新濠国际发展(00200.HK)发布2026年中期业绩：收入增2.7%但经调整EBITDA降5.7%、股东应占溢利降11.8%

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong
Limited take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any
part of the contents of this announcement.

Melco International Development Limited
(Incorporated in Hong Kong with limited liability)
Website: www.melco-group.com
(Stock Code: 200)

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
The board of directors (the “Board”) of Melco International Development Limited (the
“Company” or “Melco International”) herein announces the unaudited condensed
consolidated interim results of the Company and its subsidiaries (collectively the
“Group”) for the six months ended 30 June 2026 as follows:
FINANCIAL HIGHLIGHTS
1.
Net revenues were HK$20.50 billion for the six months ended 30 June 2026,
which represented an increase of HK$0.53 billion or 2.7%, compared to
HK$19.96 billion for the six months ended 30 June 2025. The increase in net
revenues was primarily attributable to improved performance in overall gaming
operations.
2.

The Group generated Adjusted EBITDA of HK$5.06 billion for the six months
ended 30 June 2026, compared to HK$5.37 billion for the six months ended 30
June 2025.

3.

Profit attributable to owners of the Company was HK$309.5 million for the six
months ended 30 June 2026, compared to HK$350.8 million for the six months
ended 30 June 2025.

4.

Basic earnings per share attributable to owners of the Company was HK$0.14 for
the six months ended 30 June 2026, compared to HK$0.18 for the six months
ended 30 June 2025.

5.

Net asset value per share attributable to owners of the Company was HK$0.9 as
of 30 June 2026, compared to HK$0.8 as of 31 December 2025.

6.

The Board does not recommend the payment of an interim dividend for the six
months ended 30 June 2026.

1

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2026

Notes

NET REVENUES
OPERATING COSTS AND EXPENSES
Gaming tax and license fees
Employee benefits expenses
Depreciation and amortisation
Other operating expenses, gains and losses, net

For the six months ended
30 June
2026
2025
HK$’000
HK$’000
(Unaudited) (Unaudited)

4

20,498,303

19,964,591

5
5

(8,031,879)
(4,123,169)
(2,244,775)
(3,631,294)

(7,831,433)
(3,842,800)
(2,149,608)
(3,555,889)

(18,031,117) (17,379,730)

Total operating costs and expenses, net
OPERATING INCOME
NON-OPERATING INCOME/(EXPENSES)
Interest income
Interest expense, net of amounts capitalised
Losses on modification and extinguishment of
debts, net
Other financing costs
Foreign exchange gains, net
Other income, net
Share of profit of a joint venture
Total non-operating expenses, net

2,467,186

2,584,861

19,208
(1,926,501)

37,217
(2,046,488)

(29,472)
(26,117)
15,901
71,620
55

–
(32,926)
93,433
12,175
46

(1,875,306)

(1,936,543)

PROFIT BEFORE INCOME TAX

5

591,880

648,318

Income tax expense

6

(111,147)

(123,225)

480,733

525,093

PROFIT FOR THE PERIOD

2

Note

For the six months ended
30 June
2026
2025
HK$’000
HK$’000
except per
except per
share data
share data
(Unaudited) (Unaudited)

OTHER COMPREHENSIVE LOSS
Other comprehensive (loss)/income that may be
reclassified to profit or loss in subsequent
periods:
Exchange differences on translation of foreign
operations
Fair value gain/(loss) on derivative financial
instruments, net

(572,432)

(211,374)

12,014

(23,180)

OTHER COMPREHENSIVE LOSS
FOR THE PERIOD

(560,418)

(234,554)

TOTAL COMPREHENSIVE (LOSS)/INCOME
FOR THE PERIOD

(79,685)

290,539

Profit for the period attributable to:
Owners of the Company
Non-controlling interests

309,466
171,267

350,816
174,277

480,733

525,093

12,985
(92,670)

258,333
32,206

(79,685)

290,539

HK$0.14

HK$0.18

HK$0.13

HK$0.17

Total comprehensive (loss)/income
for the period attributable to:
Owners of the Company
Non-controlling interests

EARNINGS PER SHARE
ATTRIBUTABLE TO OWNERS
OF THE COMPANY
Basic

8

Diluted
3

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2026

Notes

NON-CURRENT ASSETS
Property and equipment
Right-of-use assets
Intangible assets
Goodwill
Investment in a joint venture
Prepayments, deposits and other receivables
Restricted cash

As at
As at
30 June 31 December
2026
2025
HK$’000
HK$’000
(Unaudited)
(Audited)

40,561,451
4,820,388
18,944,370
5,299,451
57,800
1,367,108
974,522

41,305,369
4,909,570
18,974,427
5,299,451
55,659
1,028,887
972,349

Total non-current assets

72,025,090

72,545,712

CURRENT ASSETS
Inventories
Trade receivables
Prepayments, deposits and other receivables
Tax recoverable
Restricted cash
Cash and bank balances

284,069
921,435
681,404
2,246
68,289
7,951,133

287,273
983,582
647,740
1,812
113,583
8,119,084

9,908,576

10,153,074

Total current assets

4

9

10

Notes

CURRENT LIABILITIES
Trade payables
Other payables, accruals and deposits received
Tax payable
Interest-bearing borrowings
Lease liabilities

As at
As at
30 June 31 December
2026
2025
HK$’000
HK$’000
(Unaudited)
(Audited)

161,325
8,105,349
228,132
1,328,604
435,270

201,613
8,438,647
227,275
1,000
436,961

10,258,680

9,305,496

(350,104)

847,578

71,674,986

73,393,290

2,186,712
2,246,675
56,295,125
1,766,744

2,430,321
2,235,111
57,135,789
1,880,359

Total non-current liabilities

62,495,256

63,681,580

NET ASSETS

9,179,730

9,711,710

EQUITY
Share capital
Deficit

6,473,857
(4,502,439)

6,473,857
(4,568,753)

Equity attributable to owners of the Company
Non-controlling interests

1,971,418
7,208,312

1,905,104
7,806,606

TOTAL EQUITY

9,179,730

9,711,710

11
12
13

Total current liabilities
NET CURRENT (LIABILITIES)/ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Other payables, accruals and deposits received
Deferred tax liabilities
Interest-bearing borrowings
Lease liabilities

5

12
13

NOTES
1.

ORGANISATION AND BUSINESS
(a)

Corporate and group information
Melco International Development Limited (the “Company”) is a public company with limited
liability incorporated in the Hong Kong Special Administrative Region of the People’s
Republic of China (“Hong Kong”) as an investment holding company. The address of the
registered office of the Company is 38th Floor, The Centrium, 60 Wyndham Street, Central,
Hong Kong. The Company’s shares are listed on the Main Board of The Stock Exchange of
Hong Kong Limited (the “Hong Kong Stock Exchange”).
The Company together with its subsidiaries (collectively referred to as the “Group”) is a
developer, owner and operator of integrated resort facilities in Asia and Europe. The Group
operates its gaming business through Melco Resorts & Entertainment Limited (“Melco
Resorts”), a majority-owned subsidiary of the Company and its American depositary shares
(“ADSs”) are listed on the Nasdaq Global Select Market in the United States of America (the
“U.S.”). In the Macau Special Administrative Region of the People’s Republic of China
(“Macau”), a subsidiary of Melco Resorts holds a ten-year concession to operate games of
fortune and chance in casinos in Macau which commenced on 1 January 2023 and ends on 31
December 2032 (the “Concession”) and currently operates City of Dreams and Altira Macau,
integrated resorts located in Cotai and Taipa, Macau, respectively. As part of Melco Resorts’
development strategy and in accordance with Macau gaming law, Grand Dragon Casino, a
casino located in Taipa, Macau, and three of the six Mocha Clubs, which comprise
non-casino based operations of electronic gaming machines in Macau, ceased operations
between the period from September to December 2025. Following these closures, the gaming
tables and electronic gaming machines were reallocated to the Group’s other gaming areas in
Macau. The Group submitted the relevant application for the continuing operations of the
remaining three Mocha Clubs, namely Mocha Inner Harbour, Mocha Hotel Sintra and Mocha
Golden Dragon beyond 31 December 2025, and such application was subsequently approved
by the Macau government. On 10 February 2026, the Group entered into an amendment
agreement to the concession agreement to reflect the permanent cessation of operations of
the Grand Dragon Casino and three Mocha Clubs effective from 1 January 2026. Melco
Resorts, through its subsidiaries, including Studio City International Holdings Limited,
which is majority-owned by Melco Resorts and its ADSs are listed on the New York Stock
Exchange in the U.S., also operates Studio City, a cinematically-themed integrated resort in
Cotai, Macau. In the Philippines, a majority-owned subsidiary of Melco Resorts operates and
manages City of Dreams Manila, an integrated resort in the Entertainment City complex in
Manila. In Europe, Melco Resorts, through its majority-owned subsidiaries, operates City of
Dreams Mediterranean, an integrated resort in Limassol, in the Republic of Cyprus
(“Cyprus”), and licensed satellite casinos in Cyprus. In South Asia, Melco Resorts, through
its subsidiaries, operates a casino business, which commenced operations on 1 August 2025,
in an integrated resort branded as “City of Dreams Sri Lanka” in Colombo, the Democratic
Socialist Republic of Sri Lanka (“Sri Lanka”), developed by a subsidiary of John Keells
Holdings PLC, an independent third party; and provides management services to operate the
top five floors of the hotel tower at City of Dreams Sri Lanka, as a “Nüwa” hotel, which
opened to the public on 15 July 2025.
The principal activities of the Group are divided into two operating and reportable segments,
namely (i) the Casino and Hospitality segment; and (ii) the Other segment. See Note 3 for
additional information about the Group’s segments.

6

(b)

Recent developments related to business operations
City of Dreams Mediterranean continues to be impacted by the ongoing geopolitical
uncertainties in the Middle East, military conflict between Russia and Ukraine, and
restrictions on the ability to accept certain customers from Russia, which have affected
regional travel demand and visitation trends resulting in a negative impact on the Group’s
business, and which may materially and adversely affect the Group’s business in Cyprus. The
Group is currently unable to reasonably estimate the financial impact on its future results of
operations, cash flows and financial condition due to these disruptions.
The Group’s newly branded hotel at City of Dreams in Macau, REM, has commenced its
phased opening in the third quarter of 2026.
The term of 25 years of the land concession contract of Studio City will be renewed for a
period of 10 years from October 2026, subject to completion of necessary administrative
procedures in accordance with applicable legislation in Macau.
As at 30 June 2026, while the Group had net current liabilities of HK$350,104,000, the
Group had total cash and bank balances of HK$7,951,133,000 and available unused
borrowing capacity of HK$14,251,279,000, of which HK$196,077,000 related to the
borrowing capacity under the Shareholder Loan Facilities expired on 2 July 2026 (see Notes
13 and 16(b) for details), subject to the satisfaction of certain conditions precedent.
The Group believes it is able to support continuing operations and capital expenditures for at
least 12 months after the reporting period end date of these condensed consolidated interim
financial statements. Accordingly, these condensed consolidated interim financial statements
are prepared on a going concern basis.
For the subsequent events of the Group after the reporting period ended 30 June 2026, please
refer to Note 17 for details.

2.1

BASIS OF PREPARATION
The condensed consolidated interim financial statements have been prepared in accordance with
Hong Kong Accounting Standard (“HKAS”) 34 Interim Financial Reporting issued by the Hong
Kong Institute of Certified Public Accountants (“HKICPA”) as well as with the applicable
disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited (the “Listing Rules”).
The condensed consolidated interim financial statements have been prepared under the historical
cost convention except for the derivative financial instruments and financial liabilities for
cash-settled share-based payments, which have been measured at fair value. These condensed
consolidated interim financial statements are presented in Hong Kong dollars (“HK$”) except when
otherwise indicated and have not been audited.
The condensed consolidated interim financial statements for the six months ended 30 June 2026 do
not include all the information and disclosures required in the annual consolidated financial
statements, and should be read in conjunction with the Group’s audited consolidated financial
statements for the year ended 31 December 2025.

7

The financial information relating to the year ended 31 December 2025 that is included in these
condensed consolidated interim financial statements as comparative information does not constitute
the Company’s statutory annual consolidated financial statements for that year but is derived from
those financial statements. Further information relating to these statutory financial statements is as
follows:
The Company has delivered the consolidated financial statements for the year ended 31 December
2025 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to,
the Hong Kong Companies Ordinance.
The Company’s auditor has reported on those consolidated financial statements. The auditor’s
report was unqualified, did not include a reference to any matters to which the auditor drew
attention by way of emphasis without qualifying its report, and did not contain a statement under
sections 406(2), 407(2) or (3) of the Hong Kong Companies Ordinance.
2.2

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The accounting policies and basis of preparation applied in the preparation of the condensed
consolidated interim financial statements for the six months ended 30 June 2026 are consistent with
those of the Group as set out in the Group’s audited consolidated financial statements for the year
ended 31 December 2025, except for the application in the current interim period of the following
amendments to HKFRS Accounting Standards (which include all Hong Kong Financial Reporting
Standards (“HKFRSs”), HKASs and Interpretations) as issued by the HKICPA for the first time,
which are mandatorily effective for the Group’s annual period beginning on 1 January 2026 for
these condensed consolidated interim financial statements.
Amendments to HKFRS 9 and
HKFRS 7
Amendments to HKFRS 9 and
HKFRS 7
Amendments to HKFRS
Accounting Standards

Amendments to the Classification and Measurement
of Financial Instruments
Contracts Referencing Nature-dependent Electricity
Annual Improvements to HKFRS Accounting
Standards – Volume 11

The Group has applied the amendments to HKFRS 9 and HKFRS 7 Amendments to the
Classification and Measurement of Financial Instruments for the first time in the current period.
The amendments have been applied retrospectively in accordance with the transition provisions,
without restating comparative information as permitted. The Group generally derecognises financial
liabilities on the settlement date, which is the date on which the liability is extinguished because the
Group’s obligations are discharged, cancelled or have expired. However, when the Group is using
an electronic payment system to settle a financial liability, the financial liability is derecognised
when the payment instructions are initiated if the following conditions are met:
•

once the Group initiated a payment instruction, it has no practical ability to withdraw, stop or
cancel the payment and no practical ability to access the cash that will be used for settlement;
and

•

the settlement risk associated with the electronic payment system is insignificant.

8

Summary of impact of the amendments to HKFRS Accounting Standards in the current period
The application of the amendments to HKFRS Accounting Standards in the current period has had
no material impact on the Group’s financial positions and performance and/or on the disclosures set
out in these condensed consolidated interim financial statements.
2.3

ISSUED BUT NOT YET EFFECTIVE HKFRS ACCOUNTING STANDARDS
The Group has not early applied any new or amended HKFRS Accounting Standards that have been
issued but are not yet effective in the condensed consolidated interim financial statements for the
six months ended 30 June 2026.

3.

SEGMENT INFORMATION
For management purposes, the Group is organised into business units based on their products and
services and has two operating and reportable segments as follows:
(a)

the “Casino and Hospitality” segment, which comprises the operation of casinos and the
provision of hospitality services and facilities through Melco Resorts; and

(b)

the “Other” segment comprises investments in a joint venture and associates and other.

Management monitors the results of the Group’s operating and reportable segments separately for
the purpose of making decisions about resource allocations and performance assessments. Segment
performance is evaluated based on Adjusted EBITDA, which is a non-HKFRS Accounting
Standards financial measure and the segment results of the Group, is the profit/loss for the period
before interest, income tax, depreciation and amortisation, share-based compensation expenses,
pre-opening costs, development costs, property charges and other, payments to SM Investments
Corporation, Belle Corporation and PremiumLeisure and Amusement, Inc. (collectively referred to
as the “Philippine Parties”), corporate expenses, share of profit/loss of a joint venture and other
non-operating income and expenses. This is the measure reported to the chief operating
decision-maker for the purposes of resource allocations and performance assessments. Not all
companies calculate Adjusted EBITDA in the same manner. As a result, Adjusted EBITDA as
presented by the Group may not be directly comparable to other similarly titled measures presented
by other companies.
Segment assets exclude other corporate unallocated assets which are managed on a group basis.
Segment liabilities exclude those borrowings, dividends payable, deferred tax liabilities and other
corporate unallocated liabilities which are managed on a group basis.
Intersegment sales are transacted with reference to the selling prices used for sales made and
services provided to third parties at the prevailing market prices.

9

Segment net revenues and results
For the six months ended 30 June
2026

2025

Casino and
Casino and
Hospitality
Other
Total Hospitality
Other
Total
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
HK$’000
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Segment net revenues
Sales to external customers (Note 4)
Intersegment sales

20,498,303
6,748

–
–

20,498,303
6,748

19,964,591
6,778

–
–

19,964,591
6,778

Elimination of intersegment sales

20,505,051
(6,748)

–
–

20,505,051 19,971,369
(6,748)
(6,778)

–
–

19,971,369
(6,778)

Total segment net revenues

20,498,303

–

20,498,303

19,964,591

–

19,964,591

Segment expenses
Gaming tax and license fees (1)
Employee benefits expenses (2)
Other operating expenses, gains and losses, net (3)

(8,031,879)
(3,928,231)
(3,479,447)

–
–
–

(7,824,897)
(3,551,571)
(3,217,980)

–
–
(4,415)

Adjusted EBITDA

5,058,746

–

5,370,143

(4,415)

5,058,746

5,365,728

Other operating costs and expenses
Depreciation and amortisation
Share-based compensation expenses
Pre-opening costs
Development costs
Property charges and other
Payments to the Philippine Parties
Corporate expenses

(2,244,775)
(168,276)
(12,483)
(18,722)
214
(126,324)
(21,194)

(2,149,608)
(158,263)
(307,106)
(40,823)
43,183
(142,747)
(25,503)

Operating income

2,467,186

2,584,861

19,208
(1,926,501)

37,217
(2,046,488)

(29,472)
(26,117)
15,901
71,620
55

–
(32,926)
93,433
12,175
46

Total non-operating expenses, net

(1,875,306)

(1,936,543)

Profit before income tax
Income tax expense

591,880
(111,147)

648,318
(123,225)

PROFIT FOR THE PERIOD

480,733

525,093

Non-operating income/(expenses)
Interest income
Interest expense, net of amounts capitalised
Losses on modification and extinguishment of
debts, net
Other financing costs
Foreign exchange gains, net
Other income, net
Share of profit of a joint venture

10

Notes:
(1)

For the six months ended 30 June 2026, gaming tax and license fees of nil (six months ended 30 June
2025: HK$6,536,000) were included in pre-opening costs.

(2)

For the six months ended 30 June 2026, employee benefits expenses of HK$11,811,000 (six months
ended 30 June 2025: HK$10,382,000) were included in the corporate expenses and HK$183,127,000
(six months ended 30 June 2025: HK$280,847,000) were included in pre-opening costs, property
charges and other, share-based compensation expenses and development costs.

(3)

For the six months ended 30 June 2026, other operating expenses, gains and losses, net of
HK$9,383,000 (six months ended 30 June 2025: HK$15,121,000) were included in corporate expenses
and HK$142,464,000 (six months ended 30 June 2025: HK$318,373,000) were included in pre-opening
costs, development costs, property charges and other and payments to the Philippine Parties.

Segment assets and liabilities
As at 30 June 2026

Segment assets

Casino and
Hospitality
Other
Total
HK$’000
HK$’000
HK$’000
(Unaudited) (Unaudited) (Unaudited)

Casino and
Hospitality
HK$’000
(Audited)

Other
HK$’000
(Audited)

Total
HK$’000
(Audited)

81,008,392

82,340,928

55,659

82,396,587

57,800

Corporate and other unallocated assets
Total assets

Segment liabilities

As at 31 December 2025

70,358,480

–

81,066,192

867,474

302,199

81,933,666

82,698,786

70,358,480

68,279,050

–

68,279,050

Corporate and other unallocated liabilities

2,395,456

4,708,026

Total liabilities

72,753,936

72,987,076

11

Geographical information
The Group’s operations are mainly located in Macau, the Philippines and Cyprus. Information about
the Group’s net revenues is presented based on the locations of the operations of the relevant group
entities. Information about the Group’s non-current segment assets is presented based on the
locations of the assets and for investments in a joint venture and associates, by location of their
head offices.
Net revenues from external customers
For the six months ended
30 June
2026
2025
HK$’000
HK$’000
(Unaudited)
(Unaudited)
Casino and Hospitality
Macau
The Philippines
Cyprus
Other

17,511,715
1,588,499
1,153,636
244,453

17,382,673
1,560,823
1,021,095
–

Total

20,498,303

19,964,591

As at
30 June
2026
HK$’000
(Unaudited)

As at
31 December
2025
HK$’000
(Audited)

Macau
Cyprus
The Philippines
Other

64,064,244
4,363,660
835,193
1,621,680

64,687,708
4,447,081
839,904
1,419,112

Total

70,884,777

71,393,805

Non-current segment assets

12

4.

NET REVENUES
For the six months ended
30 June
2026
2025
HK$’000
HK$’000
(Unaudited)
(Unaudited)
Casino revenues
Entertainment and resort facilities revenues:
Rooms
Food and beverage
Entertainment, retail and other

17,113,052

16,537,013

1,728,709
1,037,254
619,288

1,669,608
1,142,463
615,507

Sales to external customers (Note 3)

20,498,303

19,964,591

For the six months ended 30 June 2026, entertainment, retail and other included rental income for
operating leases of HK$170,509,000 (six months ended 30 June 2025: HK$198,526,000) and
finance income for the finance lease of HK$1,038,000 (six months ended 30 June 2025: nil).
For the six months ended 30 June 2026, the revenue from contracts with customers was
HK$20,326,756,000 (six months ended 30 June 2025: HK$19,766,065,000).

13

5.

PROFIT BEFORE INCOME TAX
The Group’s profit before income tax is arrived at after charging:
For the six months ended
30 June
2026
2025
HK$’000
HK$’000
(Unaudited)
(Unaudited)
Depreciation and amortisation:
Depreciation of property and equipment
Amortisation of intangible assets
Depreciation of right-of-use assets
Less: amounts capitalised

Included in other operating expenses, gains and losses, net:
Advertising and promotions
Repairs and maintenance
Other gaming operations expenses
Costs of inventories
Utilities and fuel
Operating supplies
Payments to the Philippine Parties
Legal and professional fees
Transportation expenses
Other taxes and licenses
Allowances for credit losses, net
Insurance
Impairment of non-current non-financial assets, net (Note)
Rental and other expenses

1,936,252
150,969
157,554
–

1,855,566
136,009
164,107
(6,074)

2,244,775

2,149,608

637,513
520,649
481,772
440,500
313,956
141,313
126,324
119,985
95,840
89,492
79,241
75,107
25,383
21,949

866,974
486,551
401,907
421,326
316,682
137,736
142,747
130,102
72,723
77,103
29,653
80,719
32,284
35,596

Note:
During the six months ended 30 June 2026, the performance of Altira Macau, as a cash-generating unit
(“CGU”) under the Casino and Hospitality segment (the “Altira CGU”), had not sufficiently improved and the
Group recognised an impairment of non-current non-financial assets of HK$25,383,000 (six months ended 30
June 2025: net impairment of HK$4,999,000) for the Altira CGU, which was determined based on the
estimated recoverable amount of the individual assets of HK$77,873,000 (30 June 2025: HK$50,612,000) at
the end of the reporting period. Such impairment amount of non-current non-financial assets for the six months
ended 30 June 2026 included (i) the impairment of certain property and equipment of HK$22,053,000 (six
months ended 30 June 2025: HK$10,235,000); and (ii) the impairment of intangible assets of HK$3,330,000
(six months ended 30 June 2025: reversal of impairment of HK$5,236,000 as a result of certain gaming tables
transferred from the Altira CGU to another CGU). As at 30 June 2026, the estimated recoverable amounts were
estimated by their fair values less costs of disposal using the cost approach with certain key assumptions
including asset useful lives of 18 months to 7 years (30 June 2025: 2 years to 7 years), and were considered as
level 3 inputs under the fair value hierarchy. Impairment of non-current non-financial assets are included in
other operating expenses, gains and losses, net in the condensed consolidated statement of profit or loss and
other comprehensive income.

14

6.

INCOME TAX EXPENSE
An analysis of the income tax expense for the period is as follows:
For the six months ended
30 June
2026
2025
HK$’000
HK$’000
(Unaudited)
(Unaudited)
Current tax:
Macau Complementary Tax
Payments in lieu of Macau Complementary
Tax on dividends
Philippine withholding tax on dividends
Hong Kong Profits Tax
Income tax in other jurisdictions
Income taxes under Pillar Two (Note)

54,262

39,611

31,359
6,249
3,363
11
–

30,874
16,570
2,909
67
48,607

Sub-total

95,244

138,638

Under/(over) provision in prior periods:
Macau Complementary Tax
Payments in lieu of Macau Complementary Tax on dividends
Philippine Corporate Income Tax
Hong Kong Profits Tax
Income tax in other jurisdictions

183
10
3,034
–
(105)

(274)
(53)
–
(10)
(109)

Sub-total

3,122

(446)

Deferred tax

12,781

(14,967)

Total

111,147

123,225

Note:
Certain jurisdictions in which the Group operates have enacted Global Anti-Base Erosion Model Rules (“Pillar
Two”) that became effective on 1 January 2024. The Group is in scope of the enacted legislation and has
performed an assessment of the Group’s potential exposure to Pillar Two income taxes as of 30 June 2026,
which is based on the most recent tax filings, country-by-country reporting and financial information for the
constituent entities of the Group. Based on management’s best estimate, the Group does not have exposure to
Pillar Two top-up taxes for the six months ended 30 June 2026.
The Group has applied the temporary mandatory exception from recognising and disclosing deferred tax assets
and liabilities for the impacts of the Pillar Two rules and accounts for it as a current tax expense when
incurred.

15

In February 2024, Melco Resorts (Macau) Limited (“MRM”) entered into an agreement with the
Macau government in relation to payments in lieu of Macau Complementary Tax which would
otherwise be borne by the shareholders of MRM on dividend distributions from gaming profits for
the period from 1 January 2023 to 31 December 2025 under the Concession. Such payments are
required regardless of whether dividends are actually distributed or whether MRM has distributable
profits in the relevant year. During the six months ended 30 June 2026, an estimated amount of
HK$31,359,000 (six months ended 30 June 2025: HK$30,874,000) was provided for such
arrangement. In October 2025, MRM submitted an application for an extension to the agreement for
an annual payment for the period from 2026 through 2027, and such application is currently under
review by the Macau government.
On 31 December 2025, the Cyprus government enacted a change in the Cyprus Corporate Income
Tax rate from 12.5% to 15% and extended the corporation tax loss carryforward period from 5 to 7
years, effective from 1 January 2026. For the six months ended 30 June 2026, the Cyprus Corporate
Income Tax rate is 15% (six months ended 30 June 2025: 12.5%).
Other than the aforesaid changes for the six months ended 30 June 2026, there were no significant
changes to the tax exposures as disclosed in the Group’s audited consolidated financial statements
for the year ended 31 December 2025.
7.

