Financial Performance - The total net revenue for the year ended December 31, 2024, was 54,990,000,000), an increase of 8.4% compared to 51,060,000,000) for the year ended December 31, 2023[8]. - The profit for the year ended December 31, 2024, was 8,120,000,000), representing a significant increase of 51.0% from 5,410,000,000) in the previous year[8]. - The adjusted property EBITDA for the year ended December 31, 2024, was 18,090,000,000), which is a 4.7% increase from 17,390,000,000) for the year ended December 31, 2023[8]. - The net revenue from the gaming segment was 4,840,000,000 in the previous year, primarily due to increased visitor volume[144]. - The total revenue from the hotel segment was 761,000,000, driven by higher occupancy rates[149]. - The non-gaming revenue from food and beverage increased by 8.3%, reaching 240,000,000[143]. - Operating expenses rose to 5.309 billion in 2023, attributed to higher business volumes across most categories[157]. - The average daily room rate for The Venetian Macao was 208 in 2023[151]. - The revenue per available room (RevPAR) for The Venetian Macao was 196 in the previous year[151]. Visitor Statistics - The company attracted a total of 95,000,000 visitors in 2024, averaging approximately 260,000 visitors per day[13]. - The number of visitors to Macau in 2024 was approximately 35,000,000, compared to 28,000,000 in 2023 and 6,000,000 in 2022[61]. - The company hosted approximately 652,000 visitors for incentive travel events in Macau, with around 580,000 attending 30 exhibitions and trade fairs[18]. - Total visitor numbers to Macau reached approximately 24,500,000 for the year ending December 31, 2024, an increase of about 28.6% compared to 2023[135]. - The Venetian Macao recorded approximately 31.6 million visitors in 2024, an increase from 30.3 million in 2023[118]. - The Londoner Macao had approximately 25.6 million visitors in 2024, up from 22.5 million in 2023[125]. - The Parisian Macao had a total of approximately 13,500,000 visitors in 2024, up from about 11,600,000 in 2023[127]. Investments and Developments - The company has invested approximately 4,500,000,000 in capital and operational investments in Macau during the current gaming license period from 2023 to 2032[63]. - The company has made significant progress on the post-completion works of The Londoner Macao, with a capital investment project expected to be completed in the second quarter of 2025[62]. - The company has committed to invest at least MOP 35,800,000,000 (approximately USD 4,480,000,000) in Macau, with a focus on non-gaming projects[187]. - The investment plan includes projects aimed at attracting foreign visitors, hosting exhibitions, entertainment performances, sports events, and enhancing Macau's reputation as a culinary capital[98]. - The company plans to expand its conference and exhibition capabilities by constructing a state-of-the-art venue connected to the existing Cotai Expo[102]. - A unique garden-themed attraction is planned to be developed next to The Londoner Macao, featuring a signature greenhouse and themed green spaces[102]. Corporate Governance and Management - The company has a board of directors consisting of eight members, with four being independent non-executive directors[30]. - The Chairman and non-executive director, Robert Glen Goldstein, has held various senior positions within the company since 2014, including CEO from January 2021 to January 2024[30]. - The Executive Vice Chairman and executive director, Wilfred Wong, has extensive experience in property development and has held senior management positions in several listed companies in Hong Kong[33]. - The CEO and president, Zheng Junuo, has been with the company since 2013 and previously worked at UBS Investment Bank for 14 years, overseeing various roles[37]. - The company has a strong focus on governance, with various committees including the remuneration committee and capital expenditure committee led by experienced directors[33]. - The company emphasizes the importance of financial management expertise within its board, ensuring compliance with regulatory standards[44]. - The company has a commitment to corporate governance, as evidenced by the roles of independent directors in various committees[42][44][49]. Legal Matters - The claim amount from Asian American Entertainment Corporation against the company is approximately 12.06 billion, covering lost earnings from 2004 to 2018, with rights reserved for further claims until 2022[194]. - The Macau Court ruled in favor of the company in April 2022, stating that the claims were malicious[196]. - The company continues to actively defend against the litigation and believes that it will not have a significant adverse effect on its financial condition or cash flow[199]. - The Macau Intermediate Court dismissed the plaintiff's appeal based on procedural defects, reaffirming the malicious nature of the claims[198]. - Management remains confident that the ongoing litigation will not materially affect the company's financial performance[199]. Market Position and Strategy - The company ranked first in market share for sold hotel rooms on major platforms including Ctrip, Alibaba's Fliggy, and Meituan in Macau[15]. - The company’s non-room revenue market share for dining and attraction tickets ranked first, with Meituan leading in dining product market share[15]. - The company is positioned to benefit from Macau's projected gross gaming revenue of MOP 226.78 billion (approximately USD 28.35 billion) in 2024, an increase of 23.9% from 2023[76]. - The company focuses on high-margin mass gaming operations, which accounted for 76% of market revenue in 2024, according to the Gaming Inspection and Coordination Bureau[79]. - The company continues to innovate its gaming product offerings to capture a larger market share across all customer segments in Macau[79]. - The company has established a significant presence in the retail sector with approximately 770 stores across 2.1 million square feet of retail space[71]. Awards and Recognition - The company received multiple awards in 2024, including the Best Integrated Resort in Asia Pacific from Travel + Leisure for the Macau Sands Resort[23]. - The company has been recognized as the best luxury hotel in Macau by the 2024 TTG China Travel Awards[27]. - The company has a platinum rating for its restaurant, 紫逸軒, in the 2024 Ctrip Reputation List for luxury restaurants[27]. - The company received multiple awards in 2024, including the "Best Luxury Hotel" in Macau from Travel + Leisure and a five-star rating from Forbes Travel Guide for the Four Seasons Hotel Macau[27]. Transportation and Visitor Experience - The company has invested in transportation networks to enhance visitor experience, including the "Cotai Water Jet" ferry service, which has been operational since November 2007[87]. - The "Cotai Water Jet" ferry service operates high-speed vessels with a capacity of over 400 passengers, with a maximum speed of approximately 42 knots[87]. - The company provides a fleet of over 110 luxury cars for its "Cotai Limousine" service, ensuring round-the-clock availability for VIP clients[89]. - The company operates 150 shuttle buses, including 34 owned and 116 leased, to facilitate transportation between its properties and key locations[90].
金沙中国有限公司(01928) - 2024 - 年度财报