Melco Crown Entertainment Limited ("Melco Crown Entertainment" or
"the Company" or "we") (SEHK:6883) (Nasdaq:MPEL), a developer,
owner and operator of casino gaming and entertainment resort
facilities in Asia, today reported its unaudited financial results
for the fourth quarter and year ended December 31, 2014.
Net revenue for the fourth quarter of 2014 was US$1,121.4
million, representing a decrease of approximately 20% from
US$1,394.6 million for the comparable period in 2013. The decline
in net revenue was primarily attributable to lower group-wide
rolling chip revenues and mass market table games
revenues.
Adjusted property EBITDA<1> was US$278.6 million for the
fourth quarter of 2014, as compared to Adjusted property EBITDA of
US$394.4 million in the fourth quarter of 2013. The 29%
year-over-year decline in Adjusted property EBITDA was attributable
to lower group-wide rolling chip volumes and rolling chip win rate,
together with a lower contribution from the mass market table games
segment.
On a U.S. GAAP basis, net income attributable to Melco Crown
Entertainment for the fourth quarter of 2014 was US$92.9 million,
or US$0.17 per ADS, compared with net income attributable to Melco
Crown Entertainment of US$223.2 million, or US$0.41 per ADS, in the
fourth quarter of 2013. The net loss attributable to noncontrolling
interests during the fourth quarter of 2014 of US$26.3 million
related to Studio City and City of Dreams Manila.
Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of
Melco Crown Entertainment, commented, "While 2014 was a challenging
year for Macau, I am pleased with both our relative operating
performance and the meaningful advancements we have made towards
realizing our significant growth pipeline, positioning us to
succeed now and in the future.
"In Macau, our world-class and unique assets, together with our
market-leading premium-focused amenities and service standards
enabled us to once again take share, in a disciplined manner, in
the mass market table games segments in the fourth quarter of 2014.
At the same time, the repositioning of our rolling chip business at
both City of Dreams and Altira Macau continues to gather momentum
and resulted in an increase in market share during the most recent
quarter.
"Our strategy and commitment to continually enhancing our
current product offering in Macau, including the ongoing
development of our luxury retail precinct and the iconic fifth
hotel tower at City of Dreams, which remain on track
for openings in the first half of 2016 and first half of 2017,
respectively, ensures all of our operating assets remain highly
competitive in a constantly changing environment.
"Studio City, the next standalone integrated resort to open in
Macau, remains on track to meet its design and construction budget
of US$2.3 billion and its scheduled opening in the third quarter of
2015. This Hollywood-inspired resort will change the entertainment
landscape in Macau and will be at the forefront of
positioning Macau as Asia's leisure, tourism and entertainment
capital.
"Studio City will represent the most diversified entertainment
resort offering ever seen in Macau and will include Asia's highest
Ferris wheel, a Warner Bros.-themed Family Entertainment
Center, a fully-operational TV broadcast studio, the world's
first Batman film franchise digital ride, a 5,000 seat
multi-purpose live performance arena and a live magic
venue, as well as approximately 1,600 hotel rooms, a vast array of
food and beverage outlets and approximately 350,000 square feet of
themed and innovative retail space.
"With the opening of City of Dreams Manila, Melco Crown
Entertainment firmly announces its presence as a regional gaming
and entertainment company. The property's successful grand opening
on February 2, 2015 highlighted our Company's commitment to
providing the best of entertainment, lodging, food and beverage and
gaming to the fast-growing Philippines tourism and leisure
market.
"City of Dreams Manila offers leisure seekers a world-class
collection of brands and attractions, including Crown Towers hotel,
Nobu Hotel and Hyatt City of Dreams Manila, an approximately 50,000
square feet Family Entertainment Center in collaboration with
Dreamworks, exciting nightlife, including Pangaea and Chaos
nightclubs and live performances, numerous food and beverage
outlets and retail offerings, as well as market-leading gaming
facilities.
"Our innovative approach to providing leading edge entertainment
ensures that we are strongly positioned to cater to an
ever-changing and aspirational regional clientele, whether that be
in Macau, Manila or any future gaming markets that meet our strict
investment criteria.
"With Macau at its center, we remain steadfast in our belief
that Asia will continue as the fastest growing and most important
leisure and tourism market in the world, supported by a rapidly
expanding middle-class and strong economic growth."
City of Dreams Fourth
Quarter Results
For the fourth quarter of 2014, net revenue at City of Dreams
was US$895.5 million compared to US$1,095.8 million in the fourth
quarter of 2013. City of Dreams generated Adjusted EBITDA of
US$258.0 million in the fourth quarter of 2014, representing a
decrease of 26% compared to US$347.7 million in the comparable
period of 2013. The decline in Adjusted EBITDA was primarily a
result of lower rolling chip volume and rolling chip win rate
together with a decrease in mass market table games revenues.
Rolling chip volume totaled US$18.0 billion for the fourth
quarter of 2014 versus US$25.6 billion in the fourth quarter of
2013. The rolling chip win rate was 2.8% in the fourth quarter of
2014 versus 3.0% in the fourth quarter of 2013. The expected
rolling chip win rate range is 2.7%-3.0%.