DIVIDENDS
The Board does not recommend the payment of any interim dividends for the six months ended
30 June 2026 and 2025.

8.

EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY
The calculation of the basic and diluted earnings per share attributable to owners of the Company is
based on the following data:
For the six months ended
30 June
2026
2025
HK$’000
HK$’000
(Unaudited)
(Unaudited)
Profit for the period
Profit attributable to owners of the Company
for the purpose of basic earnings per share

309,466

350,816

Effect of dilutive potential ordinary shares:
Adjustment in relation to restricted shares
issued by a subsidiary of the Company

(5,877)

(359)

Profit attributable to owners of the Company
for the purpose of diluted earnings per share

303,589

350,457

16

For the six months ended
30 June
2026
2025
‘000
‘000
(Unaudited)
(Unaudited)
Number of shares
Weighted average number of ordinary shares for the purpose of
basic earnings per share
Effect of dilutive potential ordinary shares:
Adjustment in relation to awarded shares issued by the Company
Weighted average number of ordinary shares for the purpose of
diluted earnings per share

2,274,784

1,992,627

48,545

18,723

2,323,329

2,011,350

The weighted average number of shares used to calculate basic and diluted earnings per share
attributable to owners of the Company for the six months ended 30 June 2026 and 2025 has been
derived by excluding the shares of the Company held under trust arrangements for the Company’s
share award scheme. Additionally, the weighted average number of shares for the six months ended
30 June 2025 has been adjusted to reflect the bonus element of the rights issue on 17 June 2025.
Diluted earnings per share attributable to owners of the Company is calculated by adjusting the
weighted average number of ordinary shares outstanding and assumed conversion of all dilutive
potential ordinary shares, and the profit as adjusted to reflect the dilution effect of the share options
and restricted shares issued by a subsidiary of the Company. For the six months ended 30 June 2026
and 2025, adjustments were made as certain restricted shares issued by a subsidiary of the Company
and awarded shares issued by the Company would have dilutive effect on the earnings per share.
9.

INVESTMENT IN A JOINT VENTURE

Cost of investment in a joint venture
Share of loss
Share of changes in exchange reserve
Impairment recognised

17

As at
30 June
2026
HK$’000
(Unaudited)

As at
31 December
2025
HK$’000
(Audited)

180,150
(3,000)
(15,179)
(104,171)

180,150
(3,055)
(17,265)
(104,171)

57,800

55,659

Particulars of the Group’s joint venture as at 30 June 2026 and 31 December 2025 are as follows:
Percentage of

Name

Zhongshan Melco Yachuang Real Estate
Development Co., Ltd.*
中山新濠雅創房
地產開發有限公司
(“JV Company”)
*

Particulars
of registered
capital

Place of
registration
and business

Renminbi
1,000,000,000

Mainland
China

Ownership
interest
(Note)

Voting
power

Principal
activity

51%

50%

Property
development

for identification purposes only

Note:
Notwithstanding that the above joint venture is held as to 51% by the Group, under the joint venture
cooperation agreement and its supplemental agreements which the Agile and JV Parties (as defined below)
defaulted, the Group would have been solely entitled to all profits or losses arising from its ownership and
operation of a theme park which would have been developed therein.

In September 2024, the Group commenced arbitration at the China International Economic and
Trade Arbitration Commission against the joint venture partner, the JV Company and Agile Group
Holdings Limited (collectively referred to as the “Agile and JV Parties”), in order to seek
compensation from the Agile and JV Parties. The arbitration was concluded on 25 September 2025
and the Agile and JV Parties are jointly liable to pay for a total of approximately HK$147,494,000
to the Group (the “Arbitral Award”).
The Agile and JV Parties failed to satisfy the Arbitral Award. On 8 December 2025, the Group filed
a winding-up petition against Agile Group Holdings Limited to the High Court of Hong Kong (the
“Court”) on the basis of the unsatisfied Arbitral Award (the “Winding-up Petition”). At the hearing
on 29 June 2026, the Court ordered that the hearing of the Winding-up Petition is adjourned to
12 October 2026.

18

10.

TRADE RECEIVABLES
An aging analysis of trade receivables as at the end of the reporting period, based on the due dates,
is as follows:

11.

As at
30 June
2026
HK$’000
(Unaudited)

As at
31 December
2025
HK$’000
(Audited)

Current
Past due:
Within 1 month
More than 1 month but within 3 months
More than 3 months but within 6 months
More than 6 months

235,633

340,034

135,466
200,132
196,067
1,134,596

164,274
323,175
44,839
1,036,743

Sub-total
Less: allowances for credit losses

1,901,894
(980,459)

1,909,065
(925,483)

921,435

983,582

TRADE PAYABLES
An aging analysis of trade payables as at the end of the reporting period, based on the invoice dates,
is as follows:

Within 1 month
More than 1 month but within 3 months
More than 3 months but within 6 months
More than 6 months

19

As at
30 June
2026
HK$’000
(Unaudited)

As at
31 December
2025
HK$’000
(Audited)

138,872
15,570
3,604
3,279

150,700
42,358
3,494
5,061

161,325

201,613

12.

OTHER PAYABLES, ACCRUALS AND DEPOSITS RECEIVED

Current liabilities
Advance deposits and ticket sales
Accrued operating expenses and other liabilities
Gaming tax and license fee payables
Accrued employee benefits expenses
Interest expense payables
Property and equipment payables
Outstanding gaming chips
Intangible assets liabilities
Loyalty program liabilities
Dividend payables
Interest rate swap liabilities

Non-current liabilities
Intangible assets liabilities
Other liabilities
Accrued employee benefits expenses
Deposits received
Cross-currency swap liabilities
Interest rate swap liabilities

20

As at
30 June
2026
HK$’000
(Unaudited)

As at
31 December
2025
HK$’000
(Audited)

1,899,416
1,380,776
1,266,999
865,061
853,891
620,576
604,069
367,765
245,411
1,385
–

2,088,107
1,322,900
1,263,882
1,069,844
902,861
497,908
660,260
379,453
246,911
2,533
3,988

8,105,349

8,438,647

1,757,672
247,419
89,414
85,059
7,148
–

1,982,782
244,803
90,882
64,191
45,824
1,839

2,186,712

2,430,321

13.

INTEREST-BEARING BORROWINGS

Notes

Senior notes:
Secured
Unsecured

a
b

Non-current portion
Current portion

Bank loans:
Secured
Unsecured

c
d

Non-current portion
Current portion

Total:
Non-current portion
Current portion

21

As at
30 June
2026
HK$’000
(Unaudited)

As at
31 December
2025
HK$’000
(Audited)

2,316,787
42,625,521

2,711,001
42,272,848

44,942,308
(43,651,322)

44,983,849
(44,983,849)

1,290,986

–

2,983,421
9,698,000

5,253,940
6,899,000

12,681,421
(12,643,803)

12,152,940
(12,151,940)

37,618

1,000

56,295,125
1,328,604

57,135,789
1,000

57,623,729

57,136,789

As at
30 June
2026
HK$’000
(Unaudited)

As at
31 December
2025
HK$’000
(Audited)

1,294,108
7,333,276
26,666,458
9,803,845

–
7,392,133
28,012,295
9,726,492

45,097,687
(155,379)

45,130,920
(147,071)

44,942,308

44,983,849

37,835
2,297,264
10,361,000

1,000
7,292,666
4,887,156

12,696,099

12,180,822

(14,678)

(27,882)

12,681,421

12,152,940

Analysed into borrowings repayable:
Senior notes:
Within one year or on demand
In the second year
In the third to fifth years, inclusive
After five years

Less: deferred financing costs and original issue premiums, net

Bank loans:
Within one year or on demand
In the second year
In the third to fifth years, inclusive

Less: deferred financing costs and adjustments on
modification of debts, net

The interest rate exposure of the Group’s interest-bearing borrowings is as follows:

Fixed-rate borrowings
Variable-rate borrowings

22

As at
30 June
2026
HK$’000
(Unaudited)

As at
31 December
2025
HK$’000
(Audited)

44,942,308
12,681,421

44,983,849
12,152,940

57,623,729

57,136,789

The carrying amounts of the Group’s interest-bearing borrowings are denominated in the following
currencies:

United States dollars (“US$”)
HK$

As at
30 June
2026
HK$’000
(Unaudited)

As at
31 December
2025
HK$’000
(Audited)

47,261,729
10,362,000

49,613,789
7,523,000

57,623,729

57,136,789

Notes:
(a)

Senior secured notes
On 16 February 2022, the Group issued an aggregate principal amount of US$350,000,000 (equivalent
to approximately HK$2,733,499,000) 7.00% senior secured notes which would have been due in 2027
(the “2027 SCC Senior Secured Notes”).
On 6 May 2026, the Group initiated a conditional cash tender offer for the 2027 SCC Senior Secured
Notes (the “2027 SCC Senior Secured Notes Tender Offer”) which expired on 12 May 2026, subject to
the terms and conditions, to purchase any and all of its outstanding 2027 SCC Senior Secured Notes.
The Group purchased an aggregate principal amount of US$196,421,000 (equivalent to approximately
HK$1,539,337,000) of the 2027 SCC Senior Secured Notes that were validly tendered (and not validly
withdrawn) pursuant to the 2027 SCC Senior Secured Notes Tender Offer and settled the transaction on
15 May 2026. The remaining outstanding principal of the 2027 SCC Senior Secured Notes in an
aggregate amount of US$153,579,000 (equivalent to approximately HK$1,204,532,000) was redeemed
in full on 5 June 2026. In connection with the 2027 SCC Senior Secured Notes Tender Offer and the
redemption in full of the remaining outstanding principal of the 2027 SCC Senior Secured Notes, the
Group recorded a loss on extinguishment of debt of HK$11,602,000 during the six months ended
30 June 2026.
On 15 May 2026, the Group issued an aggregate principal amount of US$300,000,000 (equivalent to
approximately HK$2,351,079,000) 6.125% senior secured notes due 2031 at an issue price of 100% of
the principal amount (the “2031 SCC Senior Secured Notes”). Certain subsidiaries of the Company and
other future restricted subsidiaries as defined in the 2031 SCC Senior Secured Notes are guarantors to
guarantee the indebtedness under the 2031 SCC Senior Secured Notes. The net proceeds from the
offering of the 2031 SCC Senior Secured Notes, together with the drawdown from the SCC 2024
Revolving Facilities (Note (c)) and cash on hand, were used to fund the 2027 SCC Senior Secured
Notes Tender Offer and the redemption in full of the remaining outstanding principal of the 2027 SCC
Senior Secured Notes as disclosed above.

23

The 2031 SCC Senior Secured Notes are senior secured obligations of Studio City Company Limited
(“SCC”), rank equally in right of payment to all existing and future senior indebtedness of SCC
(although any liabilities in respect of obligations under certain credit facilities of SCC that are secured
by common collateral securing the 2031 SCC Senior Secured Notes will have priority over the 2031
SCC Senior Secured Notes with respect to any proceeds received upon any enforcement action of such
common collateral) and rank senior in right of payment to any existing and future subordinated
indebtedness of SCC and are effectively subordinated to SCC’s existing and future secured
indebtedness that is secured by assets that do not secure the 2031 SCC Senior Secured Notes, to the
extent of the assets securing such indebtedness.
The indenture governing the senior secured notes contains certain covenants, subject to certain
exceptions and conditions, that limit the ability of the issuer, one of the subsidiaries as parent guarantor
and restricted subsidiaries to, among other things: (i) incur or guarantee additional indebtedness and
issue certain preferred stock; (ii) make specified restricted payments and investments; (iii) prepay or
redeem subordinated debt or equity; (iv) issue or sell capital stock; (v) transfer, lease or sell assets; (vi)
create or incur certain liens; (vii) impair the security interests in the collateral; (viii) enter into
agreements that restrict the restricted subsidiaries’ ability to pay dividends, transfer assets or make
intercompany loans; (ix) change the nature of the business of the relevant group; (x) enter into
transactions with affiliates; and (xi) effect a consolidation or merger. The indenture governing the
senior secured notes also contains conditions and provides for customary events of default for such
financings as well as early redemption options available to the issuer during certain time periods and
redemption options available to the senior secured notes holders in certain events. There are provisions
under the indenture that limit or prohibit certain payments of dividends and other distributions by
certain restricted subsidiaries of the Company, subject to certain exceptions and conditions.
(b)

Senior unsecured notes
As at 30 June 2026 and 31 December 2025, the senior unsecured notes bear interest rates ranging from
5.000% to 7.625% per annum and are denominated in US$. Certain senior unsecured notes are
guaranteed by certain subsidiaries of the Company.
On 18 June 2026, the Group issued a notice of partial redemption in relation to an aggregate principal
amount of US$500,000,000 (equivalent to approximately HK$3,921,538,000) 6.500% senior unsecured
notes due 2028 (the “2028 SCF Senior Notes”). On 18 July 2026, the Group redeemed an aggregate
principal amount of US$165,000,000 (equivalent to approximately HK$1,294,108,000) of the 2028
SCF Senior Notes (the “Redeemed Notes”) at the redemption price of 100% of the principal amount.
The redemption was funded by proceeds drawn from the SCC 2024 Revolving Facilities in July 2026
(Note 17(d)) and cash on hand. After cancellation of the Redeemed Notes, an aggregate principal
amount of US$335,000,000 (equivalent to approximately HK$2,627,430,000) of the 2028 SCF Senior
Notes remain outstanding. As at 30 June 2026, the Redeemed Notes were classified as current liabilities
and the other senior unsecured notes are repayable at maturities from 2027 to 2033 (31 December 2025:
the senior unsecured notes are repayable at maturities from 2027 to 2033).

24

The senior unsecured notes are general obligations of the issuers of the notes (the “Unsecured Notes
Issuers”). Each series of the senior unsecured notes rank equally in right of payment to all existing and
future senior indebtedness of the Unsecured Notes Issuers, rank senior in right of payment to any
existing and future subordinated indebtedness of the Unsecured Notes Issuers and are effectively
subordinated to all of the Unsecured Notes Issuers’ existing and future secured indebtedness (to the
extent of the value of the property and assets securing such indebtedness and the indebtedness of
subsidiaries).
(c)

Secured bank loans
As at 30 June 2026 and 31 December 2025, the outstanding secured bank loans are denominated in US$
or HK$. Borrowings denominated in US$ bear interest at the term Secured Overnight Financing Rate
(“SOFR”) plus an applicable credit adjustment spread, if any, ranging from 0.06% to 0.20% per annum
and a margin ranging from 1.95% to 2.55% per annum; and borrowings denominated in HK$ bear
interest at the Hong Kong Interbank Offered Rate (“HIBOR”) plus an applicable margin ranging from
1.00% to 2.55% per annum. The secured bank loans consisted of term loan facilities and revolving
credit facilities. As at 30 June 2026, the term loan facilities are repayable quarterly and/or at maturity
within the period from 2027 to 2029 (31 December 2025: 2026 to 2029) and the revolving credit
facilities are repayable on the last day of an agreed upon interest period or rolled over subject to
compliance with certain covenants and satisfaction of conditions precedent. The secured bank loans are
guaranteed by certain subsidiaries of the Company and one of the secured bank loans is also guaranteed
by the Company.
On 28 April 2026, the Group obtained consents from the majority of lenders of the US$631,600,000
(equivalent to approximately HK$4,953,687,000) secured credit facilities, as amended and restated with
a maturity date of 5 June 2028 (the “MIDL 2021 Credit Facilities”) to amend the terms of certain
covenants, subject to certain conditions which became effective on 30 April 2026. The Group prepaid
US$301,000,000 (equivalent to approximately HK$2,358,897,000) of the outstanding loan principal
amount of the term loan facility under the MIDL 2021 Credit Facilities on 30 April 2026. The
prepayment was funded by the consideration received from an intra-group disposal of a subsidiary of
the Company to Melco Resorts (Note (d)) and cash on hand. In connection with the prepayment of the
MIDL 2021 Credit Facilities, the Group recorded a loss on modification of debt of HK$18,654,000
during the six months ended 30 June 2026. As at 30 June 2026, the outstanding loan principal amount
o f t h e M I D L 2021 C r e d i t F a c i l i t i e s w a s U S $297,600,000 ( e q u i v a l e n t t o a p p r o x i m a t e l y
H K $2,334,099,000) (31 D e c e m b e r 2025: U S $598,600,000 ( e q u i v a l e n t t o a p p r o x i m a t e l y
HK$4,657,822,000)).
During the six months ended 30 June 2026, the Group drew down a total of HK$118,000,000 from the
HK$1,945,000,000 senior secured revolving credit facilities (the “SCC 2024 Revolving Facilities”) to
partially fund the full redemption of the remaining 2027 SCC Senior Secured Notes (Note (a)). The
Group also repaid a total of HK$78,000,000 of the outstanding loan principal amount under the SCC
2024 Revolving Facilities during the six months ended 30 June 2026. As at 30 June 2026, the
outstanding loan principal amount of the SCC 2024 Revolving Facilities was HK$429,000,000 (31
December 2025: HK$389,000,000).

25

On 23 June 2026, the maturity date and the applicability of the waiver obtained in April 2020 on
various undertakings and covenants of the HK$2,000,000 secured credit facilities were further extended
from 24 June 2026 to 24 June 2028 pursuant to an extension request letter.
(d)

Unsecured bank loans
As at 31 December 2025, the Group had HK$15,237,500,000 senior unsecured revolving credit
facilities, as amended and restated with a maturity date of 29 April 2027 (the “MN1 2020 Revolving
Facilities”). Each loan made under the MN1 2020 Revolving Facilities is repayable in full on the last
day of an agreed upon interest period in respect of the loan, generally ranging from one to six months,
or may be rolled over subject to compliance with certain covenants and satisfaction of conditions
precedent. The Group is also subject to mandatory prepayment requirements in respect of various
amounts as specified in the MN1 2020 Revolving Facilities.
On 9 June 2026, the maturity date of the MN1 2020 Revolving Facilities was extended from 29 April
2027 to 9 June 2031 and an incremental facility of HK$6,438,775,000 was established under the terms
of the MN1 2020 Revolving Facilities such that the total commitments under the MN1 2020 Revolving
Facilities were increased to HK$21,676,275,000, pursuant to an amended and restated facility
agreement. Other key terms of the MN1 2020 Revolving Facilities, such as pricing and financial
covenants, remained unchanged.
As at 30 June 2026 and 31 December 2025, the outstanding balances under the MN1 2020 Revolving
Facilities were denominated in HK$. Borrowings under the MN1 2020 Revolving Facilities can be
denominated in US$ which bear interest at term SOFR plus an applicable credit adjustment spread
ranging from 0.06% to 0.20% per annum, or in HK$ which bear interest at HIBOR, in both cases plus
an applicable margin ranging from 1.00% to 2.00% per annum as adjusted in accordance with the
leverage ratio in respect of certain subsidiaries of the Company. The indebtedness under the MN1 2020
Revolving Facilities is guaranteed by certain subsidiaries of the Company.
During the six months ended 30 June 2026, the Group, through a subsidiary of Melco Resorts, drew
down a total of HK$3,266,000,000 under the MN1 2020 Revolving Facilities. Part of the drawn
proceeds of HK$2,883,000,000, together with cash on hand, were used to fund an intra-group
acquisition of a subsidiary of the Company by Melco Resorts. The Group also repaid an aggregate
principal amount of HK$467,000,000 under the MN1 2020 Revolving Facilities during the six months
ended 30 June 2026.
As at 30 June 2026, the outstanding loan principal amount of the MN1 2020 Revolving Facilities was
HK$9,698,000,000 (31 December 2025: HK$6,899,000,000).

(e)

In July 2026, the availability period of an unsecured credit facility amounting to Philippine Pesos
2,350,000,000 (equivalent to approximately HK$301,106,000), as amended, was further extended to 28
September 2026, with no changes in the underlying terms and conditions.

26

As at 30 June 2026, borrowings in an aggregate principal amount of HK$5,351,022,000 (31
December 2025: HK$8,005,240,000) were secured by certain assets of the Group, details of which
were disclosed in the Group’s audited consolidated financial statements for the year ended 31
December 2025.
As at 30 June 2026, the Group had unused borrowing capacity of HK$14,055,202,000 (31
December 2025: HK$10,462,905,000) of which HK$14,055,202,000 (31 December 2025:
HK$9,840,143,000) was available to drawdown, subject to the satisfaction of certain conditions
precedent.
For the six months ended 30 June 2026, except for the disclosure above, there were no other
significant changes to the interest-bearing borrowings as disclosed in the Group’s audited
consolidated financial statements for the year ended 31 December 2025.
14.

CHANGE IN OWNERSHIP INTERESTS OF A SUBSIDIARY
Melco Resorts
During the six months ended 30 June 2026, Melco Resorts repurchased 14,038,192 of its ADSs
(equivalent to 42,114,576 ordinary shares) from the open market for an aggregate consideration of
approximately US$76,650,000 (equivalent to approximately HK$600,456,000), of which nil was
cancelled. The Group’s ownership interest in Melco Resorts increased as a result.
During the six months ended 30 June 2026, certain restricted shares under the Melco Resorts’ share
incentive plans were vested which decreased the Group’s ownership interest in Melco Resorts.
As a net result of the above transactions, the Group’s ownership interest in Melco Resorts increased
from 58.65% on 1 January 2026 to 60.26% on 30 June 2026. The Group recognised decreases of
HK$161,314,000 in special reserve, HK$439,082,000 in non-controlling interests and HK$60,000
in other revaluation reserve.
Subsequent to the period ended 30 June 2026, Melco Resorts further repurchased some of its ADSs
from the open market, please refer to Note 17(a) for details.

15.

COMMITMENTS AND CONTINGENCIES
(a)

Gaming License – Sri Lanka
In accordance with the Sri Lanka Betting and Gaming Levy Act (as amended), the Group is
subject to a monthly gross collection levy of 15%, which increased to 18% with effect from
1 January 2026, of total collections from the business of gaming (exempted if monthly gross
collections do not exceed Sri Lankan Rupees1,000,000 (equivalent to approximately to
HK$23,000)).

27

(b)

Litigation
City of Dreams Mediterranean arbitration
On 24 July 2024, Avax S.A. & Terna S.A. (the “Claimants”, main contractor for the
construction of City of Dreams Mediterranean) filed a notice of arbitration against ICR
Cyprus Resort Development Co Limited (the “Respondent”), a subsidiary of the Company,
which initiated an arbitration under the London Court of International Arbitration Rules,
principally seeking additional payment for the construction of City of Dreams Mediterranean
(the “Arbitration”). The Respondent believes that the claims are without merit and intends to
continue to vigorously defend against the claims. The Respondent has significant counter
claims against the Claimants which the Respondent intends to continue to vigorously pursue.
The Respondent has determined that based on the Arbitration progress to date, it is currently
unable to determine the outcome of the Arbitration or reasonably estimate the range of
possible loss, if any.
General litigation
As at 30 June 2026, the Group continues to be a party to certain other legal proceedings
which relate to matters arising out of the ordinary course of its business. Management
believes that the outcomes of such proceedings have been adequately provided for or have no
material impacts on the Group’s condensed consolidated interim financial statements as a
whole.

16.

RELATED PARTY TRANSACTIONS
(a)

The Group entered into the following significant transactions with a related party:
For the six months ended
30 June
2026
2025
HK$’000
HK$’000
(Unaudited)
(Unaudited)

Related company

Nature of transactions

Irad Imaging and
Diagnostic Medical
Center Ltd. (“iRad”)

Revenues (services
provided by the Group)
Lease and other income

4,338

–

Costs and expenses (services
provided to the Group)
Purchase of goods and
services

6,449

–

28

Note:
The Group entered into an operating agreement (the “Studio City Operating Agreement”) with iRad, an
associate of Mr. Ho, Lawrence Yau Lung (“Mr. Ho”), a Director, Chairman and Chief Executive
Officer of the Company, to grant iRad the right to operate a private hospital focused on imaging and
diagnostic medical services at Studio City and to utilise certain medical equipment for the operation of
iRad at Studio City (the “Equipment”), for an initial period commencing from 1 October 2025 and
ending on 30 November 2034, with an option to renew for two further periods of five years each by
mutual agreement. As at 30 June 2026, a security deposit of Macau Patacas (“MOP”) 33,643,000
(equivalent to approximately HK$32,663,000) (31 December 2025: MOP15,652,000 (equivalent to
approximately HK$15,196,000)) received from iRad pursuant to the Studio City Operating Agreement,
of which MOP3,910,000 (equivalent to approximately HK$3,796,000) (31 December 2025:
MOP3,679,000 (equivalent to approximately HK$3,572,000)) and MOP29,733,000 (equivalent to
approximately HK$28,867,000) (31 December 2025: MOP11,973,000 (equivalent to approximately
HK$11,624,000)) were included in current and non-current portion of other payables, accruals and
deposits received, respectively. The related party transactions also fall under the definition of
continuing connected transaction as defined in Chapter 14A of the Listing Rules.

(b)

Shareholder loans
On 9 January 2025, the Company, as borrower, entered into two shareholder loan facility
agreements (collectively referred to as the “Shareholder Loan Facilities”), with Mr. Ho and
his controlled company, as lenders. Pursuant to the Shareholder Loan Facilities, uncommitted
revolving loan facilities, in an amount of US$2,200,000 (equivalent to approximately
HK$17,255,000) and US$22,800,000 (equivalent to approximately HK$178,822,000), were
granted by Mr. Ho and his controlled company, respectively, to the Company for a period
from 9 January 2025 and expired on 2 July 2026, subject to certain conditions precedent. As
at 30 June 2026, the outstanding loan principal amount under the Shareholder Loan Facilities
was nil (31 December 2025: nil) and the available unused borrowing capacity was
US$25,000,000 (equivalent to approximately HK$196,077,000) (31 December 2025:
US$25,000,000 (equivalent to approximately HK$194,530,000)), subject to the satisfaction
of certain conditions precedent. During the six months ended 30 June 2026, interest expenses
of nil (six months ended 30 June 2025: US$445,000 (equivalent to approximately
HK$3,460,000)) were paid to the controlled company of Mr. Ho in relation to the
Shareholder Loan Facilities.

