\n<\/p>\n
Suncity
\nProfit Turned Positive<\/b><\/p>\n
TdC Adjusted EBITDA Turned Positive In 2H 2020 As A Result Of<\/b><\/p>\n
Solid Local
\nRussian Businesses In Mass & Electronic Gaming\u00a0<\/b>Diversify\u00a0<\/b><\/p>\n
Into The
\nPhilippines, Russia & Japan<\/b><\/p>\n
HONG
A Letter TO
Dear
\u00a0<\/i><\/p>\n
Needless
\u00a0<\/i><\/p>\n
Amidst
\u00a0<\/i><\/p>\n
Rewinding
\u00a0<\/i><\/p>\n
I
\u00a0<\/i><\/p>\n
On
\u00a0<\/i><\/p>\n
I
\u00a0<\/i><\/p>\n
Although
\u00a0<\/i><\/p>\n
Finally,
Mr Alvin
Chairman<\/i><\/p>\n
Suncity
\u00a0<\/p>\n
FULL YEAR ANNUAL
\u00a0<\/b><\/p>\n
Suncity: Significant
Group &
Tigre de Cristal:
Hoiana: Cost-Cutting
Balance Sheet:
\u00a0<\/b><\/p>\n
Development
\u00a0<\/b><\/p>\n
Market
Unsurprisingly,
\u00a0<\/p>\n
In
\u00a0<\/p>\n
Vietnam
\u00a0<\/p>\n
In the Philippines, all
\u00a0<\/p>\n
In Macau, total GGR for
\u00a0<\/p>\n
Group
\u00a0<\/p>\n
The Group recorded total
\u00a0<\/p>\n
The profit for the year
Upon
1<\/span>\u00a0 \u00a0 \u00a0\u00a0Russia Federal Agency for Tourism<\/p>\n 2<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0 Federal Office for State Statistics, Russia<\/p>\n 3<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0The Border Service of the Federal Security Service of the Russian Federation<\/p>\n 4<\/span>&5\u00a0\u00a0 \u00a0<\/span>General Statistics Office of Vietnam<\/p>\n 6<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Philippines Amusement and Gaming Corporation<\/p>\n 7<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Philippines Statistics Authority<\/p>\n 8<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Gaming Inspection and Coordination Bureau, Macao SAR<\/p>\n 9<\/span>&10<\/span>\u00a0 Statistics and Census Service, Macao SAR<\/p>\n
Revenue<\/b><\/p>\n
\u00a0<\/p>\n
Revenue for the year was
\u00a0<\/p>\n
i)\u00a0Property
\u00a0<\/p>\n
ii)\u00a0Property
\u00a0<\/p>\n
iii)\u00a0\u00a0Hotel
\u00a0<\/p>\n
iv)\u00a0Travel
\u00a0<\/p>\n
v)\u00a0Operation of integrated resort
\u00a0<\/b><\/p>\n
vi)\u00a0Operation
Operations of Integrated Resorts<\/b><\/p>\n
\u00a0<\/b><\/p>\n
Tigre de Cristal<\/b><\/p>\n
Gaming operations<\/i>
\u00a0<\/i><\/p>\n
Net Gaming revenue of
\u00a0<\/p>\n
Rolling
\u00a0<\/p>\n
Mass
\u00a0<\/p>\n
Electronic
\u00a0<\/i><\/p>\n
Hotel Operations<\/i>
Revenue
Key Financial Data of Tigre de
\u00a0<\/p>\n
\n <\/td>\n
<\/p>\n FY2020<\/b>
<\/p>\n HK$’million<\/i><\/b>
\n <\/td>\n
<\/p>\n FY2019<\/p>\n
<\/p>\n HK$’million<\/i>
\n <\/td>\n
Revenue:<\/p>\n
<\/p>\n Net Gaming<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
<\/p>\n 203<\/b>
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
<\/p>\n 482<\/p>\n
\n <\/td>\n
Hotel\/F&B\/Others<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8<\/u><\/b>
\n <\/td>\n
<\/p>\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 51<\/u><\/p>\n
\n <\/td>\n
Total Net
\n <\/td>\n
<\/p>\n 211<\/b>
\n <\/td>\n
<\/p>\n 533<\/p>\n
\n <\/td>\n
\u00a0<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/p>\n
\n <\/td>\n
Adjusted EBITDA<\/p>\n
\n <\/td>\n
<\/p>\n (15)<\/b>
\n <\/td>\n
<\/p>\n 215<\/p>\n
\n <\/td>\n
Adjusted EBITDA margin<\/p>\n
\n <\/td>\n
<\/p>\n N\/A<\/b>
\n <\/td>\n
<\/p>\n 40%<\/p>\n
\n <\/td>\n
Gaming Statistics<\/i><\/p>\n
\u00a0<\/i><\/b><\/p>\n
\n <\/td>\n
\u00a0\u00a0\u00a0\u00a0\u00a0 Q12020
\n <\/td>\n
Q22020
\n <\/td>\n
Q32020
\n <\/td>\n
Q42020
\n <\/td>\n
FY2020<\/b>
\n <\/td>\n
FY2019
\n <\/td>\n
(HK$’
\n <\/td>\n
\u00a0<\/i><\/b><\/p>\n
\n <\/td>\n
\u00a0<\/i><\/b><\/p>\n
\n <\/td>\n
\u00a0<\/i><\/b><\/p>\n
\n <\/td>\n
\u00a0<\/i><\/b><\/p>\n
\n <\/td>\n
\u00a0<\/i><\/b><\/p>\n
\n <\/td>\n
\u00a0<\/i><\/b><\/p>\n
\n <\/td>\n
\u00a0<\/p>\n
<\/p>\n Total
\n <\/td>\n
\u00a0<\/i><\/b><\/p>\n
\n <\/td>\n
\u00a0<\/i><\/b><\/p>\n
\n <\/td>\n
\u00a0<\/i><\/b><\/p>\n
\n <\/td>\n
\u00a0<\/i><\/b><\/p>\n
\n <\/td>\n
250<\/b>
\n <\/td>\n
815
\n <\/td>\n
\u00a0<\/p>\n
<\/p>\n Rolling
\n <\/td>\n
\u00a0<\/p>\n
<\/p>\n 1,167
\n <\/td>\n
\u00a0<\/p>\n
<\/p>\n 25
\n <\/td>\n
\u00a0<\/p>\n
<\/p>\n 100
\n <\/td>\n
\u00a0<\/p>\n
<\/p>\n 63
\n <\/td>\n
\u00a0<\/b><\/p>\n
<\/p>\n 1,355<\/b>
\n <\/td>\n
\u00a0<\/p>\n
<\/p>\n 15,215
\n <\/td>\n
Gross
\n <\/td>\n
4.03%
\n <\/td>\n
12.00%
\n <\/td>\n
2.00%
\n <\/td>\n
0%
\n <\/td>\n
3.84%<\/b>
\n <\/td>\n
2.90%
\n <\/td>\n
Gross
\n <\/td>\n
47
\n <\/td>\n
3
\n <\/td>\n
2
\n <\/td>\n
0
\n <\/td>\n
52<\/b>
\n <\/td>\n
441
\n <\/td>\n
\u00a0<\/p>\n
<\/p>\n Mass
\n <\/td>\n
136
\n <\/td>\n
5
\n <\/td>\n
105
\n <\/td>\n
116
\n <\/td>\n
362<\/b>
\n <\/td>\n
751
\n <\/td>\n
Net
\n <\/td>\n
24.3%
\n <\/td>\n
20.0%
\n <\/td>\n
20.0%
\n <\/td>\n
23.3%
\n <\/td>\n
22.7%<\/b>
\n <\/td>\n
23.2%
\n <\/td>\n
Net
\n <\/td>\n
33
\n <\/td>\n
1
\n <\/td>\n
21
\n <\/td>\n
27
\n <\/td>\n
82<\/b>
\n <\/td>\n
174
\n <\/td>\n
\u00a0<\/p>\n
<\/p>\n Electronic
\n <\/td>\n
782
\n <\/td>\n
28
\n <\/td>\n
664
\n <\/td>\n
743
\n <\/td>\n
2,217<\/b>
\n <\/td>\n
3,404
\n <\/td>\n
Net
\n <\/td>\n
5.0%
\n <\/td>\n
7.1%
\n <\/td>\n
4.8%
\n <\/td>\n
4.0%
\n <\/td>\n
4.6%<\/b>
\n <\/td>\n
