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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. -
Lionel Leong Is Warning of a Weak Quarter on Poor
FOUNDER & PUBLISHER Kowie Geldenhuys EDITOR-IN-CHIEF Paulo Coutinho www.macaudailytimes.com.mo TUESDAY T. 26º/ 32º Air Quality Good MOP 8.00 3372 “ THE TIMES THEY ARE A-CHANGIN’ ” N.º 10 Sep 2019 HKD 10.00 SURVEILLANCE CAMERAS TOOK THE GOV’T CONFIRMS: PLASTIC ENROLLMENT OF LOCAL CREDIT FOR FOILING FOUR CAR CRASH STUDENTS AT MACAU’S LIARS WHO PRETENDED A PASSENGER BAGS TO BE CHARGED AT UNIVERSITIES HAS DROPPED WAS BEHIND THE WHEEL ONE PATACA EACH 30% IN THE PAST SIX YEARS P2 P3 P3 Taiwan and the Solomon Islands put on a display of friendship yesterday, pledging to deepen ties, even as rumors persist the Pacific nation is close to severing relations in favor of China. More on p11 HEADWINDSLIONEL LEONG IS WARNING OF A WEAK QUARTER ON AHEAD POOR GAMING DATA P6 AP PHOTO AP PHOTO Philippines Five people were honored yesterday as this year’s winners of the Ramon Magsaysay Awards, regarded as Asia’s version of the Nobel Prize, including a South Korean who helped fight suicide and bullying and a Thai housewife who became a human rights defender after losing her husband to violence in southern Thailand. Vietnam is at risk of a 500,000 ton shortage of the meat most of its citizens rely on for daily protein between now and the Lunar New Year in January as African swine fever ravages the nation’s hog herd, according to Ipsos Business Consulting. North Korea State media urged citizens yesterday to “fully mobilize” to rebuild after powerful Typhoon Lingling lashed the country over the weekend, with workers rebuilding electricity networks, salvaging battered crops and helping families whose homes and property were damaged. -
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. -
3690-2021-01-08.Pdf
FOUNDER & PUBLISHER Kowie Geldenhuys EDITOR-IN-CHIEF Paulo Coutinho www.macaudailytimes.com.mo FRIDAY T. 7º/ 13º Air Quality Bad MOP 8.00 3690 “ THE TIMES THEY ARE A-CHANGIN’ ” N.º 08 Jan 2021 HKD 10.00 THE MEDIA OUTLET PLATAFORMA GOVERNMENT CONSIDERS MAJOR SHAREHOLDER URGES MGM HAS TEMPORARILY SUSPENDED RESORTS TO SELL 20% OF ITS MACAU THE OPERATION OF THEIR ONLINE LAUNCHING THIRD FINANCIAL OPERATION TO CHINESE FIRMS IN LISBON NEWSROOM STIMULUS MEASURES OPEN LETTER P4 P3 P2 AP PHOTO EVA BUCHO EVA China Two former journalists were convicted of defaming a third STABLE AND journalist by publishing an account accusing him of sexual misconduct. A court in Hangzhou ruled that the evidence provided by Zou Sicong and He Qian against prominent IMPROVINGSecretary for Economy and Finance Lei Wai Nong journalist Deng Fei was “not enough to allow forecasts that Macau economy will be ‘stable and someone to firmly believe P3 without any hesitation improving’ in 2021 that what was described truly happened.” The court ordered He and Zou to pay 11,712 yuan in damages. They plan to appeal the ruling. AP PHOTO Japan has declared a state of emergency for Tokyo and three nearby areas as coronavirus cases continue to surge, hitting a daily record of 2,447 in the capital. Prime Minister Yoshihide Suga issued the declaration at the government task force for the coronavirus. It kicks in today until Feb. 7, and centers around asking restaurants and bars to close at 8 p.m. and people to stay home and not mingle in crowds. -
VI. Developments in Hong Kong and Macau
1 VI. Developments in Hong Kong and Macau Hong Kong During the Commission’s 2015 reporting year, massive pro- democracy demonstrations (‘‘Occupy Central’’ or the ‘‘Umbrella Movement’’) took place from September through December 2014, drawing attention to ongoing tensions over Hong Kong’s debate on electoral reform and Hong Kong’s autonomy from the Chinese cen- tral government under the ‘‘one country, two systems’’ approach. The Commission observed developments raising concerns that the Chinese and Hong Kong governments may have infringed on the rights of the people of Hong Kong, including in the areas of polit- ical participation and democratic reform, press freedom, and free- dom of assembly. UNIVERSAL SUFFRAGE AND AUTONOMY Hong Kong’s Basic Law guarantees freedom of speech, religion, and assembly; promises Hong Kong a ‘‘high degree of autonomy’’; and affirms the International Covenant on Civil and Political Rights (ICCPR) applies to Hong Kong.1 The Basic Law also states that its ‘‘ultimate aim’’ is the election of Hong Kong’s Chief Execu- tive (CE) ‘‘by universal suffrage upon nomination by a broadly rep- resentative nominating committee in accordance with democratic procedures’’ and of the Legislative Council (LegCo) ‘‘by universal suffrage.’’ 