Link: https://links.sgx.com/1.0.0/corporate-announcements/R5XCWNHDSMUAT6A3/81e7186641c6ac86b515243c632f4959910d45fbf3e6c69530e3f7ceded6f85a

Summary:

• Revenue:

  • Q2 2025: US$1.17 billion (+16.2% YoY)

  • H1 2025: US$2.28 billion (+14.9% YoY)

• Net income:

  • Q2 2025: US$14.1 million (up from $9.5m 2Q24)

  • H1 2025: US$48.6 million (up from $8.8m H1 2024)

• Operating income:

  • Q2 2025: US$88.3m (flat YoY)

• Notable costs/events:

  • Impairment in goodwill of US$55.6m, reflecting the planned closure of Grand Dragon Casino and three Mocha Clubs by year-end 2025.

  • Interest expense for Q2: US$78.8m; total debt as of 30 June 2025: US$5.0 billion.

• Key property performance:

  • City of Dreams: Q2 revenues US$750.4m (+22% YoY), rolling chip volume US$5.49b, win rate 3.93%, mass table drop US$1.75b, non-gaming revenue US$120.5m (new “House of Dancing Water” boost).

  • Altira Macau revenue: US$28.7m (down YoY); Mocha/Other Q2 revenue: US$28.0m (down YoY).

• Balance sheet:

  • Cash/cash equivalents: US$573.7m; restricted cash: US$124m.

  • Available revolving credit facility: HK$6.16b (US$784m) as of June 2025.

• Cash Flows:

  • Strong operating cash flow in H1 2025: US$206.8m (up from $70.8m).

  • Capital expenditures: $83.7m in H1 2025, ongoing property upgrades.

• Liquidity & Risks:

  • All $1B 2025 Senior Notes repaid in June, replaced with credit facility drawdown.

  • Continued investment in property enhancement, with significant future capital needs.

Outlook: Performance supported by strong gaming and non-gaming demand, new shows/events, but impairment from casino/club closures and high interest expenses weigh on the bottom line. Company has robust liquidity and expects continued capex and project investment, while managing regulatory risks in Macau.