The SAR Government Is Not Ruling out the Possibility
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2020 Annual Report
Stock Code: 1928 and Note Stock Codes: 5140, 5141, 5142, 5725, 5727, 5733, 40246, 40247, 40584, 40585 www.sandschina.com From Luxury Duty Free Shopping, Exciting Entertainment and Fabulous Dining to World-Class Hotel Suites and MICE, Come and Discover Everything at Sands China. SANDS CHINA LTD. CONTENTS 1. OVERVIEW 4 1.1 Financial Results Summary 4 1.2 Highlights of 2020 5 1.3 Directors and Senior Management 11 2. BUSINESS REVIEW 18 2.1 Chairman’s Statement 18 2.2 Business Overview and Outlook 20 2.3 Our Properties 26 2.4 Management Discussion and Analysis 33 2.5 Priority Risk Factors 47 2.6 Stakeholder Information 59 3. CORPORATE GOVERNANCE 66 REPORT 3.1 Introduction 66 3.2 Corporate Governance Code Compliance 66 3.3 Board Governance Structure 67 3.4 The Board 68 3.5 Audit Committee 74 3.6 Remuneration Committee 76 3.7 Nomination Committee 78 3.8 Capex Committee 81 3.9 Risk Management and Internal Control 82 3.10 Shareholders 87 3.11 Compliance Disclosures and Other Matters 90 3.12 Directors’ Report 92 4. FINANCIAL STATEMENTS 113 4.1 Independent Auditor’s Report 113 4.2 Financial Statements 117 4.3 Notes to the Consolidated Financial Statements 123 4.4 Financial Summary 193 5. CORPORATE INFORMATION 194 6. CONTACT US 195 7. GLOSSARY 196 In case of any inconsistency between the English version and the Chinese version of this Annual Report, the English version shall prevail. SANDS CHINA LTD. 1.1 FINANCIAL HIGHLIGHTS 2 ANNUAL REPORT 2020 SANDS CHINA LTD. 1.1 FINANCIAL HIGHLIGHTS our Luxurious Hotel Rooms and Suites await you. -
Booming Macau
CHINA BOOMING MACAU ©Raphaël Fournier An advertisement for the Galaxy Casino. Macau is the Las Vegas of the East, the world’s gambling paradise Gambling in Macau generates in excess of 30 billion dollars a year In October the Hong Kong-Zhuhai-Macau Bridge was opened. It is the world’s longest bridge The bridge will further increase the number of tourists, which in 2025 are due to reach record levels of 40 million Too many according to the authorities: the peninsula is small and it is necessary to introduce a maximum limit. But How? The Grand Lisboa Casino. Opened in 2006, it is owned by Stanley Ho, holder of the gambling licenses monopoly in Macau until 2002. A tourist in front of The Venetian Casino. The lights of the Grand Lisboa Casino. Chinese gamblers taking a break outside a casino. The tourist invasion of the gambler’s paradise The Las Vegas of the East, the gambling town par excellence, one of the richest places on the planet (it is due to overtake Qatar in 2020) – it is, of course, Macau. The former Portuguese colony was returned to Chinese control in 1999, but with one particularity: it is the only place in China where gambling and casinos are legal. Macau – known by the Chinese as Aomén – is famous for two things: money (it is a tax haven) and the tourists attracted by the roulette, poker and slot machines. Here one in five inhabitants works in a casino and more than 70% of government revenues is derived from gambling, an activity that brings wealth (in excess of 30 billion dollars a year) and that in 2018 alone attracted almost 36 million visitors to Macau. -
Veteran Awarded Top Honor for His Devotion to Village
6 | Thursday, July 22, 2021 HONG KONG EDITION | CHINA DAILY CHINA Artist paints the stories contained in Yellow River’s stones By YE ZIZHEN in Beijing and YUAN HUI in Hohhot So far, my themes Walk into the yard at Lu Ting’s studio, and you’ll find dozens of have been about stones, washed and placed neatly maternity and on the ground. They range in size from less than women, but I feel the 1 square meter, to as large as an stones are telling a adult human. As an artist, Lu has a special way story on a bigger of expressing her deep love of her scale, about hometown — by creating colorful paintings on her beloved stones. relationships and “I was born and raised near the the meaning of life.” Yellow River and used to visit it a lot as a child. I feel connected Lu Ting, artist in Wuhai, Inner with the river,” the 46-year-old Mongolia autonomous region said. At age 2, Lu moved from Bayan- Guangdong province, two