2 The CE is currently chosen by a 1,200-member Election Committee,3 largely consisting of members elected in functional constituencies made up of professionals, corporations, religious and social organizations, and trade and business interest groups.4 Forty LegCo members are elected directly by voters and 30 by functional constituencies.5 The electors of many functional constituencies, however, reportedly have close ties to or are supportive of the Chi- nese government.6 Despite committing in principle to allow Hong Kong voters to elect the CE by universal suffrage in 2017, the Chinese govern- ment’s framework for electoral reform 7 restricts the ability of vot- ers to nominate CE candidates for election. -
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. -
VI. Developments in Hong Kong and Macau
VI. Developments in Hong Kong and Macau Findings • During the Commission’s reporting year, a number of deeply troubling developments in Hong Kong undermined the ‘‘one country, two systems’’ governance framework, which led the U.S. Secretary of State to find that Hong Kong has not main- tained a high degree of autonomy for the first time since the handover in July 1997. • On June 30, 2020, the National People’s Congress Standing Committee (NPCSC) passed the Law of the People’s Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region (National Security Law), by- passing Hong Kong’s Legislative Council. To the extent that this law criminalizes secession, subversion, terrorist activities, and collusion with foreign states, this piece of legislation vio- lates Hong Kong’s Basic Law, which specifies that Hong Kong shall pass laws concerning national security. Additionally, the National Security Law raises human rights and rule of law concerns because it violates principles such as the presumption of innocence and because it contains vaguely defined criminal offenses that can be used to unduly restrict fundamental free- doms. • The Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region (PRC Liaison Office) declared in April 2020 that neither it nor the Hong Kong and Macao Affairs Office, both being State Council agencies, were subject to Article 22 of the Basic Law—a provision designed to protect Hong Kong’s high degree of autonomy. The Hong Kong government had long interpreted the provision to cover the PRC Liaison Office, but it reversed itself overnight in an ap- parent attempt to conform its position to that of the central government. -
Macau Leadership Styles and Practices: Empirical Investigations on Sino-Macanese Managerial Preferences
Sander Schroevers, Jiatong Wang/ AU-HIU Journal Vol 1 No 1 (2021) 36-43 36 MACAU LEADERSHIP STYLES AND PRACTICES: EMPIRICAL INVESTIGATIONS ON SINO-MACANESE MANAGERIAL PREFERENCES Sander Schroevers1, Jiatong Wang2 Received: April 2021 Revised: June 2021 Accepted: July 2021 _______________________________________________________________________________________ Abstract This study maps the theoretical and nomological network around effective leadership styles in Macau. Since the return of the Macau peninsula to China in 1999, Europe’s oldest rear window on China has undergone significant geo-economic and social transformation. Today, nearly half of the population comprise Mainland Chinese immigrants, while around seventy percent of tourists come from the inland. In light of the central government in Beijing’s plans for the Greater Bay Area, the Belt Road Initiative and the Renminbi offshore centre in Macau, which, in turn, will increase the presence of mainland senior executives in Macau, it is of paramount importance to investigate the relationship between the prevailing leadership