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The Shun Tak Signature 精工細琢•冶煉精華 SHUN TAK HOLDINGS LIMITED ANNUAL REPORT 信德集團团有限公司年報 2014 Stock Code 股份代號 : 242 2 Corporate Information 3 Corporate Profile 6 Management Profile 13 Financial Highlights and Dividend Schedule 14 Significant Events 16 Chairman’s Statement 18 Review of Operations 36 Recent Developments and Prospect 38 Corporate Social Responsibility 42 Schedule of Major Properties 46 Group Financial Review 51 Report of the Directors 66 Corporate Governance Report 79 Independent Auditor’s Report 81 Consolidated Income Statement 82 Consolidated Statement of Comprehensive Income 83 Consolidated Balance Sheet 85 Balance Sheet 86 Consolidated Statement of Changes in Equity 88 Consolidated Cash Flow Statement 91 Notes to the Financial Statements 175 Five-Year Financial Summary Annual Report 2014 . 1 The Shun Tak Signature With over 50 years of solid track record, Shun Tak’s products and services have always been delivered with an unmistakable mark of distinction while setting benchmarks in the industries. Going forward, the company continues to strive for perfection, break new grounds, capitalize on opportunities and maximize profits to bring higher returns to its stakeholders. 2 . Shun Tak Holdings Limited Corporate Information BOARD OF DIRECTORS AUDIT COMMITTEE AUDITOR Dr. Stanley Ho Mr. Norman Ho (Chairman) PricewaterhouseCoopers Group Executive Chairman Sir Roger Lobo Mrs. Louise Mok SOLICITOR Sir Roger Lobo Mr. Michael Ng Norton Rose Independent Non-Executive Director REMUNERATION COMMITTEE PRINCIPAL BANKERS Mr. Norman Ho Sir Roger Lobo (Chairman) Independent Non-Executive Director Bank of China (Hong Kong) Limited Mr. Norman Ho The Hongkong and Shanghai Banking Mr. Charles Ho Mr. Charles Ho Corporation Limited Ms. Pansy Ho Independent Non-Executive Director Bank of China, Macau Branch Ms. Daisy Ho Hang Seng Bank Limited Mr. Michael Ng Credit Agricole Corporate & NOMINATION COMMITTEE Independent Non-Executive Director Investment Bank Mr. Charles Ho (Chairman) The Bank of Nova Scotia Dato’ Dr. Cheng Yu Tung Sir Roger Lobo Nanyang Commercial Bank, Ltd. Non-Executive Director Mr. Norman Ho Ms. Pansy Ho SHARE REGISTRAR Mrs. Louise Mok Ms. Daisy Ho Computershare Hong Kong Investor Non-Executive Director Services Limited COMPANY SECRETARY Shops 1712-1716 Ms. Pansy Ho Ms. Angela Tsang 17th Floor, Hopewell Centre Managing Director 183 Queen’s Road East REGISTERED OFFICE Wanchai Ms. Daisy Ho Hong Kong Deputy Managing Director Penthouse 39th Floor, West Tower Shun Tak Centre ADR DEPOSITARY Ms. Maisy Ho 200 Connaught Road Central Executive Director Hong Kong The Bank of New York Mellon Tel: (852) 2859 3111 Mr. David Shum Fax: (852) 2857 7181 SHARE LISTING Executive Director Website: www.shuntakgroup.com The Company’s shares are listed on E-mail: [email protected] The Stock Exchange of Hong Kong Limited Mr. Rogier Verhoeven and traded in the form of American Executive Director Depositary Receipts on the OTC market in the United States of America. Annual Report 2014 . 3 Corporate Profile Shun Tak Holdings PROPERTY larger combined site for retail, office, hotel and serviced apartments development The Group has a prominent and successful Limited (the “Company”) fronting the scenic Grand Canal. track record in the Macau and Hong Kong and its subsidiaries (the property markets. The Group owns one of Shun Tak Tower, the Group’s wholly-owned the largest developable floor areas in Macau “Group”) is a leading property in Beijing Dong Zhi Men near East among Hong Kong listed companies. It is 2nd Ring Road, is located next to the airport listed conglomerate an important player in Macau’s property highway, serviced by a convenient network market with a host of property development of major metro lines and bus routes. The with core businesses in projects, and has recently expanded its 63,000-square-foot site comprises both footprint in the Greater China real estate office and hospitality components and is property, transportation, market through investments in Tongzhou close to Beijing downtown, embassy area, and Dong Zhi Men in Beijing, as well as and YanSha district. hospitality and Hengqin in Zhuhai. investment sectors. Hengqin Integrated Development is a joint One Central, the Group’s joint venture venture between the Group and Perennial Established in 1972, with Hongkong Land Holdings Limited, Hengqin