years nuur to Wuhai city in the Inner later in 2018. That same year, Lu Sun Jingkun talks with the head of his nursing home in Dandong, Liaoning province, on July 10. XINHUA Mongolia autonomous region and opened her studio in Wuhai, which has been living there since. residents can visit for free. “Wuhai is located in the delta “Slowly, people have begun to between the Yinshan Mountain come here and look at the paint- and the Yellow River. When I visit- ings, they also get to know more ed the mountain as a child, I saw about our homeland, and to love it many symbols and lines carved more deeply.” Veteran awarded top honor into the rocks, which left a deep Residents help Lu to collect impression on me,” Lu said. -
訊 息 息 Informationen
訊訊 息 息 Informationen In eigener Sache: China heute erhält englischsprachige Schwesterzeitschrift Religions & Christianity in Today’s China Den chinesischen Titelschrift- zug für Religions & Christianity in Today‘s China kalligraphierte Dr. Yang Xusheng (Beijing). Im Zuge seiner verstärkten Internationalisierung und auf- des China-Zentrums. Die Startnummer ging am 5. August grund des von vielen geäußerten Wunsches, einige Artikel 2011 online. Inhaltlicher Schwerpunkt dieser ersten Num- von China heute auch in englischer Sprache lesen zu kön- mer ist das 8. Europäische Katholische China-Kolloquium nen, gibt das China-Zentrum zusätzlich zu China heute seit (Freising, September 2010) zum Thema „Chinesen in Euro- diesem Sommer auch eine englischsprachige Zeitschrift pa – Trends und katholische Perspektiven“. heraus. Religions & Christianity in Today’s China wird künf- Interessierte Leser können das neue e-Journal kosten- tig sowohl eigene Beiträge wie auch Artikel aus China heute los von unserer Website www.china-zentrum.de herunter- enthalten, welche in die englische Sprache übersetzt wur- laden. Dort besteht auch die Möglichkeit, sich für einen den. Auch die „Chronik zu Religion und Kirche in China“ Newsletter einzutragen, der Sie per E-Mail jeweils über das aus China heute wird fester Bestandteil der neuen Zeit- Erscheinen einer neuen Ausgabe informiert. schrift. Religions & Christianity in Today’s China fungiert Für die Veröffentlichung unserer Zeitschriften sind wir zugleich als eine Art Fortführung der Reihe European Ecu- auf Unterstützung angewiesen. Wir freuen uns über jede menical China Communication, die seit 1992 vom China- Spende. Zentrum veröffentlicht wurde und vor allem Beiträge der Wir hoffen, dass Religions & Christianity in Today’s Chi- Europäischen Ökumenischen und Katholischen China- na ebenso wie China heute das Interesse vieler Leserinnen konferenzen enthielt. -
Medal Laureate Touts His Family's Spirit of Service
CHINA DAILY | HONG KONG EDITION Monday, July 26, 2021 | 7 CHINA Medal laureate touts his family’s spirit of service Li Hongta followed in the footsteps of his well-known relatives By HOU LIQIANG also a prominent figure. Li Baohua, the Anhui Academy of Social Scien- PATH TO GLORY [email protected] whose given name is a homophone Path to glory ces who went on a business trip to of “protect China” in Mandarin, PROFILE Beijing with Li Hongta after Li Bao- Gu Huijing uses a laptop to check a car’s condition at her school As head of the Civil Affairs headed Anhui’s CPC provincial com- hua was transferred to the capital. in Shenzhen, Guangdong province. PROVIDED TO CHINA DAILY Department of Anhui Province, Li mittee before he was promoted to The official thought his father Hongta rode his bicycle to work governor of the People’s Bank of Chi- would dispatch a car to receive the most of the time, although he had na in 1978. son. He was wrong. He and Li took a the option of using a government-is- Despite his father’s success, Li bus to their destination in Beijing. Teenage girl wins car sued vehicle due to his ranking. Hongta didn’t lead a privileged life. “It is impossible for us to use his car,” His name may sound strange to Just 19 days after Li Hongta was Li Hongta told the official. some Chinese people. His grandfa- born, he was sent to a nursery. He After working with the Hefei com- competition, crashes ther, however, is a widely known fig- only went back to his parents after mittee of the Chinese Communist ure not only in China, but also he was 6 years old. -