(c)

Senior notes held by a controlled entity of Mr. Ho
As at 30 June 2026, a controlled entity of Mr. Ho held an aggregate principal amount of
US$30,000,000 (equivalent to approximately HK$235,292,000) (31 December 2025:
US$30,000,000 (equivalent to approximately HK$233,436,000)) senior notes issued by a
subsidiary of the Company, which are unsecured and not convertible or exchangeable. The
controlled entity of Mr. Ho purchased the senior notes at their face values.
During the six months ended 30 June 2026, total interest expenses of US$750,000 (equivalent
to approximately HK$5,874,000) in relation to the senior notes issued by the subsidiary were
paid or accrued to the controlled entity of Mr. Ho (six months ended 30 June 2025:
US$750,000 (equivalent to approximately HK$5,849,000)).

29

17.

SUBSEQUENT EVENTS
(a)

During the period from 1 July 2026 through 31 August 2026, the date of issuance of these
condensed consolidated interim financial statements, Melco Resorts repurchased 14,291,104
of its ADSs (equivalent to 42,873,312 ordinary shares) from the open market for an aggregate
consideration of approximately US$77,237,000 (equivalent to approximately
HK$605,776,000), of which nil shares repurchased were cancelled. The Group’s ownership
interest in Melco Resorts increased as a result.

(b)

During the period from 1 July 2026 through 31 July 2026, the Company through the trustee
of the share award scheme purchased on the Hong Kong Stock Exchange a total of 4,358,000
ordinary shares of the Company for a total consideration of approximately HK$14,721,000
for vesting of awarded shares under the Company’s share award scheme.

(c)

On 7 July 2026, the Group drew down HK$390,000,000 under the MN1 2020 Revolving
Facilities. On 6 August 2026, the Group repaid HK$470,000,000 of the outstanding principal
amount under the MN1 2020 Revolving Facilities, along with accrued interest.

(d)

On 15 July 2026, the Group drew down HK$1,180,000,000 under the SCC 2024 Revolving
Facilities and used the proceeds, together with cash on hand, to fund the partial redemption
of the 2028 SCF Senior Notes (Note 13(b)).

(e)

On 16 July 2026, the Group prepaid US$30,000,000 (equivalent to approximately
HK$235,292,000) of the outstanding loan principal amount of the term loan facility under the
MIDL 2021 Credit Facilities, along with accrued interest.

(f)

On 24 August 2026, the Group issued a notice of redemption in relation to the full
redemption of an aggregate principal amount of US$600,000,000 (equivalent to
approximately HK$4,705,846,000) of the 5.625% senior unsecured notes due 2027 (the “2027
MRF Senior Notes”) at a redemption price of 100% of the principal amount of the 2027 MRF
Senior Notes plus accrued and unpaid interest, if any, to the redemption date fixed on 23
September 2026.

30

MANAGEMENT DISCUSSION & ANALYSIS
SIGNIFICANT EVENTS AND DEVELOPMENTS
In the first half of 2026, following a solid start to the year in the Macau Special
Administrative Region of the People’s Republic of China (“Macau”), the Group’s
operating performance moderated in the second quarter amid near-term headwinds.
During this period, the Group maintained a disciplined approach to operations and
capital allocation, with a focus on margin management, operational efficiency and
targeted investments aimed at enhancing the guest experience.
The Group continued to advance the development of REM, the newly branded hotel at
City of Dreams. The project represents a significant enhancement to the Group’s
premium hospitality offering in Macau and marks an important milestone in the ongoing
evolution of City of Dreams.
Beyond Macau, the Group’s diversified portfolio continued to demonstrate resilience
amid varying market conditions. In the Philippines, City of Dreams Manila posted
year-on-year growth despite ongoing challenges, whilst in the Republic of Cyprus
(“Cyprus”), City of Dreams Mediterranean and the satellite casinos recorded improved
performance as regional travel disruptions eased. In the Democratic Socialist Republic
of Sri Lanka (“Sri Lanka”), casino operations continued to gain traction as the Group’s
disciplined ramp-up strategy progressed steadily.
BUSINESS REVIEW
Integrated Gaming and Entertainment Resorts
Melco International operates its integrated resort business through its subsidiary, Melco
Resorts & Entertainment Limited (“Melco Resorts”), a developer, owner and operator of
integrated resort facilities in Asia and Europe. As at 30 June 2026, Melco International,
through its subsidiary, held approximately 56.32% of the total number of issued shares
of Melco Resorts.
In Macau, Melco Resorts currently operates City of Dreams and Altira Macau, integrated
resorts located in Cotai and Taipa, Macau, respectively. Its business also includes Mocha
Clubs, the only non-casino based operation of electronic gaming machines in Macau. In
addition, it operates Studio City, a cinematically-themed integrated resort located in
Cotai, Macau.
Beyond Macau, a Philippine subsidiary of Melco Resorts currently operates and manages
City of Dreams Manila, an integrated resort located at the Entertainment City complex in
Manila. In Europe, Melco Resorts, through its majority-owned subsidiaries, operates
City of Dreams Mediterranean, an integrated resort in Limassol, Cyprus and licensed
satellite casinos in other cities in Cyprus.

31

The Group further expanded its global presence into South Asia through the operations
of the casino at City of Dreams Sri Lanka (the “Sri Lanka Casino”) and provision of
management services to operate the top five floors of the hotel tower at City of Dreams
Sri Lanka, as a Nüwa hotel (“Nüwa Sri Lanka”), in Colombo, Sri Lanka, underscoring
its continued international growth strategy.
The Group’s net revenues totalled Hong Kong dollars (“HK$”) 20.50 billion for the six
months ended 30 June 2026, a slight increase as compared to HK$19.96 billion recorded
in the corresponding period of 2025. The increase was primarily attributable to improved
performance in overall gaming operations. Profit attributable to owners of the Company
was HK$309.5 million for the six months ended 30 June 2026, compared to HK$350.8
million recorded in the corresponding period of 2025.
City of Dreams
City of Dreams in Macau is Melco Resorts’ flagship integrated resort, a
premium-focused property targeting high-end customers and rolling chip patrons from
regional markets across Asia. In the first half of 2026, the property operated an average
of approximately 447 gaming tables and 813 gaming machines.
In March 2026, City of Dreams unveiled its new brand chapter, “Be A Dreamer”,
marking a significant evolution of its brand promise and inviting guests worldwide on a
journey of dreams through a profound fusion of art, culture and imagination. Guided by
its brand promise, “Dream Beyond”, City of Dreams is dedicated to breaking the
boundaries of traditional luxury travel, establishing itself as an integrated resort where
luxury, futuristic artistry and innovation converge.
Since its return in May 2025, the House of Dancing Water show has delivered over 550
performances and welcomed its one millionth guest in August 2026, a milestone that
underscores its sustained global success and pivotal role in advancing Macau’s vision as
a World Centre of Tourism and Leisure.
The transformation of the retail area at City of Dreams is currently underway. The
redesigned retail area will feature a thoughtfully curated selection of luxury and lifestyle
brands, complemented by differentiated elements. Upon completion, it is expected to
further enhance the guest experience and strengthen the integrated resort proposition at
City of Dreams.
Studio City
The cinematically-themed integrated resort, Studio City, is designed to be the most
diverse entertainment destination in Macau. In the first half of 2026, the property
operated an average of approximately 253 gaming tables and 949 gaming machines.

32

Studio City continues to expand its portfolio of family-friendly attractions and
experiences, reinforcing Macau’s position as a diverse leisure destination for visitors of
all ages. The integrated resort currently features the “Disney Palette of Happiness”, an
immersive attraction that brings globally recognised Disney characters and stories to
Macau. The attraction exemplifies Studio City’s “Fun Never Ends” brand promise by
delivering a vibrant and immersive experience for families and visitors alike.
Beyond its family-friendly attractions, Studio City leverages sports, entertainment and
lifestyle events as key drivers of tourism diversification in Macau. In the first half of
2026, the integrated resort hosted major sporting events including “FISE: Battle of the
Champions”, a street skateboarding competition featuring the world’s top skateboarders,
and the “East Asia Super League Finals”, showcasing Asia’s leading basketball teams.
Studio City also welcomed a series of internationally acclaimed artists and performers
from across Asia, including Mark Tuan, Red Velvet’s IRENE, NCT’s Jaehyun, Hins
Cheung and members of MIRROR, with additional performances by artists such as
SUPER JUNIOR-83z scheduled for later in the year.
Through the continued presentation of world-class entertainment experiences, Studio
City contributes to broadening Macau’s tourism offering, attracting diverse visitor
segments and further strengthening the city’s positioning as a leading destination for
events tourism and “Tourism+” development.
Altira Macau
Altira Macau is an integrated resort designed to provide a casino and hotel experience
that caters to premium mass and mass operations. Located in Taipa, it offers an oasis of
sophistication with spectacular panoramic views of the Macau peninsula. By delivering
impeccable service customised for each guest, both Altira Macau and Altira Spa
achieved a Five-Star ranking from Forbes Travel Guide (“FTG”) for the 17th consecutive
year in 2026. In the first half of 2026, Altira Macau operated an average of
approximately 33 gaming tables and 285 gaming machines operated under the brand
Mocha at Altira Macau.
Mocha Clubs
Mocha Clubs comprise non-casino based operations of electronic gaming machines in
Macau. As a pioneer in Macau’s electronic gaming industry, Mocha Clubs has invested
in a series of innovative and top-quality electronic gaming machines from around the
world to offer a contemporary entertainment mix to a broader range of visitors. In the
first half of 2026, Mocha Clubs operated an average of approximately 425 gaming
machines (excluding approximately 285 gaming machines at Altira Macau).

33

City of Dreams Manila
Beyond Macau, City of Dreams Manila, which is strategically located at the gateway of
Entertainment City, provides an unparalleled entertainment and hospitality experience
for the Southeast Asian market and continues to set the benchmark for the Group’s
robust capacity to execute its international vision. This dynamic property boasts the
ultimate in entertainment, hotel, retail, dining and lifestyle experiences and features
extensive gaming space, including VIP and mass market gaming facilities. In the first
half of 2026, the property operated an average of approximately 264 gaming tables and
2,265 gaming machines.
City of Dreams Mediterranean and Other
City of Dreams Mediterranean, Europe’s first integrated resort, is a pioneering integrated
resort that aims to establish Cyprus as a premier year-round tourism and business
destination. It is an award-winning resort in Limassol, Cyprus, providing a 500-room
hotel with a casino, conferencing facilities including the island’s largest expo centre
within a resort, entertainment shows, luxury retail, fine dining and spa. It also offers a
wide array of exceptional recreational facilities, including the Marcos Baghdatis Tennis
Academy, a family adventure park, and the island’s most expansive pool oasis.
In addition to City of Dreams Mediterranean, the Group continues to operate three
satellite casinos in Cyprus located in Nicosia, Ayia Napa and Paphos. In the first half of
2026, City of Dreams Mediterranean had an average of approximately 104 gaming tables
and 778 gaming machines in operation and the satellite casinos had an average of
approximately 4 gaming tables and 162 gaming machines in operation.
Other Operations
Other Operations include the Group’s casino operations at the Sri Lanka Casino and
provision of management services to Nüwa Sri Lanka. Built by John Keells Holdings
PLC, City of Dreams Sri Lanka is the first integrated resort in Sri Lanka and South Asia.
The property features two landmark luxury hotels, a state-of-the-art casino and
entertainment zone, premium dining and conferencing facilities, aiming to set a new
benchmark for integrated resorts in South Asia and contribute to Colombo’s emergence
as a world-class tourism and business destination.
Marking its first anniversary, City of Dreams Sri Lanka has successfully established its
presence in the market and strengthened its position as a premier lifestyle destination.
Through its distinctive integrated resort offering, the property has welcomed guests from
Sri Lanka and around the world, contributing to the country’s tourism and hospitality
landscape.
OUTLOOK
Macau’s tourism continued to gain momentum in the first half of 2026, with visitor
arrivals advancing solidly year over year as the city’s appeal as a premier tourism and
leisure destination strengthened. Against this backdrop, the Group is pursuing targeted,
experience-led investments across its Macau portfolio to capture emerging opportunities,
elevate product quality and reinforce its strategic positioning in a competitive
environment.

34

The phased opening of REM, which has commenced in the third quarter of 2026, marks
an important milestone for City of Dreams, further strengthening the Group’s premium
hospitality offering and broadening the property’s appeal to high-value customer
segments. In addition, the new gaming area, which opened near the southwest entrance
of City of Dreams in July 2026, is expected to attract incremental visitation, particularly
from walk-in patrons, given its convenient location and accessibility. At Studio City,
ongoing investments in non-gaming attractions enrich the integrated resort offering and
support Macau’s development as a World Centre of Tourism and Leisure. These include
the introduction of Studio City Stardust, a new 4D entertainment experience designed to
further diversify the property’s leisure and entertainment options. Together, these
initiatives enhance the Group’s offerings across key customer segments and position it
well to capture growth opportunities.
Beyond Macau, operating conditions remain mixed across the Group’s international
portfolio. In the Philippines, City of Dreams Manila continues to operate against a
challenging backdrop characterised by macroeconomic pressures, evolving consumer
spending patterns and a competitive gaming environment. In Cyprus, City of Dreams
Mediterranean is navigating the impact of ongoing geopolitical uncertainties in the
Middle East, which have affected regional travel demand and visitation trends. In
response to these conditions, the Group continues to prioritise disciplined execution,
prudent cost management and targeted marketing initiatives to drive visitation and
support operational performance. Meanwhile, City of Dreams Sri Lanka continues to
build momentum following its first full year of operations, further establishing its
position as a leading lifestyle and entertainment destination in South Asia and expanding
the Group’s presence in a market with attractive long-term growth potential.
Looking ahead, competition remains intense, yet meaningful growth opportunities persist
across the Group’s markets. The Group remains focused on disciplined execution,
strategic investment and operational excellence to further enhance the guest experience,
strengthen market positioning and drive long-term value creation.
ACHIEVEMENTS AND AWARDS
The first half of 2026 marked another milestone in the Group’s unwavering pursuit of
excellence, with its global portfolio, people and initiatives earning widespread accolades
across the industry. These prestigious recognitions underscore the Group’s leadership in
delivering world-class integrated resort experiences while advancing responsible growth
and creating long-term value for guests, communities and stakeholders.

35

Corporate Governance
The Group continues to uphold the highest standards of corporate governance and
leadership. In 2026, Chairman and Chief Executive Officer, Mr. Ho Lawrence Yau
Lung, was named Executive of the Year by the Global Gaming Awards Asia-Pacific and
recognised as Asia’s Best CEO at the Asian Excellence Awards organised by Corporate
Governance Asia, an accolade he has received for the 15th year. These honours
underscore the Group’s unwavering commitment to excellence in leadership,
accountability and sound corporate governance.
Business Operations
Upholding the promise to operational excellence and extraordinary guest experiences,
the Group continues to deliver world-class culinary, hospitality and entertainment
offerings. This dedication has been recognised through a wide range of prestigious
international awards, highlighting the Group’s world-leading innovative offerings that
redefine and elevate the standards across the global leisure industry.
The Group achieved historic leadership in the 2026 FTG by winning 19 FTG Five-Star
Awards, the most of any integrated resort operator around the world. This achievement
is anchored by the attainment of 107 FTG Stars across the Group’s Hotel, Restaurant and
Spa categories for properties including City of Dreams, Studio City, Altira Macau and
City of Dreams Manila, reinforcing its position as the region’s premier luxury hospitality
provider.
For culinary experiences, the Group achieved top result in MICHELIN Guide Hong
Kong & Macau 2026 with eight MICHELIN Stars. In particular, City of Dreams led all
integrated resorts in the city with six MICHELIN Stars, underscoring its position as
Macau’s premier gastronomic destination. The Group also garnered six Diamonds in the
2026 Black Pearl Restaurant Guide, further highlighting the Group’s global leadership in
fine dining and its commitment to culinary excellence.
The Group received 13 awards across its properties in the Hotel, Restaurant and Bar
categories at the Tatler Best Hong Kong and Macau Awards 2026. These accolades
reinforce the Group’s position as a leading luxury hospitality and culinary destination
and reflect its ongoing commitment to delivering exceptional guest experiences.
In Cyprus, City of Dreams Mediterranean garnered multiple accolades at the Cyprus
Tourism Awards 2025, including the Gold Award for Global Outreach Initiatives for its
Sunshine Guarantee Campaign, which was recognised for its innovative approach to
extending the tourism season while enhancing the island’s tourism offering. Additional
accolades include the Gold Award for Best Luxury Hotel and Resort Experience, Silver
Award for Gastronomy Tourism Excellence, Bronze Award for MICE Excellence and
Bronze Award for Excellence in Multichannel Digital Strategy. These recognitions
reaffirm the property’s continued contribution to strengthening Cyprus’ tourism offering
through world-class hospitality, memorable guest experiences and innovative destination
marketing initiatives.
36

People
The Group strives to nurture local talents, contribute to the sustainable growth of the
cultural and tourism workforce, and foster a positive workplace culture in which
colleagues can thrive and achieve whole person development.
Ensuring its talent development initiatives extend to the broader local community, the
Group actively fosters university-enterprise exchange platforms to help nurture young
professionals for Macau’s cultural and tourism industry. In May 2026, the Group
co-organised “Melco Day” with the Macao University of Tourism (“UTM”). Themed
“Meet the Melco CEO – Mr. Lawrence Ho”, the event brought together over 200
participants from the Group’s management team as well as faculty members and students
from UTM. Through industry-academia dialogue and engaging interactions with
participating students, attendees gained valuable insights into tourism industry trends
and future career planning. The event reflected the Group’s commitment to nurturing
local talent in support of the high-quality and sustainable development of Macau’s
tourism sector.
In recognition of its success in establishing and maintaining a positive work environment
and culture for colleagues, Melco Resorts was named one of HR Asia’s Best Companies
to Work for in Asia, along with the HR Asia People Transformation Award. This dual
recognition highlights the Group’s dedication to creating a workplace that promotes both
professional advancement and colleague wellbeing.
Corporate Social Responsibility
Driven by its vision to create meaningful and lasting value for the communities it serves,
the Group remains steadfast in its efforts to contribute to society through its signature
“Simple Acts of Kindness” initiative. This dedication was recognised with Asia’s Best
CSR at the Asian Excellence Awards in 2026, a testament to the Group’s enduring
commitment to responsible and impactful community engagement.
The Group continued to support the Inclusion Conference & Festival and the Macau
Golf Masters, championing diversity, inclusion and neurodiversity awareness across the
community. The Group’s commitment to fostering a diverse and inclusive environment
remains integral to Macau’s sustainable development. By providing a platform that
celebrates resilience, athletic excellence and international friendship, these events foster
meaningful dialogue and strengthen community connections.
Committed to supporting the development of Macau’s cultural landscape, the Group is
honoured to serve as the World Premiere Sponsor of the Macau-produced film “The
Violin Case”. The film’s Macau premiere was successfully held at Studio City Cinema
in May 2026, while its European premiere is scheduled to take place in Lisbon, Portugal
in September 2026. Through this collaboration, together with its ongoing creative talent
development initiatives, the Group seeks to provide local creators with additional
opportunities to showcase their work on the international stage, bringing Macau stories
to wider audiences and highlighting the city’s unique cultural identity.
37

The Group upholds responsible gaming as a core pillar of its approach, supported by
technology-enabled safeguards and close collaboration with regulators and community
partners across all jurisdictions. The Group became the first integrated resort operator in
Macau and the Philippines to achieve the prestigious RG Check accreditation in 2021,
followed by its Cyprus operations being accredited in 2022. In 2026, City of Dreams
Mediterranean was further recognised with a “Highly Commended” distinction in the
inaugural “Gambling & Gaming Compliance Programme of the Year” category at the
International Compliance Association Compliance Awards Europe. This recognition
underscores the property’s leadership in responsible gaming and compliance practices
within the European integrated resort sector.
Environmental Sustainability
Sustainability remained a defining priority for the Group, as it continued to embed
environmental stewardship across its operational framework. Through the closer
coordination of its people, systems and resources, the Group made further progress
towards its carbon neutrality and climate resilience objectives. In line with its
sustainability strategy, the Group remains focused on delivering a sustainable future for
its guests, colleagues and communities.
In 2026, reflecting its strong commitment to sustainability, Melco Resorts was
recognised in the “Climate Action Initiative (Industry)” at the Pacific Asia Travel
Association (PATA) Gold Awards. It was also honoured with the Sustainability Award
at the International Gaming Awards, as well as the Best Environmental Responsibility
and the Sustainable Asia Award from the Asian Excellence Awards. In addition, it was
once again included in the S&P Global Sustainability Yearbook 2026, which is widely
regarded as a leading benchmark for corporate sustainability performance.
Going forward, the Group will continue to advance its sustainability strategy to go
“Above & Beyond” in delivering on its commitments to a climate-fit and equitable
future through measurable action, responsible innovation and meaningful stakeholder
engagement. In response to evolving global dynamics, the Group will continue to expand
its positive impact across its operations and value chain, with a continued focus on
restoring our world, inspiring our communities, sustaining our supply chain and
empowering our business, while contributing to a more resilient, inclusive and
sustainable future for all.

38

FINANCIAL REVIEW
RESULTS FOR THE SIX MONTHS ENDED 30 JUNE
HK$’million, except per share data

Net revenues
Adjusted EBITDA
Profit attributable to owners of the Company
Basic earnings per share attributable to
owners of the Company (HK$)

2026
(Unaudited)

2025
(Unaudited)

YoY%

20,498.3
5,058.7
309.5

19,964.6
5,365.7
350.8

2.7%
–5.7%
–11.8%

0.14

0.18

–22.7%

FINANCIAL POSITION
As at
As at
30 June 31 December
2026
2025
(Unaudited)
(Audited)

HK$’million, except per share data
Total assets
Total liabilities
Equity attributable to owners of the
Company
Net assets value per share attributable to
owners of the Company (HK$)
Gearing ratio (%)

YoY%

81,933.7
72,753.9

82,698.8
72,987.1

–0.9%
–0.3%

1,971.4

1,905.1

3.5%

0.9
70.3%

0.8
69.1%

3.5%
N/A

Net Revenues
Net revenues of the Group increased by 2.7% from HK$19.96 billion for the six months
ended 30 June 2025 to HK$20.50 billion for the six months ended 30 June 2026. The
increase in net revenues was primarily attributable to improved performance in overall
gaming operations.
For the six months
ended 30 June
2026
2025
(Unaudited) (Unaudited)

HK$’million
Casino revenues
Entertainment and resort facilities revenues:
Rooms
Food and beverage
Entertainment, retail and other

39

YoY%

17,113.1

16,537.0

3.5%

1,728.7
1,037.3
619.3

1,669.6
1,142.5
615.5

3.5%
–9.2%
0.6%

20,498.3

19,964.6

2.7%

ADJUSTED EBITDA(1)
The Group generated Adjusted EBITDA of HK$5.06 billion for the six months ended 30
June 2026, compared to HK$5.37 billion for the six months ended 30 June 2025. The
change in Adjusted EBITDA was mainly attributable to higher operating costs for the
increase in business activities, partially offset by the improved performance in our
overall gaming revenues for the six months ended 30 June 2026.
Profit Attributable to Owners of the Company
Profit attributable to owners of the Company was HK$309.5 million for the six months
ended 30 June 2026, compared to HK$350.8 million for the six months ended 30 June
2025. The change was mainly attributable to higher operating costs for the increase in
business activities, partially offset by the improved performance in our overall gaming
revenues and lower pre-opening costs for the six months ended 30 June 2026.
During the six months ended 30 June 2026, the Group recognised an impairment of
non-current non-financial assets of HK$25.4 million (six months ended 30 June 2025:
net impairment of HK$32.3 million) under the Casino and Hospitality segment. The
performance of Altira Macau had not sufficiently improved and the Group recognised a
further impairment of HK$25.4 million (six months ended 30 June 2025: net impairment
of HK$5.0 million) for certain property and equipment and intangible assets of Altira
Macau. In addition, the Group recognised an impairment for the trademarks of Mocha
Clubs of HK$27.3 million during the six months ended 30 June 2025 as a result of three
Mocha Clubs ceasing operations from September to December 2025 while the remaining
three Mocha Clubs will continue to operate until the expiry date of the concession in
Macau.
Basic Earnings Per Share Attributable to Owners of the Company
Basic earnings per share attributable to owners of the Company was HK$0.14 for the six
months ended 30 June 2026, compared to HK$0.18 for the six months ended 30 June
2025.

(1)

Adjusted EBITDA, which is a non-HKFRS Accounting Standards financial measure, is the profit/loss
for the period before interest, income tax, depreciation and amortisation, share-based compensation
expenses, pre-opening costs, development costs, property charges and other, payments to SM
Investments Corporation, Belle Corporation (“Belle”) and PremiumLeisure and Amusement, Inc.
(collectively referred to as the “Philippine Parties”), corporate expenses, share of profit/loss of a joint
venture and other non-operating income and expenses. Adjusted EBITDA is used by management as
the measure of the Group’s operating performance and to compare our operating performance with
that of our competitors. However, Adjusted EBITDA presented in this announcement may not be
comparable to other similarly titled measures of other companies operating in the gaming or other
business sectors.

40

Financial and Operational Performance
Melco Resorts, a majority-owned subsidiary of the Group, contributed the vast majority
of the financial results of the Group during the six months ended 30 June 2026 and 2025.
The performance of Melco Resorts during the review period is described below.
According to the unaudited financial results of Melco Resorts prepared in accordance
with U.S. generally accepted accounting principles (“GAAP”), it recorded total operating
revenues of United States dollars (“US$”) 2.62 billion for the six months ended 30 June
2026 versus US$2.56 billion for the six months ended 30 June 2025. The increase in
total operating revenues was primarily attributable to the improved performance in mass
market operations, partially offset by softer performance in rolling chip and non-gaming
operations for the six months ended 30 June 2026.
Operating income for the six months ended 30 June 2026 was US$306.8 million,
compared with US$269.5 million in the same period in 2025.
Melco Resorts generated Adjusted Property EBITDA(2) of US$684.8 million for the six
months ended 30 June 2026, compared with US$718.7 million for the same period in
2025.
Net income attributable to the financial performance of Melco Resorts for the six months
ended 30 June 2026 was US$99.5 million, compared with US$49.7 million for the same
period in 2025.