5.5%
\n <\/td>\n
Net
\n <\/td>\n
39
\n <\/td>\n
2<\/p>\n
\n <\/td>\n
32
\n <\/td>\n
30
\n <\/td>\n
103<\/b>
\n <\/td>\n
186
\n <\/td>\n
Hoiana<\/b><\/p>\n
As at 31 December 2020,
\u00a0<\/p>\n
Hoiana’s net revenue
Key Financial Data of Hoiana<\/i><\/p>\n
<\/p>\n FY2020<\/b>(i)<\/sup><\/b> <\/b><\/p>\n
\n <\/td>\n
<\/p>\n US$’000<\/i><\/p>\n
\n <\/td>\n
Revenue:<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/i><\/p>\n
\n <\/td>\n
Net Gaming<\/p>\n
\n <\/td>\n
<\/p>\n 3,455<\/b><\/p>\n
\n <\/td>\n
Hotel\/F&B\/Others\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/p>\n
\n <\/td>\n
<\/p>\n 1,323<\/b><\/p>\n
\n <\/td>\n
Total
\n <\/td>\n
<\/p>\n 4,778<\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/b><\/p>\n
\n <\/td>\n
Adjusted EBITDA<\/p>\n
\n <\/td>\n
<\/p>\n (31,951)<\/b>
\n <\/td>\n
Adjusted EBITDA margin<\/p>\n
\n <\/td>\n
<\/p>\n N\/A<\/b>
\n <\/td>\n
(i)\u00a0<\/i>For the period
Gaming Statistics<\/i><\/p>\n
\u00a0<\/i><\/b><\/p>\n
\n <\/td>\n
<\/p>\n Q32020(i)<\/sup><\/p>\n
\n <\/td>\n
<\/p>\n Q42020<\/p>\n
\n <\/td>\n
<\/p>\n FY2020<\/b>(ii)<\/sup>
\n <\/td>\n
(US$’ 000)<\/i>
\n <\/td>\n
<\/p>\n \u00a0<\/i><\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/i><\/b><\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/i><\/b><\/p>\n
\n <\/td>\n
\u00a0<\/p>\n
<\/p>\n Total GGR<\/p>\n
\n <\/td>\n
<\/p>\n 1,432<\/p>\n
\n <\/td>\n
<\/p>\n 7,501<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/b><\/p>\n
<\/p>\n 8,933<\/b><\/p>\n
\n <\/td>\n
\u00a0<\/p>\n
<\/p>\n Rolling Chip Volume<\/p>\n
\n <\/td>\n
<\/p>\n 84,506<\/p>\n
\n <\/td>\n
<\/p>\n 165,530<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/b><\/p>\n
<\/p>\n 250,036<\/b><\/p>\n
\n <\/td>\n
Gross Win Rate %
\n <\/td>\n
<\/p>\n NEG(iii)<\/sup><\/p>\n
\n <\/td>\n
<\/p>\n 3.5%<\/p>\n
\n <\/td>\n
<\/p>\n 2.2%<\/b>
\n <\/td>\n
Gross Win
\n <\/td>\n
<\/p>\n (461)<\/p>\n
\n <\/td>\n
<\/p>\n 5,837<\/p>\n
\n <\/td>\n
<\/p>\n 5,376<\/b>
\n <\/td>\n
\u00a0<\/p>\n
<\/p>\n Mass Table Drop
\n <\/td>\n
<\/p>\n 5,806<\/p>\n
\n <\/td>\n
<\/p>\n 6,342<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/b><\/p>\n
<\/p>\n 12,148<\/b>
\n <\/td>\n
Gross Win Rate %
\n <\/td>\n
<\/p>\n 18.8%<\/p>\n
\n <\/td>\n
<\/p>\n 17.8%<\/p>\n
\n <\/td>\n
<\/p>\n 18.3%<\/b>
\n <\/td>\n
Gross Win
\n <\/td>\n
<\/p>\n 1,089<\/p>\n
\n <\/td>\n
<\/p>\n 1,131<\/p>\n
\n <\/td>\n
<\/p>\n 2,220<\/b>
\n <\/td>\n
\u00a0<\/p>\n
<\/p>\n Electronic Gaming Volume
\n <\/td>\n
<\/p>\n 9,482<\/p>\n
\n <\/td>\n
<\/p>\n 6,208<\/p>\n
\n <\/td>\n
<\/p>\n \u00a0<\/b><\/p>\n
<\/p>\n 15,690<\/b>
\n <\/td>\n
Gross Win Rate %
\n <\/td>\n
<\/p>\n 8.5%<\/p>\n
\n <\/td>\n
<\/p>\n 8.6%<\/p>\n
\n <\/td>\n
<\/p>\n 8.5%<\/b>
\n <\/td>\n
Gross Win
\n <\/td>\n
<\/p>\n 804<\/p>\n
\n <\/td>\n
<\/p>\n 533<\/p>\n
\n <\/td>\n
<\/p>\n 1,337<\/b>
\n <\/td>\n
(i)\u00a0\u00a0<\/sup><\/i>For the period
(ii)\u00a0\u00a0<\/sup><\/i>For the period
(iii)\u00a0\u00a0<\/sup><\/i>NEG represents
\u00a0<\/p>\n
\u00a0<\/b><\/p>\n
Development Update<\/b><\/p>\n
\u00a0<\/p>\n
Tigre de Cristal, Russia<\/i><\/p>\n
\u00a0<\/i><\/p>\n
Tigre de Cristal Phase I
\u00a0<\/p>\n
Phase II planning and
Hoiana, Vietnam<\/i><\/p>\n
\u00a0<\/p>\n
Hoiana Phase 1 is not
\u00a0<\/p>\n
As COVID-19 continues to
\u00a0<\/p>\n
Given current market
\u00a0<\/i><\/p>\n
Westside City
The main design has already been
\u00a0<\/p>\n
When all phases of Westside City Project are
\u00a0<\/p>\n
Westside City Project will be integrated with
Other international locations<\/i><\/p>\n
\u00a0<\/p>\n
The Group plans to develop a diving resort and
\u00a0<\/b><\/p>\n
Outlook<\/b><\/p>\n
\u00a0<\/p>\n
We
\u00a0<\/p>\n
The
\u00a0<\/p>\n
In
\u00a0<\/p>\n
Hoiana
\u00a0<\/p>\n
We
\u00a0<\/p>\n
In
\u00a0<\/p>\n
The
Selected Awards<\/b><\/p>\n
Awards<\/b>
\n <\/td>\n
Institution<\/b>
\n <\/td>\n
SUNCITY GROUP HOLDINGS LIMITED<\/b>
\n <\/td>\n
Best IR Company \u2013 Mid Cap<\/p>\n
<\/p>\n Best IR by Chairman \/ CEO \u2013 Andrew Lo \u2013 Mid Cap <\/p>\n
<\/p>\n Best
\n <\/td>\n
Hong Kong Investor Relations Association<\/p>\n
\n <\/td>\n
All Asia Executive 2020<\/p>\n
<\/p>\n Honored Company <\/p>\n
\n <\/td>\n
Institutional Investor<\/p>\n
\n <\/td>\n
The Best Investor Relations Case Study Award<\/p>\n
\n <\/td>\n
3rd<\/sup> Annual China Excellence
<\/p>\n IRSC International Road Show Centre<\/p>\n
\n <\/td>\n
2020 China’s Top 500 Listed Companies<\/p>\n
\n <\/td>\n
Asiabrand, Brand Management Expert
\n <\/td>\n
TIGRE
\n <\/td>\n
Corporate
(Hotel Resort of the Year)<\/p>\n
\n <\/td>\n
CEO
\n <\/td>\n
Winner
(Company of the Year 2019)<\/p>\n
\n <\/td>\n
Zolotoy
\n <\/td>\n
Top 5
\n <\/td>\n
World
\n <\/td>\n
HOIANA,
\n <\/td>\n
Best
\n <\/td>\n
Robb
\n <\/td>\n
Asia’s
\n <\/td>\n
World
\n <\/td>\n
Best
\n <\/td>\n
HR
\n <\/td>\n
World’s
\n <\/td>\n
World
\n <\/td>\n
GEO
(Hoiana Shores is the first and only golf
to achieve this designation, and one of only half a
\n <\/td>\n
Scotland-based
\n <\/td>\n
\nKONG SAR –\u00a0Media
\nOutReach<\/a>\u00a0– 30 March 2021 –\u00a0Suncity Group Holdings Limited