Protection in Practice
This is the original English version of the paper which was translated into Japanese for publication. To cite to this document please use the following citation: Brian Barbour, Protection in Practice: The Situation of Refugees in East Asia, 2 Nanmin Kenkyu Journal [Refugee Studies Journal] 81 (2012) (Published in Japanese; English original available at: http://www.refugeestudies.jp/) Protection in Practice: The Situation of Refugees in East Asia Brian Barbour, East Asia Chair, Asia Pacific Refugee Rights Network1 I. Introduction In refugee protection, there are two goals which must be pursued simultaneously: protection in law and protection in practice. Without the law, refugees lack legal status, lack basic human rights, and are vulnerable to exploitation. They are trafficked, subject to arbitrary arrest and detention, left destitute and homeless, and on top of it all, are vilified as "illegal immigrants". Without the law there is no solution and refugees are left in indefinite limbo; forced to be dependent on charity; re-traumatized and desperate; and eventually are forcibly returned to situations of atrocity, torture, and possibly death. For these reasons, we must push for the adoption of a meaningful, comprehensive, domestic legal framework that is consistent with international standards and ensures refugees are actually protected. And we must do this not only because it is the right thing to do, but also because it is cheaper, more effective, and more efficient than what we are currently doing. Having legal processes that lead to timely and fair decisions; while ensuring legal, social, and economic rights are respected throughout this process not only prevents destitution and the exploitation of refugees; but it also makes the process more efficient for the government, and lowers the human and financial costs governments incur by ignoring the problem such as through prolonged immigration detention, protracted displacement in camps, or the expense of social welfare and medical care where refugees are left in destitution. -
Damage to Bus Disgraceful
Established October 1895 Gay named OECS ambassador for Barbados Page 7 Thursday July 1, 2021 $1 VAT Inclusive WEATHER WARNING First of two waves affects island THE first of two expected tropical waves passed over the island yesterday, bring- ing with it rain, lightning and thunder along with flood waters in many areas of Barbados. The Barbados Meteorological Services (MET Office) issued a Severe Thunderstorm Warning along with a Flash Flood Warning around 5:10 am yes- terday morning as the condi- tions, brought about by the trop- ical wave affecting the island, intensified. The warnings put Barbadians on alert for rapid flooding due to heavy or excessive rainfall in a short period of time, which would be accompanied by sig- nificant lightning activity. Director of the Barbados MET on Page 4 Bay Street as usual was flooded and motorists had to navigate the waters wisely. Damage to bus disgraceful THERE is one less bus on the road for at least a day or two and the taxpayers of Barbados are now forced to pay out in ex- cess of $1 000 after vandals struck the Barbados Transport Board. Around 8:30 on Tuesday night while transporting pas- sengers along the St. Patrick's route, one of the Board's electric buses was attacked by a person or group of persons, who threw stones through the windows. This was revealed to members of the media by Chief Operations Officer of the Transport Board Lynda Holder early yesterday morning. Counting the blessings that no passengers were injured during the attack, Holder bemoaned the actions and noted that this was not the first time that mem- bers of the public had made at- tempts at vandalising the new fleet of government buses. -
A Caridade Religiosa E Os Serviços Sociais Em Macau