Mass market table games drop increased to US$1,315.4 million
compared with US$1,303.0 million in the fourth quarter of 2013. The
mass market table games hold percentage was 36.4% in the fourth
quarter of 2014 compared to 37.6% in the fourth quarter of
2013.
Gaming machine handle for the fourth quarter of 2014 was
US$1,351.1 million, up 4% from US$1,304.2 million generated in the
fourth quarter of 2013.
Total non-gaming revenue at City of Dreams in the fourth quarter
of 2014 was US$71.5 million, up from US$70.9 million in the fourth
quarter of 2013.
Altira Macau Fourth
Quarter Results
For the quarter ended December 31, 2014, net revenue at Altira
Macau was US$173.1 million compared to US$247.6 million in the
fourth quarter of 2013. Altira Macau generated Adjusted EBITDA of
US$14.2 million in the fourth quarter of 2014 compared with
Adjusted EBITDA of US$36.0 million in the fourth quarter of 2013.
The year-over-year decrease in Adjusted EBITDA was primarily a
result of lower rolling chip revenues.
Rolling chip volume totaled US$8.1 billion in the fourth quarter
of 2014 versus US$10.6 billion in the fourth quarter of 2013. The
rolling chip win rate was 2.6% in the fourth quarter of 2014 versus
3.0% in the fourth quarter of 2013. The expected rolling chip win
rate range is 2.7%-3.0%.
In the mass market table games segment, drop totaled US$174.7
million in the fourth quarter of 2014, a decrease from US$205.2
million generated in the comparable period in 2013. The mass market
table games hold percentage was 18.4% in the fourth quarter of 2014
compared with 16.3% in the fourth quarter of 2013.
Total non-gaming revenue at Altira Macau in the fourth quarter
of 2014 was US$9.3 million compared with US$9.7 million in the
fourth quarter of 2013.
Mocha Clubs Fourth Quarter
Results
Net revenue from Mocha Clubs totaled US$32.8 million in the
fourth quarter of 2014 as compared to US$38.8 million in the fourth
quarter of 2013. Mocha Clubs generated US$6.5 million of Adjusted
EBITDA in the fourth quarter of 2014 compared with US$10.8 million
in the same period in 2013.
The number of gaming machines in operation at Mocha Clubs
averaged approximately 1,300 in the fourth quarter of 2014,
compared to approximately 1,700 in the comparable period in 2013.
The reduction in gaming machines was primarily due to the closure
of four clubs, partially offset by the opening of a new Mocha
club in December 2013 and another in mid-2014. The net win per
gaming machine per day was US$261 in the quarter ended December 31,
2014, as compared with US$246 in the comparable period in 2013, an
increase of 6%.
City of Dreams Manila
Fourth Quarter Results
City of Dreams Manila started operations on December 14, 2014.
On a fully consolidated basis, City of Dreams Manila generated
Adjusted EBITDA of US$0.1 million in the fourth quarter of 2014.
Together with pre-opening costs, depreciation and
amortization and US$1.8 million payments to the Philippine
parties under the cooperative arrangement and land rent
to Belle Corporation, City of Dreams Manila incurred an
operating loss of approximately US$36.6 million and a net loss of
approximately US$48.6 million during the fourth quarter of 2014
respectively, mainly as a result of approximately US$5.2 million of
interest expense on the PHP15 billion senior notes and US$6.1
million of capital lease charges relating to building lease
payments, net of capitalized interest.
Other Factors Affecting
Earnings
Total net non-operating expenses for the fourth quarter of 2014
were US$39.0 million, which mainly included interest income of
US$6.3 million and interest expenses, net of capitalized interest,
of US$29.6 million and other finance costs of US$11.8 million. We
recorded US$34.0 million of capitalized interest during the fourth
quarter of 2014, primarily relating to Studio City, City of Dreams
Manila and the fifth hotel tower at City of Dreams. The
year-on-year decrease of US$3.7 million in net non-operating
expenses was primarily due to higher interest income and higher
capitalized interest in the current quarter, partially offset by
higher interest expenses resulted from the draw down of the Studio
City US$1.3 billion term loan facility and the issuance of
the PHP15 billion senior notes.
Depreciation and amortization of US$92.7 million were
recorded in the fourth quarter of 2014, of which US$14.3 million
was related to the amortization of our gaming subconcession and
US$16.1 million was related to the amortization of land use
rights.
Financial Position and Capital Expenditure
Total cash and bank balances as of December 31, 2014 totaled
US$3.5 billion, including US$0.1 billion of bank deposits with
original maturity over three months and US$1.8 billion of
restricted cash, primarily related to Studio City. Total debt at
the end of the fourth quarter of 2014 was US$3.9 billion.
Capital expenditures for the fourth quarter of 2014 were
US$599.9 million, which predominantly related to Studio City and
City of Dreams Manila, as well as various projects at City of
Dreams, including the fifth hotel tower.
Full Year Results
For the year ended December 31, 2014, Melco Crown Entertainment
reported net revenue of US$4.8 billion versus US$5.1 billion in the
prior year. The year-over-year decline in net revenue was primarily
attributable to lower group-wide rolling chip revenues, partially
offset by improved group-wide mass market table games revenues.
