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Worldreginfo WorldReginfo - 86e2fb92-c423-4624-8396-11bda2137810 From Luxury Duty Free Shopping, Exciting Entertainment and Fabulous Dining to World-Class Hotel Suites and MICE, Come and Discover Everything at Sands China. WorldReginfo - 86e2fb92-c423-4624-8396-11bda2137810 SANDS CHINA LTD. CONTENTS 1. OVERVIEW 4 1.1 Financial Highlights 4 1.2 Highlights of 2019 5 1.3 Directors and Senior Management 10 2. BUSINESS REVIEW 17 2.1 Chairman’s Statement 17 2.2 Business Overview and Outlook 19 2.3 Our Properties 26 2.4 Management Discussion and Analysis 33 2.5 Priority Risk Factors 46 2.6 Stakeholder Information 58 3. CORPORATE GOVERNANCE 65 REPORT 3.1 Introduction 65 3.2 Corporate Governance Code Compliance 65 3.3 Board Governance Structure 66 3.4 The Board 67 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 88 3.11 Compliance Disclosures and Other Matters 90 3.12 Directors’ Report 92 4. FINANCIAL STATEMENTS 109 4.1 Independent Auditor’s Report 109 4.2 Financial Statements 113 4.3 Notes to the Consolidated Financial Statements 119 4.4 Financial Summary 201 5. CORPORATE INFORMATION 202 6. CONTACT US 203 7. GLOSSARY 204 In case of any inconsistency between the English version and the Chinese version of this Annual Report, the English version shall prevail. WorldReginfo - 86e2fb92-c423-4624-8396-11bda2137810 SANDS CHINA LTD. 1.1 FINANCIAL HIGHLIGHTS 2 ANNUAL REPORT 2019 WorldReginfo - 86e2fb92-c423-4624-8396-11bda2137810 SANDS CHINA LTD. 1.1 FINANCIAL HIGHLIGHTS our Luxurious Hotel Rooms and Suites await you. INTRODUCTION Sands China operates the largest collection of integrated resorts in Macao. As at December 31, 2019, we had 11,716 hotel rooms and suites, 158 restaurants, 2.1 million square feet of retail malls, 1.7 million square feet of MICE space, 4 permanent theatres, a 15,000-seat arena and some of the world’s largest casinos. 3 ANNUAL REPORT 2019 WorldReginfo - 86e2fb92-c423-4624-8396-11bda2137810 SANDS CHINA LTD. 1.1 FINANCIAL HIGHLIGHTS • Net revenues were US$8.81 billion (HK$68.60 billion) for the year ended December 31, 2019, an increase of 1.7%, compared to US$8.67 billion (HK$67.85 billion) for the year ended December 31, 2018. • Operating expenses were US$6.53 billion (HK$50.88 billion) for the year ended December 31, 2019, remaining largely consistent compared to US$6.51 billion (HK$50.99 billion) for the year ended December 31, 2018. • Profit for the year ended December 31, 2019 was US$2.03 billion (HK$15.83 billion), an increase of 8.4%, compared to US$1.87 billion (HK$14.68 billion) for the year ended December 31, 2018. • Adjusted property EBITDA for the year ended December 31, 2019 increased 3.7% to US$3.19 billion (HK$24.87 billion), compared to US$3.08 billion (HK$24.11 billion) for the year ended December 31, 2018. • Total dividend paid during the year ended December 31, 2019 was HK$1.99 (equivalent to US$0.254) per share, in line with the HK$1.99 (equivalent to US$0.254) per share during the year ended December 31, 2018. The Board declared an interim dividend of HK$0.99 (equivalent to US$0.127) per share, which was paid on February 21, 2020. On April 17, 2020, the Board resolved not to recommend the payment of a final dividend in respect of the year ended December 31, 2019. Note: The translation of US$ amounts into HK$ amounts or vice versa has been made at the exchange rate on December 31, 2019 of US$1.00 to HK$7.7879 (2018: US$1.00 to HK$7.8306) for the purposes of illustration only. 4 ANNUAL REPORT 2019 WorldReginfo - 86e2fb92-c423-4624-8396-11bda2137810 SANDS CHINA LTD. 1.2 HIGHLIGHTS OF 2019 Business • Initiation of gaming operations at The Grand Suites at Four Seasons and utilizing suites as they are completed on a simulation basis for trial and feedback purposes. • Our combined Sands China web traffic increased by 8% to approximately 23.5 million unique visits in 2019 compared to 2018. • Our online channels (social media, display, search, etc.) delivered approximately 6.7 billion impressions for all properties in 2019, an 11% increase compared to 2018. • Collaborations with China’s leading mobile payment apps — Alipay and WeChat Pay, drove approximately MOP5.8 billion worth of transactions in 2019, the highest in the Macao market. • First and exclusive Macao launch of the “Tencent Music Entertainment Awards” with Tencent Music Entertainment — the largest online music platform in China. • First in Macao launch of the “Global Chinese Pop Song Chart Awards” with iQIYI — one of the top 2 online streaming platforms in China. • Second year in a row to host “JSTV Countdown Concert” (China’s #1 rated NYE Countdown Concert) with JiangSu Satellite TV — China’s leading free-to-air provincial satellite TV network. • Second year in a row collaboration with China’s #1 F&B eCommerce platform — Meituan-Dianping, to host “The Black Pearl Restaurant Guide Awards Presentation