\n(“Suncity”, the “Group” or “Company”) (Hong Kong Stock Exchange code: 1383) today
\nreported results for the twelve-month periods for the year ended 31 December
\n2020. All amounts are expressed in RMB unless otherwise stated.<\/p>\n
\n
\n
\n
<\/p>\n
\nSHAREHOLDERS from THE Chairman, Mr. Chau Cheok Wa<\/b><\/p>\n
\n
\n
\n
<\/p>\n
\nfellow Suncity shareholders,<\/i><\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nto explain, 2020 was one of the worst years in modern history, as the majority
\nof the year has been affected by the COVID-19 pandemic. We were all being led
\nthrough a roller coaster ride in a mere short year. Global markets initially
\nbottomed then boomed, yet real economic recovery is still underwater. While
\nSuncity was on the way charting to the new lands as a new comer in the
\nentertainment scene, the monster COVID dragged us back from otherwise arriving
\nat our initial promised land. Regrettably, COVID happened at a time when we
\nhave just finished sharpening the flagship sword, Hoiana, after years in the
\nmaking.\u00a0 Full and ready to strike, yet
\nthe virus has put Hoiana’s Grand Opening to a halt. Flights and visas to
\nVietnam are no longer accessible, leaving us no chance to showcase what a
\nmasterpiece that we have created. 2020 was history, and letting bygones be
\nbygones would be the best strategy. As long as we stay afloat while we sharpen
\nother swords, and I am not worried about not having chances to strike in the
\nfuture. <\/i><\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nthe doom and gloom, there are silver linings. Under the Suncity portfolio, we
\nalso have integrated resorts that are supported by local markets, such as Tigre
\nde Cristal. COVID has offered a chance to prove that an integrated resort with
\na local exposure could offer some downside protection, such as Tigre de
\nCristal, for being EBITDA-positive in the second half of 2020 with the support
\nof the local Russian market. I am also pleased to report a net profit
\nattributable to equity holders of RMB 786.4 million, though non-cash in nature,
\nit sets a good start for the transformation of Suncity into a leading Asian
\nintegrated resort operator.<\/i><\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nthe clock to a couple of years ago, I came across Tigre de Cristal in a
\nbusiness trip. As an entrepreneur, I see a multitude of opportunities untapped
\n\u2013 its already solid local mass and slot businesses; its proximity to South
\nKorea and Japan; as well as its unparalleled profitability profile, are the
\nbeauty of operating this resort Tigre de Cristal. Before Suncity took over,
\nTigre de Cristal has already delivered fair, though not staggering results. I thought
\nto myself, how could I help to find the missing puzzle to make Tigre de Cristal
\nglow as the highest-return integrated resort in Asia? What if I could take
\ncontrol of it, sprinkle just the right amount of change and add some flavour to
\nmake sure that Tigre de Cristal will be the perfect dish that suits well to the
\ntastes of our target Asian customers? This is exactly the gap that Suncity
\ncould bridge, because at Suncity we understand the Asian way of conducting
\nentertainment businesses. Now that Suncity has become the parent company of
\nSummit Ascent, I will make sure Suncity will help Tigre de Cristal glow.<\/i><\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nam also blessed to have found another gem in the Philippines, where the next
\nfinest and best integrated resort in Entertainment City will be built from
\nscratch with our partner. My team and I are busy crafting the blueprints of
\nthis destination on how we could build an integrated resort from the ground up
\nthat is tailored to the taste of local Filipino and Asian customers. We gather
\nprime ingredients for a successful integrated resort, putting them under boil
\nutilising the trialled and tested Suncity recipe, while tweaking local flavours
\nto suit each market’s local taste. In terms of design, scale and connectivity,
\nI am confident that Westside City Project would be amongst the best in the
\nentire Entertainment City in Manila.<\/i><\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\na strategic geopolitical basis, we diversify our integrated resorts in North,
\nSouth and East of Asia. Under the Suncity umbrella, we have everything on the
\nmenu of integrated resorts for the pleasure of our guests \u2013 sun, sea and sand
\nfor the entire family in the tropical Hoiana; skiing, shooting and shots of
\nvodka for adults’ entertainment in Tigre de Cristal; slots and mass
\nentertainment in Westside City Project in the Philippines. Not only does
\nSuncity build and operate integrated resorts, now Suncity also develops skiing
\nand diving hotels in Niseko and Miyako Islands in Japan, so as to increase
\ncustomer stickiness on non-gaming perspective. The Suncity standard will ensure
\nthat our guests will receive the same level of superior services in all of our