Adjusted property EBITDA for the year ended December 31, 2014
was US$1,285.5 million, as compared with Adjusted property EBITDA
of US$1,379.1 million in 2013. The year-over-year decline in
Adjusted property EBITDA was primarily attributable to lower
group-wide rolling chip volumes and rolling chip win rate,
partially offset by improved group-wide mass market table games
revenues.
On a U.S. GAAP basis, net income attributable to Melco Crown
Entertainment for 2014 was US$608.3 million, or US$1.11 per ADS,
compared with a net income attributable to Melco Crown
Entertainment of US$637.5 million, or US$1.16 per ADS, in the
comparable period of 2013.
Conference Call
Information
Melco Crown Entertainment will hold a conference call to discuss
its fourth quarter 2014 financial results on Thursday, February 12,
2015 at 8:30 a.m. Eastern Time (9:30 p.m. Hong Kong Time). To join
the conference call, please use the dial-in details below:
US Toll Free |
1 866 519 4004 |
US Toll / International |
1 845 675 0437 |
HK Toll |
852 3018 6771 |
HK Toll Free |
800 906 601 |
UK Toll Free |
080 823 46646 |
Australia Toll Free |
1 800 457 076 |
Philippines Toll Free |
1 800 165 10607 |
|
|
Passcode |
MPEL |
An audio webcast will also be available at
http://www.melco-crown.com.
To access the replay, please use the dial-in details below:
US Toll Free |
1 855 452 5696 |
US Toll / International |
1 646 254 3697 |
HK Toll Free |
800 963 117 |
|
|
Conference ID |
71455330 |
Safe Harbor Statement
This release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. The Company may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission
(the "SEC"), in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about the
Company's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. These factors include, but are not limited to, (i)
growth of the gaming market and visitation in Macau and the
Philippines, (ii) capital and credit market volatility, (iii) local
and global economic conditions, (iv) our anticipated growth
strategies, and (v) our future business development, results of
operations and financial condition. In some cases, forward-looking
statements can be identified by words or phrases such as "may",
"will", "expect", "anticipate", "target", "aim", "estimate",
"intend", "plan", "believe", "potential", "continue", "is/are
likely to" or other similar expressions. Further information
regarding these and other risks, uncertainties or factors is
included in the Company's filings with the SEC. All information
provided in this press release is as of the date of this release,
and the Company undertakes no duty to update such information,
except as required under applicable law.
Non-GAAP Financial
Measures
(1) "Adjusted EBITDA" is earnings
before interest, taxes, depreciation, amortization, pre-opening
costs, development costs, property charges and others, share-based
compensation, payments to the Philippine parties under the
cooperative arrangement (the "Philippine
Parties"), land rent to Belle Corporation, gain on
disposal of assets held for sale and other non-operating income and
expenses. "Adjusted property EBITDA" is earnings before interest,
taxes, depreciation, amortization, pre-opening costs, development
costs, property charges and others, share-based compensation,
payments to the Philippine Parties, land rent to Belle
Corporation, gain on disposal of assets held for sale, corporate
and others expenses and other non-operating income and expenses.
Adjusted EBITDA and adjusted property EBITDA are presented
exclusively as a supplemental disclosure because management
believes that they are widely used to measure the performance, and
as a basis for valuation, of gaming companies. Management uses
adjusted EBITDA and adjusted property EBITDA as measures of the
operating performance of its segments and to compare the operating
performance of its properties with those of its competitors. The
Company also presents adjusted EBITDA and adjusted property EBITDA
because they are used by some investors as ways to measure a
company's ability to incur and service debt, make capital
expenditures, and meet working capital requirements. Gaming
companies have historically reported adjusted EBITDA and adjusted
property EBITDA as supplements to financial measures in accordance
with U.S. GAAP. However, adjusted EBITDA and adjusted property
EBITDA should not be considered as alternatives to operating income
as indicators of the Company's performance, as alternatives to cash
flows from operating activities as measures of liquidity, or as
alternatives to any other measure determined in accordance with
U.S. GAAP. Unlike net income, adjusted EBITDA and adjusted property
EBITDA do not include depreciation and amortization or interest
expense and therefore do not reflect current or future capital
expenditures or the cost of capital. The Company compensates for
these limitations by using adjusted EBITDA and adjusted property
EBITDA as only two of several comparative tools, together with U.S.
GAAP measurements, to assist in the evaluation of operating
performance. Such U.S. GAAP measurements include operating income,
net income, cash flows from operations and cash flow data. The
Company has significant uses of cash flows, including capital
expenditures, interest payments, debt principal repayments, taxes
and other non-recurring charges, which are not reflected in
adjusted EBITDA or adjusted property EBITDA. Also, the Company's
calculation of adjusted EBITDA and adjusted property EBITDA may be
different from the calculation methods used by other companies and,
therefore, comparability may be limited. Reconciliations of
adjusted EBITDA and adjusted property EBITDA with the most
comparable financial measures calculated and presented in
accordance with U.S. GAAP are provided herein immediately following
the financial statements included in this press release.
