Melco Crown Entertainment Limited (Nasdaq:MPEL)
(“
Melco Crown Entertainment” or
the “
Company” or “
we”), a
developer, owner and operator of casino gaming and entertainment
resort facilities in Asia, today reported its unaudited financial
results for the third quarter of 2015.
Net revenue for the third quarter of 2015 was
US$945.7 million, representing a decrease of approximately 16% from
US$1,124.1 million for the comparable period in 2014. The decline
in net revenue was primarily attributable to lower rolling chip
revenues and mass market table games revenues in Macau, partially
offset by the net revenue generated by City of Dreams Manila, which
started operations in December 2014.
Adjusted property EBITDA(1) was US$237.3 million
for the third quarter of 2015, as compared to Adjusted property
EBITDA of US$305.7 million in the third quarter of 2014. The 22%
year-over-year decline in Adjusted property EBITDA was attributable
to lower contribution from the group-wide rolling chip segment and
mass market table games segment.
On a U.S. GAAP basis, net income attributable to
Melco Crown Entertainment for the third quarter of 2015 was US$33.2
million, or US$0.06 per ADS, compared with net income attributable
to Melco Crown Entertainment of US$132.2 million, or US$0.24 per
ADS, in the third quarter of 2014. The net loss attributable to
noncontrolling interests during the third quarter of 2015 of
US$34.1 million was related to Studio City and City of Dreams
Manila.
Mr. Lawrence Ho, Co-Chairman and Chief Executive
Officer of Melco Crown Entertainment, commented, “Our results in
the third quarter of 2015 were impressive, particularly given the
challenging demand backdrop in Macau, with our Macau Property
EBITDA expanding over 10% sequentially. This performance highlights
our world-class gaming and non-gaming amenities and market-leading,
premium-positioned flagship integrated resort, City of Dreams,
together with our ongoing commitment to managing costs.
“Our ability to compete strongly in the mass
segment in a disciplined manner and our strict approach to cost
management, particularly in marketing, player reinvestment and
payroll expenses, is demonstrated by a greater than 200 basis point
increase in our Macau Property EBITDA margins during the recent
quarter.
“I am delighted to announce the recent
successful opening of our highly anticipated integrated resort in
Macau, Studio City, which brings to Macau the most diversified
entertainment-focused property ever contemplated in Macau. Our
newest large-scale property represents a major milestone for our
Company that enables us to further diversify our offering of
entertainment-focused non-gaming attractions, which are unrivalled
in Macau.
“Studio City features a wide array of
entertainment options for visitors of all ages to enjoy. The
art-deco inspired façade houses the iconic Golden Reel – the
world’s only figure-8 Ferris wheel, as well as a 4D flight
simulation ride, Batman Dark Flight; a 40,000-square-foot family
entertainment center, Warner Bros. Fun Zone; an incredible live
magical experience showcasing the world's greatest magicians, The
House of Magic; Macau’s first-ever Ibiza-style nightclub, Pacha
Macau; and a 5,000-seat multi-purpose entertainment center, Studio
City Event Center, hosting exciting live concerts, theatrical and
top sports offerings in addition to award shows and other special
feature events.
“The property also delivers world-class
accommodation at the approximately 1,600-room Studio City Hotel,
and a diverse range of international restaurants, cafes and relaxed
bars and lounges. Studio City also significantly expands our
Company’s retail capacity in Macau with over 35,000 square
meters of distinctive retail showcasing sophisticated and
prestigious fashion brands.
“Studio City’s location directly adjacent to the
Lotus Bridge immigration point, which connects with Hengqin Island,
and a future station-point for the Macau Light Rapid Transit,
provides a strategic location in Cotai, enabling the property to
enjoy ideal access to visitors from the fast growing and
increasingly important Hengqin Island.
“We anticipate that Studio City will provide a
strong complement to our current operating assets in Macau,
allowing us to deepen our customer mix. The opening of Studio City
highlights our Company’s commitment to help evolve and greatly
enhance Macau’s non-gaming entertainment proposition, which in turn
supports Macau’s evolution into a multi-faceted entertainment
destination. Studio City also deepens our investment in the local
community by offering unique and rewarding career opportunities not
currently available in Macau.
“We thank the Macau and Central governments for
their support and recognition of our Company’s contribution to the
true diversification of Macau into a world leading leisure and
tourism destination.
“In Manila, City of Dreams delivered 93%
sequential growth in Property EBITDA, as a result of strong
traction in the rolling chip segment and further expansion of its
mass table and slot machine revenue. Hotel occupancy was maintained
at a high 88% for the quarter. City of Dreams Manila maintained
strong visitation statistics, leading all other integrated resorts
in Manila, as its unique array of gaming and entertainment
offerings continued to captivate patrons, both domestic and
international. We believe that City of Dreams Manila is well
positioned for long term success as Manila transforms into an
exciting and diverse tourism destination for the region.”
City
of Dreams Third Quarter Results
For the quarter ended September 30, 2015, net
revenue at City of Dreams was US$665.6 million compared to US$911.6
million in the third quarter of 2014. City of Dreams generated
Adjusted EBITDA of US$191.5 million in the third quarter of 2015,
representing a decrease of 31% compared to US$276.0 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$9.3 billion for
the third quarter of 2015 versus US$17.3 billion in the third
quarter of 2014. The rolling chip win rate was 2.9% in the third
quarter of 2015 versus 2.7% in the third quarter of 2014. The
expected rolling chip win rate range is 2.7%-3.0%.
Mass market table games drop decreased to
US$1,190.3 million compared with US$1,340.4 million in the third
quarter of 2014. The mass market table games hold percentage was
35.1% in the third quarter of 2015 compared to 38.9% in the third
quarter of 2014.
