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 first quarter of 2015.
Net revenue for the first quarter of 2015 was US$1,054.3
million, representing a decrease of approximately 22% from
US$1,357.3 million for the comparable period in 2014. 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$253.3 million for the first
quarter of 2015, as compared to Adjusted property EBITDA of
US$387.5 million in the first quarter of 2014. The 35%
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 first quarter of 2015 was US$60.6 million, or
US$0.11 per ADS, compared with net income attributable to Melco
Crown Entertainment of US$239.5 million, or US$0.44 per ADS, in the
first quarter of 2014. The net loss attributable to noncontrolling
interests during the first quarter of 2015 of US$36.8 million
related to Studio City and City of Dreams Manila.
Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of
Melco Crown Entertainment, commented, "I am pleased to report a
solid operating and financial performance for Melco Crown
Entertainment in what continues to be a challenging period for
Macau.
"While the demand environment in Macau remains challenging, we
are firmly committed to maximizing customer experience and loyalty
by leveraging our premium hotel rooms, food and beverage amenities
and entertainment attractions. We are also firmly committed to
maintaining a strict discipline on player reinvestment and
operating costs, as demonstrated by our Macau Property EBITDA
margins which remained flat sequentially despite declining
revenues.
"With a market-leading array of premium non-gaming amenities,
Melco Crown Entertainment once again received more Forbes-5 star
awards than any other company in Macau. We believe this highlights
City of Dreams and Altira's unique appeal to the most discerning
and sophisticated customers in Macau.
"We have always strived to offer visitors a multi-faceted
experience and have consistently supported the Macau Government's
long term vision for Macau as a world-class leisure and tourism
destination. Our support and commitment are highlighted by the
diverse non-gaming amenities we offer, including our award winning
The House of Dancing Water show which required an investment of
over US$300 million to design and produce and has been viewed by
over 3.2 million guests, Club Cubic, Macau's only cabaret show,
Taboo, and our SOHO food and beverage and entertainment
precinct.
"Studio City, which remains on budget and on schedule, signifies
our Company's continued commitment to the diversification of Macau
and it highlights our ability to bring unique, market-leading
attractions to Macau. Studio City will provide a diverse and
exciting mix of entertainment in Macau, including a Warner Bros.
Batman-themed motion ride, a 40,000-square-foot family
entertainment center, Asia's highest Ferris wheel, a TV production
studio, a 5,000-seat multi-purpose live entertainment center, a
live magic show precinct and Pacha nightclub.
"Studio City is conveniently located on Cotai and is directly
adjacent to the Lotus Bridge immigration point connecting Hengqin
Island and a future station-point for the Macau Light Rapid
Transit. We believe that Studio City with its Hollywood-inspired
design and exciting attractions will attract new customers and
visitors to Macau.
"We remain firm believers in Macau's long term positioning as
the leading leisure and tourism destination in the region. We
believe that Macau's unique geographical position, the Macau and
Central Government's forward-thinking and expansive infrastructure
and development plan, and the diversification of the city's leisure
and tourism offering all together provide a sustainable long term
growth model. We look forward to continuing our leadership role as
a provider of unique and world-class entertainment attractions and
non-gaming amenities in Macau and our support for the long term
vision for Macau.
"City of Dreams Manila continues to build on its early success,
with its mass market gaming operations and non-gaming attractions
delivering robust growth since its opening in December 2014. We
believe that this growth, together with the junket business that is
anticipated to develop over the coming months, positions the
property to realize its potential as the leading integrated resort
in the Philippines.
"City of Dreams Manila represents an important milestone for
Melco Crown Entertainment as we embark on our plans to become the
leading gaming, leisure and entertainment company in Asia. We are
proud to be the first integrated resort operator in Entertainment
City to be awarded a regular license from the Philippines
government. We believe the Philippines offers a unique opportunity
to participate in the expected strong consumer-led growth in Asia
and we look forward to contributing to the expansion of the
Philippines as a leading, multi-faceted tourist destination in the
region."