(2)

Adjusted Property EBITDA, which is a non-GAAP financial measure, is net income/loss before
interest, taxes, depreciation and amortisation, pre-opening costs, development costs, property charges
and other, share-based compensation, payments to the Philippine Parties, integrated resort and casino
rent*, corporate and other expenses and other non-operating income and expenses. Adjusted Property
EBITDA is used by management as the primary measure of Melco Resorts’ operating performance
and to compare our operating performance with that of our competitors. However, Adjusted Property
EBITDA presented in this announcement may not be comparable to other similarly titled measures of
other companies operating in the gaming or other business sectors.
*

Integrated resort and casino rent represents land rent and variable lease costs to Belle and casino
rent to a subsidiary of John Keells Holdings PLC.

41

City of Dreams
Total operating revenues at City of Dreams were US$1.37 billion for both the six months
ended 30 June 2026 and 2025. City of Dreams generated Adjusted Property EBITDA of
US$362.1 million for the six months ended 30 June 2026, compared with US$421.5
million in the same period in 2025.
Gaming Performance

US$’million

For the six months
ended 30 June
2026
2025

YoY%

VIP Gaming
Rolling chip volume
Win rate

11,528.4
3.15%

11,540.3
3.83%

–0.1%
N/A

Mass Market
Mass market table games drop
Hold percentage

3,465.3
30.6%

3,342.6
30.4%

3.7%
N/A

Gaming Machine
Handle
Win rate

2,925.7
3.2%

1,856.3
3.1%

57.6%
N/A

Non-Gaming Performance
Total non-gaming revenue at City of Dreams for the six months ended 30 June 2026 was
US$186.8 million, compared with US$172.2 million in the same period in 2025.

42

Studio City
For the six months ended 30 June 2026, total operating revenues at Studio City were
US$763.4 million, compared with US$742.7 million in the same period in 2025. Studio
City generated Adjusted Property EBITDA of US$207.3 million for the six months
ended 30 June 2026, compared with US$202.5 million in the same period in 2025.
Gaming Performance

US$’million

For the six months
ended 30 June
2026
2025

YoY%

Mass Market
Mass market table games drop
Hold percentage

1,785.4
36.6%

1,882.1
33.4%

–5.1%
N/A

Gaming Machine
Handle
Win rate

2,126.4
3.6%

1,787.5
3.7%

19.0%
N/A

Non-Gaming Performance
Total non-gaming revenue at Studio City for the six months ended 30 June 2026 was
US$142.6 million, compared with US$154.5 million in the same period in 2025.

43

Altira Macau
For the six months ended 30 June 2026, total operating revenues at Altira Macau were
US$72.0 million, compared with US$56.2 million in the same period in 2025. Altira
Macau generated Adjusted Property EBITDA of US$6.2 million for the six months
ended 30 June 2026, compared with US$0.2 million in the same period in 2025.
Gaming Performance

US$’million

For the six months
ended 30 June
2026
2025

YoY%

Mass Market
Mass market table games drop
Hold percentage

279.8
22.5%

227.7
21.8%

22.9%
N/A

Gaming Machine
Handle
Win rate

417.0
3.6%

246.5
2.7%

69.2%
N/A

Non-Gaming Performance
Total non-gaming revenue at Altira Macau for the six months ended 30 June 2026 was
US$10.8 million, compared with US$9.9 million in the same period in 2025.

44

Mocha
Prior to the fourth quarter of 2025, the Mocha and Other segment included the operations
of Grand Dragon Casino before its closure in September 2025. This segment has been
renamed to the Mocha segment from the fourth quarter of 2025 onwards.
Following the government mandated closures of three Mocha Clubs ceasing operations
from September to December 2025, the Mocha segment now includes results for the
remaining three Mocha Clubs, namely Mocha Inner Harbour, Mocha Golden Dragon and
Mocha Hotel Sintra.
Total operating revenues from Mocha were US$30.3 million for the six months ended 30
June 2026, compared with US$58.5 million from Mocha and Other in the same period in
2025. Mocha generated Adjusted Property EBITDA of US$8.2 million for the six months
ended 30 June 2026, compared with US$12.0 million from Mocha and Other in the same
period in 2025.
Gaming Performance
For the six months
ended 30 June
2026
2025

US$’million

YoY%

Mass Market
Mass market table games drop
Hold percentage

–
N/A

110.7
16.0%

–100.0%
N/A

Gaming Machine
Handle
Win rate

758.1
4.0%

1,055.2
4.0%

–28.2%
N/A

45

City of Dreams Manila
For the six months ended 30 June 2026, total operating revenues at City of Dreams
Manila were US$202.9 million, compared with US$200.1 million in the same period in
2025. City of Dreams Manila generated Adjusted Property EBITDA of US$68.3 million
for the six months ended 30 June 2026, compared with US$58.5 million in the same
period in 2025.
Gaming Performance

US$’million

For the six months
ended 30 June
2026
2025

YoY%

VIP Gaming
Rolling chip volume
Win rate

802.6
4.52%

1,046.3
2.37%

–23.3%
N/A

Mass Market
Mass market table games drop
Hold percentage

264.6
34.4%

293.4
33.7%

–9.8%
N/A

Gaming Machine
Handle
Win rate

1,912.5
5.1%

2,010.6
4.8%

–4.9%
N/A

Non-Gaming Performance
Total non-gaming revenue at City of Dreams Manila for the six months ended 30 June
2026 was US$46.8 million, compared with US$53.5 million in the same period in 2025.

46

City of Dreams Mediterranean and Other
Melco Resorts operates City of Dreams Mediterranean in conjunction with three satellite
casinos in Cyprus.
For the six months ended 30 June 2026, total operating revenues at City of Dreams
Mediterranean and Other were US$147.3 million, compared with US$130.9 million in
the same period in 2025. City of Dreams Mediterranean and Other generated Adjusted
Property EBITDA of US$28.9 million for the six months ended 30 June 2026, compared
with US$24.0 million in the same period in 2025.
Gaming Performance

US$’million

For the six months
ended 30 June
2026
2025

YoY%

VIP Gaming
Rolling chip volume
Win rate

0.4
–3.09%

12.6
4.16%

–97.1%
N/A

Mass Market
Mass market table games drop
Hold percentage

296.7
24.3%

306.8
21.0%

–3.3%
N/A

Gaming Machine
Handle
Win rate

1,362.8
5.1%

1,259.2
5.0%

8.2%
N/A

Non-Gaming Performance
Total non-gaming revenue at City of Dreams Mediterranean and Other for the six months
ended 30 June 2026 was US$37.2 million, compared with US$44.2 million in the same
period in 2025.
Other Operations
Effective from 1 August 2025, the initial opening of the Sri Lanka Casino, the operations
in Sri Lanka including the provision of management services to Nüwa Sri Lanka
effective from its opening on 15 July 2025, were previously reported under the Corporate
and Other category and have now been included in the Other Operations segment for
both the six months ended 30 June 2026 and 2025.
For the six months ended 30 June 2026, total operating revenues in Other Operations
were US$31.2 million. Other Operations generated Adjusted Property EBITDA of
US$3.8 million for the six months ended 30 June 2026.

47

LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE
Capital Resources
The Group finances its business operations and investments with internal resources, cash
generated from operating activities, and bank and other borrowings.
The Group adopts conservative policies in cash and financial management. As at 30 June
2026, the Group’s cash and bank balances amounted to HK$7,951.1 million (31
December 2025: HK$8,119.1 million) and restricted cash (mainly being cash collateral
for concession-related guarantees to the Macau government and security under credit
facilities) amounted to HK$1,042.8 million (31 December 2025: HK$1,085.9 million).
As at 30 June 2026, the Group had unused borrowing capacity of HK$14.25 billion (31
December 2025: HK$10.66 billion), of which HK$14.25 billion (31 December 2025:
HK$10.03 billion) was available to drawdown, with HK$196.1 million related to the
borrowing capacity under the shareholder loan facilities expired on 2 July 2026 (see
notes 13 and 16(b) to the unaudited condensed consolidated interim financial statements
for the six months ended 30 June 2026 contained herein for details), subject to the
satisfaction of certain conditions precedent.
Major changes in our indebtedness during the six months ended and subsequent to 30
June 2026 are summarised below.
On 28 April 2026, the Group obtained consents from the majority of lenders of the
US$631.6 million (equivalent to approximately HK$4.95 billion) secured credit
facilities, as amended and restated with a maturity date of 5 June 2028 (the “MIDL 2021
Credit Facilities”) to amend the terms of certain covenants, subject to certain conditions
which became effective on 30 April 2026. The Group repaid US$301.0 million
(equivalent to approximately HK$2.36 billion) of the outstanding loan principal amount
of the term loan facility under the MIDL 2021 Credit Facilities on 30 April 2026.
On 6 May 2026, the Group initiated a conditional cash tender offer for the 2027 SCC
Senior Secured Notes (the “2027 SCC Senior Secured Notes Tender Offer”) which
expired on 12 May 2026, subject to the terms and conditions, to purchase any and all of
its outstanding aggregate principal amount of US$350.0 million (equivalent to
approximately HK$2.73 billion) 7.00% senior secured notes which would have been due
in 2027 (the “2027 SCC Senior Secured Notes”). The Group purchased an aggregate
principal amount of US$196.4 million (equivalent to approximately HK$1.54 billion) of
the 2027 SCC Senior Secured Notes that were validly tendered (and not validly
withdrawn) pursuant to the 2027 SCC Senior Secured Notes Tender Offer and settled the
transaction on 15 May 2026. The remaining outstanding principal of the 2027 SCC
Senior Secured Notes in an aggregate amount of US$153.6 million (equivalent to
approximately HK$1.20 billion) was redeemed in full on 5 June 2026.

48

On 15 May 2026, the Group issued an aggregate principal amount of US$300.0 million
(equivalent to approximately HK$2.35 billion) 6.125% senior secured notes due 2031 at
an issue price of 100% of the principal amount (the “2031 SCC Senior Secured Notes”).
The net proceeds from the offering of the 2031 SCC Senior Secured Notes, together with
the drawdown from the HK$1,945.0 million senior secured revolving credit facilities (the
“SCC 2024 Revolving Facilities”) and cash on hand, were used to fund the 2027 SCC
Senior Secured Notes Tender Offer and the redemption in full of the remaining
outstanding principal of the 2027 SCC Senior Secured Notes as mentioned above.
On 9 June 2026, the maturity date of a HK$15.24 billion senior unsecured revolving
credit facilities, as amended and restated (the “MN1 2020 Revolving Facilities”) was
extended from 29 April 2027 to 9 June 2031 and an incremental facility of HK$6.44
billion was established under the terms of the MN1 2020 Revolving Facilities such that
the total commitments under the MN1 2020 Revolving Facilities were increased to
HK$21.68 billion, pursuant to an amended and restated facility agreement. Other key
terms of the MN1 2020 Revolving Facilities, such as pricing and financial covenants,
remained unchanged.
On 23 June 2026, the maturity date and the applicability of the waiver obtained in April
2020 on various undertakings and covenants of the HK$2.0 million secured credit
facilities were further extended from 24 June 2026 to 24 June 2028 pursuant to an
extension request letter.
During the six months ended 30 June 2026, the Group drew down a total outstanding
principal amount of HK$2.80 billion and HK$40.0 million in aggregate on a net basis
under the MN1 2020 Revolving Facilities and SCC 2024 Revolving Facilities,
respectively.
On 18 June 2026, the Group issued a notice of partial redemption in relation to an
aggregate principal amount of US$500.0 million (equivalent to approximately HK$3.92
billion) 6.500% senior unsecured notes due 2028 (the “2028 SCF Senior Notes”). On 18
July 2026, the Group redeemed an aggregate principal amount of US$165.0 million
(equivalent to approximately HK$1.29 billion) of the 2028 SCF Senior Notes at the
redemption price of 100% of the principal amount. The redemption was funded by
HK$1.18 billion drawn from the SCC 2024 Revolving Facilities in July 2026 and cash
on hand. All the redeemed notes have been cancelled.
On 7 July 2026, the Group drew down HK$390.0 million under the MN1 2020
Revolving Facilities. On 6 August 2026, the Group repaid HK$470.0 million of the
outstanding principal under the MN1 2020 Revolving Facilities, along with accrued
interest.
On 16 July 2026, the Group prepaid US$30.0 million (equivalent to approximately
HK$235.3 million) of the outstanding loan principal amount of the term loan facility
under the MIDL 2021 Credit Facilities, along with accrued interest.

49

In July 2026, the availability period of an unsecured credit facility amounting to
Philippine Pesos (“PHP”) 2.35 billion (equivalent to approximately HK$301.1 million),
as amended, was further extended to 28 September 2026, with no changes in the
underlying terms and conditions.
On 24 August 2026, the Group issued a notice of redemption in relation to the full
redemption of an aggregate principal amount of US$600.0 million (equivalent to
approximately HK$4.71 billion) of the 5.625% senior unsecured notes due 2027 (the
“2027 MRF Senior Notes”) at a redemption price of 100% of the principal amount of the
2027 MRF Senior Notes plus accrued and unpaid interest, if any, to the redemption date
fixed on 23 September 2026.
For further details of our indebtedness, see note 30 to the Group’s audited consolidated
financial statements for the year ended 31 December 2025 and note 13 to the unaudited
condensed consolidated interim financial statements for the six months ended 30 June
2026 contained herein, which includes information regarding the type of debt facilities
used, the maturity profile of debt, the currency and interest rate structure, the charge on
our assets and the nature and extent of any restrictions on our ability, and the ability of
our subsidiaries, to transfer funds as cash dividends, loans or advances.
Gearing Ratio
The gearing ratio, expressed as a percentage of total interest-bearing borrowings divided
by total assets, was 70.3% as at 30 June 2026 (31 December 2025: 69.1%).
Pledges of assets
As at 30 June 2026, borrowings in an aggregate principal amount of HK$5,351.0 million
(31 December 2025: HK$8,005.2 million) were secured by the following assets of the
Group:
(i)

certain property and equipment;

(ii)

certain right-of-use land and all present and future buildings on and fixtures to
such land, and land use rights (or equivalent);

(iii) certain bank deposits;
(iv) receivables and other assets including certain intragroup loans; and
(v)

issued shares of certain subsidiaries of the Company.

CONTINGENT LIABILITIES
Saved as the commitments and contingencies disclosed in note 15 to the unaudited
condensed consolidated financial statements for the six months ended 30 June 2026 of
this announcement, as of 30 June 2026, there were no other significant changes to the
contingent liabilities as disclosed in note 40 to the Group’s audited consolidated
financial statements for the year ended 31 December 2025.

50

FINANCIAL RISK
Foreign exchange risk
The Group’s principal operations are primarily conducted and recorded in HK$, Macau
Patacas (“MOP”), US$, PHP, Euros (“EUR”) and Sri Lankan Rupees (“LKR”). The
financial statements of foreign operations are translated into HK$ which is the Group’s
functional and presentation currency. The majority of the Group’s revenues are
denominated in HK$, while operating expenses are denominated predominantly in MOP,
HK$, PHP, EUR and LKR. In addition, a significant portion of our indebtedness and
certain expenses are denominated in US$.
The HK$ is pegged to the US$ within a narrow range and the MOP is, in turn, pegged to
the HK$, and the exchange rates between these currencies have remained relatively
stable over the past several years. Accordingly, the Group does not expect fluctuations
in the values of these currencies to have a material impact on the operations. The Group
holds bank balances, receivables and deposits for its operations which are denominated
in foreign currencies, such as PHP, EUR and Renminbi, and consequently, exposure to
exchange rate fluctuations may arise and may be affected by, among other things,
changes in political and economic conditions. The Group has not engaged in hedging
transactions with respect to foreign exchange exposure of the revenues and expenses in
its day-to-day operations during the six months ended 30 June 2026 and 2025. Instead,
the Group maintains a certain amount of the operating funds in the same currencies in
which the Group has obligations, thereby reducing exposure to currency fluctuations.
However, the Group occasionally enters into foreign exchange transactions as part of
financing transactions and capital expenditure programs. In September 2025, the Group
entered into two cross-currency swap arrangements to manage the foreign currency
exchange rate risk associated with an outstanding U.S. dollar denominated senior notes.
Interest rate risk
The Group is primarily exposed to cash flow interest rate risk in relation to the
borrowings bearing interest based on floating rates. The Group attempts to manage
interest rate risk by managing the mix of long-term fixed rate borrowings and
variable-rate borrowings and may supplement by hedging activities in a manner the
Group deems prudent. The Group entered into interest rate swap arrangements to manage
interest rate risk on its loans drawn under the MN1 2020 Revolving Facilities.
Credit risk
Credit risk refers to the risk that counterparty will default on its contractual obligations
resulting in financial loss to the Group. The Group issues credit in gaming operations
pursuant to gaming credit facilities entered into with customers following a review of
their creditworthiness. Credit is/can be given to gaming promoters in the Philippines and
Cyprus. These receivables can be offset against commissions payable and any other
payments due by the Group to customers and gaming promoters. In this regard, the
management of the Group considers that the Group’s credit risk is adequately monitored.
As at 30 June 2026 and 31 December 2025, the credit risks associated with certain
casino receivables are mitigated because they are secured by properties with equal or
greater value to the carrying amount of the related casino receivable.
51

FUTURE PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASSETS
The Group may have significant capital expenditures in the future as it continues to
maintain, enhance and develop its existing properties and pursue potential growth
opportunities in existing and new jurisdictions. The Group has relied, and intends in the
future to rely, on operating cash flow and different forms of financing to meet funding
needs.
HUMAN RESOURCES
Headcount and Employees’ Information
T h e t o t a l n u m b e r o f t h e G r o u p ’ s e m p l o y e e s w a s 23,315 a s o f 30 J u n e 2026
(31 December 2025: 22,972). Among these employees, 219 are located in Hong Kong
and the remaining 23,096 are mainly located in Macau, the Philippines and Cyprus. The
related staff costs for the six months ended 30 June 2026, including directors’
emoluments and share-based compensation expenses amounted to HK$4,123.2 million
(six months ended 30 June 2025: HK$3,842.8 million).
Melco International believes that the key to success lies in its people. The Group strives
to create environments of care and trust that make employees proud to be part of them.
As an equal opportunity employer, Melco International believes that building a stable
workforce and cultivating a harmonious workplace starts with embracing diversity.
Equal opportunities are ensured in every area, including compensation, benefits,
recruitment, promotion, transfer, training opportunities and development. The Group
believes, through growing its business, it will be able to create opportunities and deliver
value to its people. Thus, the Group encourages its employees to do their best at work
and grow with the Group. Melco International builds employees’ loyalty through
recognition, involvement and participation. Melco International’s people policy, systems
and practices are directly aligned with the Group’s mission and values which contribute
to its success.
INTERIM DIVIDEND
The Board does not recommend the payment of an interim dividend for the six months
ended 30 June 2026 (six months ended 30 June 2025: Nil).
COMPLIANCE WITH CORPORATE GOVERNANCE CODE
The Company has in place its corporate governance code (the “Company Code”), which
sets out the corporate standards and practices used by the Company in directing and
managing its business affairs, and is revised from time to time with reference to the
principles, code provisions and recommended best practices stipulated in the Corporate
Governance Code (the “CG Code”) contained in Appendix C1 to the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing
Rules”). The Company Code not only formalises the Company’s existing corporate
governance principles and practices, it also serves to assimilate practices with
benchmarks prescribed by The Stock Exchange of Hong Kong Limited (the “Hong Kong
Stock Exchange”), ultimately ensuring that the Company runs highly transparent
operations and is accountable to its shareholders.

52

Apart from the deviation mentioned below, the Company has complied with the
Company Code and the code provisions set out in the CG Code during the six months
ended 30 June 2026.
Under Paragraph C.2.1 of Part 2 of the CG Code, the roles of chairman and chief
executive officer of a listed company should be separate and performed by different
individuals. However, in view of the current composition of the Board, the in-depth
knowledge of Mr. Ho, Lawrence Yau Lung of the operations of the Group and of the
gaming and entertainment sector, his extensive business network and connections in that
sector, and the scope of operations of the Group, the Board believes it is in the best
interests of the Company for Mr. Ho, Lawrence Yau Lung to assume the roles of
Chairman and Chief Executive Officer until such time as the Board considers that such
roles should be assumed by different persons.
The Company set up the following Board committees to ensure maintenance of high
corporate governance standards:
a.
b.
c.
d.
e.
f.

Executive Committee;
Audit Committee;
Remuneration Committee;
Nomination and Corporate Governance Committee;
Finance Committee; and
Regulatory Compliance Committee.

The Company Code and the terms of reference of the above committees have been
posted on the Company’s website at www.melco-group.com under the “Corporate
Governance” section.
SECURITIES TRANSACTIONS BY DIRECTORS
The Company has a code for dealing in the Company’s securities by the directors of the
Company (the “Directors”) and relevant employees, who are likely to be in possession of
inside information in relation to the securities of the Company (the “Code of Securities
Dealings”), on terms no less exacting than the required standards set out in the Model
Code for Securities Transactions by Directors of Listed Issuers contained in Appendix
C3 to the Listing Rules. We have received confirmation from all Directors that they have
complied with the required standards set out in the Code of Securities Dealings
throughout the six months ended 30 June 2026.
AUDIT COMMITTEE
The Company’s Audit Committee is currently composed of three Independent
Non-executive Directors. The primary duties of the Audit Committee are to (i) review
the annual reports, interim reports and financial statements of the Group and to provide
advice and comments thereon to the Board; (ii) review and supervise the Group’s
financial reporting process; and (iii) oversee the Group’s risk management and internal
control systems. The Audit Committee has reviewed the unaudited interim results and
the interim report of the Company for the six months ended 30 June 2026.

53

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED
SECURITIES
During the six months ended 30 June 2026, neither the Company nor any of its
subsidiaries has purchased, sold or redeemed any of the Company’s listed securities,
except that the trustee of the Share Purchase Scheme purchased on the Hong Kong Stock
Exchange a total of 2,747,000 shares of the Company at a total consideration of
approximately HK$9.2 million for satisfying the award of shares to selected participants
pursuant to the terms of the rules and trust deed of the Share Purchase Scheme.
INDEPENDENT REVIEW
The interim results for the six months ended 30 June 2026 are unaudited, but have been
reviewed in accordance with Hong Kong Standard on Review Engagements 2410,
“Review of Interim Financial Information Performed by the Independent Auditor of the
Entity” issued by the Hong Kong Institute of Certified Public Accountants by Deloitte
Touche Tohmatsu, the Company’s auditor, whose independent review report is included
in the interim report for the six months ended 30 June 2026.
PUBLICATION OF INTERIM RESULTS AND INTERIM REPORT
This announcement is published on the Company’s website (www.melco-group.com)
and the Hong Kong Stock Exchange’s website (www.hkexnews.hk). The interim report
for the six months ended 30 June 2026 will be available on the websites of the Company
and the Hong Kong Stock Exchange in due course in accordance with the Listing Rules.
BOARD OF DIRECTORS
As at the date of this announcement, the Board comprises four Executive Directors,
namely Mr. Ho, Lawrence Yau Lung (Chairman and Chief Executive Officer), Mr. Evan
Andrew Winkler (President and Managing Director), Mr. Chung Yuk Man, Clarence and
Mr. Geoffrey Stuart Davis (Chief Financial Officer); and three Independent
Non-executive Directors, namely Mr. Tsui Che Yin, Frank, Ms. Karuna Evelyne Shinsho
and Mr. Ko Chun Fung, Henry.
By Order of the Board of
Melco International Development Limited
Ho, Lawrence Yau Lung
Chairman and Chief Executive Officer
Hong Kong, 31 August 2026

54

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，
對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何
部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。

新濠國際發展有限公司
（於香港註冊成立之有限公司）
網址：www.melco-group.com
（股份代號：200）

截至二零二六年六月三十日止六個月之中期業績
新 濠 國 際 發 展 有 限 公 司（「本 公 司」或「新 濠 國 際」）之 董 事 會（「董 事 會」）謹 此 公 佈
本公司及其附屬公司（統稱「本集團」）截至二零二六年六月三十日止六個月之未經
審核簡明綜合中期業績如下：

財務摘要
1.

截至二零二六年六月三十日止六個月之淨收益為205.0億港元，較截至二零
二 五 年 六 月 三 十 日 止 六 個 月 的199.6億 港 元 增 加5.3億 港 元 或2.7%。淨 收 益
增加，主要是由於整體博彩營運的表現提升。

2.

本集團於截至二零二六年六月三十日止六個月錄得經調整EBITDA為50.6億
港元，而截至二零二五年六月三十日止六個月則為53.7億港元。

3.

截至二零二六年六月三十日止六個月的本公司擁有人應佔溢利為3.095億港
元，而截至二零二五年六月三十日止六個月則為3.508億港元。

4.

截至二零二六年六月三十日止六個月的本公司擁有人應佔每股基本盈利為
0.14港元，而截至二零二五年六月三十日止六個月則為0.18港元。

5.

於二零二六年六月三十日的本公司擁有人應佔每股資產淨值為0.9港元，而
於二零二五年十二月三十一日則為0.8港元。

6.