\nintegrated resorts. The transformation of the company has been ongoing, as the
\nGroup has just announced the disposal of the property leasing and property
\ndevelopment businesses in February 2021, indicating that the Group is
\nofficially on a fast track to develop its integrated resorts and hotels
\nbusinesses. <\/i><\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nam also delighted to welcome a team of veteran integrated resort professionals
\nto join the Group. Considering Macau is an exemplary illustration of running
\nthe world’s most successful integrated resorts, together, we will continue to
\nmake good use of Macau as a headquarter for Suncity’s global integrated resort
\noperations. We will bring the Macau-style “World Centre of Tourism and Leisure”
\nhospitality to a global stage by forming a portfolio of integrated resorts in
\nalliance altogether in strategic locations in North, South and East of Asia.
\nThe reopening of borders will unleash pent-up demand from tourists where they
\ncan travel freely to our integrated resorts for the unparalleled entertainment
\nexperience we offer. <\/i><\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\n2020 was far from perfect, I am grateful to the Chinese government and the
\nMacau government for their swift and decisive actions to protect their citizens
\nduring the pandemic. I would also like to thank the Russian government for
\nstarting to offer vaccines to our Russian staff, as well as to the Vietnamese
\nand Filipino governments for successfully controlling the pandemic locally.
\nAsia is way ahead of the rest of the world in the pandemic. Progressively, I am
\nglad to witness local businesses are coming back. In undue hard times like now,
\nour guests and our staff’s safety are of utmost priority to us. Our team will
\ndeliver all necessary precautionary measures recommended by the local
\nauthorities to ensure a worry-free entertainment experience for our guests. <\/i><\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nI would like to extend my gratitude to our global team, our shareholders, our
\nsuppliers, our investment partners and our guests for going through a tough
\n2020 with us. I would also like to thank our valuable team members for their
\nhard work and their patience to grow together with the company. 2020 may have
\nbeen tough, yet we passed every single hurdle that was laid ahead of us before,
\nand I am sure there is no difference this time.<\/i><\/p>\n
\n
\n
\n
<\/p>\n
\nChau Cheok Wa<\/i><\/b><\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nGroup Holdings Limited<\/i><\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\n2020 RESULTS HIGHLIGHTS<\/b><\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nTurnaround to Profit;\u00a0 though Primarily
\nNon-Cash in Nature<\/b><\/p>\n
\n
<\/p>\n\n
\nOctober 2020, Summit Ascent Holdings Limited (“Summit Ascent”) became a
\nsubsidiary of Suncity. Suncity now owns approximately 69.66% of Summit Ascent. Subsequently,
\nSummit Ascent increased holdings of Tigre de Cristal to approximately 77.5%<\/li>\n
\nYear Group Total Revenue of RMB199.3 million, down 67% year-on-year<\/li>\n
\nYear Group Consolidated Adjusted EBITDA of RMB(105.2) million, versus RMB(59.4)
\nmillion in 2019<\/li>\n
\nYear Group Net Profit Attributable to Equity Holders of the Company of RMB786.4
\nmillion in 2020, significantly turnaround from Net Loss Attributable to Equity
\nHolders of the Company of RMB(1,484.3) million in 2019, though primarily
\nnon-cash in nature<\/li>\n<\/ul>\n
\n
\n
\n
<\/p>\n
\nSegmental Results: New Segment in Operation of Integrated Resorts Started to Contribute
\nFollowing the Acquisition of Summit Ascent <\/b><\/p>\n
\n
<\/p>\n\n
\nYear Travel Related Products and Services Segment Revenue of approximately
\nRMB110.0 million, down 79% year-on-year<\/li>\n
\noperations of integrated resort1<\/sup> – Tigre de Cristal contributed revenue from
\ngaming and hotel operations of approximately RMB42.4 million to the Group<\/li>\n
\nYear property leasing and management and operation of malls segment revenue of
\napproximately RMB39.0 million, down 12.8% year-on-year<\/li>\n
\nYear hotel and integrated resort general consultancy services segment revenue
\nof approximately RMB7.9 million, down 45% year-on-year<\/li>\n<\/ul>\n
\n
\n
\n
<\/p>\n
\nSolid Local Mass & Electronic Gaming Businesses when Borders were Closed;
\nAdjusted EBITDA Turned Positive in 2H 2020, Cost-Cutting Initiative in Place<\/b><\/p>\n
\n
<\/p>\n\n
\nand electronic gaming businesses in 2H<\/li>\n
\nmillion, down 58% year-on-year<\/li>\n
\nHK$249.7 million, down 69% year-on-year<\/li>\n
\ncompared to a positive Adjusted EBITDA of HK$214.8 million in 2019<\/li>\n
\nyear-on-year and turned from Adjusted EBITDA of HK$(22.1) million in 1H to
\npositive<\/li>\n
\n19% during weekdays in 2020<\/li>\n<\/ul>\n
\n
<\/p>\n
\nInitiative in Place ; Ensuring Fiscal Survivability<\/b><\/p>\n
\n
<\/p>\n\n
\nCOVID-19<\/li>\n
\nUS$4.8 million<\/li>\n
\nmillion<\/li>\n