Gaming machine handle for the third quarter of
2015 was US$1,211.3 million, compared with US$1,551.7 million in
the third quarter of 2014.
Total non-gaming revenue at City of Dreams in
the third quarter of 2015 was US$66.8 million, compared with
US$74.2 million in the third quarter of 2014.
Altira
Macau Third Quarter Results
For the quarter ended September 30, 2015, net
revenue at Altira Macau was US$140.3 million compared to US$160.4
million in the third quarter of 2014. Altira Macau generated
Adjusted EBITDA of US$13.3 million in the third quarter of 2015
compared with Adjusted EBITDA of US$20.3 million in the third
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$5.2 billion in
the third quarter of 2015 versus US$7.2 billion in the third
quarter of 2014. The rolling chip win rate was 3.0% in the third
quarter of 2015 versus 2.7% in the third 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$156.7 million in the third quarter of 2015, a decrease
from US$181.4 million generated in the comparable period in 2014.
The mass market table games hold percentage was 19.4% in the third
quarter of 2015 compared with 16.2% in the third quarter of
2014.
Gaming machine handle for the third quarter of
2015 was US$11.2 million.
Total non-gaming revenue at Altira Macau in the
third quarter of 2015 was US$8.1 million compared with US$9.0
million in the third quarter of 2014.
Mocha Clubs Third
Quarter Results
Net revenue from Mocha Clubs totaled US$36.1
million in the third quarter of 2015 as compared to US$38.5 million
in the third quarter of 2014. Mocha Clubs generated US$8.5 million
of Adjusted EBITDA in the third quarter of 2015 compared with
US$9.9 million in the same period in 2014.
The number of gaming machines in operation at
Mocha Clubs averaged approximately 1,200 in the third quarter of
2015, compared to approximately 1,300 in the comparable period in
2014. The reduction in gaming machines reported by Mocha Clubs was
primarily due to the transfer of the reporting of one club to
Altira Macau in 2015. The net win per gaming machine per day was
US$318 in the third quarter of 2015, as compared with US$306 in the
comparable period in 2014.
City
of Dreams Manila Third Quarter Results
For the third quarter of 2015, net revenue at
City of Dreams Manila was US$91.7 million. City of Dreams Manila
generated Adjusted EBITDA of US$24.4 million in the third quarter
of 2015.
Rolling chip volume totaled US$1.2 billion for
the third quarter of 2015. The rolling chip win rate was 2.9% in
the third quarter of 2015. The expected rolling chip win rate range
is 2.7%-3.0%.
Mass market table games drop was US$116.7
million and the mass market table games hold percentage was 27.0%
in the third quarter of 2015.
Gaming machine handle for the third quarter of
2015 was US$508.4 million. The number of gaming machines in
operation at City of Dreams Manila averaged approximately 1,700 in
the third quarter of 2015. The net win per gaming machine per day
was US$184 for the third quarter of 2015.
Total non-gaming revenue at City of Dreams
Manila in the third quarter of 2015 was US$26.4 million.
Other Factors Affecting
Earnings
Total net non-operating expenses for the third
quarter of 2015 were US$34.6 million, which mainly included
interest income of US$4.2 million and interest expenses, net of
capitalized interest, of US$23.2 million, US$9.5 million of other
finance costs and US$6.5 million of net foreign exchange loss. We
recorded US$40.3 million of capitalized interest during the third
quarter of 2015, primarily relating to Studio City and the fifth
hotel tower at City of Dreams.
The year-on-year decrease of US$4.2 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 in late July 2014.
Depreciation and amortization costs of US$114.3
million were recorded in the third 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 September 30,
2015 totaled US$2.8 billion, including US$0.7 billion of bank
deposits with original maturity over three months and US$1.0
billion of restricted cash, primarily related to Studio City. Total
debt at the end of the third quarter of 2015 was US$4.0
billion.
Capital expenditure for the third quarter of
2015 were US$400.6 million, which predominantly related to Studio
City and various projects at City of Dreams, including the fifth
hotel tower.
Our Studio City borrowing group issued a
letter requesting, among other things, approvals from the lenders
of the Studio City US$1.4 billion term loan and revolving credit
facility to amend the loan documentation. The proposed
amendments include changing the Studio City project opening date
condition from 400 to 250 tables, consequential adjustments to the
financial covenants, and rescheduling the commencement of
financial covenant testing.
Other Information
The proceeding in Taiwan against our
subsidiary’s Taiwan branch office (“Taiwan
Branch”) is on-going. In early October, the first instance
court rendered a not guilty verdict on all charges in favour of our
Taiwan Branch. With respect to the frozen bank account with a
balance of approximately New Taiwan dollar 2.98 billion (equivalent
to $102.2 million) at the time it was frozen, such court ordered
the cancellation of the prosecutor’s freeze order
(“Unfreeze Order”). The prosecutor filed a notice
of appeal of the not guilty verdict but did not oppose the Unfreeze
Order. However, the prosecutor may at any time apply to the
appellate court for a new freeze order over the bank account. Our
Taiwan Branch will continue to vigorously defend this case during
the appeal process.
Dividend
Declaration
On November 5, 2015, our Board considered and
approved the declaration and payment of a quarterly dividend of
US$0.0061 per share (equivalent to US$0.0183 per ADS) for the third
quarter of 2015 (the “Quarterly Dividend”). The
Quarterly Dividend will be paid on or about Friday, December 4,
2015 to our shareholders whose names appear on the register of
members of the Company at the close of business on Tuesday,
November 17, 2015, being the record date for determination of
entitlements to the Quarterly Dividend.
Community
Support
and
Investment
As a company 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:
- In September 2015, we announced “MCE YOU-niversity”, a unique
approach that adds to the Melco Crown Entertainment’s whole person
development strategy for employees who have yet to achieve a
university degree. The first bachelor’s degree program, Bachelor of
Arts in International Business Practice offered by Edinburgh Napier
University as part of “MCE YOU-niversity”, will be launched in 2016
with possible support from a local Macau educational institute to
help co-teach the program.