styles and practices in Macau and the socio-cultural leadership philosophies practiced in Mainland China. Below we discuss the implications of the substantive findings for our understanding of effective leadership practices for this Special Administrative Region of the People's Republic of China. Keywords: Leadership, Culture, Leadership style, Macao, Macau, China, HRM, Chinese management JEL Classification Code: F23 _________________________________________________________________________________________ e-Journal 1. Introduction The Macau peninsula is a small slice of Europe nestled in East Asia, which directly faces Hong Kong across the Pearl River estuary. With a population of a mere 650,000 and a total land mass of only thirty square km, Macau by most standards is incredibly small. -
The Perceptions of Macao Undergraduates Regarding Help Websites for Problem Gambling
The Perceptions of Macao Undergraduates Regarding Help Websites for Problem Gambling Chang Boon Patrick Lee Heng Tang Wing Han Brenda Chan Introduction Many young people are increasingly engaged in gambling (Welte et al., 2008). A survey conducted in Macao in 2013 showed that the gambling participation rate for those in the 22 to 29 age group was around 49 percent (ISCG, 2014). Another survey, also conducted in Macao, showed that 6.6 percent of students aged 12 to 22 had gambled online. Among them, 10.7 percent and 25 percent were problem and pathological gamblers respectively (Wong, 2010). When people start gambling at a young age, they are likely to persist gambling over time (Griffiths, 1995). They also have a higher likelihood of becoming problem gamblers (Winters et al., 2005). Problem gamblers tend to gamble more than they can afford and they run into debts. As a result, they often experience anxiety, poor mental health and other psychological and social problems. They may also have suicidal thoughts (Ledgerwood et al., 2005). When the young gamblers are in trouble, they may not be sure where to turn to for help as they may be fearful of confiding in their parents or elders (Kelsey, 2014). They may surf the Internet to look for help because it is a convenient place to do so and they can do it anonymously (Lee, 2011). Very little is known, however, about the types of help that are available online. There is also little research about the perceptions of young people regarding the online help organizations. Among the published research in this area, they have tended to address the Western contexts. -
Herd Immunity the Only Hope for HK-Macau Travel Bubble, Says Expert
FOUNDER & PUBLISHER Kowie Geldenhuys EDITOR-IN-CHIEF Paulo Coutinho www.macaudailytimes.com.mo FRIDAY T. 24º/ 29º Air Quality Good MOP 8.00 3800 “ THE TIMES THEY ARE A-CHANGIN’ ” N.º 25 Jun 2021 HKD 10.00 THE CONSUMER PROTECTION LAW WAS TROUBLED THE 13 HOTEL A TOTAL OF 19 OUT OF 22 NOMINATION FINALLY APPROVED DESPITE CONCERNS OVER LISTS HAVE BEEN CONFIRMED BY THE THE CAPACITY OF AGENCIES RESPONSIBLE GOES INTO VOLUNTARY LEGISLATIVE ASSEMBLY ELECTORAL FOR SUPERVISION AND INSPECTION LIQUIDATION AFFAIRS COMMISSION P4 P2 P3 AP PHOTO Hong Kong The final edition of Hong Kong’s EASED CROSS-BORDER last remaining pro- democracy paper sold out in hours yesterday, as readers scooped up all 1 million copies of the P3 Apple Daily, whose closure MEASURES ON THE TABLE was yet another sign of China’s tightening grip on the semi-autonomous city. Across the densely populated metropolis, people lined up early in the morning to buy the paper, which in recent years has become an increasingly outspoken critic of Chinese and Hong Kong authorities’ efforts to limit the freedoms. The paper was gone from newsstands by 8:30 a.m. AP PHOTO Japan A more than 40-year-old nuclear reactor in central Japan which suffered a deadly accident has resumed operation after being taken offline for a decade after the March 2011 Fukushima nuclear disaster, as Japan pushes to meet its carbon emissions reduction goal. Kansai Electric Power Co. said the Mihama No. 3 reactor in Fukui prefecture went back online Wednesday after workers removed control rods inside the reactor. -
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.