(2) "Adjusted net
income" is net income before pre-opening costs,
development costs, property charges and others, loss on
extinguishment of debt and costs associated with debt modification.
Adjusted net income attributable to Melco Crown Entertainment and
adjusted net income attributable to Melco Crown Entertainment per
share ("EPS") are presented as supplemental disclosures because
management believes that they are widely used to measure the
performance, and as a basis for valuation, of
gaming companies. These measures are used by management and/or
evaluated by some investors, in addition to income and EPS computed
in accordance with U.S. GAAP, as an additional basis for assessing
period-to-period results of our business. Adjusted net income
attributable to Melco Crown Entertainment and adjusted net income
attributable to Melco Crown Entertainment per share may be
different from the calculation methods used by other companies and,
therefore, comparability may be limited. Reconciliations of
adjusted net income attributable to Melco Crown Entertainment with
the most comparable financial measures calculated and presented in
accordance with U.S. GAAP are provided herein immediately following
the financial statements included in this press release.
About Melco Crown
Entertainment Limited
Melco Crown Entertainment, with its shares listed on the Main
Board of The Stock Exchange of Hong Kong Limited (the "Hong
Kong Stock Exchange") (SEHK:6883) and its American
depositary shares listed on the NASDAQ Global Select Market
(Nasdaq:MPEL), is a developer, owner and operator of casino gaming
and entertainment casino resort facilities in Asia. Melco Crown
Entertainment currently operates Altira Macau
(www.altiramacau.com), a casino hotel located at Taipa, Macau and
City of Dreams (www.cityofdreamsmacau.com), an integrated urban
casino resort located in Cotai, Macau. Melco Crown Entertainment's
business also includes the Mocha Clubs (www.mochaclubs.com),
which comprise the largest non-casino based operations of
electronic gaming machines in Macau. The Company is also developing
the planned Studio City Project (www.studiocity-macau.com), a
cinematically-themed integrated entertainment, retail and gaming
resort in Cotai, Macau. In the Philippines, Melco
Crown (Philippines) Resorts Corporation's subsidiary, MCE Leisure
(Philippines) Corporation, currently operates and manages City of
Dreams Manila (www.cityofdreams.com.ph), a casino, hotel, retail
and entertainment integrated resort in the Entertainment City
complex in Manila. For more information about Melco Crown
Entertainment, please visit www.melco-crown.com.
Melco Crown Entertainment has strong support from both of its
major shareholders, Melco International Development Limited
("Melco") and Crown Resorts Limited
("Crown"). Melco is a listed company on the Hong
Kong Stock Exchange and is substantially owned and led by Mr.
Lawrence Ho, who is Co-Chairman, an Executive Director and the
Chief Executive Officer of Melco Crown Entertainment. Crown is a
top-50 company listed on the Australian Securities Exchange and led
by Chairman Mr. James Packer, who is also Co-Chairman and a
Non-executive Director of Melco Crown Entertainment.
For investment community, please
contact: |
Ross Dunwoody |
Vice President, Investor
Relations |
Tel: +853 8868 7575 or +852 2598
3689 |
Email:
rossdunwoody@melco-crown.com |
|
For media enquiry, please
contact: |
Maggie Ma |
Head of Corporate
Communications |
Tel: +853 8868 3767 or +852 3151
3767 |
Email:
maggiema@melco-crown.com |
|
Melco Crown
Entertainment Limited and Subsidiaries |
Condensed Consolidated
Statements of Operations |
(In thousands of U.S.
dollars, except share and per share data) |
|
|
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
|
2014 |
2013 |
2014 |
2013 |
|
|
|
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
Casino |
$ 1,084,741 |
$ 1,355,775 |
$ 4,654,184 |
$ 4,941,487 |
Rooms |
35,527 |
33,547 |
136,427 |
127,661 |
Food and beverage |
23,331 |
20,932 |
84,895 |
78,880 |
Entertainment, retail and others |
25,248 |
27,744 |
108,417 |
103,739 |
Gross revenues |
1,168,847 |
1,437,998 |
4,983,923 |
5,251,767 |
Less: promotional allowances |
(47,462) |
(43,438) |
(181,614) |
(164,589) |
Net revenues |
1,121,385 |
1,394,560 |
4,802,309 |
5,087,178 |
|
|
|
|
|
OPERATING COSTS AND EXPENSES |
|
|
|
|
Casino |
(768,399) |
(933,131) |
(3,246,404) |
(3,452,736) |
Rooms |
(3,379) |
(3,262) |
(12,669) |
(12,511) |
Food and beverage |
(6,451) |
(8,690) |
(23,513) |
(29,114) |
Entertainment, retail and others |
(15,264) |
(16,975) |
(62,073) |
(64,212) |
General and administrative |
(86,913) |
(68,299) |
(311,696) |
(255,780) |
Payments to the Philippine Parties |
(870) |
-- |
(870) |
-- |
Pre-opening costs |
(36,787) |
(6,246) |
(93,970) |
(17,014) |
Development costs |
(2,280) |
(5,293) |
(10,734) |
(26,297) |