- In October 2015, we invited 40 students and their teachers from
Luso-Chinese Technical and Vocational Middle School on a backstage
tour at the Dancing Water Theater. The tour aimed to prepare these
students to start planning for their undergraduate programs and
future career paths, potentially to become a part of the
award-winning production.
- To celebrate the launch of the new cinematically-themed resort
Studio City with the Macau community, we organized daily charity
groups to experience the world-class attractions and entertainment.
The participating groups included Fu Hong Macau Association, Sheng
Kung Hui “Star of Hope” Youth Home, Holy House of Mercy, Macau True
Goodwill Friendship Association, Macau Deaf Association and a
cancer patient group in association with Junior Chamber
International Macau.It is an ongoing program that continues to
serve different charity groups and organizations.Furthermore, from
October 28 to December 6, we will donate 300 tickets per
weekday and 400 tickets per weekend, of The House of
Magic, Macau’s first theater hosting resident magic show, to the
community, with priority to be given to the under-resourced.
Studio
City –
Asia’s
Entertainment
Capital
Situated in the heart of Cotai and adjacent to
the Lotus Bridge immigration point and directly connected to the
light rail system, Studio City combines Macau’s
most diversified mix of entertainment with an exciting array of
accommodation, regional and international dining and designer brand
shopping, as well as a spacious and contemporary casino.
Entertainment:
- Golden Reel – The world’s first truly iconic
figure-8 Ferris wheel 130 meters high, between Studio City’s
stunning, Art Deco-inspired twin hotel towers. The ride features 17
“Steampunk”-themed cabins, each comfortably seating up to 10
guests.
- Batman Dark Flight – An immersive ‘flying
theater’ 4D motion ride based on an action-packed, digitally
animated Batman storyline. This flight simulation ride can
accommodate up to 72 guests at a time.
- Warner Bros. Fun Zone – The 40,000-square-foot
fun-filled indoor play center is packed with rides and interactive
fun zones themed around your favorite Warner Bros., DC Comics,
Hanna-Barbera Productions and Looney Tunes characters.
- The House of Magic – A one-of-a-kind
multi-theater featuring leading magicians from around the world.
The House of Magic is set to become the premier performance venue
for magicians globally.
- Studio City Event Center – A 5,000-seat
multi-purpose arena representing the centerpiece of Studio City’s
live entertainment offerings. It is the ideal venue for hosting the
biggest international and regional concert tours, leading
theatrical productions, top sporting events, award shows and other
world-class events.
- Studio 8 – The only TV Studio facility in
Macau to provide open access ‘plug in and play’ facilities to
create a fully operational television recording and broadcast
studio.
- Pacha Macau – One of the world’s biggest names
in nightclubs, Pacha will bring Ibiza-style nightlife to Macau and
Greater China for the very first time.
- RiverScape – A jungle river-themed water ride
on the Podium Deck.
Accommodation:
The Studio City Hotel will offer approximately 1,600 guest rooms
catering to leisure destination seekers from across Asia and around
the world.
Dining: Studio City will offer
a diverse range of world-class restaurants, cafes and a number of
relaxed bars and lounges. Over 30 food and beverage venues will be
located throughout the property. The stunning Cosmos Food
Station takes visitors on a Space Station-themed dining
experience with holographic projection technology creating
‘out-of-this-world’ deep space visages.
Retail:
Merchandised, marketed and managed by Taubman Asia, The Boulevard
at Studio City is a 35,000-square-meter ‘immersive’ retail
entertainment experience showcasing sophisticated and prestigious
fashion brands.
Studio City – This is Entertainment.
Conference
Call
Information
Melco Crown Entertainment will hold a conference
call to discuss its third quarter 2015 financial results on
Thursday, November 5, 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 |
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Passcode |
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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 |
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1 855
452 5696 |
US
Toll/International |
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1 646
254 3697 |
HK Toll
Free |
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800 963
117 |
Philippines Toll Free |
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1 800
161 20166 |
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Conference ID |
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58999742 |
Safe Harbor
Statement
This press 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 press 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, 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 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 also majority owns and
operates 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 Main Board of The Stock Exchange of Hong Kong
Limited 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 Mr. James
Packer, who is also Co-Chairman and a Non-executive Director of
Melco Crown Entertainment.