Community Support and Investment
As an employer of choice with a strong and deep heritage in
Macau, we have always maintained a steadfast commitment to the long
term development of our employees and support of the local
community. This is highlighted by the following initiatives we have
recently instituted or expanded:
- We recently announced the "Foundation Acceleration
Program," a new management development program for our
local employees. It aims to enhance preparedness for management
responsibilities through a structured program.
- In 2009, we established Macau's first "In-house
Learning Academy," offering over 200 courses each year to
all our employees who are wanting to expand their education and
widen their career path. These programs will now be offered to
employees of local business and SMEs as a commitment to developing
a longer term sustainable economic model in Macau.
- Our "Back-to-School" program,
which started in 2010 in partnership with the Department of
Education, is Macau's first and only in-house high school diploma
program, giving our employees a chance to complete high school
education.
- Our "Dare to Dream" series, which began in
2012, offered Macau youths a once-in-a-lifetime opportunity to
study with international maestros including Franco Dragone, the
creator of The House of Dancing Water show, legendary piano master
Yundi Li, and Dame Zaha Hadid, the world-renowned architect.
City of Dreams First
Quarter Results
For the quarter ended March 31, 2015, net revenue at City of
Dreams was US$805.9 million compared to US$1,074.0 million in the
first quarter of 2014. City of Dreams generated Adjusted EBITDA of
US$235.8 million in the first quarter of 2015, representing a
decrease of 31% compared to US$341.4 million in the comparable
period of 2014. The decline in Adjusted EBITDA was primarily a
result of lower rolling chip revenues and mass market table games
revenues.
Rolling chip volume totaled US$13.5 billion for the first
quarter of 2015 versus US$24.6 billion in the first quarter of
2014. The rolling chip win rate was 3.2% in the first quarter of
2015 versus 3.0% in the first quarter of 2014. The expected rolling
chip win rate range is 2.7%-3.0%.
Mass market table games drop decreased to US$1,199.0 million
compared with US$1,299.1 million in the first quarter of 2014. The
mass market table games hold percentage was 35.9% in the first
quarter of 2015 compared to 37.5% in the first quarter of 2014.
Gaming machine handle for the first quarter of 2015 was
US$1,242.0 million, compared with US$1,489.7 million in the first
quarter of 2014.
Total non-gaming revenue at City of Dreams in the first quarter
of 2015 was US$66.7 million, compared with US$70.6 million in the
first quarter of 2014.
Altira Macau First
Quarter Results
For the quarter ended March 31, 2015, net revenue at Altira
Macau was US$148.7 million compared to US$229.8 million in the
first quarter of 2014. Altira Macau generated Adjusted EBITDA of
US$6.8 million in the first quarter of 2015 compared with Adjusted
EBITDA of US$34.8 million in the first quarter of 2014. The
year-over-year decrease in Adjusted EBITDA was primarily a result
of lower rolling chip revenues.
Rolling chip volume totaled US$7.4 billion in the first quarter
of 2015 versus US$10.1 billion in the first quarter of 2014. The
rolling chip win rate was 2.5% in the first quarter of 2015 versus
2.9% in the first quarter of 2014. The expected rolling chip win
rate range is 2.7%-3.0%.
In the mass market table games segment, drop totaled US$159.3
million in the first quarter of 2015, a decrease from US$203.8
million generated in the comparable period in 2014. The mass market
table games hold percentage was 17.2% in the first quarter of 2015
compared with 13.3% in the first quarter of 2014.
Gaming machine handle for the first quarter of 2015 was US$7.2
million.
Total non-gaming revenue at Altira Macau in the first quarter of
2015 was US$8.5 million compared with US$9.4 million in the first
quarter of 2014.
Mocha Clubs First Quarter
Results
Net revenue from Mocha Clubs totaled US$34.9 million in the
first quarter of 2015 as compared to US$39.5 million in the first
quarter of 2014. Mocha Clubs generated US$8.3 million of Adjusted
EBITDA in the first quarter of 2015 compared with US$11.3 million
in the same period in 2014.