Ceremony”. • Awards: o 2019 Mafengwo — Annual Tourism Excellent Partner Award o 2019 Mafengwo — Annual Tourism Content Marketing Award o 2019 Mafengwo — Mafengwo Travelers’ Pick — The Venetian Macao and The Parisian Macao (2 awards) o 2019 Fliggy — Most Popular Brand Award (Double 11 Campaign) o 2019 Ctrip — Preferred Partner Award — Sands China Ltd. o 2019 Ctrip — Best Strategic Partner — Sands China Ltd. o 2019 Ctrip — Best Selling Hotel — The Venetian Macao and The Parisian Macao (2 awards) o 2019 Ctrip — Most Recommended Award — The Venetian Macao o 2019 Booking.com — Excellence Partner Award — The Venetian Macao o 2019 Meituan — The Most Popular Hotel Award — The Venetian Macao o The 9th MEXPO Shanghai — Gold Award of Mawards under Travel & Airline Industry o 2019 China Media 360 Silver Award — ePayment Campaign o 2019 MarTech Best ROI Award — Double 11 Campaign • In an effort to expand our MICE market, Sands Resorts Macao hosted its third “US MICE Activation” in 7 key cities in the United States, including New York, Los Angeles, San Francisco, Seattle, Dallas, Austin and Houston in March 2019. This included 4 MICE client events, 3 PR events and various sales call activities. In June 2019, with the announcement of The Venetian Macao and The Parisian Macao becoming InterContinental Alliance Resorts partners, we further expanded our geographical exposure and sales efforts into key feeder markets leveraging existing sales efforts throughout Greater China, Asia Pacific and the United States. Our Greater China MICE business development initiatives continued to focus on expanding vertical industries with reach into Tier 2 cities including Wuhan, Chengdu, Shenyang, Xiamen, Hangzhou, Ningbo, Nanning, Changsha, Chongqing and Tianjin. These campaigns, events and strategic alliances have continued to showcase Sands Resorts Macao as Asia’s leading meetings and events destination and also reinforced our MICE product offerings, highlighting the accommodation, retail, restaurant, entertainment and MICE facilities at the integrated resort. • Participated in 11 trade shows in Beijing, Shanghai, Bangkok, Mumbai, Tokyo, Osaka, Nagoya, Melbourne, Barcelona, Frankfurt and Las Vegas. 5 ANNUAL REPORT 2019 WorldReginfo - 86e2fb92-c423-4624-8396-11bda2137810 SANDS CHINA LTD. 1.2 HIGHLIGHTS OF 2019 • In 2019, Sands Resorts Macao continued to build brand awareness by marketing campaigns through B2B and B2C channels in China, Hong Kong, Taiwan, Korea, Japan, India, Singapore, Australia, and the United States. • The destination events team continued to drive increased visitation, holding a diverse range of events across our integrated resorts. These events included: Seasons of Prosperity (Chinese New Year Celebration 2019); The Parisian Macao’s Eiffel Tower Grand Illumination Chinese New Year Show; Asia Film Awards; China Music Awards; Art Macao; The Londoner Macao Launch; The 2nd edition of Light The Night Run at Parisian (Eiffel Tower Charity Run); The Joie De Vivre Fest (Wine & Dine event) at Eiffel Tower; Sands Macao 15th Anniversary; 2019 The Black Pearl Restaurant Guide Awards Presentation Ceremony; Pink Inspired 2019 luncheon; Trendshealth Pink Eiffel Tower Run; Sands Macao Fashion Week; Macao Special Administration Region 20th Anniversary Celebrations; Top Voice of Macau; Winter Extravaganza 2019; Winter In Venice/Winter In Paris; The Parisian Macao’s Eiffel Tower Grand Illumination Christmas Show; Place Vendome 3D Light and Sound Spectacular “Magic of Christmas”; and the New Year’s Eve Countdown To 2020. • Hosted 921 events including exhibitions, trade shows, conferences and social and government events, as well as incentive groups, attracting around 898,000 visitors. • Cotai Water Jet ferry services carried approximately 4.8 million passengers in 2019 (an average of 13,000 per day), providing an average of 39 daily round trip sailings in 2019. Visitation Sands China’s properties are one of the most visited destinations in Macao, attracting families, business visitors and entertainment seekers from around the world. In 2019, all our properties, The Venetian Macao, Sands Cotai Central, The Parisian Macao, The Plaza Macao and Sands Macao, attracted a combined total of 98.2 million visitors or approximately 269,000 visitors per day. Entertainment Entertainment is at the heart of our business. Since opening in 2007, our 15,000-seat Cotai Arena has become one of the top live entertainment venues in Southern China, hosting some of the biggest names in the industry. The theatres at The Venetian Macao, Sands Cotai Central and The Parisian Macao has offered a variety of ticketed events from Broadway-style musicals to classical ballet. The live entertainment program at our properties is a key traffic driver and has established the Company as the leader in the field of tourism and leisure activities.
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