For
investment
community,
please
contact:Ross DunwoodyVice President,
Investor RelationsTel: +853 8868 7575 or +852 2598 3689Email:
rossdunwoody@melco-crown.com
For
media
enquiry,
please
contact:Maggie MaSenior Vice President,
Corporate Communications and Public RelationsTel: +853 8868 3767 or
+852 3151 3767Email: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 |
|
Nine Months
Ended |
|
September
30, |
|
September
30, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ |
|
900,468 |
|
|
$ |
|
1,083,955 |
|
|
$ |
|
2,786,170 |
|
|
$ |
|
3,569,443 |
|
Rooms |
|
|
45,577 |
|
|
|
|
33,901 |
|
|
|
|
138,591 |
|
|
|
|
100,900 |
|
Food and beverage |
|
|
30,324 |
|
|
|
|
20,931 |
|
|
|
|
89,213 |
|
|
|
|
61,564 |
|
Entertainment, retail
and others |
|
|
28,360 |
|
|
|
|
30,178 |
|
|
|
|
76,063 |
|
|
|
|
83,169 |
|
Gross revenues |
|
|
1,004,729 |
|
|
|
|
1,168,965 |
|
|
|
|
3,090,037 |
|
|
|
|
3,815,076 |
|
Less: promotional
allowances |
|
|
(58,999 |
) |
|
|
|
(44,895 |
) |
|
|
|
(173,267 |
) |
|
|
|
(134,152 |
) |
Net revenues |
|
|
945,730 |
|
|
|
|
1,124,070 |
|
|
|
|
2,916,770 |
|
|
|
|
3,680,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING COSTS AND
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
|
(621,333 |
) |
|
|
|
(740,925 |
) |
|
|
|
(1,962,154 |
) |
|
|
|
(2,478,005 |
) |
Rooms |
|
|
(5,475 |
) |
|
|
|
(3,148 |
) |
|
|
|
(15,341 |
) |
|
|
|
(9,290 |
) |
Food and beverage |
|
|
(8,339 |
) |
|
|
|
(6,603 |
) |
|
|
|
(24,024 |
) |
|
|
|
(17,062 |
) |
Entertainment, retail
and others |
|
|
(18,237 |
) |
|
|
|
(17,372 |
) |
|
|
|
(51,528 |
) |
|
|
|
(46,809 |
) |
General and
administrative |
|
|
(91,373 |
) |
|
|
|
(84,717 |
) |
|
|
|
(273,733 |
) |
|
|
|
(224,783 |
) |
Payments to the
Philippine Parties |
|
|
(4,721 |
) |
|
|
|
- |
|
|
|
|
(11,994 |
) |
|
|
|
- |
|
Pre-opening costs |
|
|
(46,388 |
) |
|
|
|
(28,589 |
) |
|
|
|
(115,671 |
) |
|
|
|
(57,183 |
) |
Development costs |
|
|
(36 |
) |
|
|
|
(2,154 |
) |
|
|
|
(57 |
) |
|
|
|
(8,454 |
) |
Amortization of gaming
subconcession |
|
|
(14,309 |
) |
|
|
|
(14,309 |
) |
|
|
|
(42,928 |
) |
|
|
|
(42,928 |
) |
Amortization of land
use rights |
|
|
(16,117 |
) |
|
|
|
(16,117 |
) |
|
|
|
(48,353 |
) |
|
|
|
(48,353 |
) |
Depreciation and
amortization |
|
|
(83,833 |
) |
|
|
|
(58,707 |
) |
|
|
|
(249,400 |
) |
|
|
|
(184,378 |
) |
Property charges and
others |
|
|
(1,500 |
) |
|
|
|
(3,742 |
) |
|
|
|
(5,339 |
) |
|
|
|
(5,689 |
) |
Gain on disposal of
assets held for sale |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
22,072 |
|
Total operating costs
and expenses |
|
|
(911,661 |
) |
|
|
|
(976,383 |
) |
|
|
|
(2,800,522 |
) |
|
|
|
(3,100,862 |
) |
OPERATING INCOME |
|
|
34,069 |
|
|
|
|
147,687 |
|
|
|
|
116,248 |
|
|
|
|
580,062 |
|
NON-OPERATING INCOME
(EXPENSES) |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
4,237 |
|
|
|
|
6,098 |
|
|
|
|
10,771 |
|
|
|
|
13,750 |
|
Interest expenses, net
of capitalized interest |
|
|
(23,244 |
) |
|
|
|
(34,146 |
) |
|
|
|
(74,214 |
) |
|
|
|
(94,539 |
) |
Other finance
costs |
|
|
(9,547 |
) |
|
|
|
(11,330 |
) |
|
|
|
(31,839 |
) |
|
|
|
(35,198 |
) |
Foreign exchange (loss)
gain, net |
|
|
(6,456 |
) |
|
|
|
71 |
|
|
|
|
(3,537 |
) |
|
|
|
(1,680 |
) |
Other income, net |
|
|
501 |
|
|
|
|
549 |
|
|
|
|
1,582 |
|
|
|
|
1,765 |
|
Loss on extinguishment
of debt |
|
|
- |
|
|
|
|
- |
|
|
|
|
(481 |
) |
|
|
|
- |
|
Costs associated with
debt modification |
|
|
(47 |
) |
|
|
|
- |
|
|
|
|
(592 |
) |
|
|
|
- |
|
Total non-operating
expenses, net |
|
|
(34,556 |
) |
|
|
|
(38,758 |
) |
|
|
|
(98,310 |
) |
|
|
|
(115,902 |
) |
(LOSS) INCOME BEFORE
INCOME TAX |
|
|
(487 |
) |
|
|
|
108,929 |
|
|
|
|
17,938 |
|
|
|
|
464,160 |
|
INCOME TAX EXPENSE |
|
|
(387 |
) |
|
|
|
(379 |
) |
|
|
|
(765 |
) |
|
|
|
(3,372 |
) |
NET (LOSS)
INCOME |
|
|
(874 |
) |
|
|
|
108,550 |
|
|
|
|
17,173 |
|
|
|
|
460,788 |
|
NET LOSS ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
NONCONTROLLING INTERESTS |
|
|
34,077 |
|
|
|
|
23,605 |
|
|
|
|
100,913 |
|
|
|
|
54,548 |
|
NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT
LIMITED |
$ |
|
33,203 |
|
|
$ |
|
132,155 |
|
|
$ |
|
118,086 |
|
|
$ |
|
515,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIMITED PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
