDA for Q3 2024 was HKD 1.04 billion, surpassing the expected HKD 1.0 billion and recovering to 109.2% of Q3 2019 levels [1] - The company's market share in the gaming sector increased by 1.3 percentage points to 13.9% in Q3 2024 [1] - The new property, Grand Lisboa Palace, turned profitable in Q3 2024, contributing HKD 1.42 billion in gaming revenue, a 17.2% increase quarter-over-quarter [1] Financial Performance - Total revenue for 2023A was HKD 21,623.2 million, with a projected increase to HKD 28,921.2 million in 2024E, HKD 31,408.8 million in 2025E, and HKD 33,521.4 million in 2026E [1] - Adjusted property EBITDA for 2023A was HKD 1,928.0 million, expected to rise to HKD 3,786.5 million in 2024E, HKD 4,712.1 million in 2025E, and HKD 5,427.4 million in 2026E [1] - Earnings per share (EPS) for 2023A was -HKD 0.28, projected to improve to HKD 0.03 in 2024E, HKD 0.18 in 2025E, and HKD 0.31 in 2026E [1] Market Share and Operational Improvements - The company's market share in the VIP segment recovered to 26.9% of 2019 levels, while the mass market segment (including slot machines) recovered to 101.8% of 2019 levels [1] - Grand Lisboa Palace's adjusted property EBITDA reached HKD 165 million in Q3 2024, marking a turnaround from losses [1] - The company plans to enhance service quality by introducing new VIP programs, opening more leisure restaurants, and renovating the Sky Phoenix VIP area [1] Operational Costs - Daily operating expenses in Q3 2024 were approximately HKD 20.9 million, a 5.2% increase quarter-over-quarter, primarily due to higher summer traffic [1] - Grand Lisboa Palace's daily operating expenses were HKD 7.6 million, up 8.4% quarter-over-quarter, reflecting its growth phase and increased marketing personnel [1] Valuation Metrics - The company's EV/Adjusted EBITDA for 2024E is 11.7x, expected to decrease to 9.4x in 2025E and 8.2x in 2026E [1] - The current price-to-book (P/B) ratio is 1.41x, with a market capitalization of HKD 19.46 billion [2][3]

Financial Performance - The group's gaming net revenue for Q3 2024 was HKD 6.995 billion, an increase of 29.2% from HKD 5.413 billion in Q3 2023[4] - Adjusted EBITDA for Q3 2024 was HKD 1.037 billion, representing an 83.2% increase from HKD 566 million in Q3 2023[4] - The adjusted EBITDA margin for Q3 2024 was 13.8%, up from 9.6% in Q3 2023, reflecting a 4.2 percentage point increase[4] - The total net revenue for Q3 2024 was HKD 7.499 billion, a 27.8% increase from HKD 5.868 billion in Q3 2023[4] - The group recorded a profit attributable to owners of HKD 101 million in Q3 2024, compared to a loss of HKD 410 million in Q3 2023[4] - The company's total gaming revenue reached HKD 7,498 million in Q3 2024, a 30.8% increase from HKD 5,731 million in Q3 2023[6] - The total revenue for the first nine months of 2024 was HKD 4,733 million, an 88.3% increase from HKD 2,514 million in the same period of 2023[7] - The company reported a 30.3% increase in total revenue for Q3 2024, amounting to HKD 2,017 million compared to HKD 1,548 million in Q3 2023[8] - The total revenue for Q3 2024 reached HKD 1,459 million, representing a 16.1% increase from HKD 1,257 million in Q3 2023[9] Revenue Breakdown - The group's gross gaming revenue for Q3 2024 was HKD 69.95 billion, up from HKD 54.13 billion in Q3 2023, marking a 29.2% increase[5] - The group's non-gaming revenue for Q3 2024 was HKD 5.04 billion, compared to HKD 4.55 billion in Q3 2023[4] - Non-gaming revenue for the first nine months of 2024 was HKD 17,589 million, up 39.9% from HKD 12,574 million in the same period of 2023[6] - Non-gaming revenue for the first nine months of 2024 was HKD 24,965 million, up 20.6% from HKD 20,708 million in the same period of 2023[9] - The group's electronic gaming gross revenue for Q3 2024 was HKD 620 million, an increase of 24.2% from HKD 499 million in the same period last year[5] - The company achieved a 24.2% increase in electronic gaming revenue, reaching HKD 620 million in Q3 2024, compared to HKD 499 million in Q3 2023[6] - The electronic gaming revenue for Q3 2024 was HKD 1,816 million, a 10.9% increase from HKD 1,638 million in Q3 2023[9] Operational Metrics - The occupancy rate for hotels reached 98.9% in Q3 2024, up from 85.4% in Q3 2023, reflecting a 13.5 percentage point increase[8] - The average daily room rate decreased by 10.7% to HKD 1,185 in Q3 2024 from HKD 1,327 in Q3 2023[8] - The average daily room rate for the "回力酒店" was HKD 195, reflecting a 3.7% increase from HKD 188 in Q3 2023[9] - The occupancy rate for "回力酒店" was 99.9%, up 0.3 percentage points from 99.6% in Q3 2023[9] Capital Expenditures and Debt - The group's cash, bank balances, and short-term bank deposits as of September 30, 2024, amounted to HKD 3.782 billion, with total debt of HKD 26.708 billion[3] - Capital expenditures for the group in Q3 2024 amounted to HKD 166 million, primarily for furniture, fixtures, and equipment, as well as property renovations[11] Other Financial Information - The group reported an unrealized fair value loss of HKD 16 million from equity securities investments, recognized in other comprehensive expenses[10] - The total amount wagered in the transcode segment was HKD 9,267 million in Q3 2024, a 43.7% increase from HKD 6,447 million in Q3 2023[7] - Adjusted property EBITDA for Q3 2024 was HKD 165 million, a significant increase of 711.1% compared to a loss of HKD 27 million in Q3 2023[7] - Adjusted property EBITDA for Q3 2024 was HKD 343 million, a slight decrease of 0.6% from HKD 345 million in Q3 2023[9] - The company reported a 24.6% increase in non-transcoded gaming revenue, totaling HKD 6,100 million in Q3 2024 compared to HKD 4,897 million in Q3 2023[6] - The gaming revenue (gross gaming revenue) for Q3 2024 was HKD 2,749 million, a 19.7% increase from HKD 2,297 million in Q3 2023[10]