董事會建議不派發截至二零二六年六月三十日止六個月之中期股息。

1

簡明綜合損益及其他全面收益表
截至二零二六年六月三十日止六個月
截至六月三十日止六個月
二零二六年 二零二五年
附註
千港元
千港元
（未經審核） （未經審核）
淨收益
經營成本及開支
博彩稅及牌照費
僱員福利開支
折舊及攤銷
其他經營開支、收益及虧損淨額

4

20,498,303

19,964,591

5
5

(8,031,879)
(4,123,169)
(2,244,775)
(3,631,294)

(7,831,433)
(3,842,800)
(2,149,608)
(3,555,889)

總經營成本及開支淨額

(18,031,117) (17,379,730)

經營收入

2,467,186

2,584,861

非經營收入╱（開支）
利息收入
利息開支（扣除資本化金額）
修訂及償還債務之虧損淨額
其他融資成本
滙兌收益淨額
其他收入淨額
應佔一間合營企業之溢利

19,208
(1,926,501)
(29,472)
(26,117)
15,901
71,620
55

37,217
(2,046,488)
–
(32,926)
93,433
12,175
46

總非經營開支淨額

(1,875,306)

(1,936,543)

除所得稅前溢利

5

591,880

648,318

所得稅開支

6

(111,147)

(123,225)

480,733

525,093

期內溢利

2

截至六月三十日止六個月
二零二六年 二零二五年
附註
千港元
千港元
惟每股
惟每股
數據除外
數據除外
（未經審核） （未經審核）
其他全面虧損
可能於往後期間重新分類至損益之其他全面
（虧損）╱收益：
換算海外業務之滙兌差額
衍生金融工具之公平值收益╱（虧損）淨額

(572,432)
12,014

(211,374)
(23,180)

期內其他全面虧損

(560,418)

(234,554)

期內全面（虧損）╱收益總額

(79,685)

290,539

下列人士應佔期內溢利：
本公司擁有人
非控股權益

309,466
171,267

350,816
174,277

480,733

525,093

12,985
(92,670)

258,333
32,206

(79,685)

290,539

0.14港元

0.18港元

0.13港元

0.17港元

下列人士應佔期內全面（虧損）╱收益總額：
本公司擁有人
非控股權益

本公司擁有人應佔每股盈利
基本

8

攤薄

3

簡明綜合財務狀況表
於二零二六年六月三十日

附註

非流動資產
物業及設備
使用權資產
無形資產
商譽
於一間合營企業之投資
預付款項、按金及其他應收款項
受限制現金

於
於
二零二六年
二零二五年
六月三十日 十二月三十一日
千港元
千港元
（未經審核）
（經審核）

40,561,451
4,820,388
18,944,370
5,299,451
57,800
1,367,108
974,522

41,305,369
4,909,570
18,974,427
5,299,451
55,659
1,028,887
972,349

非流動資產總值

72,025,090

72,545,712

流動資產
存貨
貿易應收款項
預付款項、按金及其他應收款項
可收回稅項
受限制現金
現金及銀行結餘

284,069
921,435
681,404
2,246
68,289
7,951,133

287,273
983,582
647,740
1,812
113,583
8,119,084

9,908,576

10,153,074

9

10

流動資產總值

4

附註

流動負債
貿易應付款項
其他應付款項、應計開支及已收按金
應付稅項
計息借貸
租賃負債

於
於
二零二六年
二零二五年
六月三十日 十二月三十一日
千港元
千港元
（未經審核）
（經審核）

161,325
8,105,349
228,132
1,328,604
435,270

201,613
8,438,647
227,275
1,000
436,961

10,258,680

9,305,496

(350,104)

847,578

71,674,986

73,393,290

2,186,712
2,246,675
56,295,125
1,766,744

2,430,321
2,235,111
57,135,789
1,880,359

非流動負債總額

62,495,256

63,681,580

資產淨值

9,179,730

9,711,710

權益
股本
虧絀

6,473,857
(4,502,439)

6,473,857
(4,568,753)

本公司擁有人應佔權益
非控股權益

1,971,418
7,208,312

1,905,104
7,806,606

總權益

9,179,730

9,711,710

11
12
13

流動負債總額
流動（負債）╱資產淨額
總資產減流動負債
非流動負債
其他應付款項、應計開支及已收按金
遞延稅項負債
計息借貸
租賃負債

12
13

5

附註
1.

組織及業務
(a)

企業及集團資料
新 濠 國 際 發 展 有 限 公 司（「本 公 司」）是 於 中 華 人 民 共 和 國 香 港 特 別 行 政 區（「香 港」）註
冊成立之公眾有限責任公司，為一間投資控股公司。本公司註冊辦事處位於香港中環
雲咸街60號中央廣場38樓。本公司股份在香港聯合交易所有限公司（「香港聯交所」）主
板上市。
本公司連同其附屬公司（統稱「本集團」）為於亞洲及歐洲經營綜合度假村業務之發展
商及資產擁有者。本集團透過本公司擁有大多數權益的附屬公司新濠博亞娛樂有限公
司（「新濠博亞娛樂」）
（其美國預託股份（「美國預託股份」）於美利堅合眾國（「美國」）納
斯達克全球精選市場上市）經營其博彩業務。在中華人民共和國澳門特別行政區（「澳
門」），新濠博亞娛樂的一間附屬公司持有於二零二三年一月一日起至二零三二年十二
月 三 十 一 日 止 在 澳 門 娛 樂 場 經 營 幸 運 博 彩 之 十 年 期 博 彩 批 給（「批 給」），目 前 經 營 新
濠 天 地 及 澳 門 新 濠 鋒（分 別 位 於 澳 門 路 氹 城 及 氹 仔 的 綜 合 度 假 村）。作 為 新 濠 博 亞 娛
樂發展策略的一環，並根據澳門博彩法律，駿龍娛樂場（位於澳門氹仔的娛樂場）以及
六間在澳門以非娛樂場形式營運電子博彩機業務的摩卡娛樂場的其中三間已於二零
二五年九月至十二月期間相繼結束營運。隨着上述場所停運，其賭桌及電子博彩機獲
重新分配至本集團於澳門的其他博彩場所。本集團就餘下三間摩卡娛樂場（即摩卡內港、
摩卡新麗華及摩卡金龍）提交有關於二零二五年十二月三十一日後繼續營運的相關申請，
有關申請其後獲得澳門政府批准。於二零二六年二月十日，本集團就批給協議訂立修
訂協議，以反映駿龍娛樂場及上述三間摩卡娛樂場自二零二六年一月一日起正式終止
營 運。新 濠 博 亞 娛 樂（透 過 其 附 屬 公 司，包 括 其 擁 有 大 多 數 權 益 的Studio City
International Holdings Limited，其美國預託股份於美國紐約證券交易所上市）亦經營位
於澳門路氹城的新濠影滙（以電影為主題的綜合度假村）。於菲律賓，新濠博亞娛樂擁
有大多數權益的附屬公司經營及管理一個位於馬尼拉娛樂城的綜合度假村新濠天地（馬
尼拉）。在歐洲，新濠博亞娛樂透過其擁有大多數權益的附屬公司在塞浦路斯共和國（「塞
浦路斯」）利馬索爾經營綜合度假村City of Dreams Mediterranean及在塞浦路斯經營持
牌衛星娛樂場。在南亞，新濠博亞娛樂透過其附屬公司，於斯里蘭卡民主社會主義共
和國（「斯里蘭卡」）科倫坡以「City of Dreams Sri Lanka」品牌營運之綜合度假村（由獨
立第三方John Keells Holdings PLC之附屬公司開發）內經營娛樂場業務（該娛樂場於二
零二五年八月一日開始營運）；並為City of Dreams Sri Lanka酒店大樓最頂五層之「頤居」
酒店（已於二零二五年七月十五日對外開放）提供管理服務。
本集團之主要業務分為兩個經營及須予呈報分類，即(i)娛樂場及酒店分類；及(ii)其他
分類。有關本集團分類之更多資料見附註3。

6

(b)

有關業務營運的近期發展
City of Dreams Mediterranean仍然受持續的中東地緣政治不明朗、俄羅斯與烏克蘭之間
的軍事衝突以及針對俄羅斯若干客戶之接待限制衝擊，已影響到區域旅遊需求及訪客
量趨勢，對本集團業務造成負面影響，並可能對本集團在塞浦路斯之業務構成重大不
利影響。本集團目前未能合理估計此等干擾對未來經營業績、現金流量及財務狀況之
財務影響。
本 集 團 座 落 於 澳 門 新 濠 天 地 的 全 新 品 牌 酒 店REM幻 宇 已 於 二 零 二 六 年 第 三 季 度 分 階
段開幕。
新濠影滙為期25年之土地特許權合約將自二零二六年十月起續期10年，惟須依照澳門
適用法例規定辦妥必要的行政手續後方可作實。
於二零二六年六月三十日，儘管本集團錄得流動負債淨額350,104,000港元，但本集團
擁 有 現 金 及 銀 行 結 餘 總 額7,951,133,000港 元 及 可 供 使 用 的 未 動 用 借 貸 能 力
14,251,279,000港元（其中196,077,000港元之借貸能力與已於二零二六年七月二日屆滿
之股東貸款融資有關）
（詳情見附註13及16(b)），惟須符合若干先決條件。
本集團相信其將能夠支持本簡明綜合中期財務報表之報告期結算日起計至少未來十二
個月之持續經營和資本開支。因此，本簡明綜合中期財務報表乃按持續經營基準編製。
有 關 本 集 團 於 截 至 二 零 二 六 年 六 月 三 十 日 止 報 告 期 後 之 期 後 事 項 詳 情，請 參 閱 附 註
17。

2.1

編製基準
本簡明綜合中期財務報表乃按照香港會計師公會（「香港會計師公會」）頒佈之香港會計準則（「香
港會計準則」）第34號中期財務報告 以及香港聯合交易所有限公司證券上市規則（「上市規則」）
附錄D2之適用披露規定編製。
本簡明綜合中期財務報表乃根據歷史成本慣例編製，惟衍生金融工具及以現金結算之以股
份為基礎付款之金融負債按公平值計量。除另有說明外，本簡明綜合中期財務報表以港元（「港
元」）呈列，且並未經審核。
截至二零二六年六月三十日止六個月之簡明綜合中期財務報表不包括全年綜合財務報表所
規定之所有資料及披露，並應與本集團截至二零二五年十二月三十一日止年度之經審核綜
合財務報表一併閱讀。

7

於本簡明綜合中期財務報表收錄作比較資料之截至二零二五年十二月三十一日止年度之財
務 資 料 並 不 構 成 本 公 司 該 年 度 之 法 定 年 度 綜 合 財 務 報 表，惟 源 自 該 等 財 務 報 表。與 此 等 法
定財務報表有關之進一步資料載列如下：
按照香港公司條例第662(3)條及附表6第3部之規定，本公司已向公司註冊處處長遞交截至二
零二五年十二月三十一日止年度之綜合財務報表。
本 公 司 核 數 師 已 就 該 綜 合 財 務 報 表 出 具 報 告。該 核 數 師 報 告 為 無 保 留 意 見，並 無 載 有 核 數
師 於 其 報 告 出 具 無 保 留 意 見 之 情 況 下，提 請 注 意 任 何 引 述 之 強 調 事 項，亦 不 載 有 根 據 香 港
公司條例第406(2)、407(2)或(3)條作出之聲明。
2.2

會計政策及披露變動
編製截至二零二六年六月三十日止六個月之簡明綜合中期財務報表所應用之會計政策及編
製基準與本集團截至二零二五年十二月三十一日止年度之經審核綜合財務報表所載之本集
團會計政策及編製基準一致，惟於本中期期間首次應用以下由香港會計師公會頒佈並於二
零二六年一月一日開始之本集團年度期間對本簡明綜合中期財務報表強制生效之經修訂香
港財務報告會計準則（包括全部香港財務滙報準則（「香港財務滙報準則」）、香港會計準則及
詮釋）。
香港財務滙報準則第9號及
香港財務滙報準則第7號之修訂
香港財務滙報準則第9號及
香港財務滙報準則第7號之修訂
香港財務報告會計準則之修訂

金融工具分類及計量之修訂
涉及自然依賴型電力之合約
香港財務報告會計準則年度改進－第11卷

本集團已於本期間首次應用香港財務滙報準則第9號及香港財務滙報準則第7號之修訂金融
工具分類及計量之修訂 。該 等 修 訂 已 根 據 過 渡 條 文 予 以 追 溯 應 用，並 按 允 許 沒 有 重 列 比 較
資 料。本 集 團 一 般 於 結 算 日 期 終 止 確 認 金 融 負 債，結 算 日 期 指 因 本 集 團 之 責 任 獲 解 除、取
消或屆滿而導致有關負債被消除之日期。然而，倘本集團使用電子支付系統以結算金融負債，
則在符合以下條件之情況下，金融負債於發出付款指示時終止確認：
•

本集團於發出付款指示時不具備撤回、停止或取消付款之實際能力，且並無獲取用於
結算之現金之實際能力；及

•

與電子支付系統相關之結算風險並不重大。

8

本期間經修訂香港財務報告會計準則之影響概要
於本期間應用經修訂香港財務報告會計準則對本集團之財務狀況及表現及╱或本簡明綜合
中期財務報表所載之披露資料並無重大影響。
2.3

已頒佈但尚未生效之香港財務報告會計準則
本集團並無於截至二零二六年六月三十日止六個月之簡明綜合中期財務報表中提前應用任
何已頒佈但尚未生效之新增或經修訂香港財務報告會計準則。

3.

分類資料
就 管 理 而 言，本 集 團 根 據 業 務 涉 及 之 產 品 及 服 務 而 劃 分 為 不 同 業 務 單 位，並 有 以 下 兩 個 經
營及須予呈報分類：
(a)

「娛樂場及酒店」分類，代表透過新濠博亞娛樂經營娛樂場及提供酒店服務及設施；及

(b)

「其他」分類，代表於合營企業及聯營公司之投資以及其他投資。

管理層分開監察本集團各經營及須予呈報分類之業績，以作出有關資源分配及表現評核之
決 定。分 類 表 現 是 根 據 經 調 整EBITDA評 估，經 調 整EBITDA為 非 香 港 財 務 報 告 會 計 準 則 財
務計量方法及本集團之分類業績，指未計利息、所得稅、折舊及攤銷、以股份為基礎之薪酬
開 支、開 業 前 成 本、開 發 成 本、物 業 支 出 及 其 他、付 予SM Investments Corporation、Belle
Corporation及PremiumLeisure and Amusement, Inc.（統稱為「菲律賓訂約方」）的款項、企業開
支、應 佔 一 間 合 營 企 業 之 溢 利 ╱ 虧 損，以 及 其 他 非 經 營 收 入 及 開 支 前 的 期 內 溢 利 ╱ 虧 損。
此為就著資源分配及表現評核而向主要營運決策人士進行滙報之方法。並非所有公司皆以
相 同 方 式 計 算 經 調 整EBITDA。因 此，本 集 團 呈 列 的 經 調 整EBITDA未 必 適 合 與 其 他 公 司 所
呈列的其他類似名稱的計量方法作直接比較。
分類資產不包括按集團基準管理之其他企業未分配資產。
分 類 負 債 不 包 括 按 集 團 基 準 管 理 之 該 等 借 貸、應 付 股 息、遞 延 稅 項 負 債 以 及 其 他 企 業 未 分
配負債。
分類間銷售是參考按通行市價向第三方進行銷售及提供服務所用之售價而進行。

9

分類淨收益及業績
二零二六年

截至六月三十日止六個月
二零二五年

娛樂場
娛樂場
及酒店
其他
總計
及酒店
其他
總計
千港元
千港元
千港元
千港元
千港元
千港元
（未經審核）（未經審核）（未經審核）（未經審核）（未經審核）（未經審核）
分類淨收益
對外客戶銷售（附註4）
分類間銷售

20,498,303
6,748

–
–

20,498,303
6,748

19,964,591
6,778

–
–

19,964,591
6,778

抵銷分類間銷售

20,505,051
(6,748)

–
–

20,505,051
(6,748)

19,971,369
(6,778)

–
–

19,971,369
(6,778)

分類淨收益總額

20,498,303

–

20,498,303

19,964,591

–

19,964,591

分類開支
博彩稅及牌照費 (1)
(8,031,879)
(2)
僱員福利開支
(3,928,231)
其他經營開支、收益及虧損淨額 (3) (3,479,447)

–
–
–

(7,824,897)
(3,551,571)
(3,217,980)

–
–
(4,415)

經調整EBITDA

–

5,370,143

(4,415)

5,058,746

5,058,746

5,365,728

其他經營成本及開支
折舊及攤銷
以股份為基礎之薪酬開支
開業前成本
開發成本
物業支出及其他
付予菲律賓訂約方的款項
企業開支

(2,244,775)
(168,276)
(12,483)
(18,722)
214
(126,324)
(21,194)

(2,149,608)
(158,263)
(307,106)
(40,823)
43,183
(142,747)
(25,503)

經營收入

2,467,186

2,584,861

非經營收入╱（開支）
利息收入
利息開支（扣除資本化金額）
修訂及償還債務之虧損淨額
其他融資成本
滙兌收益淨額
其他收入淨額
應佔一間合營企業之溢利

19,208
(1,926,501)
(29,472)
(26,117)
15,901
71,620
55

37,217
(2,046,488)
–
(32,926)
93,433
12,175
46

總非經營開支淨額

(1,875,306)

(1,936,543)

除所得稅前溢利
所得稅開支

591,880
(111,147)

648,318
(123,225)

期內溢利

480,733

525,093

10

附註：
(1)

截至二零二六年六月三十日止六個月，並無博彩稅及牌照費（截至二零二五年六月三十日止六
個月：6,536,000港元）計入開業前成本。

(2)

截至二零二六年六月三十日止六個月，僱員福利開支11,811,000港元（截至二零二五年六月三十
日 止 六 個 月：10,382,000港 元）計 入 企 業 開 支，183,127,000港 元（截 至 二 零 二 五 年 六 月 三 十 日 止
六 個 月：280,847,000港 元）計 入 開 業 前 成 本、物 業 支 出 及 其 他、以 股 份 為 基 礎 之 薪 酬 開 支 及 開
發成本。

(3)

截 至 二 零 二 六 年 六 月 三 十 日 止 六 個 月，其 他 經 營 開 支、收 益 及 虧 損 淨 額9,383,000港 元（截 至 二
零 二 五 年 六 月 三 十 日 止 六 個 月：15,121,000港 元）計 入 企 業 開 支，142,464,000港 元（截 至 二 零
二 五 年 六 月 三 十 日 止 六 個 月：318,373,000港 元）計 入 開 業 前 成 本、開 發 成 本、物 業 支 出 及 其 他
及付予菲律賓訂約方的款項。

分類資產及負債
於二零二六年六月三十日

於二零二五年十二月三十一日

娛樂場
娛樂場
及酒店
其他
總計
及酒店
其他
總計
千港元
千港元
千港元
千港元
千港元
千港元
（未經審核）（未經審核）（未經審核） （經審核） （經審核） （經審核）
分類資產

81,008,392

57,800

企業及其他未分配資產
總資產
分類負債

70,358,480

–

81,066,192

82,340,928

55,659

82,396,587

867,474

302,199

81,933,666

82,698,786

70,358,480

68,279,050

–

68,279,050

企業及其他未分配負債

2,395,456

4,708,026

總負債

72,753,936

72,987,076

11

地區資料
本 集 團 之 營 運 主 要 位 於 澳 門、菲 律 賓 及 塞 浦 路 斯。有 關 本 集 團 淨 收 益 之 資 料 是 根 據 相 關 集
團 實 體 之 營 運 位 置 呈 列。有 關 本 集 團 非 流 動 分 類 資 產 之 資 料 是 根 據 資 產 之 位 置 呈 列，而 就
於一間合營企業及於聯營公司之投資而言則按有關公司之總辦事處之位置而呈列。
外界客戶淨收益
截至六月三十日止六個月
二零二六年
二零二五年
千港元
千港元
（未經審核） （未經審核）
娛樂場及酒店
澳門
菲律賓
塞浦路斯
其他

17,511,715
1,588,499
1,153,636
244,453

17,382,673
1,560,823
1,021,095
–

總計

20,498,303

19,964,591

於
二零二六年
六月三十日
千港元
（未經審核）

於
二零二五年
十二月
三十一日
千港元
（經審核）

澳門
塞浦路斯
菲律賓
其他

64,064,244
4,363,660
835,193
1,621,680

64,687,708
4,447,081
839,904
1,419,112

總計

70,884,777

71,393,805

非流動分類資產

12

4.

淨收益
截至六月三十日止六個月
二零二六年
二零二五年
千港元
千港元
（未經審核） （未經審核）
娛樂場收益
娛樂及度假村設施收益：
客房
餐飲
娛樂、零售及其他

17,113,052

16,537,013

1,728,709
1,037,254
619,288

1,669,608
1,142,463
615,507

對外客戶銷售（附註3）

20,498,303

19,964,591

截 至 二 零 二 六 年 六 月 三 十 日 止 六 個 月，娛 樂、零 售 及 其 他 包 括 經 營 租 賃 之 租 金 收 入
170,509,000港 元（截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月：198,526,000港 元）及 融 資 租 賃 之 融
資收入1,038,000港元（截至二零二五年六月三十日止六個月：無）。
截至二零二六年六月三十日止六個月，客戶合約收益為20,326,756,000港元（截至二零二五年
六月三十日止六個月：19,766,065,000港元）。

13

5.

除所得稅前溢利
本集團之除所得稅前溢利已扣除以下各項：
截至六月三十日止六個月
二零二六年
二零二五年
千港元
千港元
（未經審核） （未經審核）
折舊及攤銷：
物業及設備之折舊
無形資產之攤銷
使用權資產之折舊
減：資本化金額

列入其他經營開支、收益及虧損淨額：
廣告及宣傳
維修及保養
其他博彩營運開支
存貨成本
公用事業及燃料
營運物資
付予菲律賓訂約方的款項
法律及專業費用
運輸開支
其他稅項及牌照
信貸虧損撥備淨額
保險
非流動非金融資產之減值淨額（附註）
租賃及其他開支

1,936,252
150,969
157,554
–

1,855,566
136,009
164,107
(6,074)

2,244,775

2,149,608

637,513
520,649
481,772
440,500
313,956
141,313
126,324
119,985
95,840
89,492
79,241
75,107
25,383
21,949

866,974
486,551
401,907
421,326
316,682
137,736
142,747
130,102
72,723
77,103
29,653
80,719
32,284
35,596

附註：
截至二零二六年六月三十日止六個月，由於娛樂場及酒店分類項下之現金產生單位（「現金產生單位」）－
澳門新濠鋒（「新濠鋒現金產生單位」）之表現未有充分改善，本集團就新濠鋒現金產生單位之非流動非
金 融 資 產 確 認 減 值25,383,000港 元（截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月：減 值 淨 額4,999,000港 元），
其乃根據個別資產於報告期末之估計可收回金額77,873,000港元（二零二五年六月三十日：50,612,000
港元）釐定。截至二零二六年六月三十日止六個月之該項非流動非金融資產減值金額包括(i)若干物業
及設備之減值22,053,000港元（截至二零二五年六月三十日止六個月：10,235,000港元）；及(ii)無形資產
之減值3,330,000港元（截至二零二五年六月三十日止六個月：因若干賭桌由新濠鋒現金產生單位轉移
至另一現金產生單位而確認之減值撥回5,236,000港元）。於二零二六年六月三十日，估計可收回金額
乃採用成本法以公平值減出售成本估算，當中若干主要假設包括資產之可使用年期為18個月至7年（二
零二五年六月三十日：2年至7年），並在公平值等級中被視為第三級輸入數據。非流動非金融資產之
減值計入簡明綜合損益及其他全面收益表內的其他經營開支、收益及虧損淨額。

14

6.

所得稅開支
本期間所得稅開支之分析如下：
截至六月三十日止六個月
二零二六年
二零二五年
千港元
千港元
（未經審核） （未經審核）
即期稅項：
澳門所得補充稅
代替股息所產生澳門所得補充稅之付款
菲律賓股息預扣稅
香港利得稅
其他司法權區之所得稅
支柱二項下之所得稅（附註）

54,262
31,359
6,249
3,363
11
–

39,611
30,874
16,570
2,909
67
48,607

小計

95,244

138,638

過往期間的撥備不足╱（超額撥備）：
澳門所得補充稅
代替股息所產生澳門所得補充稅之付款
菲律賓企業所得稅
香港利得稅
其他司法權區之所得稅

183
10
3,034
–
(105)

(274)
(53)
–
(10)
(109)

小計

3,122

(446)

遞延稅項

12,781

(14,967)

總計

111,147

123,225

附註：
本集團經營所在若干司法權區已制定全球反侵蝕稅基示範規則（「支柱二」），其於二零二四年一月一日
生效。本集團處於已制定的法例之覆蓋範圍內，並已對本集團於二零二六年六月三十日潛在面對之支
柱二所得稅進行評估，有關評估乃基於最近期稅務申報、國別報告及本集團成員實體之財務資料。基
於管理層之最佳估計，本集團於截至二零二六年六月三十日止六個月並無面臨支柱二補足稅項之風險。
本集團已就支柱二規則之影響應用臨時強制性例外情況，毋須確認及披露遞延稅項資產及負債，並於
產生時將其列為即期稅項開支。

15

於二零二四年二月，新濠博亞（澳門）股份有限公司（「新濠博亞澳門」）與澳門政府就批給下
由二零二三年一月一日至二零二五年十二月三十一日期間代替新濠博亞澳門股東就博彩溢
利之股息分派原應承擔之澳門所得補充稅之付款訂立協議。無論股息有否實際分派或新濠
博 亞 澳 門 於 有 關 年 度 是 否 可 分 派 溢 利，均 須 支 付 該 筆 付 款。截 至 二 零 二 六 年 六 月 三 十 日 止
六個月，就有關安排撥備之估計金額為31,359,000港元（截至二零二五年六月三十日止六個月：
30,874,000港 元）。於 二 零 二 五 年 十 月，新 濠 博 亞 澳 門 就 二 零 二 六 年 至 二 零 二 七 年 期 間 之 年
度付款協議續期提交申請，而該申請目前正由澳門政府審閱。
於二零二五年十二月三十一日，塞浦路斯政府立法將塞浦路斯企業所得稅稅率由12.5%改為
15%，並將企業稅項虧損之結轉期限由5年延長至7年，自二零二六年一月一日起生效。截至
二 零 二 六 年 六 月 三 十 日 止 六 個 月，塞 浦 路 斯 企 業 所 得 稅 稅 率 為15%（截 至 二 零 二 五 年 六 月
三十日止六個月：12.5%）。
除 上 述 截 至 二 零 二 六 年 六 月 三 十 日 止 六 個 月 的 變 動 外，本 集 團 於 截 至 二 零 二 五 年 十 二 月
三十一日止年度之經審核綜合財務報表所披露之稅務承擔並無重大變動。
7.

股息
董事會建議不派發截至二零二六年及二零二五年六月三十日止六個月之中期股息。

8.