0.021 |
|
|
$ |
|
0.080 |
|
|
$ |
|
0.073 |
|
|
$ |
|
0.312 |
|
Diluted |
$ |
|
0.020 |
|
|
$ |
|
0.079 |
|
|
$ |
|
0.073 |
|
|
$ |
|
0.309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
0.062 |
|
|
$ |
|
0.240 |
|
|
$ |
|
0.219 |
|
|
$ |
|
0.936 |
|
Diluted |
$ |
|
0.061 |
|
|
$ |
|
0.238 |
|
|
$ |
|
0.218 |
|
|
$ |
|
0.928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
USED IN |
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN
ENTERTAINMENT LIMITED |
|
|
|
|
|
|
|
|
|
|
PER SHARE CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
1,617,905,348 |
|
|
|
|
1,652,484,854 |
|
|
|
|
1,617,033,893 |
|
|
|
|
1,652,090,303 |
|
Diluted |
|
|
1,627,096,350 |
|
|
|
|
1,664,642,439 |
|
|
|
|
1,627,249,911 |
|
|
|
|
1,665,490,874 |
|
Melco Crown Entertainment Limited and
Subsidiaries |
Condensed Consolidated Balance
Sheets |
(In thousands of U.S. dollars) |
|
|
|
September 30, |
|
December 31, |
|
2015 |
|
2014 |
|
(Unaudited) |
|
(Audited) |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Cash and cash
equivalents |
$ |
|
1,141,684 |
|
|
$ |
|
1,597,655 |
|
Bank deposits with
original maturity over three months |
|
|
707,704 |
|
|
|
|
110,616 |
|
Restricted cash |
|
|
611,178 |
|
|
|
|
1,447,034 |
|
Accounts receivable,
net |
|
|
280,002 |
|
|
|
|
253,665 |
|
Amounts due from
affiliated companies |
|
|
135 |
|
|
|
|
1,079 |
|
Deferred tax
assets |
|
|
- |
|
|
|
|
532 |
|
Income tax
receivable |
|
|
1 |
|
|
|
|
15 |
|
Inventories |
|
|
26,136 |
|
|
|
|
23,111 |
|
Prepaid expenses and
other current assets |
|
|
90,023 |
|
|
|
|
69,254 |
|
Total current
assets |
|
|
2,856,863 |
|
|
|
|
3,502,961 |
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT,
NET |
|
|
5,672,113 |
|
|
|
|
4,696,391 |
|
GAMING SUBCONCESSION,
NET |
|
|
384,866 |
|
|
|
|
427,794 |
|
INTANGIBLE ASSETS,
NET |
|
|
4,220 |
|
|
|
|
4,220 |
|
GOODWILL |
|
|
81,915 |
|
|
|
|
81,915 |
|
LONG-TERM PREPAYMENTS,
DEPOSITS AND OTHER ASSETS |
|
|
170,312 |
|
|
|
|
287,558 |
|
RESTRICTED CASH |
|
|
350,607 |
|
|
|
|
369,549 |
|
DEFERRED TAX
ASSETS |
|
|
108 |
|
|
|
|
115 |
|
DEFERRED FINANCING
COSTS, NET |
|
|
188,259 |
|
|
|
|
174,872 |
|
LAND USE RIGHTS,
NET |
|
|
838,835 |
|
|
|
|
887,188 |
|
TOTAL ASSETS |
$ |
|
10,548,098 |
|
|
$ |
|
10,432,563 |
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
Accounts payable |
$ |
|
18,038 |
|
|
$ |
|
14,428 |
|
Accrued expenses and
other current liabilities |
|
|
1,099,256 |
|
|
|
|
1,005,720 |
|
Income tax payable |
|
|
5,630 |
|
|
|
|
6,621 |
|
Capital lease
obligations, due within one year |
|
|
28,500 |
|
|
|
|
23,512 |
|
Current portion of
long-term debt |
|
|
17,445 |
|
|
|
|
262,750 |
|
Amounts due to
affiliated companies |
|
|
1,522 |
|
|
|
|
3,626 |
|
Total current
liabilities |
|
|
1,170,391 |
|
|
|
|
1,316,657 |
|
|
|
|
|
|
|
LONG-TERM DEBT |
|
|
3,948,411 |
|
|
|
|
3,640,031 |
|
OTHER LONG-TERM
LIABILITIES |
|
|
88,349 |
|
|
|
|
93,441 |
|
DEFERRED TAX
LIABILITIES |
|
|
55,853 |
|
|
|
|
58,949 |
|
CAPITAL LEASE
OBLIGATIONS, DUE AFTER ONE YEAR |
|
|
269,909 |
|
|
|
|
278,027 |
|
LAND USE RIGHTS
PAYABLE |
|
|
- |
|
|
|
|
3,788 |
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
|
Ordinary shares |
|
|
16,309 |
|
|
|
|
16,337 |
|
Treasury shares |
|
|
(276 |
) |
|
|
|
(33,167 |
) |
Additional paid-in
capital |
|
|
3,074,622 |
|
|
|
|
3,092,943 |
|
Accumulated other
comprehensive losses |
|
|
(21,555 |
) |
|
|
|
(17,149 |
) |
Retained earnings |
|
|
1,292,283 |
|
|
|
|
1,227,177 |
|
Total Melco Crown
Entertainment Limited shareholders’ equity |
|
|
4,361,383 |
|
|
|
|
4,286,141 |
|
Noncontrolling
interests |
|
|
653,802 |
|
|
|
|
755,529 |
|
Total equity |
|
|
5,015,185 |
|
|
|
|
5,041,670 |
|
TOTAL LIABILITIES AND
EQUITY |
$ |
|
10,548,098 |
|
|
$ |
|
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 |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable
to |
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment
Limited |
$ |
33,203 |
|
$ |
132,155 |
|
$ |
118,086 |
|
$ |
515,336 |
Pre-opening Costs, Net |
|
25,629 |
|
|
19,925 |
|
|
67,203 |
|
|
41,516 |
Development Costs, Net |
|
36 |
|
|
2,154 |
|
|
57 |
|
|
8,454 |
Property Charges and Others,
Net |
|
1,094 |
|
|
2,666 |
