SANDS CHINA LTD Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
SANDS CHINA LTD.金沙中國有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1928) ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2016-
FINANCIAL HIGHLIGHTS
Adjusted EBITDA for the Group was US$1,006.0 million (HK$7,805.0 million) in the first half of 2016, a decrease of 8.2% compared to US$1,096.2 million (HK$8,498.1 million) in the first half of 2015.
Total net revenues for the Group were US$3,094.2 million (HK$24,006.0 million) in the first half of 2016, a decrease of 12.0% compared to US$3,516.6 million (HK$27,261.7 million) in the first half of 2015.
Profit for the Group was US$550.6 million (HK$4,271.8 million) in the first half of 2016, a decrease of 25.0% compared to US$734.5 million (HK$5,694.1 million) in the first half of 2015.
Capitalized terms used but not defined herein shall have the meanings ascribed to them in our 2015 annual report.
2. MANAGEMENT DISCUSSION AND ANALYSIS RESULTS OF OPERATIONSThe Board of Directors (the "Board") of Sands China Ltd. ("we" or our "Company") is pleased to announce the unaudited consolidated results of the Company and its subsidiaries (collectively the "Group") for the six months ended June 30, 2016 compared to the six months ended June 30, 2015.
Note: The translation of US$ amounts into HK$ amounts or vice versa has been made at the rate of US$1.00 to HK$7.7584 (six months ended June 30, 2015: US$1.00 to HK$7.7523) for the purposes of illustration only.
Net RevenuesOur net revenues consisted of the following:
Six months ended June 30, 2016 2015 Percent change(US$ in millions, except percentages)
Casino | 2,606.2 | 2,998.7 | (13.1)% |
Mall | 193.4 | 181.3 | 6.7 % |
Rooms | 119.5 | 154.0 | (22.4)% |
Food and beverage | 71.8 | 74.3 | (3.4)% |
Convention, ferry, retail and other | 103.3 | 108.3 | (4.6)% |
Total net revenues | 3,094.2 | 3,516.6 | (12.0)% |
Net revenues were US$3,094.2 million for the six months ended June 30, 2016, a decrease of US$422.4 million, or 12.0%, compared to US$3,516.6 million for the six months ended June 30, 2015. Net revenues decreased in all business categories, except for the mall, mainly driven by the overall market slowdown in the Macao gaming industry. Despite the softer gaming market in Macao, we continued to enjoy Macao market-leading visitation and focused on driving the high-margin mass market gaming business, while providing luxury amenities and high service levels to our VIP and premium players.
Our net casino revenues for the six months ended June 30, 2016 were US$2,606.2 million, a decrease of US$392.5 million, or 13.1%, compared to US$2,998.7 million for the six months ended June 30, 2015, primarily driven by a decrease in volume in our VIP business.
The following table summarizes the results of our casino activity:
Six months ended June 30, 2016 2015 Change(US$ in millions, except percentages and points)
The Venetian Macao | |||
Total net casino revenues | 1,212.4 | 1,297.0 | (6.5)% |
Non-Rolling Chip drop | 3,427.5 | 3,545.0 | (3.3)% |
Non-Rolling Chip win percentage | 24.9% | 25.5% | (0.6)pts |
Rolling Chip volume | 15,094.5 | 16,150.9 | (6.5)% |
Rolling Chip win percentage | 2.99% | 2.95% | 0.04pts |
Slot handle | 2,049.3 | 2,035.7 | 0.7% |
Slot hold percentage | 4.5% | 4.9% | (0.4)pts |
Sands Cotai Central | |||
Total net casino revenues | 850.5 | 963.0 | (11.7)% |
Non-Rolling Chip drop | 3,013.7 | 3,107.7 | (3.0)% |
Non-Rolling Chip win percentage | 20.6% | 21.5% | (0.9)pts |
Rolling Chip volume | 6,685.3 | 10,909.5 | (38.7)% |
Rolling Chip win percentage | 3.26% | 3.05% | 0.21pts |
Slot handle | 3,044.2 | 3,144.4 | (3.2)% |
Slot hold percentage | 3.6% | 3.4% | 0.2pts |
The Plaza Macao | |||
Total net casino revenues | 198.7 | 290.5 | (31.6)% |
Non-Rolling Chip drop | 530.4 | 505.7 | 4.9% |
Non-Rolling Chip win percentage | 23.0% | 22.4% | 0.6pts |
Rolling Chip volume | 4,504.0 | 8,143.3 | (44.7)% |
Rolling Chip win percentage | 2.77% | 3.20% | (0.43)pts |
Slot handle | 193.4 | 260.8 | (25.8)% |
Slot hold percentage | 6.1% | 5.4% | 0.7pts |
Sands Macao | |||
Total net casino revenues | 344.6 | 448.2 | (23.1)% |
Non-Rolling Chip drop | 1,349.6 | 1,559.0 | (13.4)% |
Non-Rolling Chip win percentage | 17.6% | 19.5% | (1.9)pts |
Rolling Chip volume | 4,194.7 | 4,854.4 | (13.6)% |
Rolling Chip win percentage | 2.84% | 3.36% | (0.52)pts |
Slot handle | 1,325.4 | 1,365.7 | (3.0)% |
Slot hold percentage | 3.3% | 3.6% | (0.3)pts |
Net mall revenues for the six months ended June 30, 2016 were US$193.4 million, an increase of US$12.1 million, or 6.7%, compared to US$181.3 million for the six months ended June 30, 2015. The increase was primarily driven by higher base fees due to contract renewals and replacements of shops.
The following table summarizes the results of our mall activity:
Six months ended June 30, 2016 2015 Change(US$, except leasable area, percentages and points)
The Venetian Macao Total mall revenues (in millions) | 99.8 | 92.5 | 7.9% |
Mall gross leasable area (in square feet) | 781,145 | 780,044 | 0.1% |
Occupancy | 97.4% | 97.8% | (0.4)pts |
Base rent per square foot | 234 | 209 | 12.0% |
Tenant sales per square foot | 1,359 | 1,578 | (13.9)% |
Sands Cotai Central Total mall revenues (in millions) | 30.9 | 28.0 | 10.4% |
Mall gross leasable area (in square feet) | 331,476 | 331,466 | 0.0% |
Occupancy | 96.7% | 97.8% | (1.1)pts |
Base rent per square foot | 160 | 143 | 11.9% |
Tenant sales per square foot | 861 | 1,004 | (14.2)% |
The Plaza Macao Total mall revenues (in millions) | 62.7 | 60.8 | 3.1% |
Mall gross leasable area (in square feet) | 260,570 | 257,615 | 1.1% |
Occupancy | 97.7% | 100.0% | (2.3)pts |
Base rent per square foot | 457 | 419 | 9.1% |
Tenant sales per square foot | 2,994 | 4,924 | (39.2)% |
Sands China Ltd. published this content on 12 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 12 August 2016 08:47:03 UTC.
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