本公司擁有人應佔每股盈利
本公司擁有人應佔每股基本及攤薄盈利乃根據下列數據計算︰
截至六月三十日止六個月
二零二六年
二零二五年
千港元
千港元
（未經審核） （未經審核）
期內溢利
就計算每股基本盈利之本公司擁有人應佔溢利

309,466

350,816

具攤薄影響之潛在普通股之影響：
就本公司一間附屬公司發行之受限制股份作出調整

(5,877)

(359)

就計算每股攤薄盈利之本公司擁有人應佔溢利

303,589

350,457

16

截至六月三十日止六個月
二零二六年
二零二五年
千股
千股
（未經審核） （未經審核）
股份數目
就計算每股基本盈利之普通股加權平均數
具攤薄影響之潛在普通股之影響：
就本公司發行之獎勵股份作出調整
就計算每股攤薄盈利之普通股加權平均數

2,274,784

1,992,627

48,545

18,723

2,323,329

2,011,350

截至二零二六年及二零二五年六月三十日止六個月用以計算本公司擁有人應佔每股基本及
攤薄盈利之股份加權平均數，已撇除本公司股份獎勵計劃信託安排所持有之本公司股份。
此 外，截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 股 份 加 權 平 均 數 已 予 調 整，以 反 映 於 二 零
二五年六月十七日進行之供股之紅利部分。
本公司擁有人應佔每股攤薄盈利乃透過調整發行在外之普通股加權平均數及假設所有具攤
薄 影 響 之 潛 在 普 通 股 獲 轉 換 計 算，而 溢 利 已 作 調 整，以 反 映 本 公 司 一 間 附 屬 公 司 發 行 之 購
股 權 及 受 限 制 股 份 之 攤 薄 影 響。截 至 二 零 二 六 年 及 二 零 二 五 年 六 月 三 十 日 止 六 個 月，由 於
本公司一間附屬公司發行之若干受限制股份及本公司發行之獎勵股份將對每股盈利具有攤
薄影響，故已作出調整。
9.

於一間合營企業之投資

於一間合營企業之投資之成本
應佔虧損
應佔兌換儲備之變動
已確認減值

17

於
二零二六年
六月三十日
千港元
（未經審核）

於
二零二五年
十二月
三十一日
千港元
（經審核）

180,150
(3,000)
(15,179)
(104,171)

180,150
(3,055)
(17,265)
(104,171)

57,800

55,659

有關本集團合營企業於二零二六年六月三十日及二零二五年十二月三十一日之具體情況載
列如下：

名稱

註冊資本
之詳情

註冊及
營業地點

比例
擁有權
權益

表決權

主要業務

50%

物業開發

（附註）
中山新濠雅創房地產開發有限公司
（「合營公司」）

人民幣
1,000,000,000元

中國內地

51%

附註：
儘管上述合營企業由本集團持有51%權益，惟根據遭雅居樂及合營方（定義見下文）違約之合營企業合
作協議及其補充協議，本集團原應單獨享有其擁有及經營原會在該物業內發展之主題公園所產生之全
部溢利或虧損。

於 二 零 二 四 年 九 月，本 集 團 向 中 國 國 際 經 濟 貿 易 仲 裁 委 員 會 針 對 合 營 夥 伴、合 營 公 司 及 雅
居樂集團控股有限公司（統稱「雅居樂及合營方」）提起仲裁，以向雅居樂及合營方追討賠償。
仲裁已於二零二五年九月二十五日結束，雅居樂及合營方須共同承擔 責任向本集團支付合
共約147,494,000港元（「仲裁裁決」）。
雅 居 樂 及 合 營 方 未 能 履 行 仲 裁 裁 決。於 二 零 二 五 年 十 二 月 八 日，本 集 團 基 於 仲 裁 裁 決 尚 未
履行，向香港高等法院（「法院」）對雅居樂集團控股有限公司提出清盤呈請（「清盤呈請」）。
於二零二六年六月二十九日舉行之聆訊上，法院頒命將清盤呈請之聆訊延期至二零二六年
十月十二日。

18

10.

貿易應收款項
根據到期日，貿易應收款項於報告期末之賬齡分析如下：

11.

於
二零二六年
六月三十日
千港元
（未經審核）

於
二零二五年
十二月
三十一日
千港元
（經審核）

即期
逾期：
一個月內
超過一個月但於三個月內
超過三個月但於六個月內
超過六個月

235,633

340,034

135,466
200,132
196,067
1,134,596

164,274
323,175
44,839
1,036,743

小計
減：信貸虧損撥備

1,901,894
(980,459)

1,909,065
(925,483)

921,435

983,582

於
二零二六年
六月三十日
千港元
（未經審核）

於
二零二五年
十二月
三十一日
千港元
（經審核）

138,872
15,570
3,604
3,279

150,700
42,358
3,494
5,061

161,325

201,613

貿易應付款項
根據發票日期，貿易應付款項於報告期末之賬齡分析如下：

一個月內
超過一個月但於三個月內
超過三個月但於六個月內
超過六個月

19

12.

其他應付款項、應計開支及已收按金

流動負債
預收按金及門票銷售
應計經營開支及其他負債
應付博彩稅及牌照費
應計僱員福利開支
應付利息開支
物業及設備之應付款項
未兌換籌碼
無形資產負債
忠誠計劃負債
應付股息
利率掉期負債

非流動負債
無形資產負債
其他負債
應計僱員福利開支
已收按金
交叉貨幣掉期負債
利率掉期負債

20

於
二零二六年
六月三十日
千港元
（未經審核）

於
二零二五年
十二月
三十一日
千港元
（經審核）

1,899,416
1,380,776
1,266,999
865,061
853,891
620,576
604,069
367,765
245,411
1,385
–

2,088,107
1,322,900
1,263,882
1,069,844
902,861
497,908
660,260
379,453
246,911
2,533
3,988

8,105,349

8,438,647

1,757,672
247,419
89,414
85,059
7,148
–

1,982,782
244,803
90,882
64,191
45,824
1,839

2,186,712

2,430,321

13.

計息借貸
於
二零二六年
六月三十日
千港元
（未經審核）

於
二零二五年
十二月
三十一日
千港元
（經審核）

2,316,787
42,625,521

2,711,001
42,272,848

非流動部份

44,942,308
(43,651,322)

44,983,849
(44,983,849)

流動部份

1,290,986

–

2,983,421
9,698,000

5,253,940
6,899,000

12,681,421
(12,643,803)

12,152,940
(12,151,940)

37,618

1,000

56,295,125
1,328,604

57,135,789
1,000

57,623,729

57,136,789

附註

優先票據：
有抵押
無抵押

a
b

銀行貸款：
有抵押
無抵押

c
d

非流動部份
流動部份
總計：
非流動部份
流動部份

21

於
二零二六年
六月三十日
千港元
（未經審核）

於
二零二五年
十二月
三十一日
千港元
（經審核）

1,294,108
7,333,276
26,666,458
9,803,845

–
7,392,133
28,012,295
9,726,492

45,097,687
(155,379)

45,130,920
(147,071)

44,942,308

44,983,849

37,835
2,297,264
10,361,000

1,000
7,292,666
4,887,156

12,696,099
(14,678)

12,180,822
(27,882)

12,681,421

12,152,940

於
二零二六年
六月三十日
千港元
（未經審核）

於
二零二五年
十二月
三十一日
千港元
（經審核）

44,942,308
12,681,421

44,983,849
12,152,940

57,623,729

57,136,789

按須償還借貸之時期分析：
優先票據：
一年內或按需償還
第二年
第三至五年，包括首尾兩年
五年後

減：遞延融資成本及原發行溢價淨額

銀行貸款：
一年內或按需償還
第二年
第三至五年，包括首尾兩年

減：遞延融資成本及修訂債務之調整淨額

本集團計息借貸之利率情況如下：

固定利率借貸
浮動利率借貸

22

以下列貨幣計值之本集團計息借貸之賬面值：

美元（「美元」）
港元

於
二零二六年
六月三十日
千港元
（未經審核）

於
二零二五年
十二月
三十一日
千港元
（經審核）

47,261,729
10,362,000

49,613,789
7,523,000

57,623,729

57,136,789

附註：
(a)

優先有抵押票據
於 二 零 二 二 年 二 月 十 六 日，本 集 團 發 行 本 金 總 額350,000,000美 元（相 當 於 約2,733,499,000港 元）
之7.00%原訂於二零二七年到期的優先有抵押票據（「二零二七年SCC優先有抵押票據」）。
於二零二六年五月六日，本集團就二零二七年SCC優先有抵押票據提出一項須依條款及條件於
二 零 二 六 年 五 月 十 二 日 屆 滿 之 有 條 件 現 金 收 購 要 約（「二 零 二 七 年SCC優 先 有 抵 押 票 據 收 購 要
約」），以購買其任何及所有未償還之二零二七年SCC優先有抵押票據。本集團已購買本金總額
為196,421,000美 元（相 當 於 約1,539,337,000港 元）之 根 據 二 零 二 七 年SCC優 先 有 抵 押 票 據 收 購 要
約有效提呈（且並無有效撤回）之二零二七年SCC優先有抵押票據，並於二零二六年五月十五日
結清交易款。二零二七年SCC優先有抵押票據總額為153,579,000美元（相當於約1,204,532,000港
元）之 餘 下 未 償 還 本 金 已 於 二 零 二六年六月五日全數贖回。就二零二七年SCC優先有抵押票據
收購要約及全數贖回二零二七年SCC優先有抵押票據之餘下未償還本金而言，本集團於截至二
零二六年六月三十日止六個月錄得償還債務之虧損11,602,000港元。
於 二 零 二 六 年 五 月 十 五 日，本 集 團 發 行 本 金 總 額300,000,000美 元（相 當 於 約2,351,079,000港 元）
之6.125%二零三一年到期的優先有抵押票據，發行價為本金額之100%（「二零三一年SCC優先有
抵押票據」）。本公司之若干附屬公司及二零三一年SCC優先有抵押票據中界定之任何其他未來
受 限 制 附 屬 公 司 為 擔 保 二 零 三 一 年SCC優 先 有 抵 押 票 據 項 下 債 務 之 擔 保 人。發 售 二 零 三 一 年
SCC優先有抵押票據所得款項淨額連同從SCC二零二四年循環融資提取之所得款項（附註(c)）及
庫 存 現 金，已 如 上 文 披 露 用 於 撥 付 二 零 二 七 年SCC優 先 有 抵 押 票 據 收 購 要 約 及 全 數 贖 回 二 零
二七年SCC優先有抵押票據之餘下未償還本金。

23

二零三一年SCC優先有抵押票據屬Studio City Company Limited（「SCC」）的優先有抵押責任，與
SCC的 所 有 現 有 及 未 來 優 先 債 務 於 支 付 權 利 方 面 具 有 相 同 地 位（儘 管 就SCC若 干 信 貸 融 資 項 下
責任並以擔保二零三一年SCC優先有抵押票據的共同抵押品作抵押的任何債務而言，在進行有
關共同抵押品之任何強制執行行動時收到的任何所得款項，將會較二零三一年SCC優先有抵押
票 據 有 優 先 地 位），並 較SCC的 任 何 現 有 及 未 來 後 償 債 務 於 支 付 權 利 方 面 具 有 較 優 先 地 位，且
實際上後償於SCC以資產（並無用作二零三一年SCC優先有抵押票據的抵押）抵押的現有及未來
有抵押債務，惟以有關債務的抵押資產價值為限。
規管優先有抵押票據的契約包含若干契諾，除若干例外情況及條件外，限制發行人、作為母擔
保人之其中一間附屬公司及受限制附屬公司進行（其中包括）以下事項的能力：(i)招致或擔保額
外債務以及發行若干優先股；(ii)作出指定的受限制付款及投資；(iii)預付或贖回後償債項或權益；
(iv)發行或出售資本股；(v)轉讓、租賃或出售資產；(vi)設立或招致若干留置權；(vii)損害抵押
品中的抵押權益；(viii)訂立協議限制受限制附屬公司派發股息、轉讓資產或作出公司間貸款之
能力；(ix)更改相關組別業務之性質；(x)與聯屬人士訂立交易；及(xi)進行公司整合或合併。規
管優先有抵押票據的契約亦包含條件，並規定此類融資之慣常違約事件條款，以及發行人在若
干時期內可行使之提早贖回選擇權及優先有抵押票據持有人在若干情況下可行使之贖回選擇權。
契約訂有條文限制或禁止本公司若干受限制附屬公司進行若干股息及其他分派之派付，惟有若
干例外情況及條件。
(b)

優先無抵押票據
於二零二六年六月三十日及二零二五年十二月三十一日，優先無抵押票據之年利率介乎5.000%
至7.625%，以美元計值。若干優先無抵押票據由本公司若干附屬公司擔保。
於 二 零 二 六 年 六 月 十 八 日，本 集團就本金總額500,000,000美元（相當於約3,921,538,000港 元）之
6.500%二零二八年到期的優先無抵押票據（「二零二八年SCF優先票據」）發出部分贖回通知。於
二 零 二 六 年 七 月 十 八 日，本 集 團 按 本 金 額100%之 贖 回 價，贖 回 本 金 總 額165,000,000美 元（相 當
於約1,294,108,000港元）之二零二八年SCF優先票據（「已贖回票據」）。該項贖回的資金乃從SCC
二 零 二 四 年 循 環 融 資 於 二 零 二 六 年 七 月 提 取 之 所 得 款 項（附 註17(d)）及 庫 存 現 金 撥 付。已 贖 回
票 據 被 註 銷 後，二 零 二 八 年SCF優 先 票 據335,000,000美 元（相 當 於 約2,627,430,000港 元）之 本 金
總額尚未償還。於二零二六年六月三十日，已贖回票據被分類為流動負債，而其他優先無抵押
票據須於二零二七年至二零三三年期間（二零二五年十二月三十一日：優先無抵押票據須於二
零二七年至二零三三年期間）內在到期時償還。

24

優先無抵押票據屬票據發行人（「無抵押票據發行人」）的一般責任。優先無抵押票據的每個系列
均與無抵押票據發行人的所有現有及未來優先債務於支付權利方面具有相同地位，並較無抵押
票據發行人的任何現有及未來後償債務於支付權利方面具有較優先地位，且實際上後償於無抵
押票據發行人的所有現有及未來有抵押債務（惟以有關債務的抵押財產及資產價值及附屬公司
之債務為限）。
(c)

有抵押銀行貸款
於二零二六年六月三十日及二零二五年十二月三十一日，未償還之有抵押銀行貸款以美元或港
元計值。以美元計值之借貸按擔保隔夜融資期限利率（「擔保隔夜融資期限利率」）加適用信貸價
差調整（如有）介乎每年0.06%至0.20%及息差介乎每年1.95%至2.55%計息；而以港元計值之借貸
則按香港銀行同業拆息（「香港銀行同業拆息」）加適用息差介乎每年1.00%至2.55%計息。有抵押
銀行貸款包括定期貸款融資及循環信貸融資。於二零二六年六月三十日，定期貸款融資須於二
零二七年至二零二九年（二零二五年十二月三十一日：二零二六年至二零二九年）期間內按季及
╱或在到期時償還，循環信貸融資則須在協定的利息期的最後一天償還，或在符合若干契諾及
滿足先決條件的情況展期。有抵押銀行貸款由本公司若干附屬公司擔保，其中一項有抵押銀行
貸款亦由本公司擔保。
於 二 零 二 六 年 四 月 二 十 八 日，本集團獲631,600,000美元（相當於約4,953,687,000港元）有抵押 信
貸融資（經修訂及重列，到期日為二零二八年六月五日）
（「新濠國際二零二一年信貸融資」）之大
多數貸款人同意，可修訂若干契諾之條款，惟須符合若干條件，有關修訂已於二零二六年四月
三十日生效。本集團於二零二六年四月三十日預付新濠國際二零二一年信貸融資項下定期貸款
融資之未償還貸款本金額301,000,000美元（相當於約2,358,897,000港元）。預付款項以進行集團
內公司間出售本公司一間附屬公司予新濠博亞娛樂所收取之代價（附註(d)）及庫存現金撥付。
就新濠國際二零二一年信貸融資之預付款項而言，本集團於截至二零二六年六月三十日止六個
月 錄 得 修 訂 債 務 之 虧 損18,654,000港 元。於 二 零 二 六 年 六 月 三 十 日，新 濠 國 際 二 零 二 一 年 信 貸
融 資 之 未 償 還 貸 款 本 金 額 為297,600,000美 元（相 當 於 約2,334,099,000港 元）
（二 零 二 五 年 十 二 月
三十一日：598,600,000美元（相當於約4,657,822,000港元））。
截至二零二六年六月三十日止六個月，本集團自1,945,000,000港元之優先有抵押循環信貸融資
（「 SCC二 零 二 四 年 循 環 融 資」）提 取 合 共118,000,000港 元，用 作 撥 付 全 數 贖 回 餘 下 二 零 二 七 年
SCC優先有抵押票據之部分款項（附註(a)）。本集團於截至二零二六年六月三十日止六個月內亦
償 還SCC二 零 二 四 年 循 環 融 資 下 合 共78,000,000港 元 之 未 償 還 貸 款 本 金 額。於 二 零 二 六 年 六 月
三 十 日，SCC二 零 二 四 年 循 環 融 資 之 未 償 還 貸 款 本 金 額 為429,000,000港 元（二 零 二 五 年 十 二 月
三十一日：389,000,000港元）。

25

於二零二六年六月二十三日，2,000,000港元之有抵押信貸融資的到期日及就當中各項承諾及契
諾於二零二零年四月取得之豁免有效期根據延期請求函由二零二六年六月二十四日進一步延長
至二零二八年六月二十四日。
(d)

無抵押銀行貸款
於二零二五年十二月三十一日，本集團有15,237,500,000港元優先無抵押循環信貸融資（經修訂
及重列，到期日為二零二七年四月二十九日）
（「MN1二零二零年循環融資」）。根據MN1二零二
零年循環融資提供的每筆貸款均須在協定的貸款利息期（一般為一至六個月不等）的最後一天悉
數償還，或在符合若干契諾及滿足先決條件的情況可予展期。本集團亦須遵守MN1二零二零年
循環融資中規定的各項金額的強制預付規定。
於二零二六年六月九日，MN1二零二零年循環融資之到期日由二零二七年四月二十九日延長至
二零三一年六月九日，並根據MN1二零二零年循環融資之條款增設6,438,775,000港元之遞增融
資，使MN1二零二零年循環融資之總承諾額根據經修訂及重列融資協議增加至21,676,275,000港
元。MN1二零二零年循環融資之其他主要條款（例如定價及財務契諾）維持不變。
於二零二六年六月三十日及二零二五年十二月三十一日，MN1二零二零年循環融資下之未償還
結餘以港元計值。MN1二零二零年循環融資下的借貸可以美元計值，並按擔保隔夜融資期限利
率加適用信貸價差調整介乎每年0.06%至0.20%計息，或以港元計值並按香港銀行同業拆息計息，
在兩種情況下均就本公司若干附屬公司而言，加根據槓桿比率調整後的適用息差介乎每年1.00%
至2.00%計息。MN1二零二零年循環融資項下的債務由本公司之若干附屬公司擔保。
截至二零二六年六月三十日止六個月，本集團透過新濠博亞娛樂之一間附屬公司，提取MN1二
零二零年循環融資下合共3,266,000,000港元之款項。所提取之部分款項2,883,000,000港元連同庫
存現金用以撥付新濠博亞娛樂對本公司一間附屬公司之集團內公司間收購。本集團於截至二零
二六年六月三十日止六個月內亦償還MN1二零二零年循環融資下之本金總額467,000,000港元。
於二零二六年六月三十日，MN1二零二零年循環融資之未償還貸款本金額為9,698,000,000港元（二
零二五年十二月三十一日：6,899,000,000港元）。

(e)

於 二 零 二 六 年 七 月，一 筆 金 額 為2,350,000,000菲律賓 披索（相當於約301,106,000港元）的無抵押
信貸融資（經修訂）的可用期進一步延長至二零二六年九月二十八日，其相關條款及條件並無變
動。

26

於 二 零 二 六 年 六 月 三 十 日，本 金 總 額5,351,022,000港 元（二 零 二 五 年 十 二 月 三 十 一 日：
8,005,240,000港元）之借貸以本集團若干資產作抵押，詳情於本集團截至二零二五年十二月
三十一日止年度的經審核綜合財務報表披露。
於二零二六年六月三十日，本集團的未動用借款能力為14,055,202,000港元（二零二五年十二
月三十一日：10,462,905,000港 元），其 中14,055,202,000港元（二零二五年十二月三十一日：
9,840,143,000港元）可供提取，惟須符合若干先決條件。
截 至 二 零 二 六 年 六 月 三 十 日 止 六 個 月，除 上 述 披 露 者 外，本 集 團 截 至 二 零 二 五 年 十 二 月
三十一日止年度的經審核綜合財務報表所披露的計息借貸並無其他重大變化。
14.

一間附屬公司擁有權權益之變動
新濠博亞娛樂
截至二零二六年六月三十日止六個月，新濠博亞娛樂從公開市場購回其14,038,192股美國預
託 股 份（相 當 於42,114,576股 普 通 股），總 代 價 約 為76,650,000美 元（相 當 於 約600,456,000港
元），其中零股已予註銷。本集團於新濠博亞娛樂之擁有權權益因此上升。
截至二零二六年六月三十日止六個月，新濠博亞娛樂之股份獎勵計劃下若干受限制股份已
予歸屬，令本集團於新濠博亞娛樂之擁有權權益下降。
上述交易之最終結果為本集團於新濠博亞娛樂之擁有權權益由二零二六年一月一日之
58.65%上升至二零二六年六月三十日之60.26%。本集團於特別儲備確認減少161,314,000港元、
於非控股權益確認減少439,082,000港元及於其他重估儲備確認減少60,000港元。
截至二零二六年六月三十日止期間後，新濠博亞娛樂從公開市場進一步購回其部分美國預
託股份，詳情請參閱附註17(a)。

15.

承擔及或然事項
(a)

博彩牌照－斯里蘭卡
根據斯里蘭卡博彩及遊戲稅法（經修訂），本集團須繳納博彩業務每月總收入15%之博
彩 稅，其 自 二 零 二 六 年 一 月 一 日 起 上 調 至18%（倘 每 月 總 收 入 不 超 過1,000,000斯 里 蘭
卡盧比（相當於約23,000港元），則可獲豁免）。

27

(b)

訴訟

City of Dreams Mediterranean仲裁
於 二 零 二 四 年 七 月 二 十 四 日，Avax S.A.及Terna S.A.（「申 索 人」，即City of Dreams
Mediterranean建築工程之總承建商）向本公司附屬公司ICR Cyprus Resort Development
Co Limited（「答辯人」）發出仲裁通知，表示根據《倫敦國際仲裁院仲裁規則》提起仲裁，
主要尋求有關City of Dreams Mediterranean之額外建築工程費用（「仲裁」）。答辯人認
為有關申索並無法律依據，並擬繼續對申索進行積極抗辯。答辯人已對申索人提出巨
額反申索，而答辯人擬繼續積極追討。答辯人認為，根據迄今為止的仲裁進展，目前
無法確定仲裁結果，或合理估計可能之損失（如有）範圍。

一般訴訟
於二零二六年六月三十日，本集團繼續是若干其他法律訴訟之一方，此等訴訟與日常
業務過程中引起之事項有關。管理層認為，已就此等訴訟之結果作出充分撥備，又或
此等結果對本集團之簡明綜合中期財務報表整體上並無重大影響。
16.

關聯方交易
(a)

本集團與一名關聯方進行以下重大交易：
截至六月三十日止六個月
二零二六年
二零二五年
千港元
千港元
（未經審核） （未經審核）

關聯公司

交易性質

卓智影像醫學診斷中心
有限公司（「卓智」）

收益（本集團提供服務）
租賃及其他收入

4,338

–

成本及開支（本集團
獲提供服務）
購買貨品及服務

6,449

–

28

附註：
本集團與卓智（為本公司董事、主席兼行政總裁何猷龍先生（「何先生」）之聯繫人士）訂立營運協
議（「新濠影滙營運協議」），據此授予卓智權利於新濠影滙經營一間專注於影像及診斷醫療服務
的私家醫院，並為卓智於新濠影滙的營運而利用若干醫療設備（「該等設備」），初步期限由二零
二五年十月一日起至二零三四年十一月三十日止，並可經雙方協定續期兩次，每次為期五年。
於二零二六年六月三十日，根據新濠影滙營運協議自卓智收取之保證金為33,643,000澳門元（「澳
門 元」）
（相 當 於 約32,663,000港 元）
（二 零 二 五 年 十 二 月 三 十 一 日：15,652,000澳 門 元（相 當 於 約
15,196,000港元）），其中3,910,000澳門元（相當於約3,796,000港元）
（二零二五年十二月三十一日：
3,679,000澳門元（相當於約3,572,000港元））及29,733,000澳門元（相當於約28,867,000港元）
（二零
二五年十二月三十一日：11,973,000澳門元（相當於約11,624,000港元））分別計入其他應付款項、
應計開支及已收按金的流動及非流動部分。該等關聯方交易亦符合上市規則第十四A章所界定
之持續關連交易定義。

(b)

股東貸款
於二零二五年一月九日，本公司（作為借款人）與何先生及受彼控制之一間公司（作為
貸款人）訂立兩份股東貸款融資協議（統稱「股東貸款融資」）。根據股東貸款融資，何
先生及受彼控制之該公司分別向本公司授出金額為2,200,000美元（相當於約17,255,000
港元）及22,800,000美元（相當於約178,822,000港元）之非承諾循環貸款融資，可用期由
二零二五年一月九日起並已於二零二六年七月二日屆滿，惟須符合若干先決條件。於
二 零 二 六 年 六 月 三 十 日，股 東 貸 款 融 資 項 下 之 未 償 還 貸 款 本 金 額 為 零（二 零 二 五 年
十 二 月 三 十 一 日：零），而 可 供 使 用 的 未 動 用 借 款 能 力 為25,000,000美 元（相 當 於 約
196,077,000港元）
（二零二五年十二月三十一日：25,000,000美元（相當於約194,530,000
港 元），其 須 符 合 若 干 先 決 條 件，方 可 動 用。截 至 二 零 二 六 年 六 月 三 十 日 止 六 個 月，
本公司就股東貸款融資向何先生之受控制公司支付之利息開支為零（截至二零二五年
六月三十日止六個月：445,000美元（相當於約3,460,000港元））。

(c)

何先生之控制實體所持有之優先票據
於二零二六年六月三十日，何先生之一間控制實體持有本公司一間附屬公司發行的本
金 總 額 為30,000,000美 元（相 當 於 約235,292,000港 元）
（二 零 二 五 年 十 二 月 三 十 一 日：
30,000,000美元（相當於約233,436,000港元））之優先票據，有關優先票據為無抵押以及
不可轉換或交換。何先生之控制實體按面值購入優先票據。
截至二零二六年六月三十日止六個月，有關該附屬公司發行之優先票據的利息支出總
額750,000美元（相當於約5,874,000港元）已支付或應付予何先生之控制實體（截至二零
二五年六月三十日止六個月：750,000美元（相當於約5,849,000港元）。

29

17.