Amortization of gaming subconcession |
(14,309) |
(14,309) |
(57,237) |
(57,237) |
Amortization of land use rights |
(16,118) |
(16,115) |
(64,471) |
(64,271) |
Depreciation and amortization |
(62,308) |
(65,348) |
(246,686) |
(261,298) |
Property charges and others |
(3,009) |
(1,334) |
(8,698) |
(6,884) |
Gain on disposal of assets held for sale |
-- |
-- |
22,072 |
-- |
Total operating costs and expenses |
(1,016,087) |
(1,139,002) |
(4,116,949) |
(4,247,354) |
OPERATING INCOME |
105,298 |
255,558 |
685,360 |
839,824 |
NON-OPERATING INCOME (EXPENSES) |
|
|
|
|
Interest income |
6,275 |
3,262 |
20,025 |
7,660 |
Interest expenses, net of capitalized
interest |
(29,551) |
(33,139) |
(124,090) |
(152,660) |
Other finance costs |
(11,833) |
(11,574) |
(47,031) |
(43,802) |
Foreign exchange loss, net |
(4,475) |
(1,854) |
(6,155) |
(10,756) |
Other income, net |
548 |
558 |
2,313 |
1,661 |
Loss on extinguishment of debt |
-- |
-- |
-- |
(50,935) |
Costs associated with debt modification |
-- |
-- |
-- |
(10,538) |
Total non-operating expenses, net |
(39,036) |
(42,747) |
(154,938) |
(259,370) |
INCOME BEFORE INCOME TAX |
66,262 |
212,811 |
530,422 |
580,454 |
INCOME TAX CREDIT (EXPENSE) |
336 |
(4,483) |
(3,036) |
(2,441) |
NET INCOME |
66,598 |
208,328 |
527,386 |
578,013 |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING
INTERESTS |
26,346 |
14,918 |
80,894 |
59,450 |
NET INCOME ATTRIBUTABLE TO MELCO CROWN
ENTERTAINMENT LIMITED |
$ 92,944 |
$ 223,246 |
$ 608,280 |
$ 637,463 |
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO MELCO
CROWN ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
Basic |
$ 0.057 |
$ 0.135 |
$ 0.369 |
$ 0.386 |
Diluted |
$ 0.056 |
$ 0.134 |
$ 0.366 |
$ 0.383 |
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO MELCO
CROWN ENTERTAINMENT LIMITED PER ADS: |
|
|
|
Basic |
$ 0.170 |
$ 0.406 |
$ 1.108 |
$ 1.159 |
Diluted |
$ 0.169 |
$ 0.402 |
$ 1.099 |
$ 1.149 |
|
|
|
|
|
WEIGHTED AVERAGE SHARES USED IN
NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER
SHARE CALCULATION: |
Basic |
1,636,531,029 |
1,651,037,173 |
1,647,571,547 |
1,649,678,643 |
Diluted |
1,648,055,645 |
1,665,983,630 |
1,660,503,130 |
1,664,198,091 |
|
|
|
|
|
Melco Crown
Entertainment Limited and Subsidiaries |
Condensed Consolidated
Balance Sheets |
(In thousands of U.S.
dollars) |
|
|
|
|
December 31, |
December 31, |
|
2014 |
2013 |
|
(Unaudited) |
(Audited) |
|
|
|
ASSETS |
|
|
|
|
|
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 1,597,655 |
$ 1,381,757 |
Bank deposits with original maturity over
three months |
110,616 |
626,940 |
Restricted cash |
1,447,034 |
770,294 |
Accounts receivable, net |
253,665 |
287,880 |
Amounts due from affiliated companies |
1,079 |
23 |
Deferred tax assets |
532 |
-- |
Income tax receivable |
15 |
18 |
Inventories |
23,111 |
18,169 |
Prepaid expenses and other current
assets |
69,254 |
54,898 |
Assets held for sale |
-- |
8,468 |
Total current assets |
3,502,961 |
3,148,447 |
|
|
|
PROPERTY AND EQUIPMENT, NET |
4,696,391 |
3,308,846 |
GAMING SUBCONCESSION, NET |
427,794 |
485,031 |
INTANGIBLE ASSETS, NET |
4,220 |
4,220 |
GOODWILL |
81,915 |
81,915 |
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER
ASSETS |
287,558 |
345,667 |
RESTRICTED CASH |
369,549 |
373,371 |
DEFERRED TAX ASSETS |
115 |
93 |
DEFERRED FINANCING COSTS |
174,872 |
114,431 |
LAND USE RIGHTS, NET |
887,188 |
951,618 |
TOTAL ASSETS |
$ 10,432,563 |
$ 8,813,639 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
Accounts payable |
$ 14,428 |
$ 9,825 |
Accrued expenses and other current
liabilities |
1,005,720 |
928,751 |
Income tax payable |
6,621 |
6,584 |
Capital lease obligations, due within one
year |
23,512 |
27,265 |
Current portion of long-term debt |
262,750 |
262,566 |
Amounts due to affiliated companies |
3,626 |
2,900 |
Amount due to a shareholder |
-- |
79 |
Total current liabilities |
1,316,657 |
1,237,970 |
|
|
|
LONG-TERM DEBT |
3,640,031 |
2,270,894 |
OTHER LONG-TERM LIABILITIES |
93,441 |
28,492 |
DEFERRED TAX LIABILITIES |
58,949 |
62,806 |
CAPITAL LEASE OBLIGATIONS, DUE AFTER ONE
YEAR |
278,027 |
253,029 |
LAND USE RIGHTS PAYABLE |
3,788 |
35,466 |
|
|
|
SHAREHOLDERS' EQUITY |
|
|
Ordinary shares |
16,337 |
16,667 |
Treasury shares |
(33,167) |
(5,960) |
Additional paid-in capital |
3,092,943 |
3,479,399 |
Accumulated other comprehensive
losses |
(17,149) |
(15,592) |
Retained earnings |
1,227,177 |
772,156 |
Total Melco Crown Entertainment Limited
shareholders' equity |
4,286,141 |
4,246,670 |
Noncontrolling interests |
755,529 |
678,312 |
Total equity |
5,041,670 |
4,924,982 |
TOTAL LIABILITIES AND EQUITY |
$ 10,432,563 |
$ 8,813,639 |
|
|
|
Melco Crown
Entertainment Limited and Subsidiaries |
Reconciliation of Net
Income Attributable to Melco Crown Entertainment Limited to
|
Adjusted Net Income
Attributable to Melco Crown Entertainment Limited |
(In thousands of U.S.