The number of gaming machines in operation at Mocha Clubs
averaged approximately 1,200 in the first quarter of 2015, compared
to approximately 1,400 in the comparable period in 2014. The
reduction in gaming machines reported by Mocha Clubs was primarily
due to the closure of one club in mid-2014 and the transfer of the
reporting of one club to Altira Macau in 2015, partially offset by
the opening of a new Mocha club in mid-2014. The net win per gaming
machine per day was US$316 in both quarters ended March 31, 2015
and 2014.
City of Dreams Manila
First Quarter Results
City of Dreams Manila started operations on December 14, 2014
with its grand opening on February 2, 2015. For the first quarter
of 2015, net revenue at City of Dreams Manila was US$52.7 million.
City of Dreams Manila generated Adjusted EBITDA of US$2.9 million
in the first quarter of 2015.
Rolling chip volume totaled US$185.5 million for the first
quarter of 2015. The rolling chip win rate was negative 0.8% in the
first quarter of 2015.
Mass market table games drop was US$101.8 million and the mass
market table games hold percentage was 25.2% in the first quarter
of 2015.
Gaming machine handle for the first quarter of 2015 was US$385.7
million.
Total non-gaming revenue at City of Dreams Manila in the first
quarter of 2015 was US$20.2 million.
Other Factors Affecting
Earnings
Total net non-operating expenses for the first quarter of 2015
were US$35.8 million, which mainly included interest income of
US$1.8 million and interest expenses, net of capitalized interest,
of US$27.0 million and other finance costs of US$12.4 million. We
recorded US$36.2 million of capitalized interest during the first
quarter of 2015, 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$5.5 million in net non-operating
expenses was primarily due to higher capitalized interest in the
current quarter, partially offset by higher interest expenses
resulted from the drawdown of the Studio City US$1.3 billion term
loan facility.
Depreciation and amortization costs of US$110.7 million were
recorded in the first quarter of 2015, 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 March 31, 2015 totaled US$3.2
billion, including US$0.1 billion of bank deposits with original
maturity over three months and US$1.6 billion of restricted cash,
primarily related to Studio City. Total debt at the end of the
first quarter of 2015 was US$3.8 billion.
Capital expenditures for the first quarter of 2015 were US$456.2
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.
Conference Call
Information
Melco Crown Entertainment will hold a conference call to discuss
its first quarter 2015 financial results on Thursday, May 7, 2015
at 8:30 a.m. Eastern Time (8:30 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
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 |
|
|
Philippines Toll Free |
1 800 161 20166 |
|
|
Conference ID |
27003361 |
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 recurring and nonrecurring 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 and property
charges and others. 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
"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 (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 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
March 31, |
|
2015 |
2014 |
|
|
|
|
(Unaudited) |
(Unaudited) |
|
|
|
OPERATING REVENUES |
|
|
Casino |
$ 1,011,242 |
$ 1,320,139 |