報告期後事項
(a)

由二零二六年七月一日至本簡明綜合中期財務報表刊發日期二零二六年八月三十一日
期 間，新 濠 博 亞 娛 樂 從 公 開 市 場 購 回 其14,291,104股 美 國 預 託 股 份（相 當 於42,873,312
股普通股），總代價約為77,237,000美元（相當於約605,776,000港元），其中所購回之零
股股份已予註銷。本集團於新濠博亞娛樂之擁有權權益因此上升。

(b)

由二零二六年七月一日至二零二六年七月三十一日期間，本公司透過股份獎勵計劃受
託 人 於 香 港 聯 交 所 以 總 代 價 約14,721,000港 元 購 買 合 共4,358,000股 本 公 司 普 通 股，以
用作本公司股份獎勵計劃下獎勵股份之歸屬。

(c)

於二零二六年七月七日，本集團提取MN1二零二零年循環融資下之390,000,000港元。
於二零二六年八月六日，本集團償還MN1二零二零年循環融資下之470,000,000港元未
償還本金額，連同應計利息。

(d)

於 二 零 二 六 年 七 月 十 五 日，本 集 團 提 取SCC二 零 二 四 年 循 環 融 資 下 之1,180,000,000港
元，並 以 該 所 得 款 項 連 同 庫 存 現 金 撥 付 部 分 贖 回 之 二 零 二 八 年SCF優 先 票 據（附 註
13(b)）。

(e)

於二零二六年七月十六日，本集團預付新濠國際二零二一年信貸融資項下定期貸款融
資之未償還貸款本金額30,000,000美元（相當於約235,292,000港元），連同應計利息。

(f)

於 二 零 二 六 年 八 月 二 十 四 日，本 集 團 就 全 數 贖 回 本 金 總 額600,000,000美 元（相 當 於 約
4,705,846,000港 元）之5.625%二 零 二 七 年 到 期 的 優 先 無 抵 押 票 據（「二 零 二 七 年MRF優
先 票 據」）發 出 贖 回 通 知，贖 回 價 為 二 零 二 七 年MRF優 先 票 據 之 本 金 額100%，另 加 計
至二零二六年九月二十三日已訂定贖回日期止之應計而未支付利息（如有）。

30

管理層討論及分析
重要事件及發展
於二零二六年上半年，本集團於年初在中華人民共和國澳門特別行政區（「澳門」）
錄得穩健表現，惟受近期不利因素影響，第二季度之營運表現有所放緩。於報告
期內，本集團堅持嚴謹的營運方針及資本配置，並著力於管理利潤、提升營運效
率及就提升賓客體驗進行精準投資。
本集團積極推進新濠天地全新品牌酒店REM幻宇的發展。該項目不僅進一步豐富
本集團在澳門提供的尊尚酒店體驗，更為持續升級蛻變的新濠天地寫下重要里程碑。
澳門以外，本集團各項業務在多變的市場環境下仍展現韌性。座落於菲律賓的新
濠天地（馬尼拉）雖持續面對挑戰，仍錄得按年增長；隨著區內旅遊受阻情況逐步
緩解，位於塞浦路斯共和國（「塞浦路斯」）的City of Dreams Mediterranean及衛星娛
樂場業績有所改善。在斯里蘭卡民主社會主義共和國（「斯里蘭卡」），本集團穩步
推進嚴謹的業務策略，帶動娛樂場營運保持良好發展勢頭。

業務回顧
綜合博彩及娛樂度假村
新濠國際透過旗下附屬公司新濠博亞娛樂有限公司（「新濠博亞娛樂」）經營綜合度
假村業務。新濠博亞娛樂為一家在亞洲及歐洲經營綜合度假村業務的發展商及資
產擁有者。於二零二六年六月三十日，新濠國際（透過其附屬公司）持有新濠博亞
娛樂已發行股份總數約56.32%。
在澳門，新濠博亞娛樂目前經營分別位於澳門路氹城和氹仔的綜合度假村新濠天
地及澳門新濠鋒，其業務亦包括澳門唯一的非娛樂場電子博彩機業務摩卡娛樂場。
此外，其亦經營新濠影滙，該項目位於澳門路氹城，是一個以電影為主題的綜合
度假村。
澳門以外，新濠博亞娛樂的菲律賓附屬公司目前經營及管理位於馬尼拉娛樂城的
綜合度假村新濠天地（馬尼拉）。在歐洲，新濠博亞娛樂通過其擁有大多數權益的
附屬公司經營位於塞浦路斯利馬索爾的綜合度假村City of Dreams Mediterranean以
及位於塞浦路斯其他城市的持牌衛星娛樂場。

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本集團進一步將其全球業務版圖擴展至南亞地區，其在斯里蘭卡科倫坡的City of
Dreams Sri Lanka經營娛樂場業務（「斯里蘭卡娛樂場」）以及為City of Dreams Sri
Lanka酒店大樓最頂五層之頤居酒店（「Nüwa Sri Lanka」）提供管理服務，彰顯了本
集團持續推動全球業務增長的發展策略。
截 至 二 零 二 六 年 六 月 三 十 日 止 六 個 月，本 集 團 的 淨 收 益 合 共 為205.0億 港 元（「港
元」），較二零二五年同期的199.6億港元有所增長。淨收益增加主要得益於整體博
彩營運的表現提升。截至二零二六年六月三十日止六個月錄得本公司擁有人應佔
溢利3.095億港元，而二零二五年同期則錄得3.508億港元。

新濠天地
位於澳門的新濠天地是新濠博亞娛樂的旗艦綜合度假村，主打亞洲高端顧客及貴
賓廳顧客。新濠天地於二零二六年上半年平均營運約447張賭桌及813台博彩機。
於二零二六年三月，新濠天地「Be A Dreamer」品牌新章盛大啟幕，標誌著其品牌
理念的進一步昇華，更透過藝術、文化與想像力的深度融合，帶領全球賓客展開
一段夢想之旅。新濠天地秉持「Dream Beyond」的品牌理念，致力突破傳統奢華旅
行的邊界，打造出一個集奢華、未來主義藝術與創新於一身的綜合度假村。
《水 舞 間》自 二 零 二 五 年 五 月 新 章 回 歸 以 來，累 計 演 出 場 次 已 突 破550場，並 於 二
零二六年八月迎來第100萬名觀眾。這不僅為這部享譽全球的鉅製再創重要里程碑，
亦彰顯其對推動澳門構建世界旅遊休閒中心的重要貢獻。
新濠天地的零售購物區目前正在進行升級改造。全新設計的購物空間將引入精心
挑選的奢華及時尚品牌，並融入多項獨特體驗元素。項目完成後，預期可進一步
豐富賓客體驗，並加強新濠天地作為頂級綜合度假村的市場定位。

新濠影滙
以電影為主題的綜合度假村新濠影滙致力成為澳門最多元化的綜合娛樂度假勝地。
新濠影滙於二零二六年上半年平均營運約253張賭桌及949台博彩機。

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新濠影滙持續開拓其親子設施及體驗，鞏固澳門作為適合不同年齡層旅客的多元
休閒勝地的地位。該綜合度假村現正呈獻「迪士尼滙聚嘉年華」，藉著深受全球喜
愛的迪士尼角色和故事，為澳門打造獨特的沉浸式娛樂體驗。此項活動充分體現
新濠影滙「快樂無止境」的品牌理念，致力為一家大小及不同旅客締造繽紛奇妙的
歡樂旅程。
除親子設施外，新濠影滙亦藉著舉辦體育、娛樂及生活時尚活動，大力推動澳門
旅遊業的多元化發展。於二零二六年上半年，該綜合度假村舉辦了多項大型體育
賽事，包括雲集全球一流滑板高手的「FISE冠軍爭霸賽」街頭滑板比賽，以及亞洲
頂尖籃球勁旅同場較量的「東亞超級聯賽決賽」。一眾國際演藝紅星亦相繼於新濠
影滙呈獻精彩演出，當中包括段宜恩、女團Red Velvet成員IRENE、男團NCT成員
鄭在玹、張敬軒及MIRROR多名成員。此外，SUPER JUNIOR-83z及其他人氣明星
亦將於年內稍後時間亮相演出。
透過持續打造世界級娛樂體驗，新濠影滙致力豐富澳門的旅遊資源，吸引多元旅
客群，並加強鞏固澳門作為領先盛事旅遊目的地的地位，積極推動「旅遊 +」發展。

澳門新濠鋒
澳門新濠鋒為一所提供娛樂場及酒店體驗的綜合度假村，主打高端中場及中場市
場。位於氹仔的澳門新濠鋒環抱澳門半島的迷人景致，是一處為旅客洗滌繁囂的
休憩勝地。澳門新濠鋒及「澄」水療盡心讓每名來賓盡享度身訂造、完美無瑕的貼
心服務，於二零二六年連續17年榮獲《福布斯旅遊指南》頒發五星評級。澳門新濠
鋒於二零二六年上半年平均營運約33張賭桌及285台博彩機（於澳門新濠鋒內的博
彩機以摩卡的品牌營運）。

摩卡娛樂場
摩卡娛樂場是澳門的非娛樂場電子博彩機業務。其為澳門電子娛樂先驅，打破傳
統，斥資從世界各地引進各式各樣的嶄新電子賭桌博彩以及一系列受歡迎的高質
素電子博彩機，提供電子娛樂新選擇，以吸引不同類型的玩家。摩卡娛樂場於二
零 二 六 年 上 半 年 平 均 營 運 約425台 博 彩 機（不 包 括 設 於 澳 門 新 濠 鋒 內 的 約285台 博
彩機）。

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新濠天地（馬尼拉）
澳門以外，座落於馬尼拉娛樂城入口處的新濠天地（馬尼拉）極具策略位置優勢，
為東南亞市場提供無可比擬的精彩娛樂及住宿體驗，並繼續印證本集團兌現其國
際 願 景 的 實力。這個多姿多彩的項目雲集極尚娛樂、酒店、購物、餐饗及生活時
尚體驗，並提供包括貴賓廳及中場博彩設施在內的多元化博彩體驗。新濠天地（馬
尼拉）於二零二六年上半年平均營運約264張賭桌及2,265台博彩機。

City of Dreams Mediterranean及其他
City of Dreams Mediterranean是歐洲首個綜合度假村。該開創先河的綜合度假勝地
致力將塞浦路斯打造成為全天候的旅遊及商務首選目的地。這座位於塞浦路斯利
馬索爾的綜合度假村屢獲殊榮，提供500間酒店客房，並配有娛樂場、會議設施（包
括島上最大的會展中心）、娛樂表演場地、奢華零售購物區、精緻餐飲及水療設施。
此外亦提供多種卓越的休閒設施，包括Marcos Baghdatis Tennis Academy、家庭冒
險樂園及島上最大的綜合游泳池。
除City of Dreams Mediterranean外，本集團繼續於塞浦路斯經營三家位於尼科西亞、
阿 依 納 帕 及 帕 福 斯 的 衛 星 娛 樂 場。於 二 零 二 六 年 上 半 年，C i t y o f D r e a m s
Mediterranean平均營運約104張賭桌及778台博彩機，而衛星娛樂場平均營運約4張
賭桌及162台博彩機。

其他業務
其他業務包括本集團於斯里蘭卡娛樂場的娛樂場業務，以及為Nüwa Sri Lanka提
供管理服務。由John Keells Holdings PLC興建的City of Dreams Sri Lanka是斯里蘭
卡乃至整個南亞地區首座綜合度假村。該物業設有兩家豪華酒店、頂尖的娛樂場
及娛樂區、以及高端餐飲及會展設施，勢將為南亞地區的綜合度假村樹立新標杆，
並助力科倫坡發展成為世界級的旅遊及商務目的地。
開業一週年的City of Dreams Sri Lanka已成功奠定市場基礎，並鞏固其作為高端品
味生活地標的地位。該物業呈獻別具一格的綜合度假村體驗，吸引本地以至全球
各地的賓客來訪，為斯里蘭卡的旅遊業及酒店業開創全新格局。

展望
隨著澳門作為頂級旅遊及休閒勝地的魅力不斷提升，澳門旅遊業於二零二六年上
半年保持良好發展勢頭，入境旅客人次按年穩步上升。為此，本集團對旗下澳門
物業組合進行精準投資，致力打造以體驗為本的服務，務求把握市場新機遇、提
升產品質素，並在競爭激烈的環境中鞏固本集團的戰略定位。

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REM幻宇已於二零二六年第三季度起分階段開幕，標誌著新濠天地的重要里程碑，
更進一步豐富本集團的尊尚酒店組合，提升物業魅力以吸引高消費客群。此外，
新濠天地設於西南入口側的全新博彩區域已於二零二六年七月啟幕，憑藉優越位
置和便捷交通，預期可吸引更多博彩賓客（尤其是散客）到訪。同時，新濠影滙持
續拓展其非博彩設施，以豐富其綜合度假村體驗，助力澳門發展成為世界旅遊休
閒中心。其中，全新推出的影滙飛行影院為賓客帶來嶄新的4D娛樂體驗，提供更
多元化的休閒娛樂選擇。透過上述各項舉措，本集團將為核心客群提供更優質的
體驗，並為把握增長機遇作好準備。
澳門以外，本集團位於其他地區的業務仍然面對複雜多變的經營環境。在菲律賓，
受宏觀經濟壓力、消費模式持續演變及博彩市場激烈競爭等因素影響，新濠天地（馬
尼 拉）繼 續 面 對 挑 戰 重 重 的 經 營 環 境。塞 浦 路 斯 方 面，中 東 地 緣 政 治 局 勢 持 續 不
明朗，對區域旅遊需求及訪客量造成影響，City of Dreams Mediterranean正積極應
對相關挑戰。為此，本集團繼續專注於嚴謹執行業務策略、審慎控制成本及開展
精 準 市 場 推 廣，以 帶 動 訪 客 量 增 長 及 提 升 營 運 表 現。此 外，City of Dreams Sri
Lanka於 開 業 一 年 後 持 續 穩 步 發 展，進 一 步 確 立 其 作 為 南 亞 地 區 領 先 生 活 時 尚 及
娛樂目的地的地位，並讓本集團得以在這具有吸引力和長遠增長潛力的市場中拓
展版圖。
展望未來，儘管市場競爭仍然激烈，本集團旗下各業務所在市場仍蘊藏具吸引力
的增長機遇。本集團將繼續憑藉嚴謹執行、策略性投資及卓越營運，進一步提升
賓客體驗、鞏固市場定位及創造長遠價值。

成就及獎項
本集團致力追求卓越，於二零二六年上半年再創里程碑，憑藉全球物業項目、人
才團隊及各項舉措，廣獲業界讚譽。這些殊榮彰顯本集團在提供世界級綜合度假
村體驗的領先地位，同時推動負責任增長及為賓客、社區及持份者創造長遠價值。

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企業管治
本集團繼續秉持最高標準的企業管治及領導典範。於二零二六年，主席兼行政總
裁何猷龍先生於全球博彩大獎（亞太區）中獲選為「年度最佳企業領袖」，並於《亞
洲企業管治》雜誌舉辦的亞洲卓越大獎中第15年榮膺「亞洲最佳行政總裁」殊榮。
這些獎項印證了本集團追求卓越領導力、問責精神及健全企業管治的堅定承諾。
業務營運
本集團致力實踐卓越營運及呈獻非凡賓客體驗的承諾，積極提供世界級餐飲、酒
店及娛樂服務。這份堅持讓本集團屢獲國際殊榮，彰顯本集團以領先世界的創新
項目，為全球休閒產業樹立新標準。
本集團於《福布斯旅遊指南2026》中創下歷史性佳績，憑藉19項五星榮譽，成為全
球獲得最多五星殊榮的綜合度假村營運商。旗下新濠天地、新濠影滙、澳門新濠
鋒 及 新 濠 天 地（馬 尼 拉）在 酒 店、餐 廳 及 水 療 類 別 中 榮 獲 合 共107顆 星，進 一 步 鞏
固本集團作為區內頂級奢華旅遊休閒服務供應商的地位。
餐飲體驗方面，本集團於《香港澳門米芝蓮指南2026》摘下共八顆米芝蓮星，其中，
新濠天地坐擁六顆米芝蓮星，成為澳門綜合度假村之冠，印證其作為澳門首屈一
指的美食地標的地位。本集團亦於《2026黑珍珠餐廳指南》榮獲六鑽榮譽，進一步
彰顯其在全球高端餐飲領域的領導地位，以及對卓越餐飲體驗的極緻追求。
本集團旗下物業於《2026年度香港及澳門Tatler Best》的酒店、餐廳及酒吧類別中
榮獲共13個獎項。這些殊榮鞏固了本集團作為奢華酒店及餐飲勝地的領導地位，
同時體現其致力為賓客呈獻無與倫比體驗的承諾。
在塞浦路斯，City of Dreams Mediterranean在Cyprus Tourism Awards 2025中贏得多
項殊榮，包括憑藉其Sunshine Guarantee Campaign贏得「全球推廣計劃」金獎，以表
揚其以創新方式延長旅遊旺季，並進一步豐富島上的旅遊體驗。其他殊榮包括「最
佳奢華酒店及度假村體驗」金獎、「美食旅遊卓越獎」銀獎、「會展卓越獎」銅獎及「多
渠道數碼策略卓越獎」銅獎。該等獎項再次肯定該項目持續透過世界級款待服務、
難忘的賓客體驗及創新的推廣計劃，為豐富塞浦路斯的旅遊體驗作出貢獻。

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人才
本集團致力培育本地人才，推動文旅產業的人才可持續發展，並構建積極正面的
工作文化，讓同事發揮所長，實現全人發展。
為將人才發展工作延伸至更廣泛的本地社區，本集團積極搭建校企交流平台，為
澳門文旅產業培育年青專業人才。於二零二六年五月，本集團與澳門旅遊大學（「澳
旅大」）合辦「Melco Day」活動，以「與新濠主席兼行政總裁何猷龍近距離對話」為
主題，吸引本集團管理層代表及澳旅大師生共逾200人參與。透過產學對話環節及
與學生互動交流，參加者深入了解旅遊業的發展趨勢，並就未來事業規劃獲得寶
貴啟發。是次活動反映本集團致力培育本地人才，助力推動澳門旅遊業的高質量
及可持續發展。
新濠博亞娛樂獲《HR Asia》頒發「亞洲最佳企業僱主獎」及「人才轉型大獎」，肯定
其為同事建立及維持正面工作環境及企業文化方面的卓越成就。該等殊榮亦彰顯
本集團致力為同事構建兼顧其專業發展及福祉的理想工作環境的承諾。
企業社會責任
本集團矢志為所服務社區創造長遠而具意義的價值，繼續透過其「小善大愛」傳愛
行 動 回 饋 社 會。藉 著 這 份 努 力，本 集 團 於 二 零 二 六 年 亞 洲 卓 越 大 獎 中 獲 頒「亞 洲
最 佳 企 業 社會責任獎」，充分印證 本集團對推動負責任及具影響力的社區參與 的
長遠承諾。
本集團再度支持「共融會議暨嘉年華」及「澳門慈善高爾夫球大師賽」兩項活動，推
動社區多元共融，並提升公眾對神經多樣性的認識。本集團致力構建多元共融環
境的決心，對澳門的可持續發展發揮重要作用。這些活動提供了一個頌揚堅韌精
神、卓越體育競賽及國際友誼的全球舞台，從而促進重要的對話交流及深具意義
的連結。
為肩負支持澳門文化發展的使命，本集團榮幸成為澳門電影《走失的小提琴》的全
球首映贊助商。該電影的澳門首映禮已於二零二六年五月假影滙影院圓滿舉行，
而歐洲首映禮則預定於二零二六年九月在葡萄牙里斯本舉辦。本集團冀透過這次
合作及持續推行的創意人才發展計劃，為本地創作者提供更多機會，讓其作品登
上國際舞台，將澳門故事呈獻予更廣大的觀眾細味，展現澳門獨特的文化特色。

37

本集團視負責任博彩為其營運方針的核心支柱，透過採用高科技保安措施，並與
各 司 法 權 區 的 監 管 機 構 和 社 區 夥 伴 緊 密 合 作，推 動 負 責 任 博 彩。本 集 團 於 二 零
二一年成為澳門及菲律賓首家獲得國際權威RG Check認證的綜合度假村營運商，
其 塞 浦 路 斯 業 務 亦 於 二 零 二 二 年 獲 得 該 項 認 證。於 二 零 二 六 年，City of Dreams
Mediterranean於國際合規協會歐洲合規大獎中新增設的「年度博彩及合規計劃」類
別中榮獲「高度嘉許」殊榮，展現該綜合度假村在負責任博彩和合規管理方面的成
就，並樹立歐洲業界典範。
環境可持續發展
可持續發展一直是本集團的重要發展方向，本集團持續將環境管理工作融入營運
架構的各個層面。隨著團隊、系統和資源之間更緊密的協調配合，本集團在實現
碳中和及提升氣候韌性目標方面取得進一步成果。本集團按照其可持續發展策略，
繼續專注於為賓客、同事及社區建設可持續未來。
於二零二六年，新濠博亞娛樂於可持續發展工作方面的努力得到充分肯定，於亞
太旅遊協會金獎中榮獲「氣候行動舉措（業界）」金獎，另於國際博彩業大獎中榮膺
「可持續發展大獎」，以及於亞洲卓越大獎中獲頒發「最佳環境責任獎」及「亞洲可
持 續 發 展 大 獎」。此 外，新 濠 博 亞 娛 樂 亦 再 度 入 選 被 廣 泛 視 為 衡 量 企 業 可 持 續 發
展績效領先基準的二零二六年標普全球《可持續發展年鑑》。
展望未來，本集團將繼續推進其可持續發展策略，透過可衡量的行動、負責任的
創新舉措及具意義的持份者參與，在履行對適應氣候變化及公平未來的承諾的進
程中「超越界限」。面對不斷演變的全球環境，本集團將繼續擴大其營運及價值鏈
所帶來的正面影響，持續聚焦於修復我們的世界、啟迪我們的社區、持續發展我
們的供應鏈及賦能業務，攜手構建更具韌性、更包容及更可持續發展的未來。

38

財務回顧
截至六月三十日止六個月之業績
百萬港元，惟每股數據除外

二零二六年 二零二五年 按年變化(%)
（未經審核） （未經審核）

淨收益
經調整EBITDA
本公司擁有人應佔溢利
本公司擁有人應佔每股基本盈利（港元）

20,498.3
5,058.7
309.5
0.14

19,964.6
5,365.7
350.8
0.18

2.7%
–5.7%
–11.8%
–22.7%

財務狀況
於
於 二零二五年
二零二六年
十二月
六月三十日
三十一日 按年變化(%)
（未經審核） （經審核）

百萬港元，惟每股數據除外
總資產
總負債
本公司擁有人應佔權益
本公司擁有人應佔每股資產淨值（港元）
資本負債比率(%)

81,933.7
72,753.9
1,971.4
0.9
70.3%

82,698.8
72,987.1
1,905.1
0.8
69.1%

–0.9%
–0.3%
3.5%
3.5%
不適用

淨收益
本集團的淨收益由截至二零二五年六月三十日止六個月的19,960,000,000港元增加
2.7%至截至二零二六年六月三十日止六個月的20,500,000,000港元。淨收益增加主
要得益於整體博彩營運的表現提升。

百萬港元

截至六月三十日止
六個月
二零二六年 二零二五年 按年變化(%)
（未經審核） （未經審核）

娛樂場收益
娛樂及度假村設施收益：
客房
餐飲
娛樂、零售及其他

39

17,113.1

16,537.0

3.5%

1,728.7
1,037.3
619.3

1,669.6
1,142.5
615.5

3.5%
–9.2%
0.6%

20,498.3

19,964.6

2.7%

經調整EBITDA(1)
本集團於截至二零二六年六月三十日止六個月錄得經調整EBITDA為5,060,000,000
港 元，而 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 則 為5,370,000,000港 元。經 調 整
EBITDA之變動主要可歸因於截至二零二六年六月三十日止六個月業務活動增加
導致經營成本上漲，惟有關上漲因整體博彩收益表現提升而被部分抵銷。
本公司擁有人應佔溢利
截至二零二六年六月三十日止六個月的本公司擁有人應佔溢利為309,500,000港元，
而截至二零二五年六月三十日止六個月則為350,800,000港元。該變動主要可歸因
於截至二零二六年六月三十日止六個月業務活動增加導致經營成本上漲，惟有關
上漲因整體博彩收益表現提升及開業前成本下降而被部分抵銷。
截至二零二六年六月三十日止六個月，本集團確認娛樂場及酒店分類項下之非流
動非金融資產減值25,400,000港元（截至二零二五年六月三十日止六個月：減值淨
額32,300,000港元）。澳門新濠鋒之表現未有充分改善，本集團就澳門新濠鋒之若
干物業及設備以及無形資產確認進一步減值25,400,000港元（截至二零二五年六月
三 十 日 止 六 個 月：減 值 淨 額5,000,000港 元）。此 外，由 於 三 間 摩 卡 娛 樂 場 於 二 零
二五年九月至十二月期間相繼結束營運，而餘下三間摩卡娛樂場將繼續營運至澳
門批給屆滿為止，故本集團於截至二零二五年六月三十日止六個月就摩卡娛樂場
之商標確認減值27,300,000港元。
本公司擁有人應佔每股基本盈利
截至二零二六年六月三十日止六個月的本公司擁有人應佔每股基本盈利為0.14港元，
而截至二零二五年六月三十日止六個月則為0.18港元。

(1)

經調整EBITDA為非香港財務報告會計準則財務計量方法，指未計利息、所得稅、折舊及攤銷、
以 股 份 為 基 礎 之 薪 酬 開 支、開 業 前 成 本、開 發 成 本、物 業 支 出 及 其 他、付 予SM Investments
Corporation、Belle Corporation（「Belle」）及PremiumLeisure and Amusement, Inc.（統稱為「菲律賓
訂約方」）的款項、企業開支、應佔一間合營企業之溢利╱虧損以及其他非經營收入及開支前
的期內溢利╱虧損。管理層使用經調整EBITDA作為本集團營運表現的計量方法，並用以比較
集團營運表現與其對手的營運表現。然而，本公佈所呈列的經調整EBITDA未必可與其他經營
博彩或其他業務之公司的同類名稱計量方法作比較。