|
|
4,933 |
|
|
4,613 |
Loss on Extinguishment of Debt,
Net |
|
- |
|
|
- |
|
|
481 |
|
|
- |
Costs Associated with Debt
Modification, Net |
|
47 |
|
|
- |
|
|
592 |
|
|
- |
Adjusted Net Income
Attributable to |
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment
Limited |
$ |
60,009 |
|
$ |
156,900 |
|
$ |
191,352 |
|
$ |
569,919 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT LIMITED
PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.037 |
|
$ |
0.095 |
|
$ |
0.118 |
|
$ |
0.345 |
Diluted |
$ |
0.037 |
|
$ |
0.094 |
|
$ |
0.118 |
|
$ |
0.342 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT LIMITED
PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.111 |
|
$ |
0.285 |
|
$ |
0.355 |
|
$ |
1.035 |
Diluted |
$ |
0.111 |
|
$ |
0.283 |
|
$ |
0.353 |
|
$ |
1.027 |
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
USED IN ADJUSTED |
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT
LIMITED |
|
|
|
|
|
|
|
|
|
|
|
PER SHARE CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,617,905,348 |
|
|
1,652,484,854 |
|
|
1,617,033,893 |
|
|
1,652,090,303 |
Diluted |
|
1,627,096,350 |
|
|
1,664,642,439 |
|
|
1,627,249,911 |
|
|
1,665,490,874 |
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 September 30, 2015 |
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City ofDreamsManila |
|
Corporateand Others |
|
Total |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
5,654 |
|
$ |
5,423 |
|
$ |
139,444 |
|
$ |
|
(57,785 |
) |
|
$ |
|
(7,129 |
) |
|
$ |
|
(51,538 |
) |
|
$ |
34,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine
Parties |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
4,721 |
|
|
|
|
- |
|
|
|
4,721 |
Land Rent to Belle Corporation |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
854 |
|
|
|
|
- |
|
|
|
854 |
Pre-opening Costs |
|
- |
|
|
- |
|
|
9 |
|
|
|
45,395 |
|
|
|
|
(145 |
) |
|
|
|
1,129 |
|
|
|
46,388 |
Development Costs |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
36 |
|
|
|
36 |
Depreciation and Amortization |
|
7,608 |
|
|
3,036 |
|
|
51,491 |
|
|
|
10,946 |
|
|
|
|
24,173 |
|
|
|
|
17,005 |
|
|
|
114,259 |
Share-based Compensation |
|
29 |
|
|
22 |
|
|
546 |
|
|
|
101 |
|
|
|
|
1,900 |
|
|
|
|
3,245 |
|
|
|
5,843 |
Property Charges and Others |
|
- |
|
|
- |
|
|
- |
|
|
|
1,016 |
|
|
|
|
- |
|
|
|
|
484 |
|
|
|
1,500 |
Adjusted EBITDA |
|
13,291 |
|
|
8,481 |
|
|
191,490 |
|
|
|
(327 |
) |
|
|
|
24,374 |
|
|
|
|
(29,639 |
) |
|
|
207,670 |
Corporate and Others Expenses |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
29,639 |
|
|
|
29,639 |
Adjusted Property
EBITDA |
$ |
13,291 |
|
$ |
8,481 |
|
$ |
191,490 |
|
$ |
|
(327 |
) |
|
$ |
|
24,374 |
|
|
$ |
|
- |
|
|
$ |
237,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
2014 |
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City ofDreamsManila |
|
Corporateand Others |
|
Total |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
14,155 |
|
$ |
6,646 |
|
$ |
222,298 |
|
$ |
|
(15,024 |
) |
|
$ |
|
(29,812 |
) |
|
$ |
|
(50,576 |
) |
|
$ |
147,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land Rent to Belle Corporation |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
901 |
|
|
|
|
- |
|
|
|
901 |
Pre-opening Costs |
|
- |
|
|
4 |
|
|
1,584 |
|
|
|
3,609 |
|
|
|
|
22,491 |
|
|
|
|
- |
|
|
|
27,688 |
Development Costs |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
2,154 |
|
|
|
2,154 |
Depreciation and Amortization |
|
6,097 |
|
|
3,184 |
|
|
51,842 |
|
|
|
10,897 |
|
|
|
|
872 |
|
|
|
|
16,241 |
|
|
|
89,133 |
Share-based Compensation |
|
11 |
|
|
29 |
|
|
324 |
|
|
|
21 |
|
|
|
|
2,124 |
|
|
|
|
2,943 |
|
|
|
5,452 |
Property Charges and Others |
|
- |
|
|
41 |
|
|
- |
|
|
|
- |
|
|
|
|
3,451 |
|
|
|
|
250 |
|
|
|
3,742 |
Adjusted EBITDA |
|
20,263 |
|
|
9,904 |
|
|
276,048 |
|
|
|
(497 |
) |
|
|
|
27 |
|
|
|
|
(28,988 |
) |
|
|
276,757 |
Corporate and Others Expenses |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
28,988 |
|
|
|
28,988 |
Adjusted Property
EBITDA |
$ |
20,263 |
|
$ |
9,904 |
|
$ |
276,048 |
|
$ |
|
(497 |
) |
|
$ |
|
27 |
|
|
$ |
|
- |
|
|
$ |
305,745 |
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 |
|
|
September 30, |
|
|
2015 |
|
2014 |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