Rooms |
44,563 |
33,434 |
Food and beverage |
29,507 |
21,344 |
Entertainment, retail and others |
23,217 |
27,315 |
Gross revenues |
1,108,529 |
1,402,232 |
Less: promotional allowances |
(54,277) |
(44,913) |
Net revenues |
1,054,252 |
1,357,319 |
|
|
|
OPERATING COSTS AND EXPENSES |
|
|
Casino |
(716,794) |
(913,630) |
Rooms |
(5,255) |
(3,126) |
Food and beverage |
(8,001) |
(5,732) |
Entertainment, retail and others |
(15,122) |
(14,294) |
General and administrative |
(93,430) |
(66,465) |
Payments to the Philippine Parties |
(3,136) |
-- |
Pre-opening costs |
(41,278) |
(8,531) |
Development costs |
(20) |
(1,525) |
Amortization of gaming subconcession |
(14,309) |
(14,309) |
Amortization of land use rights |
(16,118) |
(16,118) |
Depreciation and amortization |
(80,277) |
(64,402) |
Property charges and others |
(301) |
(1,692) |
Gain on disposal of assets held for sale |
-- |
22,072 |
Total operating costs and expenses |
(994,041) |
(1,087,752) |
OPERATING INCOME |
60,211 |
269,567 |
NON-OPERATING INCOME (EXPENSES) |
|
|
Interest income |
1,820 |
3,875 |
Interest expenses, net of capitalized
interest |
(27,039) |
(31,868) |
Other finance costs |
(12,382) |
(11,657) |
Foreign exchange gain (loss), net |
1,254 |
(2,228) |
Other income, net |
548 |
558 |
Total non-operating expenses, net |
(35,799) |
(41,320) |
INCOME BEFORE INCOME TAX |
24,412 |
228,247 |
INCOME TAX EXPENSE |
(574) |
(2,689) |
NET INCOME |
23,838 |
225,558 |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING
INTERESTS |
36,791 |
13,985 |
NET INCOME ATTRIBUTABLE TO MELCO CROWN
ENTERTAINMENT LIMITED |
$ 60,629 |
$ 239,543 |
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO MELCO CROWN
ENTERTAINMENT LIMITED PER SHARE: |
|
|
Basic |
$ 0.038 |
$ 0.145 |
Diluted |
$ 0.037 |
$ 0.144 |
|
|
|
NET INCOME ATTRIBUTABLE TO MELCO CROWN
ENTERTAINMENT LIMITED PER ADS: |
|
|
Basic |
$ 0.113 |
$ 0.435 |
Diluted |
$ 0.112 |
$ 0.431 |
|
|
|
WEIGHTED AVERAGE SHARES USED IN NET INCOME
ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE
CALCULATION: |
|
|
Basic |
1,616,031,719 |
1,651,289,415 |
Diluted |
1,627,484,296 |
1,666,365,474 |
|
|
Melco Crown
Entertainment Limited and Subsidiaries |
Condensed Consolidated
Balance Sheets |
(In thousands of U.S.
dollars) |
|
|
|
|
March 31,
2015 |
December 31,
2014 |
|
(Unaudited) |
(Audited) |
|
|
|
ASSETS |
|
|
|
|
|
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 1,498,907 |
$ 1,597,655 |
Bank deposits with original maturity over
three months |
123,469 |
110,616 |
Restricted cash |
1,201,307 |
1,447,034 |
Accounts receivable, net |
235,346 |
253,665 |
Amounts due from affiliated companies |
927 |
1,079 |
Deferred tax assets |
8 |
532 |
Income tax receivable |
4 |
15 |
Inventories |
22,293 |
23,111 |
Prepaid expenses and other current
assets |
65,292 |
69,254 |
Total current assets |
3,147,553 |
3,502,961 |
|
|
|
PROPERTY AND EQUIPMENT, NET |
5,071,043 |
4,696,391 |
GAMING SUBCONCESSION, NET |
413,485 |
427,794 |
INTANGIBLE ASSETS, NET |
4,220 |
4,220 |
GOODWILL |
81,915 |
81,915 |
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER
ASSETS |
237,752 |
287,558 |
RESTRICTED CASH |
360,785 |
369,549 |
DEFERRED TAX ASSETS |
92 |
115 |
DEFERRED FINANCING COSTS, NET |
163,875 |
174,872 |
LAND USE RIGHTS, NET |
871,070 |
887,188 |
TOTAL ASSETS |
$ 10,351,790 |
$ 10,432,563 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
Accounts payable |
$ 15,737 |