dollars, except share and per share data) |
|
|
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
|
2014 |
2013 |
2014 |
2013 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Net Income Attributable to Melco Crown
Entertainment Limited |
$ 92,944 |
$ 223,246 |
$ 608,280 |
$ 637,463 |
Pre-opening Costs, Net |
25,086 |
4,650 |
66,602 |
12,908 |
Development Costs, Net |
2,280 |
5,293 |
10,734 |
26,024 |
Property Charges and Others, Net |
2,992 |
1,334 |
7,605 |
6,884 |
Loss on Extinguishment of Debt, Net |
-- |
-- |
-- |
50,935 |
Costs Associated with Debt Modification,
Net |
-- |
-- |
-- |
10,538 |
Adjusted Net Income Attributable to Melco
Crown Entertainment Limited |
$ 123,302 |
$ 234,523 |
$ 693,221 |
$ 744,752 |
|
|
|
|
|
ADJUSTED NET INCOME ATTRIBUTABLE
TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE: |
|
|
Basic |
$ 0.075 |
$ 0.142 |
$ 0.421 |
$ 0.451 |
Diluted |
$ 0.075 |
$ 0.141 |
$ 0.417 |
$ 0.448 |
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME ATTRIBUTABLE
TO MELCO CROWN ENTERTAINMENT LIMITED PER ADS: |
|
|
Basic |
$ 0.226 |
$ 0.426 |
$ 1.262 |
$ 1.354 |
Diluted |
$ 0.224 |
$ 0.422 |
$ 1.252 |
$ 1.343 |
|
|
|
|
|
WEIGHTED AVERAGE SHARES USED IN ADJUSTED NET
INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE
CALCULATION: |
|
|
|
|
Basic |
1,636,531,029 |
1,651,037,173 |
1,647,571,547 |
1,649,678,643 |
Diluted |
1,648,055,645 |
1,665,983,630 |
1,660,503,130 |
1,664,198,091 |
|
Melco Crown
Entertainment Limited and Subsidiaries |
Reconciliation of
Operating Income (Loss) to Adjusted EBITDA and Adjusted Property
EBITDA |
(In thousands of U.S.