Administração n.º 101, vol. XXVI, 2013-3.º, 701-729 701 A Coexistência de Duas Origens: A Caridade Religiosa e os Serviços Sociais em Macau Lou Shenghua * O encontro Oriente-Ocidente e o multiculturalismo são as caracte- rísticas da cidade de Macau. No início como uma base no Oriente para a propagação do catolicismo na Ásia, Macau foi a primeira região da Ásia a entrar em contato e a aceitar a fé católica e por isso tem sido conhecida como “Vaticano do Oriente”. Antes da chegada das religiões ocidentais, o Taoísmo, o Budismo e outras crenças orientais foram-se alastrando em Macau, desde há muito. Assim, múltiplas religiões heterogéneas orientais, coexistem pacificamente, enquanto na competição para o crescimento Macau constitui um estilo único de cidade de crenças. A religião é a vitalidade dos fiéis e das ligações da comunidade local. Entre elas, a caridade é o laço fundamental que liga as religiões e as so- ciedades, mas também a forma fiel e importante para ganhar a aceitação social. As religiões orientais e ocidentais em Macau não são as mesmas em diferentes formas de actividades de caridade na sociedade, o que se pode dizer é que as instituições religiosas em Macau não têm só uma longa his- tória, mais importante do que isso, as religiões por meio da sua profunda participação em serviços sociais e de caridade, moldaram e mudaram a filantropia de Macau, para mostrar um padrão de características distintas. I. A Não Convergência de Duas Origens: a Introduçâo do Estilo Ocidental de Caridade e A Coexistência Diversificada De Instituiçôes de Caridade Chinesa e Ocidental Assim como em outras regiões, a caridade em Macau originou e desenvolveu-se devido às necessidades da comunidade local. -
Wang Yi in a Telephonic Conversation with His Indian
Vol. No. 2 | Bi-Monthly | March-April 2021 ` 50 NEWS FROM CHINA CHINA-INDIA REVIEW Shaping A Healthy and Harmonious China & World Clean Future: Winds of Change A wind farm in the northwestern Chinese province of Xinjiang. Xinjiang has become a pioneer in China’s new energy drive by turning its natural endowments into power for a greener future. H.E. SUN WEIDONG From Ambassador’s Desk China’s Ambassador to India Join Hands to Defeat COVID-19, Build a Global Community of Health for All t’s a moment of hope and pride for China as counterpart S. Jaishankar. A three-pronged plan we move beyond the pandemic to pursue the has been developed by China to support India’s Idream of national rejuvenation. Buoyed by anti-pandemic efforts. First, China will continue successful efforts to curb the pandemic, the leaders to encourage and support Chinese enterprises and legislators of China, at the annual “Two to speed up production and offer anti-epidemic Sessions”, adopted the country’s development materials to India. Second, China will provide blueprint for the next five to fifteen years. customs and transportation facilitation to India The core elements of China’s 14th Five-Year in purchasing medical supplies. Third, China Plan can be summarized as three “new concepts”: will hold video conferences for medics from both new development stage means China is sides to share related experience. embarking on a new journey towards realization Humanity is a community with a shared of its second centenary goal; new development future. Only through solidarity and cooperation philosophy points out the direction for China’s can countries around the world ultimately defeat high-quality development with the vision the pandemic and meet other global challenges. -
3804-2021-07-01.Pdf
FOUNDER & PUBLISHER Kowie Geldenhuys EDITOR-IN-CHIEF Paulo Coutinho www.macaudailytimes.com.mo THURSDAY T. 27º/ 31º Air Quality Good MOP 8.00 3804 “ THE TIMES THEY ARE A-CHANGIN’ ” N.º 01 Jul 2021 HKD 10.00 CIVIL WATCH, NEW MACAU PROGRESSIVE PROPERTY INSPECTIONS THE PUBLIC SECURITY POLICE FORCE HAS AND POWER OF SYNERGY ANNOUNCED REPORTED THAT THEY HAVE DETAINED LISTS OF CANDIDATES YESTERDAY FOR WITHOUT COURT ORDER FOUR PEOPLE ON SUSPICION OF BEING THE UPCOMING ELECTION MAY BE PERMITTED PART OF A SHAM MARRIAGE SCHEME P4 P3 P5 AP PHOTO Indonesia Rescuers yesterday were searching for 11 people missing MARKING100 YEARS in rough seas overnight after a ferry sank near Indonesia’s resort island of Bali. Seven bodies China is marking the have been recovered and 39 people were Chinese Communist rescued, many of them unconscious after drifting in choppy waters for Party’s centenary today hours. The KMP Yunice sank about half an hour with fireworks and after leaving East Java’s Ketapang port late Tuesday, Bali Search and fanfare, celebrating Rescue Agency chief Gede Darmada