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, 2017-
FINANCIAL HIGHLIGHTS
Adjusted EBITDA for the Group was US$1.23 billion (HK$9.58 billion) in the first half of 2017, an increase of 22.0%, compared to US$1.01 billion (HK$7.80 billion) in the first half of 2016.
Total net revenues for the Group were US$3.70 billion (HK$28.87 billion) in the first half of 2017, an increase of 19.5%, compared to US$3.09 billion (HK$24.0 billion) in the first half of 2016.
Profit for the Group was US$678 million (HK$5,292 million) in the first half of 2017, an increase of 23.0%, compared to US$551 million (HK$4,275 million) in the first half of 2016.
Unless otherwise indicated, capitalized terms used but not defined herein shall have the meanings ascribed to them in our 2016 annual report.
2. MANAGEMENT DISCUSSION AND ANALYSIS RESULTS OF OPERATIONSThe Board of Directors (the "Board") of Sands China Ltd. ("we" or our "Company") is pleased to announce the unaudited consolidated results of the Company and its subsidiaries (collectively the "Group") for the six months ended June 30, 2017 compared to the six months ended June 30, 2016.
Note: The translation of US$ amounts into HK$ amounts or vice versa has been made at the rate of US$1.00 to HK$7.8057 (six months ended June 30, 2016: US$1.00 to HK$7.7584) for the purposes of illustration only.
Net RevenuesOur net revenues consisted of the following:
Six months ended June 30, 2017 2016 Percent change(US$ in millions)
Casino 3,111 2,606 19.4%
Mall 236 193 22.3%
Rooms 142 120 18.3%
Food and beverage 87 72 20.8%
Convention, ferry, retail and other 122 103 18.4%
Total net revenues 3,698 3,094 19.5%Net revenues were US$3.70 billion for the six months ended June 30, 2017, an increase of 19.5%, compared to US$3.09 billion for the six months ended June 30, 2016. Net revenues increased in all business categories, mainly driven by the opening of The Parisian Macao in September 2016 and the recovery of the Macao gaming market. We continued to enjoy market- leading visitation in Macao 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, 2017 were US$3.11 billion, an increase of 19.4%, compared to US$2.61 billion for the six months ended June 30, 2016. The increase was attributable to US$595 million of net casino revenues at The Parisian Macao, partially offset by a US$96 million decrease at Sands Cotai Central driven by a decrease in gaming volume, as well as a lower win percentage for table games.
The following table summarizes the results of our casino activity:
Six months ended June 30, 2017 2016 Change(US$ in millions, except percentages and points)
The Venetian Macao Total net casino revenues | 1,225 | 1,212 | 1.1% |
Non-Rolling Chip drop | 3,423 | 3,427 | (0.1)% |
Non-Rolling Chip win percentage | 25.6% | 24.9% | 0.7pts |
Rolling Chip volume | 11,321 | 15,094 | (25.0)% |
Rolling Chip win percentage(ii) | 3.80% | 2.99% | 0.81pts |
Slot handle | 1,334 | 2,049 | (34.9)% |
Slot hold percentage | 5.3% | 4.5% | 0.8pts |
Sands Cotai Central | |||
Total net casino revenues | 754 | 850 | (11.3)% |
Non-Rolling Chip drop | 2,836 | 3,014 | (5.9)% |
Non-Rolling Chip win percentage | 20.5% | 20.6% | (0.1)pts |
Rolling Chip volume | 5,421 | 6,685 | (18.9)% |
Rolling Chip win percentage(ii) | 3.05% | 3.26% | (0.21)pts |
Slot handle | 2,328 | 3,044 | (23.5)% |
Slot hold percentage | 4.0% | 3.6% | 0.4pts |
The Parisian Macao(i) | |||
Total net casino revenues | 595 | - | - % |
Non-Rolling Chip drop | 1,956 | - | - % |
Non-Rolling Chip win percentage | 18.9% | - | -pts |
Rolling Chip volume | 7,482 | - | - % |
Rolling Chip win percentage(ii) | 3.36% | - | -pts |
Slot handle | 1,789 | - | - % |
Slot hold percentage | 3.6% | - | -pts |
The Plaza Macao | |||
Total net casino revenues | 207 | 199 | 4.0% |
Non-Rolling Chip drop | 597 | 530 | 12.6% |
Non-Rolling Chip win percentage | 23.1% | 23.0% | 0.1pts |
Rolling Chip volume | 4,247 | 4,504 | (5.7)% |
Rolling Chip win percentage(ii) | 2.66% | 2.77% | (0.11)pts |
Slot handle | 194 | 193 | 0.5% |
Slot hold percentage | 7.4% | 6.1% | 1.3pts |
Sands Macao | |||
Total net casino revenues | 330 | 345 | (4.3)% |
Non-Rolling Chip drop | 1,239 | 1,350 | (8.2)% |
Non-Rolling Chip win percentage | 19.4% | 17.6% | 1.8pts |
Rolling Chip volume | 2,881 | 4,195 | (31.3)% |
Rolling Chip win percentage(ii) | 3.01% | 2.84% | 0.17pts |
Slot handle | 1,210 | 1,325 | (8.7)% |
Slot hold percentage | 3.3% | 3.3% | -pts |
The Parisian Macao opened on September 13, 2016.
This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts and commissions). We revised the expected range due to the Rolling Chip win percentage experienced over the last several years.
Net mall revenues for the six months ended June 30, 2017 were US$236 million, an increase of 22.3%, compared to US$193 million for the six months ended June 30, 2016. The increase was primarily attributable to US$34 million of net mall revenue at the Shoppes at Parisian and a US$6 million increase at the Shoppes at Venetian, mainly driven by lease renewals and replacements that resulted in higher base rent.
The following table summarizes the results of our mall activity:
Six months ended June 30, 2017 2016 Change(US$, except leasable area, percentages and points)
The Venetian MacaoTotal mall revenues (in millions) 106 100 6.0% Mall gross leasable area (in square feet) 779,025 781,145 (0.3)% Occupancy 97.7% 97.4% 0.3pts
Base rent per square foot 245 234 4.7%
Tenant sales per square foot(i) 1,340 1,359 (1.4)%
Sands Cotai Central(ii)Total mall revenues (in millions) 33 31 6.5% Mall gross leasable area (in square feet) 425,630 331,476 28.4% Occupancy 93.5% 96.7% (3.2)pts
Base rent per square foot 120 160 (25.0)%
Tenant sales per square foot(i) 676 861 (21.5)%
The Parisian Macao(iii)Total mall revenues (in millions) 34 - -% Mall gross leasable area (in square feet) 299,053 - -% Occupancy 92.7% - -pts
Base rent per square foot 221 - -%
Tenant sales per square foot(i) N/A - -%
The Plaza MacaoTotal mall revenues (in millions) 63 63 -% Mall gross leasable area (in square feet) 259,533 260,570 (0.4)% Occupancy 99.5% 97.7% 1.8pts
Base rent per square foot 455 457 (0.4)%
Tenant sales per square foot(i) 3,097 2,994 3.4%
Tenant sales per square foot reflects sales from tenants only after the tenant has been opened for a period of 12 months.
At completion, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area.
The Parisian Macao opened on September 13, 2016.
Sands China Ltd. published this content on 11 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 11 August 2017 11:51:01 UTC.
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