dollars) |
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2014 |
|
Altira
Macau |
Mocha |
City of
Dreams |
Studio
City |
City of Dreams
Manila |
Corporate and
Others |
Total |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
|
Operating Income (Loss) |
$ 7,538 |
$ 3,315 |
$ 203,073 |
$ (18,240) |
$ (36,634) |
$ (53,754) |
$ 105,298 |
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
-- |
-- |
-- |
-- |
870 |
-- |
870 |
Land Rent to Belle Corporation |
-- |
-- |
-- |
-- |
884 |
-- |
884 |
Pre-opening Costs |
-- |
-- |
367 |
7,114 |
28,570 |
-- |
36,051 |
Development Costs |
-- |
-- |
-- |
-- |
-- |
2,280 |
2,280 |
Depreciation and Amortization |
6,646 |
3,215 |
51,274 |
10,893 |
4,396 |
16,311 |
92,735 |
Share-based Compensation |
17 |
6 |
287 |
22 |
1,965 |
2,735 |
5,032 |
Property Charges and Others |
-- |
(31) |
2,984 |
-- |
56 |
-- |
3,009 |
Adjusted EBITDA |
14,201 |
6,505 |
257,985 |
(211) |
107 |
(32,428) |
246,159 |
Corporate and Others Expenses |
-- |
-- |
-- |
-- |
-- |
32,428 |
32,428 |
Adjusted Property EBITDA |
$ 14,201 |
$ 6,505 |
$ 257,985 |
$ (211) |
$ 107 |
$ -- |
$ 278,587 |
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2013 |
|
Altira
Macau |
Mocha |
City of
Dreams |
Studio
City |
City of Dreams
Manila |
Corporate and
Others |
Total |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
|
Operating Income (Loss) |
$ 28,182 |
$ 6,830 |
$ 289,958 |
$ (11,860) |
$ (8,292) |
$ (49,260) |
$ 255,558 |
|
|
|
|
|
|
|
|
Land Rent to Belle Corporation |
-- |
-- |
-- |
-- |
903 |
-- |
903 |
Pre-opening Costs |
-- |
-- |
27 |
797 |
4,503 |
16 |
5,343 |
Development Costs |
-- |
-- |
-- |
-- |
740 |
4,553 |
5,293 |
Depreciation and Amortization |
7,810 |
2,972 |
57,094 |
10,883 |
476 |
16,537 |
95,772 |
Share-based Compensation |
23 |
43 |
195 |
-- |
1,791 |
2,766 |
4,818 |
Property Charges and Others |
-- |
921 |
413 |
-- |
-- |
-- |
1,334 |
Adjusted EBITDA |
36,015 |
10,766 |
347,687 |
(180) |
121 |
(25,388) |
369,021 |
Corporate and Others Expenses |
-- |
-- |
-- |
-- |
-- |
25,388 |
25,388 |
Adjusted Property EBITDA |
$ 36,015 |
$ 10,766 |
$ 347,687 |
$ (180) |
$ 121 |
$ -- |
$ 394,409 |
|
Melco Crown
Entertainment Limited and Subsidiaries |
Reconciliation of
Adjusted EBITDA and Adjusted Property EBITDA to |
Net Income Attributable
to Melco Crown Entertainment Limited |
(In thousands of U.S.
dollars) |
|
|
|
|
Three Months
Ended |
|
December
31, |
|
2014 |
2013 |
|
(Unaudited) |
(Unaudited) |
|
|
|
Adjusted Property EBITDA |
$ 278,587 |
$ 394,409 |
Corporate and Others Expenses |
(32,428) |
(25,388) |
Adjusted EBITDA |
246,159 |
369,021 |
Payments to the Philippine Parties |
(870) |
-- |
Land Rent to Belle Corporation |
(884) |
(903) |
Pre-opening Costs |
(36,051) |
(5,343) |
Development Costs |
(2,280) |
(5,293) |
Depreciation and Amortization |
(92,735) |
(95,772) |
Share-based Compensation |
(5,032) |
(4,818) |
Property Charges and Others |
(3,009) |
(1,334) |
Interest and Other Non-Operating
Expenses, Net |
(39,036) |
(42,747) |
Income Tax Credit (Expense) |
336 |
(4,483) |
Net Income |
66,598 |
208,328 |
Net Loss Attributable to Noncontrolling
Interests |
26,346 |
14,918 |
Net Income Attributable to Melco Crown
Entertainment Limited |
$ 92,944 |
$ 223,246 |
|
Melco Crown
Entertainment Limited and Subsidiaries |
Reconciliation of
Operating Income (Loss) to Adjusted EBITDA and Adjusted Property
EBITDA |
(In thousands of U.S.
dollars) |
|
|
|
|
|
|
|
|
|
Year Ended December 31,
2014 |
|
Altira
Macau |
Mocha |
City of
Dreams |
Studio
City |
City of Dreams
Manila |
Corporate and
Others |
Total |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
|
Operating Income (Loss) |
$ 57,459 |
$ 21,758 |
$ 942,528 |
$ (60,675) |
$ (92,188) |
$ (183,522) |
$ 685,360 |
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
-- |
-- |
-- |
-- |
870 |
-- |
870 |
Land Rent to Belle Corporation |
-- |
-- |
-- |
-- |
3,562 |
-- |
3,562 |
Pre-opening Costs |
-- |
1,082 |
3,682 |
15,771 |
70,021 |
-- |
90,556 |
Development Costs |
-- |
-- |
-- |
-- |
-- |
10,734 |
10,734 |
Depreciation and Amortization |
27,242 |
12,178 |
214,492 |
43,558 |
6,367 |
64,557 |
368,394 |
Share-based Compensation |
94 |
119 |
1,189 |
50 |
7,867 |
11,082 |
20,401 |
Property Charges and Others |
-- |
1,200 |
3,741 |
-- |
3,507 |
250 |
8,698 |