\ndecreased its Adjusted EBITDA by approximately US$1.2 million. Normalised
\nAdjusted EBITDA was US$(30.8) million in 2020<\/li>\n<\/ul>\n
\n
\n
\n
<\/p>\n
\nStrong Support from the Main Shareholder; Enhanced the Group’s Net Asset Position
\nby Exchanging his Shareholder Loans into Perpetual Securities<\/b><\/p>\n
\n
<\/p>\n\n
\nshareholder’s loans into perpetual securities, and committed to a total of HK$6
\nbillion<\/li>\n
\nCapital Base and Reduced Gearing<\/li>\n
\nDecember 2020<\/li>\n
\nRMB1.3 billion as at 31 December 2020<\/li>\n<\/ul>\n
\n
<\/p>\n
\n
<\/p>\n
\nUpdates: Clear Roadmap for Integrated Resort Development in Asia<\/b><\/p>\n
\n
<\/p>\n\n
\nBrand-new Suncity VIP room, restaurants and a new private club are now ready. Phase
\nII planning & design on its way, although there were minor delays due to
\nCOVID-19<\/li>\n
\npiling works are now completed; Moving onto building the superstructure above
\nthe ground<\/li>\n
\ntravel resumes<\/li>\n
\nresort in Miyako Islands, Okinawa; and a skiing resort in Niseko, Hokkaido<\/li>\n
\nother overseas markets<\/li>\n<\/ul>\n
\n
<\/p>\n
\n
<\/p>\n
\nOverview<\/b><\/p>\n
\n
\n
\n
<\/p>\n
\nall jurisdictions that Suncity has exposure to, were affected by COVID-19 to a various
\nextent as tourism has been seriously affected in 2020. <\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nRussia, the Russian government stopped all tourist arrivals from 16 March 20201<\/sup>
\nwith limited international flights resumed only until July 2020. The issuance
\nof tourist visas, including visas in the form of an electronic document, has
\nalso been temporarily suspended. Until December 2020, borders were open to only
\n14 countries.\u00a0 All non-essential
\nbusinesses were mandated to close from 28 March 2020 and were allowed to be
\nreopened gradually later. Russia’s GDP declined 3.1%2<\/sup>\u00a0 year-on-year in 2020. Net inflows of foreign
\ndirect investment (“FDI”) was US$1.4 billion in 2020, down 95% year-on-year.\u00a0 In 2020, total tourism arrivals in Primorsky Region
\ndecreased 86% year-on-year to 132,2283<\/sup>. The Russian Federation has
\nbegun COVID-19 vaccinations in Moscow in December 2020, and has already
\napproved mass use in other cities including Vladivostok, where Tigre de Cristal
\nis located.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nhas suspended all inbound international flights and the entry of all foreigners
\nsince 22 March 2020 to contain COVID-19. In 2020, approximately 3.8 million4<\/sup>
\ninternational tourist arrivals were recorded,
\ndown 78% year-on-year. GDP in 2020 was estimated to increase by 2.9%5 <\/sup>year-on-year,
\nthe lowest rate in the period 2011-2020 in the context of the COVID-19
\npandemic. FDI recorded VND463.3 trillion (equivalent to approximately US$20.1
\nbillion), down 1.3% year-on-year. The Vietnamese government plans to roll out
\nmass Covid-19 vaccinations in March 2021. Meanwhile, Vietnam has commenced the
\nfirst phase of human trials of one of the four domestic COVID-19 vaccine in
\nDecember 2020 and has completed the second phase of human trials in February
\n2021.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nintegrated resorts were required to be closed from 15 May 2020 onwards and
\nPAGCOR-licensed integrated resorts in Manila were allowed to operate at only
\n30% operational capacity since 24 August 2020. The tourism industry which
\ninvolves airlines, hotels, and tourist attractions, and shopping malls were not
\nallowed to operate during the 2-month lockdown. The Philippines total Gross
\nGaming Revenue (“GGR”) in 2020 was PHP151.5 billion (equivalent to
\napproximately US$3.1 billion), down 24%6<\/sup> year-on-year. Foreign
\narrivals decreased 82.1% year-on-year to 1.5 million. GDP in Philippines
\ndeclined by 9.5%7 \u00a0<\/sup>year-on-year
\nin 2020.\u00a0 <\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\n2020 was MOP60.4 billion8<\/sup>, down 79.3% year-on-year. The travel
\nrestrictions\u00a0entering the region, and
\nsuspension of Individual Visit Scheme (IVS) for mainland visitors started from
\nlate January for eight straight months of the year significantly affected
\ntourist visitations. Total tourism arrivals in 2020 decreased 85%9<\/sup>
\nyear-on-year to 5.9 million. The average hotel occupancy rate in Macau in 2020
\nwas 28.6%10<\/sup>, down 62.2 percentage points year-on-year.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nFinancial Results<\/b><\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nrevenue of RMB199.3 million, down 67.4% year-on-year. Adjusted EBITDA was
\nRMB(105.2) million versus RMB(59.4) million in 2019. Net profit attributable to
\nequity holders of the Company was RMB786.4 million, significantly turnaround
\nfrom net loss attributable to equity holders of the Company of RMB1,484.3
\nmillion in 2019.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nattributable to equity holders of the Company in 2020 was mainly attributable to
\n(i) a gain on change in fair value of derivative financial instruments of