said. It was the party’s century- bound for Bali’s Gilimanuk port, a 50-kilometer trip. long efforts to ‘rejuvenate China’ AP PHOTO P7 Australia The Queensland and Western Australia state governments yesterday advised people under age 40 not to take the AstraZeneca vaccine because of the risk of a rare blood clotting disorder, despite the Australian government making those shots available to all adults. The state governments’ advice to those under 40 is based on British government guidelines, while the new federal government’s position acknowledges the scarcity of the Pfizer vaccine and an urgent need to accelerate a slow national rollout. -
Govt to Lift Partial Curfew from the First Day of Eid
RAMADAN 29, 1442 AH TUESDAY, MAY 11, 2021 16 Pages Max 43º Min 24º 150 Fils Established 1961 ISSUE NO: 18432 The First Daily in the Arabian Gulf www.kuwaittimes.net Real estate prices remain high in Zionist forces storm A month before Euro 2020, Kuwait, but could drop this year Al-Aqsa Mosque again uncertainty off the pitch and on 3 5 15 Fajr 03:30 Shurooq 04:59 Dhuhr 11:44 Asr 15:20 Maghrib 18:30 Isha 19:56 Govt to lift partial curfew from the first day of Eid Ban on expat entry continues; restaurants and cafes to reopen partially By B Izzak continued the ban on dining inside them. days in a third country, he said. Mazrem said Customers will be allowed to receive their authorities hope to move gradually into fur- UAE bars travellers KUWAIT: The council of ministers yester- orders in person but without sitting inside. ther easing the restrictions as the health con- day decided to lift the partial curfew, Mazrem also said that the Cabinet also dition in the country stabilizes and more from four countries imposed a few months ago to combat the decided to shut all commercial activities from people are vaccinated. spread of the coronavirus pandemic, from 8 pm to 5 am except pharmacies, food stores, The Cabinet approved holding the Eid DUBAI: The United Arab Emirates will from tomorrow suspend the the first day of Eid Al-Fitr starting Thursday, medical stores, restaurants and cafes. prayers but for only 15 minutes in strict com- entry of all travellers, including transit passengers, from the government spokesman said. -
Galaxy Entertainment Group Limited 銀河娛樂集團有限公司
銀河娛樂集團有限公司 Galaxy Entertainment Group Limited Stock Code: 27 2018 Annual Report WorldReginfo - d675fb71-5e7f-4daf-bd01-d7f6c344e994 OUR VISION Galaxy’s vision is to be: Globally recognized as Asia’s leading gaming and entertainment corporation. This vision will be achieved through adhering to our proven business philosophy. GALAXY’S BUSINESS PHILOSOPHY LOCAL MARKET INSIGHTS Leveraging Chinese heritage and deep understanding of Asian and Chinese customer preferences PROVEN EXPERTISE Focus on ROI (return on investment) with prudent CAPEX (capital expenditure) plan, proven construction and hotel expertise, and controlled development WELL POSITIONED Position Galaxy as a leading operator of integrated gaming, leisure and entertainment facilities DEMAND DRIVEN STRATEGY Monitor the market’s developments and expand prudently in a timely manner WorldReginfo - d675fb71-5e7f-4daf-bd01-d7f6c344e994 CONTENTS 002 Corporate Information 004 Corporate Profile 006 Financial & Operational Highlights 012 Financial Calendar for Special Dividend and 2019 AGM 014 Chairman’s Statement 016 Selected Major Awards 024 Management Discussion and Analysis 035 Environmental, Social and Governance Report 063 Biographical Information of Directors 067 Gaming and Hospitality Expertise 069 Corporate Governance Report 081 Report of the Directors 096 Five-Year Summary 097 Independent Auditor’s Report 102 Consolidated Income Statement 103 Consolidated Statement of Comprehensive Income 104 Consolidated Balance Sheet 106 Consolidated Cash Flow Statement 107 Consolidated Statement of Changes in Equity 108 Notes to the Consolidated Financial Statements WorldReginfo - d675fb71-5e7f-4daf-bd01-d7f6c344e994 002 GALAXY ENTERTAINMENT GROUP LIMITED // ANNUAL REPORT 2018 CORPORATE INFORMATION CHAIRMAN AUDIT COMMITTEE Dr. Lui Che Woo, GBM, MBE, JP, LLD, DSSc, DBA Mr. James Ross Ancell (Chairman) Dr. William Yip Shue Lam, LLD DEPUTY CHAIRMAN Professor Patrick Wong Lung Tak, BBS, JP Mr.