40

財務及營運表現
新 濠 博 亞 娛 樂（為 本 集 團 擁 有 大 多 數 權 益 之 附 屬 公 司）於 截 至 二 零 二 六 年 及 二 零
二五年六月三十日止六個月對本集團之財務業績作出絕大部分貢獻。
新濠博亞娛樂於回顧期間之表現載述如下。
根據新濠博亞娛樂按照美國一般公認會計原則（「公認會計原則」）編製之未經審核
財務業績，新濠博亞娛樂於截至二零二六年六月三十日止六個月錄得總經營收益
2,620,000,000美 元（「美 元」），而 於 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 則 為
2,560,000,000美 元。總 經 營 收 益 增 加 主 要 可 歸 因 於 截 至 二 零 二 六 年 六 月 三 十 日 止
六個月中場市場營運的表現提升，惟因泥碼及非博彩營運之表現回軟而被部分抵銷。
截至二零二六年六月三十日止六個月錄得經營收入306,800,000美元，而二零二五
年同期則為269,500,000美元。
新濠博亞娛樂於截至二零二六年六月三十日止六個月錄得經調整物業EBITDA (2)為
684,800,000美元，而二零二五年同期則為718,700,000美元。
截至二零二六年六月三十日止六個月的新濠博亞娛樂財務表現應佔淨收入為
99,500,000美元，而二零二五年同期則為49,700,000美元。

(2)

經調整物業EBITDA為非公認會計原則財務計量方法，指未計利息、稅項、折舊及攤銷、開業
前 成 本、開 發 成 本、物 業 支 出 及 其 他、以 股 份 為 基 礎 之 薪 酬、付 予 菲 律 賓 訂 約 方 的 款 項、綜
合度假村及娛樂場租金*、企業及其他開支以及其他非經營收入及開支前的淨收入╱虧損。管
理層使用經調整物業EBITDA作為新濠博亞娛樂營運表現的主要計量方法，並用以比較集團營
運表現與其對手的營運表現。然而，本公佈所呈列的經調整物業EBITDA未必可與其他經營博
彩或其他業務之公司的同類名稱計量方法作比較。
*

綜 合 度 假 村 及 娛 樂 場 租 金 指 付 予Belle之 土 地 租 金 及 可 變 租 賃 付 款 以 及 付 予John Keells
Holdings PLC之一間附屬公司之娛樂場租金。

41

新濠天地
新濠天地於截至二零二六年及二零二五年六月三十日止六個月之總經營收益均為
1,370,000,000美 元。新 濠 天 地 於 截 至 二 零 二 六 年 六 月 三 十 日 止 六 個 月 錄 得 經 調 整
物業EBITDA為362,100,000美元，而二零二五年同期則為421,500,000美元。

博彩營運表現
截至六月三十日止
六個月
二零二六年 二零二五年 按年變化(%)

百萬美元
貴賓廳博彩
泥碼下注額
贏款百分比

11,528.4
3.15%

11,540.3
3.83%

–0.1%
不適用

中場市場
中場賭桌下注額
贏款百分比

3,465.3
30.6%

3,342.6
30.4%

3.7%
不適用

博彩機
處理額
贏款百分比

2,925.7
3.2%

1,856.3
3.1%

57.6%
不適用

非博彩營運表現
新濠天地於截至二零二六年六月三十日止六個月的非博彩收益總額為186,800,000
美元，而二零二五年同期則為172,200,000美元。

42

新濠影滙
截至二零二六年六月三十日止六個月，新濠影滙之總經營收益為763,400,000美元，
而二零二五年同期則為742,700,000美元。新濠影滙於截至二零二六年六月三十日
止 六 個 月 錄 得 經 調 整 物 業EBITDA為207,300,000美 元，而 二 零 二 五 年 同 期 則 為
202,500,000美元。

博彩營運表現
截至六月三十日止
六個月
二零二六年 二零二五年 按年變化(%)

百萬美元
中場市場
中場賭桌下注額
贏款百分比

1,785.4
36.6%

1,882.1
33.4%

–5.1%
不適用

博彩機
處理額
贏款百分比

2,126.4
3.6%

1,787.5
3.7%

19.0%
不適用

非博彩營運表現
新濠影滙於截至二零二六年六月三十日止六個月的非博彩收益總額為142,600,000
美元，而二零二五年同期則為154,500,000美元。

43

澳門新濠鋒
截至二零二六年六月三十日止六個月，澳門新濠鋒之總經營收益為72,000,000美元，
而 二 零 二 五 年 同 期 則 為56,200,000美 元。澳 門 新 濠 鋒 於 截 至 二 零 二 六 年 六 月 三 十
日 止 六 個 月 錄 得 經 調 整 物 業EBITDA為6,200,000美 元，而 二 零 二 五 年 同 期 則 為
200,000美元。

博彩營運表現
截至六月三十日止
六個月
二零二六年 二零二五年 按年變化(%)

百萬美元
中場市場
中場賭桌下注額
贏款百分比

279.8
22.5%

227.7
21.8%

22.9%
不適用

博彩機
處理額
贏款百分比

417.0
3.6%

246.5
2.7%

69.2%
不適用

非博彩營運表現
澳門新濠鋒於截至二零二六年六月三十日止六個月的非博彩收益總額為10,800,000
美元，而二零二五年同期則為9,900,000美元。

44

摩卡娛樂場
於二零二五年第四季度前，摩卡娛樂場及其他分類包括駿龍娛樂場於二零二五年
九月結束經營前的營運。此分類已從二零二五年第四季度起改名為摩卡娛樂場分類。
隨著三間摩卡娛樂場遵照政府所採取的強制停業措施於二零二五年九月至十二月
期間相繼結束營運後，摩卡分類現包括摩卡內港、摩卡新麗華及摩卡金龍餘下三
間摩卡娛樂場之業績。
摩卡娛樂場於截至二零二六年六月三十日止六個月之總經營收益為30,300,000美元，
而 摩 卡 娛 樂 場 及 其 他 於 二 零 二 五 年 同 期 則 錄 得58,500,000美 元。摩 卡 娛 樂 場 於 截
至 二 零 二 六 年 六 月 三 十 日 止 六 個 月 錄 得 經 調 整 物 業EBITDA為8,200,000美 元，而
摩卡娛樂場及其他於二零二五年同期則為12,000,000美元。

博彩營運表現
截至六月三十日止
六個月
二零二六年 二零二五年 按年變化(%)

百萬美元
中場市場
中場賭桌下注額
贏款百分比
博彩機
處理額
贏款百分比

45

–
不適用

110.7
16.0%

–100.0%
不適用

758.1
4.0%

1,055.2
4.0%

–28.2%
不適用

新濠天地（馬尼拉）
截 至 二 零 二 六 年 六 月 三 十 日 止 六 個 月，新 濠 天 地（馬 尼 拉）之 總 經 營 收 益 為
202,900,000美 元，而 二 零 二 五 年 同 期 則 為200,100,000美 元。新 濠 天 地（馬 尼 拉）於
截至二零二六年六月三十日止六個月錄得經調整物業EBITDA為68,300,000美元，
而二零二五年同期則為58,500,000美元。

博彩營運表現
截至六月三十日止
六個月
二零二六年 二零二五年 按年變化(%)

百萬美元
貴賓廳博彩
泥碼下注額
贏款百分比

802.6
4.52%

1,046.3
2.37%

–23.3%
不適用

中場市場
中場賭桌下注額
贏款百分比

264.6
34.4%

293.4
33.7%

–9.8%
不適用

博彩機
處理額
贏款百分比

1,912.5
5.1%

2,010.6
4.8%

–4.9%
不適用

非博彩營運表現
新 濠 天 地（馬 尼 拉）於 截 至 二 零 二 六 年 六 月 三 十 日 止 六 個 月 的 非 博 彩 收 益 總 額 為
46,800,000美元，而二零二五年同期則為53,500,000美元。

46

City of Dreams Mediterranean及其他
新濠博亞娛樂除經營City of Dreams Mediterranean外，亦於塞浦路斯經營三間衛星
娛樂場。
截至二零二六年六月三十日止六個月，City of Dreams Mediterranean及其他之總經
營 收 益 為147,300,000美 元，而 二 零 二 五 年 同 期 則 為130,900,000美 元。City of
Dreams Mediterranean及其他於截至二零二六年六月三十日止六個月錄得經調整物
業EBITDA為28,900,000美元，而二零二五年同期則為24,000,000美元。

博彩營運表現
截至六月三十日止
六個月
二零二六年 二零二五年 按年變化(%)

百萬美元
貴賓廳博彩
泥碼下注額
贏款百分比

0.4
–3.09%

12.6
4.16%

–97.1%
不適用

中場市場
中場賭桌下注額
贏款百分比

296.7
24.3%

306.8
21.0%

–3.3%
不適用

博彩機
處理額
贏款百分比

1,362.8
5.1%

1,259.2
5.0%

8.2%
不適用

非博彩營運表現
City of Dreams Mediterranean及其他於截至二零二六年六月三十日止六個月的非博
彩收益總額為37,200,000美元，而二零二五年同期則為44,200,000美元。

其他業務
自二零二五年八月一日Sri Lanka Casino首次開業起，先前於企業及其他類別下呈
報之斯里蘭卡業務（包括自二零二五年七月十五日Nüwa Sri Lanka開業起為其提供
之管理服務）現已於截至二零二 六年及二零二五年六月三十日止六個月計入其他
業務分類內。
截至二零二六年六月三十日止六個月，其他業務之總經營收益為31,200,000美元。
其他業務於截至二零二六年六月三十日止六個月錄得經調整物業EBITDA為3,800,000
美元。

47

流動資金、財務資源及資本結構
資本資源
本集團以內部資源、經營活動所產生之現金以及銀行及其他借貸撥付業務營運及
投資所需。
本集團採用保守的現金及理財政策。於二零二六年六月三十日，本集團之現金及
銀行結餘為7,951,100,000港元（二零二五年十二月三十一日：8,119,100,000港元），
其受限制現金（主要為向澳門政府提供之批給相關現金抵押品及信貸融資下之抵押）
為1,042,800,000港元（二零二五年十二月三十一日：1,085,900,000港元）。
於二零二六年六月三十日，本集團的未動用借款能力總額為14,250,000,000港元（二
零 二 五 年 十 二 月 三 十 一 日：10,660,000,000港 元），其 中14,250,000,000港 元（二 零
二 五 年 十 二 月 三 十 一 日：10,030,000,000港 元）可 供 提 取，而 與 股 東 貸 款 融 資 項 下
借 款 能 力 有 關 之196,100,000港 元 可 用 期 已 於 二 零 二 六 年 七 月 二 日 屆 滿（詳 情 載 於
本公佈之截至二零二六年六月三十日止六個月之未經審核簡明綜合中期財務報表
附註13及16(b)），惟須符合若干先決條件。
截至二零二六年六月三十日止六個月內及其後的債務主要變動概述如下。
於二零二六年四月二十八日，本集團獲631,600,000美元（相當於約4,950,000,000港
元）有抵押信貸融資（經修訂及重列，到期日 為二零二八年六月五日）
（「新濠國際
二零二一年信貸融資」）之大多數貸款人同意，可修訂若干契諾之條款，惟須符合
若干條件，有關修訂已於二零二六年四月三十日生效。本集團於二零二六年四月
三十日償還新濠國際二零二一年信貸融資項下定期貸款融資之未償還貸款本金額
301,000,000美元（相當於約2,360,000,000港元）。
於二零二六年五月六日，本集團就二零二七年SCC優先有抵押票據提出一項須依
條 款 及 條 件 於 二 零 二 六 年 五 月 十 二 日 屆 滿 之 有 條 件 現 金 收 購 要 約（「二 零 二 七 年
SCC優 先 有 抵 押 票 據 收 購 要 約」），以 購 買 其 原 將 於 二 零 二 七 年 到 期 之7.00%優 先
有 抵 押 票 據（「二 零 二 七 年SCC優 先 有 抵 押 票 據」）之 任 何 及 所 有 未 償 還 本 金 總 額
350,000,000美 元（相 當 於 約2,730,000,000港 元）。本 集 團 已 購 買 本 金 總 額 為
196,400,000美 元（相 當 於 約1,540,000,000港 元）之 根 據 二 零 二 七 年SCC優 先 有 抵 押
票據收購要約有效提呈（且並無有效撤回）之二零二七年SCC優先有抵押票據，並
於 二 零 二 六 年 五 月 十 五 日 結 清 交 易 款。二 零 二 七 年SCC優 先 有 抵 押 票 據 總 額 為
153,600,000美 元（相 當 於 約1,200,000,000港 元）之 餘 下 未 償 還 本 金 已 於 二 零 二 六 年
六月五日全數贖回。

48

於 二 零 二 六 年 五 月 十 五 日，本 集 團 發 行 本 金 總 額300,000,000美 元（相 當 於 約
2,350,000,000港元）之6.125%二零三一年到期的優先有抵押票據，發行價為本金額
之100%（「二零三一年SCC優先有抵押票據」）。發售二零三一年SCC優先有抵押票
據 所 得 款 項 淨 額 連 同 從1,945,000,000港 元 之 優 先 有 抵 押 循 環 信 貸 融 資（「SCC二 零
二四年循環融資」）提取之所得款項及庫存現金，已如上文所述用於撥付二零二七
年SCC優先有抵押票據收購要約及全數贖回二零二七年SCC優先有抵押票據之餘
下未償還本金。
於 二 零 二 六 年 六 月 九 日，15,240,000,000港 元 之 優 先 無 抵 押 循 環 信 貸 融 資（經 修 訂
及重列）
（「MN1二零二零年循環融資」）之到期日由二零二七年四月二十九日延長
至二零三一年六月九日，並根據MN1二零二零年循環融資之條款增設6,440,000,000
港元之遞增融資，使MN1二零二零年循環融資之總承諾額根據經修訂及重列融資
協 議 增 加 至21,680,000,000港 元。MN1二 零 二 零 年 循 環 融 資 之 其 他 主 要 條 款（例 如
定價及財務契諾）維持不變。
於二零二六年六月二十三日，2,000,000港元之有抵押信貸融資的到期日及就當中
各項承諾及契諾於二零二零年四月取得之豁免有效期根據延期請求函由二零二六
年六月二十四日進一步延長至二零二八年六月二十四日。
截至二零二六年六月三十日止六個月，本集團分別根據MN1二零二零年循環融資
及S C C二 零 二 四 年 循 環 融 資 提 取 按 淨 額 基 準 計 算 合 共2,800,000,000港 元 及
40,000,000港元之未償還本金總額。
於 二 零 二 六 年 六 月 十 八 日，本 集 團 就 本 金 總 額 500,000,000美 元（相 當 於 約
3,920,000,000港元）之6.500%二零二八年到期的優先無抵押票據（「二零二八年SCF
優先票據」）發出部分贖回通知。於二零二六年七月十八日，本集團按本金額100%
之 贖 回 價，贖 回 本 金 總 額165,000,000美 元（相 當 於 約1,290,000,000港 元）之 二 零
二 八 年SCF優 先 票 據。該 項 贖 回 的 資 金 乃 從SCC二 零 二 四 年 循 環 融 資 於 二 零 二 六
年七月提取之1,180,000,000港元及庫存現金撥付。已贖回之票據已全部被註銷。
於二零二六年七月七日，本集團提取MN1二零二零年循環融資下之390,000,000港
元。於 二 零 二 六 年 八 月 六 日，本 集 團 償 還MN1二 零 二 零 年 循 環 融 資 下 之
470,000,000港元未償還本金，連同應計利息。
於二零二六年七月十六日，本集團預付新濠國際二零二一年信貸融資項下定期貸
款 融 資 之 未 償 還 貸 款 本 金 額30,000,000美 元（相 當 於 約235,300,000港 元），連 同 應
計利息。

49

於 二 零 二 六 年 七 月，一 筆 金 額 為2,350,000,000菲 律 賓 披 索（「披 索」）
（相 當 於 約
301,100,000港元）的無抵押信貸融資（經修訂）的可用期進一步延長至二零二六年
九月二十八日，其相關條款及條件並無變動。
於 二 零 二 六 年 八 月 二 十 四 日，本 集 團 就 全 數 贖 回 本 金 總 額600,000,000美 元（相 當
於約4,710,000,000港元）之5.625%二零二七年到期的優先無抵押票據（「二零二七年
MRF優 先 票 據」）發 出 贖 回 通 知，贖 回 價 為 二 零 二 七 年MRF優 先 票 據 之 本 金 額
100%，另加計至二零二六年九月二十三日已訂定贖回日期止之應計而未支付利息
（如有）。
有關債務之進一步詳情，請見本集團截至二零二五年十二月三十一日止年度經審
核綜合財務報表附註30及本公佈所載之截至二零二六年六月三十日止六個月之未
經審核簡明綜合中期財務報表附註13，當中所載資料包括所使用債務融資之類別、
債務到期狀況、貨幣及利率架構、資產押記以及對我們及我們附屬公司以現金股
息、貸款或預付款形式轉移資金的能力所施加之任何限制之性質及程度。
資本負債比率
於二零二六年六月三十日之資本負債比率，即總計息借貸除以總資產之百分比為
70.3%（二零二五年十二月三十一日：69.1%）。
資產抵押
於 二 零 二 六 年 六 月 三 十 日，本 金 總 額 為5,351,000,000港 元（二 零 二 五 年 十 二 月
三十一日：8,005,200,000港元）之借貸由本集團以下資產作抵押：
(i)

若干物業及設備；

(ii)

若干可使用土地權以及於有關土地上之所有目前及未來樓宇及裝置，以及土
地使用權（或等同項目）；

(iii) 若干銀行存款；
(iv) 應收款項及其他資產（包括若干集團內公司間貸款）；及
(v)

本公司之若干附屬公司之已發行股份。

或然負債
除本公佈之截至二零二六年六月三十日止六個月之未經審核簡明綜合財務報表附
註15所 披 露 之 承 擔 及 或 然 事 項 外，於 二 零 二 六 年 六 月 三 十 日，本 集 團 截 至 二 零
二五年十二月三十一日止年度之經審核綜合財務報表附註40所披露之或然負債並
無其他顯著變動。
50

財務風險
外滙風險
本集團之主要營運主要以港元、澳門元（「澳門元」）、美元、披索、歐元（「歐元」）
及斯里蘭卡盧比（「斯里蘭卡盧比」）進行及記錄。海外營運之財務報表乃換算為港
元，此為本集團之功能及呈列貨幣。本集團之收益主要以港元計值，而經營開支
主 要 以 澳 門 元、港 元、披 索、歐 元 及 斯 里 蘭 卡 盧 比 計 值。此 外，債 務 及 若 干 開 支
的顯著部份是以美元計值。
港元與美元掛鈎並訂明窄幅交易範圍而澳門元則與港元掛鈎，此等貨幣之間的滙
率在過去數年保持相對穩定。因此，本集團預期此等貨幣之幣值波動不會對營運
造成重要影響。本集團為營運而持有以外幣（如披索、歐元及人民幣）計值之銀行
結餘、應收款項及存款，此可能產生滙率波動風險並可能受到（其中包括）政治和
經濟環境變化的影響。截至二零二六年及二零二五年六月三十日止六個月，本集
團並無就日常營運收支的外滙風險進行對沖交易。然而，本集團持有若干數額的
營運資金之計值貨幣與本身負有責任的貨幣相同，以減少外幣波動的風險。不過，
本集團參與財務交易及資本開支項目時會間中安排外滙交易。於二零二五年九月，
本集團訂立兩項交叉貨幣掉期安排，以管理與以美元計值之未償還優先票據相關
之外滙滙率風險。
利率風險
本集團主要因按浮動利率計息之借貸而面對現金流利率風險。本集團嘗試透過管
理長期定息借貸與浮息借貸之組合來管理利率風險，並可能以本集團認為審慎的
方式，輔以對沖活動。本集團已訂立利率掉期安排，以管理其根據MN1二零二零
年循環融資提取之貸款之利率風險。
信貸風險
信貸風險是指交易對手未能履行合約義務導致本集團蒙受財務損失的風險。本集
團在對客戶的信用進行審查後，根據與客戶訂立的博彩信貸融資協議，在博彩業
務中發出信貸。菲律賓及塞浦路斯的博彩中介人亦已╱可獲給予信貸。該等應收
款項可與應付佣金及本集團應付客戶及博彩中介人的任何其他款項相抵銷。就此
而 言，本 集 團 管 理 層 認 為 本 集 團 之 信 貸 風 險 已 獲 足 夠 監 察。於 二 零 二 六 年 六 月
三十日及二零二五年十二月三十一日，由於若干娛樂場應收款項以價值等同或高
於相關娛樂場應收款項賬面值的物業作抵押，因此減低了相關信貸風險。

51

有關重大投資或資本資產之未來計劃
隨著本集團持續維護、提升及開發其現有物業，並在現有及新司法權區尋求潛在
增長機會，本集團日後可能會錄得重大資本開支。本集團一直依賴並擬於未來依
賴經營活動現金流量及不同形式的融資，以滿足資金需求。

人力資源
僱員人數及僱員資料
於 二 零 二 六 年 六 月 三 十 日，本 集 團 之 僱 員 總 數 為23,315人（二 零 二 五 年 十 二 月
三十一日：22,972人）。此等僱員當中，有219人駐於香港，而其餘23,096人主要駐
於澳門、菲律賓及塞浦路斯。截至二零二六年六月三十日止六個月之相關僱員成
本（包括董事酬金及以股份為基礎之薪酬開支）為4,123,200,000港元（截至二零二五
年六月三十日止六個月：3,842,800,000港元）。
新濠國際相信，人才乃其成功關鍵。本集團致力創造關懷和信任的工作環境，讓
僱員對身為新濠國際一份子感到自豪。新濠國際是平等機會僱主，相信建立穩定
的員工隊伍和建構和諧的工作場所始於擁抱多元化。本集團確保在每個領域均提
供 平 等 機 會，包 括 薪 酬、福 利、招 聘、晉 升、調 遷、培 訓 機 會 和 發 展。本 集 團 相
信，透 過 發展業務，我們將能夠為員工創造機會及價值。因此，本集團鼓勵僱員
在工作中盡展所能，與本集團一起成長。新濠國際透過認同、參與及投入而建立
僱員的歸屬感。新濠國際的人事政策、制度及慣例與本集團的宗旨及價值觀貫徹
一致，促進其成功發展。

中期股息
董 事 會 建 議 不 派 發 截 至 二 零 二 六 年 六 月 三 十 日 止 六 個 月 之 中 期 股 息（截 至 二 零
二五年六月三十日止六個月：無）。

遵守企業管治守則
本公司訂有本身的企業管治守則（「公司守則」），當中載列本公司於指導及管理旗
下業務事宜時所運用的企業準則及常規，並參考香港聯合交易所有限公司證券上
市規則（「上市規則」）附錄C1所載之企業管治守則（「企業管治守則」）中的原則、守
則條文及建議最佳常規而不時修訂公司守則。公司守則不單將本公司現行的企業
管治原則及常規規範化，亦將現有常規與香港聯合交易所有限公司（「香港聯交所」）
所規定的基準兼收並蓄，最終確保本公司以高透明度方式營運及向其股東負責。

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除下文所述之偏離情況外，本公司於截至二零二六年六月三十日止六個月已遵守
公司守則及企業管治守則所載之守則條文。
根據企業管治守則第二部分第C.2.1段，上市公司的主席與行政總裁的職責須分開
並由不同人士擔任。然而，參照董事會目前之成員配搭，何猷龍先生對本集團及
博彩娛樂產業的運作有深厚認識，其於此領域及本集團之營運範疇擁有龐大的業
務網絡及聯繫，董事會相信，目前得到何猷龍先生擔任主席兼行政總裁乃符合本
公司的最佳利益，直至董事會認為有關職務應由不同人士擔任為止。
本公司設立下列董事會委員會，以確保企業管治維持高水平：
a.
b.
c.
d.
e.
f.

執行委員會；
審核委員會；
薪酬委員會；
提名及企業管治委員會；
財務委員會；及
監察事務委員會。

公司守則及上述委員會之職權範圍已登載於本公司網站www.melco-group.com的「企
業管治」部分。

董事進行證券交易
本公司訂有一套有關本公司董事（「董事」）及相關僱員（彼等可能會掌握有關本公
司證券之內幕消息）進行本公司證券交易之守則（「證券交易守則」），該守則為一
套條款不低於上市規則附錄C3所載之上市發行人董事進行證券交易的標準守則所
規定標準的行為守則。本公司已收到全體董事確認，彼等於截至二零二六年六月
三十日止六個月內一直遵守證券交易守則所載之規定標準。

審核委員會
本公司的審核委員會目前由三名獨立非執行董事組成。審核委員會的主要職責是(i)
審閱本集團之年報、中期報告及財務報表以及就此向董事會提供建議及發表意見；
(ii)審查及監督本集團的財務申報過程；及(iii)監察本集團的風險管理及內部監控
制度。審核委員會已審閱本公司截至二零二六年六月三十日止六個月之未經審核
中期業績及中期報告。

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購買、出售或贖回本公司之上市證券
於截至二零二六年六月三十日止六個月，本公司及其任何附屬公司概無購買、出
售或贖回本公司任何上市證券，惟股份購買計劃的受託人於香港聯交所按總代價
約9,200,000港 元 購 買 合 共2,747,000股 本 公 司 股 份，以 達 成 根 據 股 份 購 買 計 劃 之 規
則及信託契據的條款向選定參與者獎授股份。

獨立審閱
截至二零二六年六月三十日止六個月之中期業績乃未經審核，但已經由本公司核
數師德勤 • 關黃陳方會計師行根據香港會計師公會頒佈之香港審閱委聘準則第
2410號「實體之獨立核數師審閱中期財務資料」審閱，其獨立審閱報告收錄於截至
二零二六年六月三十日止六個月之中期報告。

登載中期業績及中期報告
本公佈在本公司網站(www.melco-group.com)及香港聯交所網站(www.hkexnews.hk)
上登載。截至二零二六年六月三十日止六個月之中期報告將按照上市規則規定於
適當時候在本公司及香港聯交所網站可供查閱。

董事會
於 本 公 佈 日 期，董 事 會 成 員 包 括 四 名 執 行 董 事，分 別 為 何 猷 龍 先 生（主 席 兼 行 政
總 裁）、Evan Andrew Winkler先 生（總 裁 兼 董 事 總 經 理）、鍾 玉 文 先 生 及Geoffrey
Stuart Davis先 生（財 務 總 監）；以 及 三 名 獨 立 非 執 行 董 事，分 別 為 徐 志 賢 先 生、
真正加留奈女士及高振峯先生。
承董事會命
新濠國際發展有限公司
主席兼行政總裁
何猷龍

香港，二零二六年八月三十一日

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