Gain on Disposal of Assets Held For
Sale |
-- |
-- |
-- |
-- |
-- |
(22,072) |
(22,072) |
Adjusted EBITDA |
84,795 |
36,337 |
1,165,632 |
(1,296) |
6 |
(118,971) |
1,166,503 |
Corporate and Others Expenses |
-- |
-- |
-- |
-- |
-- |
118,971 |
118,971 |
Adjusted Property EBITDA |
$ 84,795 |
$ 36,337 |
$ 1,165,632 |
$ (1,296) |
$ 6 |
$ -- |
$ 1,285,474 |
|
|
|
|
|
|
|
|
|
Year Ended December 31,
2013 |
|
Altira
Macau |
Mocha |
City of
Dreams |
Studio
City |
City of Dreams
Manila |
Corporate and
Others |
Total |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
|
Operating Income (Loss) |
$ 115,796 |
$ 26,601 |
$ 958,553 |
$ (47,447) |
$ (37,232) |
$ (176,447) |
$ 839,824 |
|
|
|
|
|
|
|
|
Land Rent to Belle Corporation |
-- |
-- |
-- |
-- |
3,045 |
-- |
3,045 |
Pre-opening Costs |
-- |
-- |
396 |
2,856 |
10,662 |
55 |
13,969 |
Development Costs |
-- |
-- |
-- |
-- |
17,956 |
8,341 |
26,297 |
Depreciation and Amortization |
31,409 |
11,887 |
228,381 |
43,532 |
1,187 |
66,410 |
382,806 |
Share-based Compensation |
135 |
142 |
838 |
-- |
3,779 |
10,093 |
14,987 |
Property Charges and Others |
-- |
1,592 |
5,043 |
-- |
-- |
249 |
6,884 |
Adjusted EBITDA |
147,340 |
40,222 |
1,193,211 |
(1,059) |
(603) |
(91,299) |
1,287,812 |
Corporate and Others Expenses |
-- |
-- |
-- |
-- |
-- |
91,299 |
91,299 |
Adjusted Property EBITDA |
$ 147,340 |
$ 40,222 |
$ 1,193,211 |
$ (1,059) |
$ (603) |
$ -- |
$ 1,379,111 |
|
|
|
|
|
|
|
|
Melco Crown
Entertainment Limited and Subsidiaries |
Reconciliation of
Adjusted EBITDA and Adjusted Property EBITDA to |
Net Income Attributable
to Melco Crown Entertainment Limited |
(In thousands of U.S.
dollars) |
|
|
|
|
Year
Ended |
|
December
31, |
|
2014 |
2013 |
|
(Unaudited) |
(Unaudited) |
|
|
|
Adjusted Property EBITDA |
$ 1,285,474 |
$ 1,379,111 |
Corporate and Others Expenses |
(118,971) |
(91,299) |
Adjusted EBITDA |
1,166,503 |
1,287,812 |
Payments to the Philippine Parties |
(870) |
-- |
Land Rent to Belle Corporation |
(3,562) |
(3,045) |
Pre-opening Costs |
(90,556) |
(13,969) |
Development Costs |
(10,734) |
(26,297) |
Depreciation and Amortization |
(368,394) |
(382,806) |
Share-based Compensation |
(20,401) |
(14,987) |
Property Charges and Others |
(8,698) |
(6,884) |
Gain on Disposal of Assets Held For
Sale |
22,072 |
-- |
Interest and Other Non-Operating
Expenses, Net |
(154,938) |
(259,370) |
Income Tax Expense |
(3,036) |
(2,441) |
Net Income |
527,386 |
578,013 |
Net Loss Attributable to Noncontrolling
Interests |
80,894 |
59,450 |
Net Income Attributable to Melco Crown
Entertainment Limited |
$ 608,280 |
$ 637,463 |
|
|
|
Melco Crown
Entertainment Limited and Subsidiaries |
Supplemental Data
Schedule |
|
|
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
|
2014 |
2013 |
2014 |
2013 |
Room Statistics: |
|
|
|
|
Altira Macau |
|
|
|
|
Average daily rate (3) |
$ 235 |
$ 234 |
$ 232 |
$ 230 |
Occupancy per available room |
99% |
99% |
99% |
99% |
Revenue per available room (4) |
$ 233 |
$ 233 |
$ 229 |
$ 227 |
|
|
|
|
|
City of Dreams |
|
|
|
|
Average daily rate (3) |
$ 200 |
$ 193 |
$ 197 |
$ 189 |
Occupancy per available room |
100% |
98% |
99% |
97% |
Revenue per available room (4) |
$ 200 |
$ 190 |
$ 195 |
$ 183 |
|
|
|
|
|
Other Information: |
|
|
|
|
Altira Macau |
|
|
|
|
Average number of table games |
122 |
155 |
131 |
165 |
Table games win per unit per day (5) |
$ 21,983 |
$ 24,187 |
$ 21,810 |
$ 23,877 |
|
|
|
|
|
City of Dreams |
|
|
|
|
Average number of table games |
501 |
467 |
493 |
457 |
Average number of gaming machines |
1,350 |
1,371 |
1,331 |
1,469 |
Table games win per unit per day (5) |
$ 21,487 |
$ 29,446 |
$ 23,955 |
$ 26,810 |
Gaming machines win per unit per day
(6) |
$ 427 |
$ 418 |
$ 464 |
$ 361 |
|
|
|
|
|
(3) Average daily rate is
calculated by dividing total room revenue including the retail
value of promotional allowances by total occupied rooms including
complimentary rooms |
(4) Revenue per available
room is calculated by dividing total room revenue including the
retail value of promotional allowances by total rooms
available |
(5) Table games win per unit
per day is shown before discounts and commissions |
(6) Gaming machines win per
unit per day is shown before deducting cost for slot points |
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