\napproximately RMB1,359.9 million; (ii) a gain on change in fair value of
\nconvertible bonds of approximately RMB213.5 million as a result of the
\nextension of maturity dates of the convertible bonds issued by the Company
\nduring the year; (iii) a net gain on bargain purchase on acquisition of Summit
\nAscent Holdings Limited (“Summit Ascent”, together with its subsidiaries as
\n“Summit Ascent Group”) of approximately RMB200.7 million; and (iv) partially
\noffset by (a) a loss on change in fair value of investment properties of
\napproximately RMB415.8 million; (b) finance costs of approximately RMB345.6
\nmillion; (c) share of loss of a joint venture of approximately RMB246.6
\nmillion; and (d) impairment loss on interest in an associate of approximately
\nRMB47.4 million.<\/p>\n
\n
\n
\n
\n
<\/p>\n
\nthe completion of Summit Ascent Rights Issue, Summit Ascent owned 60% equity
\ninterest in Oriental Regent Limited (“ORL”) and it further acquired 17.5%
\nequity interest in ORL in November 2020, since then Summit Ascent owned approximately
\n77.5% interest of the integrated resort in the Integrated Entertainment Zone of
\nthe Primorye Region in the Russian Federation, Tigre de Cristal, contributed revenue
\nfrom gaming and hotel operations of approximately RMB42.4 million to the Group
\nduring the year, with contribution of approximately RMB45 million total gross
\ngaming revenue (“GGR”) to the Group.<\/p>\n
\n
\n
\n
<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\napproximately RMB199.3 million, decreased by approximately RMB412.5 million or
\n67.4% when compared to approximately RMB611.8 million in 2019. The revenue was
\nderived from (i) property development, (ii) property leasing and management and
\noperation of malls, (iii) provision of hotel and integrated resort general
\nconsultancy services, (iv) provision of travel related products and services, (v)
\noperation of integrated resort in the Philippines and (vi) operation of
\nintegrated resort in the Russian Federation. The significant decrease was
\nmainly attributable to the significant decrease in revenue from the travel
\nrelated products and services segment.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\ndevelopment \u2013 The Group delivered residential units in the aggregate Gross
\nFloor Area\u00a0 (“GFA”) of nil m2<\/sup>
\n(2019: 621 m2<\/sup>). Since there are no units delivered during the year
\nended 31 December 2020, no revenue was recognised during the year.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nleasing and management and operation of malls \u2013 The revenue represented mainly
\nrental income from the leasing of Gang Long City Shopping Centre. It recorded a
\ndecrease from approximately RMB44.8 million to approximately RMB37.7 million
\nfor the year resulting from the continual decrease in occupancy rate from 60%
\nto 58%. The revenue also included approximately RMB1.3 million of revenue for concessionaire
\nsales and provision of retail management and related services as well as
\nrevenue from the management and operation of the Group’s leased assets, namely
\nPhase 1 Shopping Mall and Phase 2 Living Mall of Xinguang Tiandi in Zhejiang
\nProvince, the PRC, which was generated by a newly acquired wholly-owned
\nsubsidiary since 19 November 2020. The occupancy rates of Phase 1 Shopping Mall
\nand Phase 2 Living Mall of Xinguang Tiandi as at 31 December 2020 were 87% and
\n79% respectively.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nand integrated resort general consultancy services \u2013 The Group has entered into
\nseveral technical service agreements and casino management agreement with
\nintegrated resorts since 2017, which generated revenue of approximately RMB7.9
\nmillion for the year (2019: RMB14.5 million).<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nrelated products and services \u2013 Revenue mainly represented the sale of hotel
\naccommodation products and travel agency service income. Due to the outbreak of
\nCOVID-19, there has been a significant impact on the Group’s travel and tourism
\nrelated business in 2020, the Group recorded a substantial decrease in revenue
\nfrom this segment by approximately RMB415.5 million to approximately RMB110.0
\nmillion during the year (2019: RMB525.5 million).<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nin the Philippines \u2013 through an indirect 51% owned subsidiary of the Company,
\nSuntrust Home Developers, Inc. (“SunTrust”), the Group is currently developing
\na 5-star hotel and casino complex at the Entertainment City, Manila, the
\nPhilippines (“Main Hotel Casino” or “Westside City Project”) of which SunTrust
\nwould be the sole and exclusive operator and manager to operate and manage the
\nMain Hotel Casino upon commencement of operation of the Main Hotel Casino in
\n2023.\u00a0 During the year ended 31 December
\n2020, the Group has completed architectural design works and the piling works
\nof the Main Hotel Casino. No revenue was recognised during the year.