Investment Group Pte. Ltd.. The is located on a prime waterfront site in site boasts unparalleled connectivity, with the Company (HKSE Macau Peninsula. The project comprises 7 direct access to the port and commercial prestigious residential towers, a luxurious facilities at the border to Macau, to be 242) has been listed on flagship shopping mall, a five-star Mandarin serviced by the Hengqin and Macau light the Hong Kong Stock Oriental Hotel and serviced apartments rails as well as the extension of Guangzhou- managed by the same hotel group. Zhuhai Intercity Rail in the future. It is Exchange since 1973. set to be developed into an integrated Nova City in Taipa is one of the largest landmark which comprises office, hotel, luxury developments in Macau. The project commercial, and serviced apartments. comprises upscale residential units, world- class landscaping and clubhouse facilities. The Group currently provides property Sales of the first four phases have generated management services to over 26 million strong public response. Joint development square feet of residential, commercial and partner, China State Construction industrial properties across Hong Kong International Holdings Limited, has been and Macau. introduced to co-develop the residential portion of Phase 5, which will sit above a TRANSPORTATION large-scale lifestyle shopping centre with The Group’s origin dates back to 1961 a gross floor area over 650,000 square with the inauguration of a passenger ferry feet. The shopping centre will become an service between Hong Kong and Macau. activity hub serving the Taipa community In a strategic move in 1999 to strengthen upon completion. its shipping business and expand its The Group plays a prominent role in market share, the Group successfully the Hong Kong property market with merged its shipping operation with that a portfolio comprising commercial, of CTS Parkview Holdings Limited to residential and retail property create a combined entity under the brand ventures. Chatham Gate is the Group’s name “TurboJET”. TurboJET, operated latest residential project; consisting and managed by Shun Tak – China approximately 370,000 square feet of Travel Shipping Investments Limited, residential and retail space. offers passengers speedy, reliable and comfortable sea travel services across In 2012, the Group made its foray into major destinations within the Pearl River the Northern China property market Delta (“PRD”), linking major cities such as through an investment in Beijing Hong Kong, Macau, Nansha and Shekou. Tongzhou Integrated Development Phase 1. Following this strategic move, the same In 2003, TurboJET launched a unique consortium undertook to acquire Phase inter-regional air-sea network titled 2 of the project, which contributed to a “TurboJET Airport Routes” comprising a HOSPITALITY PROPERTY 4 .ShunTakHoldingsLimited TRANSPORTATION INVESTMENT Annual Report 2014 . 5 ferry service that links major international Oriental Macau and former Westin Resort restaurant in the city with a capacity of airports in the PRD (previously known Macau in the late 1980s. 1,100 seats. as ‘TurboJET Sea Express’). The bonded service connects air transit passengers As part of the Group’s One Central With a full China MICE license obtained of the Hong Kong International Airport development project, the new Mandarin in 2009, Shun Tak Travel manages to with Macau and various destinations in Oriental Hotel comprising 213 guest rooms capture a variety of event hospitality the PRD region, further strengthening was opened in June 2010. The Group also opportunities in the mainland through connectivity amongst PRD cities and has plans to invest in a number of luxury providing one-stop and innovative travel world destinations. hotels in the Cotai tourism epicenter upon and MICE solutions to corporate clients, Macau government approval. travel partners as well as individual Following the successful acquisition of travelers. It has serviced many large New World First Ferry Services (Macau) The award-winning Macau Tower enterprises and leading brands, and is in September 2011, TurboJET has become Convention & Entertainment Centre making a name in tailored corporate the world’s largest fleet of high speed (“Macau Tower”) managed by the Group, hospitality solution in China. passenger ferries; further reinforcing is a major MICE venue and tourist its market-leader position within