Adjusted Property
EBITDA |
|
$ |
|
237,309 |
|
|
$ |
|
305,745 |
|
Corporate and Others Expenses |
|
|
|
(29,639 |
) |
|
|
|
(28,988 |
) |
Adjusted EBITDA |
|
|
|
207,670 |
|
|
|
|
276,757 |
|
Payments to the Philippine
Parties |
|
|
|
(4,721 |
) |
|
|
|
- |
|
Land Rent to Belle Corporation |
|
|
|
(854 |
) |
|
|
|
(901 |
) |
Pre-opening Costs |
|
|
|
(46,388 |
) |
|
|
|
(27,688 |
) |
Development Costs |
|
|
|
(36 |
) |
|
|
|
(2,154 |
) |
Depreciation and Amortization |
|
|
|
(114,259 |
) |
|
|
|
(89,133 |
) |
Share-based Compensation |
|
|
|
(5,843 |
) |
|
|
|
(5,452 |
) |
Property Charges and Others |
|
|
|
(1,500 |
) |
|
|
|
(3,742 |
) |
Interest and Other Non-Operating
Expenses, Net |
|
|
|
(34,556 |
) |
|
|
|
(38,758 |
) |
Income Tax Expense |
|
|
|
(387 |
) |
|
|
|
(379 |
) |
Net (Loss)
Income |
|
|
|
(874 |
) |
|
|
|
108,550 |
|
Net Loss Attributable
to Noncontrolling Interests |
|
|
|
34,077 |
|
|
|
|
23,605 |
|
Net Income Attributable
to Melco Crown Entertainment Limited |
|
$ |
|
33,203 |
|
|
$ |
|
132,155 |
|
Melco Crown Entertainment Limited and
Subsidiaries |
Reconciliation of Operating Income (Loss) to
Adjusted EBITDA and Adjusted Property EBITDA |
(In thousands of U.S. dollars) |
|
|
|
Nine Months Ended
September 30, 2015 |
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City ofDreamsManila |
|
Corporateand Others |
|
Total |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
4,308 |
|
$ |
14,474 |
|
$ |
448,937 |
|
$ |
|
(114,284 |
) |
|
$ |
|
(78,826 |
) |
|
$ |
|
(158,361 |
) |
|
$ |
|
116,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the
Philippine Parties |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
11,994 |
|
|
|
|
- |
|
|
|
|
11,994 |
|
Land Rent to
Belle Corporation |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
2,634 |
|
|
|
|
- |
|
|
|
|
2,634 |
|
Pre-opening
Costs |
|
- |
|
|
- |
|
|
388 |
|
|
|
79,285 |
|
|
|
|
27,907 |
|
|
|
|
8,091 |
|
|
|
|
115,671 |
|
Development
Costs |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
57 |
|
|
|
|
57 |
|
Depreciation and
Amortization |
|
22,196 |
|
|
9,312 |
|
|
155,232 |
|
|
|
32,738 |
|
|
|
|
70,893 |
|
|
|
|
50,310 |
|
|
|
|
340,681 |
|
Share-based
Compensation |
|
88 |
|
|
64 |
|
|
1,414 |
|
|
|
203 |
|
|
|
|
5,284 |
|
|
|
|
8,571 |
|
|
|
|
15,624 |
|
Property Charges
and Others |
|
- |
|
|
- |
|
|
301 |
|
|
|
1,016 |
|
|
|
|
- |
|
|
|
|
4,022 |
|
|
|
|
5,339 |
|
Adjusted EBITDA |
|
26,592 |
|
|
23,850 |
|
|
606,272 |
|
|
|
(1,042 |
) |
|
|
|
39,886 |
|
|
|
|
(87,310 |
) |
|
|
|
608,248 |
|
Corporate and
Others Expenses |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
87,310 |
|
|
|
|
87,310 |
|
Adjusted Property
EBITDA |
$ |
26,592 |
|
$ |
23,850 |
|
$ |
606,272 |
|
$ |
|
(1,042 |
) |
|
$ |
|
39,886 |
|
|
$ |
|
- |
|
|
$ |
|
695,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2014 |
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City ofDreamsManila |
|
Corporateand Others |
|
Total |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
49,921 |
|
$ |
18,443 |
|
$ |
739,455 |
|
$ |
|
(42,435 |
) |
|
$ |
|
(55,554 |
) |
|
$ |
|
(129,768 |
) |
|
$ |
|
580,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land Rent to Belle Corporation |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
2,678 |
|
|
|
|
- |
|
|
|
|
2,678 |
|
Pre-opening Costs |
|
- |
|
|
1,082 |
|
|
3,315 |
|
|
|
8,657 |
|
|
|
|
41,451 |
|
|
|
|
- |
|
|
|
|
54,505 |
|
Development Costs |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
8,454 |
|
|
|
|
8,454 |
|
Depreciation and Amortization |
|
20,596 |
|
|
8,963 |
|
|
163,218 |
|
|
|
32,665 |
|
|
|
|
1,971 |
|
|
|
|
48,246 |
|
|
|
|
275,659 |
|
Share-based Compensation |
|
77 |
|
|
113 |
|
|
902 |
|
|
|
28 |
|
|
|
|
5,902 |
|
|
|
|
8,347 |
|
|
|
|
15,369 |
|
Property Charges and Others |
|
- |
|
|
1,231 |
|
|
757 |
|
|
|
- |
|
|
|
|
3,451 |
|
|
|
|
250 |
|
|
|
|
5,689 |
|
Gain on Disposal of Assets Held For
Sale |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(22,072 |
) |
|
|
|
(22,072 |
) |
Adjusted EBITDA |
|
70,594 |
|
|
29,832 |
|
|
907,647 |
|
|
|
(1,085 |
) |
|
|
|
(101 |
) |
|
|
|
(86,543 |
) |
|
|
|
920,344 |
|
Corporate and Others Expenses |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