\n
<\/p>\n
\n
<\/p>\n
\nof integrated resort in the Russian Federation \u2013 Summit Ascent became an approximately
\n69.66% owned subsidiary of the Company immediately after the taking up of
\nrights shares of Summit Ascent by Victor Sky Holdings Limited (a wholly-owned
\nsubsidiary of the Company) as underwriter and shareholder and by the Company as
\nshareholder pursuant to the rights issue of Summit Ascent\u00a0 on the basis of three rights shares for every
\ntwo existing shares of Summit Ascent at a subscription price of HK$0.6 per
\nrights share of Summit Ascent (“Summit Ascent Rights Issue”). Since the
\ncompletion of Summit Ascent Rights Issue in October 2020, Summit Ascent
\ncontributed revenue from gaming and hotel operations in the Integrated
\nEntertainment Zone of the Primorye Region in the Russian Federation through its
\napproximately 77.5% owned subsidiary of approximately RMB42.4 million to the
\nGroup during the year.<\/p>\n
\n
\n
\n
<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\n
\n
\n
<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nTigre de Cristal, which consists of three main sources namely the rolling chip
\nbusiness, mass table business and electronic gaming business, was approximately
\nHK$203 million in 2020, decreased by 58% compared to approximately HK$482
\nmillion in 2019.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nchip volume (measured as the sum of all non-negotiable chips wagered and lost
\nby players) at Tigre de Cristal was approximately HK$1.4 billion in 2020,
\nrepresenting a decrease of 91% compared to 2019. Net win after all commissions
\nrebated directly or indirectly to customers from rolling chip business
\ndecreased by 85% to approximately HK$18 million in 2020 compared to
\napproximately HK$122 million in 2019. Gross win percentage (represented the
\nratio of gross win to rolling chip volume) increased from 2.90% in 2019 to
\n3.84% in 2020.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\ntable drop (measured as the sum of gaming chips purchased or exchanged at the
\ncage) decreased by 52% to approximately HK$362 million in 2020, compared to
\napproximately HK$751 million in 2019. Net win from mass table business
\ndecreased by 53% to approximately HK$82 million in 2020, compared to approximately
\nHK$174 million in 2019. Net win rate percentage (represented mass table net win
\nas a percent of mass table drop) decreased slightly from 23.2% in 2019 to 22.7%
\nin 2020.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\ngaming volume (measured as the total value of electronic gaming credits wagered
\nby players) was approximately HK$2.2 billion in 2020, decreased by 35% compared
\nto approximately HK$3.4 billion in 2019. The electronic gaming business
\nrecorded net revenue of approximately HK$103 million, down 45% compared to
\napproximately HK$186 million in 2019. The average net win rate percentage
\ndecreased to 4.6% in 2020 from 5.5% in 2019. The average number of electronic
\ngaming machines deployed decreased by 18% to 277 in 2020, compared to 336 in
\n2019.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nfrom hotel operations, which is largely dependent on foreign guests, decreased
\nto HK$8 million in 2020 or by 84% compared to 2019. Average hotel occupancy
\nrates dropped substantially to 12% (2019: 88%) during weekends and 19% (2019:
\n63%) during weekdays in 2020.<\/p>\n
\n
\n
\n
<\/p>\n
\nCristal<\/i> <\/i><\/p>\n
\n
<\/p>\n\n\n
\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
\n Revenue<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n<\/tbody>\n<\/table>\n
\n
<\/p>\n
\n
<\/p>\n\n\n
\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n million)<\/i>
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n GGR
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n Chip Volume
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n Win Rate %
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n Win
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n Table Drop
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n Win Rate %
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n Win
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n Gaming Volume
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n Win Rate %
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n Win
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
\n <\/tr>\n<\/tbody>\n<\/table>\n
\n
\n
\n
<\/p>\n
\nthe Group held approximately 34% indirect equity interest in Hoiana through the
\ninvestment in a joint venture. The Certificate for the Eligibility for Casino
\nBusiness in relation to the casino operation of Hoiana in Vietnam was granted
\nin May 2020, and the preview took place on 28 June 2020. Hoiana features an
\nintegrated resort with a casino that holds gaming tables, electronic gaming
\nmachines, Asian delights and other international cuisine with more than 1,000
\nhotel rooms and an eighteen-hole golf course. The commencement of operation of
\nHoiana was in the midst of the pandemic when international travel restrictions
\nwere in place which had significant impact on its business performance. The
\nGroup will continue to ramp up the property to prepare for more VIP rooms,
\nhotel rooms, additional food & beverage and retail outlets.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nsince its preview in 2020 was approximately US$4.8 million. Adjusted EBITDA
\nwas approximately US$(32.0) million. Hoiana
\nplayed unlucky in its gaming operations which decreased its Adjusted EBITDA by
\napproximately US$1.2 million. Normalised Adjusted EBITDA was approximately US$(30.8) million in 2020.<\/p>\n
\n
\n
\n
<\/p>\n
\n
<\/p>\n\n\n
\n
\n
\n <\/td>\n
<\/p>\n
\n <\/tr>\n\n
\n
\n <\/td>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
\n Net Revenue<\/p>\n
<\/p>\n
\n <\/tr>\n\n
\n
\n <\/td>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
\n <\/tr>\n<\/tbody>\n<\/table>\n
\nfrom 28 June 2020 (the date of commencement of casino operation) to 31 December
\n2020.<\/i><\/p>\n
\n
\n
\n
<\/p>\n
\n
<\/p>\n\n\n
\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n\n
<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
\n <\/tr>\n<\/tbody>\n<\/table>\n
\nfrom 28 June 2020 (the date of commencement of casino operation) to 30
\nSeptember 2020.<\/i><\/p>\n
\n
<\/p>\n
\nfrom 28 June 2020 (the date of commencement of casino operation) to 31 December
\n2020.<\/i><\/p>\n
\n
<\/p>\n
\nnegative win rate percentage.<\/i><\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nupgrade has already been completed. A brand-new Suncity VIP room has been
\nalready set up and is now operational. A new authentic hotpot restaurant and a
\nnew private club are opened to welcome guests.\u00a0
\n<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nconstruction are well underway except minor delays due to COVID-19. When Phase
\nI & II are both running, Tigre de Cristal will triple in its number of
\nrooms, and double in number in its gaming facilities.<\/p>\n
\n
\n
\n
<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nyet fully opened. Only the mass gaming floor, the VIP rooms, some hotel rooms
\nand the golf course entered into preview on 28 June 2020.
\n
<\/p>\n
\n
<\/p>\n
\noverhang, international travel restrictions plague casino revenue
\nopportunities. This has affected our original marketing and promotion plans to
\ninternational tourists as the target audience has been temporarily shifted to
\nforeign passport holders’ domestic market. Once restrictions are lifted, we are
\nconfident that international tourists will return to Danang and Hoi An area. <\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nsituation, hotel rooms will be rolled out in phases according to the demand of
\nthe market to balance cost and benefits. <\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nProject, Philippines<\/i><\/p>\n
\n
\n
\n
<\/p>\n
\ncompleted. Piling works in Westside City Project has also been completed.
\nMegawide Construction Corporation has been appointed as the main contractor in
\nManila, the Philippines for the Westside City Project. Construction works at
\nthe site is going on at full steam. Westside City Project is expected to be completed
\nin 2023. <\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nready, it will consist of:<\/p>\n
\n
<\/p>\n\n
\n400 gaming tables;<\/li>\n
\n1,200 electronic gaming machines;<\/li>\n
\n450 five-star hotel rooms;<\/li>\n
\n1,000 car park spaces; and<\/li>\n
\nclub & leisure club etc.<\/li>\n<\/ul>\n
\n
<\/p>\n
\n
<\/p>\n
\nthe shopping malls, theatres, restaurants, and shopping streets, etc. to be
\nbuilt by Suncity’s partner Westside \/ Travellers international Hotel Group Inc.