the destination in Macau. Apart from MICE INVESTMENT business, it offers eclectic dining choices, region. The strategic move also reinforced The Group owns diversified valuable the best observation spot in town, the Group’s commitment in weaving a investment in Macau and Hong Kong. It shopping attractions, as well as the world’s seamless sea network for the PRD. possesses an effective interest in Sociedade highest commercial Bungy Jump. Today, the Group is involved in the de Turismo e Diversões de Macau, S.A. operational management of three key ferry The Group holds a 70% interest in the (“STDM”) of approximately 11.5%, which terminals in the region, namely Hong Hong Kong SkyCity Marriott Hotel, a 658- in turn owns approximately 53.93% of Kong SkyPier, Macau Maritime Ferry room
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    CLAY ARTICLE (DO NOT DELETE) 4/2/2018 1:07 PM PLAYING THE ODDS: THE REALITIES OF STATE-BY-STATE SUITABILITY DETERMINATIONS AND THE NEED FOR FEDERAL REGULATION Daniel N. Clay INTRODUCTION With some exceptions, gaming in the United States is a growing industry.1 While commercial casino revenue peaked in 2007, which was followed by a sharp decline at the height of the Great Recession, in 2012 national gaming revenues reached the second highest level in history.2 Not only has the rebound translated into increased revenues, employment rates, and economic development — it has also led to sharp increases in gaming tax revenue for the vast majority of states that permit commercial casinos — Kansas,3 Maryland,4 Maine,5 and New York6 are most notable.7 As discussed below, while gaming heavily impacts interstate commerce, the industry is still governed by a patchwork of differing state laws.8 This article seeks to show that these inconsistencies in state law are especially prevalent in state-by-state suitability determinations, in which states may disagree about the suitability for licensure of a single casino applicant or otherwise make conflicting determinations of similarly situated applicants.9 Moreover, this article argues that such inconsistencies, coupled with the lack of meaningful judicial review, have caused uncertainty for would-be applicants, and in turn necessitates meaningful 1 See Am. Gaming Ass’n, State of the States: The AGA Survey of Casino Entertainment, at ii (2013), https://www.americangaming.org/sites/default/files/ research_files/aga_sos2013_rev042014.pdf. 2 See id. 3 Id. at 6 (reporting a 604.7% increase in gaming tax revenue during FY 2012).
  • In Loving Memory of Our Founder Dr. Stanley Ho It Is with Profound Sorrow That We Announce the Passing of Our Founder, Dr. Stanl

    In Loving Memory of Our Founder Dr. Stanley Ho It Is with Profound Sorrow That We Announce the Passing of Our Founder, Dr. Stanl

    In loving memory of our Founder Dr. Stanley Ho It is with profound sorrow that we announce the passing of our founder, Dr. Stanley Ho GBM, Medalha de Honra Grande Lótus, who left us peacefully and surrounded by his family on 26th May, 2020 at the age of 98, at Hong Kong Sanatorium and Hospital. Our companies and colleagues are commemorating the loss of this extraordinary leader. Dr. Stanley Ho had dedicated his entire life to the service of China, Hong Kong and Macau. With his patriotic conviction and visionary leadership, Dr. Ho had led his companies to conceive and invest in various key initiatives which complemented the sustainable progress of our nation. He had made it his personal pledge to contribute to the economic development and reform of our motherland, and had committedly championed for the seamless integration of Hong Kong and Macau into the nation’s development masterplans. As the Standing Committee Member of the 9th to 11th National Committee of the Chinese People’s Political Consultative Conference, Member of the Hong Kong SAR Basic Law Consultative Committee, Vice-President of the Preparatory Committee for the Macau SAR, Vice-President of the Macau SAR Basic Law Drafting Committee, Dr. Ho had made instrumental contributions to the successful return of the two Special Administrative Regions. Dr. Ho had been an exemplary leader who devoted tirelessly to building the foundational strengths upon which our companies have excelled. He had been an influential figure in many industry sectors, most notably in tourism, leisure entertainment and property development. Over the past 50 years, Dr.