86,543 |
|
|
|
|
86,543 |
|
Adjusted Property
EBITDA |
$ |
70,594 |
|
$ |
29,832 |
|
$ |
907,647 |
|
$ |
|
(1,085 |
) |
|
$ |
|
(101 |
) |
|
$ |
|
- |
|
|
$ |
|
1,006,887 |
|
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) |
|
|
|
Nine Months Ended |
|
|
September 30, |
|
|
2015 |
|
2014 |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
Adjusted Property
EBITDA |
|
$ |
|
695,558 |
|
|
$ |
|
1,006,887 |
|
Corporate and Others Expenses |
|
|
|
(87,310 |
) |
|
|
|
(86,543 |
) |
Adjusted EBITDA |
|
|
|
608,248 |
|
|
|
|
920,344 |
|
Payments to the Philippine
Parties |
|
|
|
(11,994 |
) |
|
|
|
- |
|
Land Rent to Belle Corporation |
|
|
|
(2,634 |
) |
|
|
|
(2,678 |
) |
Pre-opening Costs |
|
|
|
(115,671 |
) |
|
|
|
(54,505 |
) |
Development Costs |
|
|
|
(57 |
) |
|
|
|
(8,454 |
) |
Depreciation and Amortization |
|
|
|
(340,681 |
) |
|
|
|
(275,659 |
) |
Share-based Compensation |
|
|
|
(15,624 |
) |
|
|
|
(15,369 |
) |
Property Charges and Others |
|
|
|
(5,339 |
) |
|
|
|
(5,689 |
) |
Gain on Disposal of Assets Held For
Sale |
|
|
|
- |
|
|
|
|
22,072 |
|
Interest and Other Non-Operating
Expenses, Net |
|
|
|
(98,310 |
) |
|
|
|
(115,902 |
) |
Income Tax Expense |
|
|
|
(765 |
) |
|
|
|
(3,372 |
) |
Net Income |
|
|
|
17,173 |
|
|
|
|
460,788 |
|
Net Loss Attributable
to Noncontrolling Interests |
|
|
|
100,913 |
|
|
|
|
54,548 |
|
Net Income Attributable
to Melco Crown Entertainment Limited |
|
$ |
|
118,086 |
|
|
$ |
|
515,336 |
|
Melco Crown Entertainment Limited and
Subsidiaries |
Supplemental Data Schedule |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Room
Statistics: |
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
$ |
|
200 |
|
|
|
$ |
|
224 |
|
|
|
$ |
|
212 |
|
|
|
$ |
|
230 |
|
|
Occupancy per available room |
|
|
|
99 |
% |
|
|
|
|
99 |
% |
|
|
|
|
99 |
% |
|
|
|
|
99 |
% |
|
Revenue per available room (4) |
|
$ |
|
197 |
|
|
|
$ |
|
222 |
|
|
|
$ |
|
209 |
|
|
|
$ |
|
228 |
|
|
|
|
|
|
|
|
|
|
|
City of
Dreams |
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
$ |
|
196 |
|
|
|
$ |
|
194 |
|
|
|
$ |
|
200 |
|
|
|
$ |
|
196 |
|
|
Occupancy per available room |
|
|
|
99 |
% |
|
|
|
|
100 |
% |
|
|
|
|
99 |
% |
|
|
|
|
99 |
% |
|
Revenue per available room (4) |
|
$ |
|
195 |
|
|
|
$ |
|
193 |
|
|
|
$ |
|
198 |
|
|
|
$ |
|
193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams
Manila |
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
$ |
|
168 |
|
|
|
N/A |
|
|
|
$ |
|
200 |
|
|
|
N/A |
|
|
Occupancy per available room |
|
|
|
88 |
% |
|
|
N/A |
|
|
|
|
|
85 |
% |
|
|
N/A |
|
|
Revenue per available room (4) |
|
$ |
|
148 |
|
|
|
N/A |
|
|
|
$ |
|
170 |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
Other
Information: |
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
Average number of table games |
|
|
|
127 |
|
|
|
|
|
126 |
|
|
|
|
|
124 |
|
|
|
|
|
135 |
|
|
Average number of gaming
machines |
|
|
|
53 |
|
|
|
N/A |
|
|
|
|
|
56 |
|
|
|
N/A |
Table games win per unit per day
(5) |
|
$ |
|
15,796 |
|
|
|
$ |
|
19,057 |
|
|
|
$ |
|
17,685 |
|
|
|
$ |
|
21,758 |
|
|
Gaming machines win per unit per
day (6) |
|
$ |
|
136 |
|
|
|
N/A |
|
|
|
$ |
|
101 |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
City of
Dreams |
|
|
|
|
|
|
|
|
Average number of table games |
|
|
|
493 |
|
|
|
|
|
495 |
|
|
|
|
|
498 |
|
|
|
|
|
490 |
|
|
Average number of gaming
machines |
|
|
|
1,147 |
|
|
|
|
|
1,417 |
|
|
|
|
|
1,164 |
|
|
|
|
|
1,325 |
|
|
Table games win per unit per day
(5) |
|
$ |
|
15,041 |
|
|
|
$ |
|
21,709 |
|
|
|
$ |
|
16,424 |
|
|
|
$ |
|
24,805 |
|
|
Gaming machines win per unit per
day (6) |
|
$ |
|
417 |
|
|
|
$ |
|
449 |
|
|
|
$ |
|
417 |
|
|
|
$ |
|
477 |
|
|
|
|
|
|
|
|
|
|
|
City of Dreams
Manila |
|
|
|
|
|
|
|
|
Average number of table games |
|
|
|
276 |
|
|
|
N/A |
|
|
|
|
|
258 |
|
|
|
N/A |
|
|
Average number of gaming
machines |
|
|
|
1,721 |
|
|
|
N/A |
|
|
|
|
|
1,726 |
|
|
|
N/A |
|
|
Table games win per unit per day
(5) |
|
$ |
|
2,646 |
|
|
|
N/A |
|
|
|
$ |
|
1,946 |
|
|
|
N/A |
|
|
Gaming machines win per unit per
day (6) |
|
$ |
|
184 |
|
|
|
N/A |
|
|
|
$ |
|
171 |
|
|
|
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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