\nThey will also build additional hotel rooms, a shopping mall, a Grand Opera
\nHouse, restaurants, a theatre district and an additional of approximately 2,000
\ncar park spaces.<\/p>\n
\n
\n
\n
<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\na skiing resort in Japan, located in Okinawa and in Hokkaido. In Miyako
\nIslands, Okinawa, the Group plans to develop 40 villas and a hotel with more
\nthan 100 rooms. \u00a0In Niseko, Hokkaido, near
\nGrand Hirafu Mountain, the Group plans to develop 50 villas, 20 townhouses and
\na hotel with over 40 rooms.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nbelieve that COVID-19 will continue to impact all of the Group’s integrated
\nresorts in the near future. We are especially pleased to see that vaccination
\nprogress has been ongoing in Macau and China, with Macau serving as the only
\ncross-border location for Chinese residents to visit without the need to be in
\nquarantine. We are also pleased to witness the start of the vaccination programme
\nfor our staff members in Tigre de Cristal in Russia. We are also confident that
\nthe vaccination will be rolled out worldwide soon. In that case, countries
\nwhere the Group has invested in such as Vietnam and the Philippines will no
\nlonger be restricted by quarantine, flights or visa constraints.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nGroup remains long-term positive to our integrated resort portfolio. Before Suncity’s
\nmanagement stepped in to transform the operations of Tigre de Cristal, Tigre de
\nCristal itself has already been self-running with a positive Adjusted EBITDA.
\nAfter the Company became its largest shareholder, as the new operator of Tigre
\nde Cristal, bringing in a wealth of experience in gaming operations, the Group
\nhelps Summit Ascent to upgrade its hardware, the facilities; and its software,
\nits service standards. Right now, both software and hardware in Tigre de
\nCristal are ready for guests once the borders reopen.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nthe short run, the Group will bring three major changes to Tigre de Cristal.
\nFirstly, the Group will continue to help to upgrade Tigre de Cristal’s
\nhardware. Secondly, the Group will help to introduce a brand-new Direct VIP
\nsegment using the Group’s customer base. Thirdly, the Group will help to bring
\nin a new Premium mass segment, all to be under Tigre de Cristal. The Group will
\nmake good use of Tigre de Cristal’s proximity to the Korean and Japanese
\nmarkets as these two markets are relatively untapped in the north of Asia. The
\ntrue harvest year for Summit Ascent will be the time when Tigre de Cristal
\nPhase II is up-and-running. Capacity-wise, Phase II will triple the current
\nnumber of rooms, and double the number of tables and electronic gaming
\nmachines.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nPhase 1 is not yet fully opened. Unfortunately, Hoiana was ready at a time when
\nthe pandemic was in full swing. Only a preview could take place in June 2020.
\nHoiana’s current focus is to stay afloat while continuing marketing to local
\nexpats and the Viet Kieu community in the short run. When travel is no longer
\nhindered by COVID-19, the long beaches, white sand and exhilarating
\nentertainment in Hoiana would appeal to our Asian customers. Hoiana offers one
\nof the best integrated resort locations for families in South-East Asia. While
\nthe pandemic continues to impede Hoiana’s performance post-preview, we remain
\nhopeful that the situation could have been improved when flights and visas
\nresume.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nlike the Philippines as one of the fastest-growing Asian gaming jurisdictions.
\nWhen Westside City Project is completed, Westside City Project will be running
\nat a similar scale as the other operators in Entertainment City in Manila. With
\nthe Group’s expertise in gaming, we are confident that Westside City Project will
\nbe one of the best integrated resorts in the Philippines in terms of
\nfacilities, design and amenities.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nthe meantime, the Group has implemented a stringent cost control program across
\nthe board. For example, split shifts and flexible working were implemented in
\nHoiana, Vietnam; and in Tigre de Cristal, Russia, without significantly
\naffecting customer experience. The Group continues to progress at full speed on
\nvarious projects across Asia. When the pandemic is over, the Group is
\nwell-positioned to capture the growth in entertainment demand in Asia, thanks
\nto the strengthened network of projects and the Group’s access to our
\nproprietary customer database in Sun Travel.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nGroup continues to evaluate various integrated resort projects in Asia whilst
\nwe remain optimistic in the sector in the very long term.<\/p>\n
\n
\n
\n
<\/p>\n
\n
\n
\n
<\/p>\n\n\n
\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n Investor Meeting \u2013 Mid Cap<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n IR<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n
<\/p>\n
<\/p>\n
\n Committee of China-Asia Economic and Asiabrand.com<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n DE CRISTAL, RUSSIA<\/b>
\n
\n <\/tr>\n\n
<\/p>\n
\n Travel Awards 2020\u00a0<\/p>\n
\n
<\/p>\n
<\/p>\n
\n Today Magazine<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n of the XVI Business Prize of Primorsky Krai\u00a0<\/p>\n
\n
<\/p>\n
<\/p>\n
\n Rog<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n nominees of “Russia’s Leading Resort 2019”<\/p>\n
\n
<\/p>\n
<\/p>\n
\n Travel Awards<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n VIETNAM<\/b>
\n
\n <\/tr>\n\n
<\/p>\n
\n Integrated Resort of the Year – Best of the Best Awards 2020<\/p>\n
\n
<\/p>\n
<\/p>\n
\n Report<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n Leading Tourism Development Project 2020<\/p>\n
\n
<\/p>\n
<\/p>\n
\n Travel Awards<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n Companies to Work for in Asia 2020<\/p>\n
\n
<\/p>\n
<\/p>\n
\n Asia<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n Best New Golf Course 2020<\/p>\n
\n
<\/p>\n
<\/p>\n
\n Golf Awards<\/p>\n
\n
\n <\/tr>\n\n
<\/p>\n
\n Certified\u00ae Development status\u00a0<\/p>\n
\n property in Asia-Pacific\u00a0<\/p>\n
\n dozen worldwide)<\/p>\n
\n
<\/p>\n
<\/p>\n
\n GEO Foundation<\/p>\n
\n
\n <\/tr>\n<\/tbody>\n<\/table>\n