$ 14,428 |
Accrued expenses and other current
liabilities |
977,050 |
1,005,720 |
Income tax payable |
4,871 |
6,621 |
Capital lease obligations, due within one
year |
25,865 |
23,512 |
Current portion of long-term debt |
301,659 |
262,750 |
Amounts due to affiliated companies |
1,759 |
3,626 |
Total current liabilities |
1,326,941 |
1,316,657 |
|
|
|
LONG-TERM DEBT |
3,534,101 |
3,640,031 |
OTHER LONG-TERM LIABILITIES |
112,288 |
93,441 |
DEFERRED TAX LIABILITIES |
57,917 |
58,949 |
CAPITAL LEASE OBLIGATIONS, DUE AFTER ONE
YEAR |
278,412 |
278,027 |
LAND USE RIGHTS PAYABLE |
-- |
3,788 |
|
|
|
SHAREHOLDERS' EQUITY |
|
|
Ordinary shares |
16,309 |
16,337 |
Treasury shares |
(1,083) |
(33,167) |
Additional paid-in capital |
3,064,343 |
3,092,943 |
Accumulated other comprehensive
losses |
(17,399) |
(17,149) |
Retained earnings |
1,260,172 |
1,227,177 |
Total Melco Crown Entertainment Limited
shareholders' equity |
4,322,342 |
4,286,141 |
Noncontrolling interests |
719,789 |
755,529 |
Total equity |
5,042,131 |
5,041,670 |
TOTAL LIABILITIES AND EQUITY |
$ 10,351,790 |
$ 10,432,563 |
|
|
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
March 31, |
|
2015 |
2014 |
|
(Unaudited) |
(Unaudited) |
|
|
|
Net Income Attributable to Melco Crown
Entertainment Limited |
$ 60,629 |
$ 239,543 |
Pre-opening Costs, Net |
26,157 |
6,548 |
Development Costs, Net |
20 |
1,525 |
Property Charges and Others, Net |
301 |
1,692 |
Adjusted Net Income Attributable to Melco
Crown Entertainment Limited |
$ 87,107 |
$ 249,308 |
|
|
|
ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO
CROWN ENTERTAINMENT LIMITED PER SHARE: |
|
|
Basic |
$ 0.054 |
$ 0.151 |
Diluted |
$ 0.054 |
$ 0.150 |
|
|
|
|
|
|
ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO
CROWN ENTERTAINMENT LIMITED PER ADS: |
|
|
Basic |
$ 0.162 |
$ 0.453 |
Diluted |
$ 0.161 |
$ 0.449 |
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES USED IN ADJUSTED NET
INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE
CALCULATION: |
|
|
Basic |
1,616,031,719 |
1,651,289,415 |
Diluted |
1,627,484,296 |
1,666,365,474 |
|
|
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
March 31, 2015 |
|
|
|
|
|
City of |
|
|
|
Altira |
|
City of |
|
Dreams |
Corporate |
|
|
Macau |
Mocha |
Dreams |
Studio City |
Manila |
and Others |
Total |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
|
Operating (Loss) Income |
$ (59) |
$ 5,128 |
$ 182,719 |
$ (23,718) |
$ (50,363) |
$ (53,496) |
$ 60,211 |
|
|
|
|
|
|
|
|
Payments to the Philippine Parties |
-- |
-- |
-- |
-- |
3,136 |
-- |
3,136 |
Land Rent to Belle Corporation |
-- |
-- |
-- |
-- |
894 |
-- |
894 |
Pre-opening Costs |
-- |
-- |
361 |
12,334 |
26,201 |
2,382 |
41,278 |
Development Costs |
-- |
-- |
-- |
-- |
-- |
20 |
20 |
Depreciation and Amortization |
6,862 |
3,132 |
52,156 |
10,893 |
21,305 |
16,356 |
110,704 |
Share-based Compensation |
30 |
21 |
262 |
29 |
1,703 |
2,766 |
4,811 |
Property Charges and Others |
-- |
-- |
301 |
-- |
-- |
-- |
301 |
Adjusted EBITDA |
6,833 |
8,281 |
235,799 |
(462) |
2,876 |
(31,972) |
221,355 |
Corporate and Others Expenses |
-- |
-- |
-- |
-- |
-- |
31,972 |
31,972 |
Adjusted Property EBITDA |
$ 6,833 |
$ 8,281 |
$ 235,799 |
$ (462) |
$ 2,876 |
$ -- |
$ 253,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2014 |
|
|
|
|
|
City of |
|
|
|
Altira |
|
City of |
|
Dreams |
Corporate |
|
|
Macau |
Mocha |
Dreams |
Studio City |
Manila |
and Others |
Total |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
|
Operating Income (Loss) |
$ 26,915 |
$ 6,727 |
$ 283,415 |
$ (12,039) |
$ (8,794) |
$ (26,657) |
$ 269,567 |
|
|
|
|
|
|
|
|
Land Rent to Belle Corporation |
-- |
-- |
-- |
-- |
880 |
-- |
880 |
Pre-opening Costs |
-- |
614 |
117 |
855 |
6,065 |
-- |
7,651 |
Development Costs |
-- |
-- |
-- |
-- |
-- |
1,525 |
1,525 |
Depreciation and Amortization |
7,820 |
2,959 |
56,848 |
10,883 |
446 |
15,873 |
94,829 |
Share-based Compensation |
32 |
46 |
228 |
-- |
1,792 |
2,567 |
4,665 |
Property Charges and Others |
-- |
935 |
757 |
-- |
-- |
-- |
1,692 |
Gain on Disposal of Assets Held For
Sale |
-- |
-- |
-- |
-- |
-- |
(22,072) |
(22,072) |
Adjusted EBITDA |
34,767 |
11,281 |
341,365 |
(301) |
389 |
(28,764) |
358,737 |
Corporate and Others Expenses |
-- |
-- |
-- |
-- |
-- |
28,764 |
28,764 |
Adjusted Property EBITDA |
$ 34,767 |
$ 11,281 |
$ 341,365 |
$ (301) |
$ 389 |
$ -- |
$ 387,501 |
|
|
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
March 31, |
|
2015 |
2014 |
|
(Unaudited) |
(Unaudited) |
|
|
|
Adjusted Property EBITDA |
$ 253,327 |
$ 387,501 |
Corporate and Others Expenses |
(31,972) |
(28,764) |
Adjusted EBITDA |
221,355 |
358,737 |
Payments to the Philippine Parties |
(3,136) |
-- |
Land Rent to Belle Corporation |
(894) |
(880) |
Pre-opening Costs |
(41,278) |
(7,651) |
Development Costs |
(20) |
(1,525) |
Depreciation and Amortization |
(110,704) |
(94,829) |
Share-based Compensation |
(4,811) |
(4,665) |
Property Charges and Others |
(301) |
(1,692) |
Gain on Disposal of Assets Held For
Sale |
-- |
22,072 |
Interest and Other Non-Operating
Expenses, Net |
(35,799) |
(41,320) |
Income Tax Expense |
(574) |
(2,689) |
Net Income |
23,838 |
225,558 |
Net Loss Attributable to Noncontrolling
Interests |
36,791 |
13,985 |
Net Income Attributable to Melco Crown
Entertainment Limited |
$ 60,629 |
$ 239,543 |
|
|
Melco Crown
Entertainment Limited and Subsidiaries |
Supplemental Data
Schedule |
|
|
|
|
Three Months Ended
March 31, |
|
2015 |
2014 |
Room Statistics: |
|
|
Altira Macau |
|
|
Average daily rate (3) |
$ 228 |
$ 236 |
Occupancy per available room |
99% |
99% |
Revenue per available room (4) |
$ 225 |
$ 233 |
|
|
|
City of Dreams |
|
|
Average daily rate (3) |
$ 206 |
$ 197 |
Occupancy per available room |
99% |
98% |
Revenue per available room (4) |
$ 203 |
$ 194 |
|
|
|
City of Dreams
Manila |
|
|
Average daily rate (3) |
$ 227 |
N/A |
Occupancy per available room |
76% |
N/A |
Revenue per available room (4) |
$ 173 |
N/A |
|
|
|
Other Information: |
|
|
Altira Macau |
|
|
Average number of table games |
121 |
142 |
Average number of gaming machines |
59 |
N/A |
Table games win per unit per day (5) |
$ 19,470 |
$ 25,217 |
Gaming machines win per unit per day
(6) |
$ 81 |
N/A |
|
|
|
City of Dreams |
|
|
Average number of table games |
506 |
484 |
Average number of gaming machines |
1,265 |
1,183 |
Table games win per unit per day (5) |
$ 19,021 |
$ 28,244 |
Gaming machines win per unit per day
(6) |
$ 380 |
$ 536 |
|
|
|
City of Dreams
Manila |
|
|
Average number of table games |
231 |
N/A |
Average number of gaming machines |
1,745 |
N/A |
Table games win per unit per day (5) |
$ 1,241 |
N/A |
Gaming machines win per unit per day
(6) |
$ 145 |
N/A |
|
|
|
|
|
|
(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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