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 fourth quarter and full year ended December 31,
2015.
Net revenue for the fourth quarter of 2015 was
US$1,058.0 million, representing a decrease of approximately 6%
from US$1,121.4 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 City of
Dreams and Altira Macau, partially offset by the net revenue
generated by Studio City and City of Dreams Manila, which started
operations in October 2015 and December 2014, respectively.
Adjusted property EBITDA(1) was US$236.4 million
for the fourth quarter of 2015, as compared to Adjusted property
EBITDA of US$278.6 million in the fourth quarter of 2014. The 15%
year-over-year decline in Adjusted property EBITDA was attributable
to lower contribution from the group-wide rolling chip segment.
On a U.S. GAAP basis, net loss attributable to
Melco Crown Entertainment for the fourth quarter of 2015 was
US$12.3 million, or US$0.02 per ADS, compared with net income
attributable to Melco Crown Entertainment of US$92.9 million, or
US$0.17 per ADS, in the fourth quarter of 2014. The net loss
attributable to noncontrolling interests during the fourth quarter
of 2015 of US$65.6 million was related to Studio City and City of
Dreams Manila.
Adjusted net income(2) attributable to Melco Crown Entertainment
for the fourth quarter of 2015 was US$46.7 million, or US$0.09 per
ADS, compared with adjusted net income attributable to Melco Crown
Entertainment of US$123.3 million, or US$0.23 per ADS, in the
fourth quarter of 2014.
Mr. Lawrence Ho, Co-Chairman and Chief Executive
Officer of Melco Crown Entertainment, commented, “We delivered a
strong set of operating and financial metrics in what is a still
challenging environment in Macau, with our Macau-wide mass market
table games revenues increasing on both a sequential and
year-over-year basis in the fourth quarter of 2015.
“With the successful opening of our latest
integrated resort, Studio City, we have further expanded our market
share in Macau and increased our exposure to the more resilient and
profitable mass market segments, a forward thinking strategy which
we embarked on several years ago with the design and development of
our flagship integrated resort, City of Dreams in Macau.
“Studio City’s unique Hollywood-theme and
entertainment centric offering provides an ideal complement to our
current portfolio of assets in Macau, particularly the
premium-focused integrated resort, City of Dreams, enabling us to
cater to a greater breadth of customers seeking a multi-dimensional
leisure and tourism experience.
“Our position of leadership in developing
Macau’s mass market and non-gaming amenities highlights our
commitment to the ongoing evolution of Macau into the region’s
leading destination for leisure and entertainment seekers, ensuring
economic and employment diversification for Macau.
“In the Philippines, City of Dreams Manila
continues to grow a more diversified revenue stream, with the
continuing ramp of the rolling chip business complementing its mass
market gaming and non-gaming segments. We remain confident in the
long term success of the Philippines’ gaming market given the
country’s anticipated economic growth and supportive demographics,
together with an expanding and Government-supported inbound tourism
market.
“Although we have not declared a quarterly
dividend for the fourth quarter of 2015, on behalf of the Board, I
am delighted to announce a special dividend of US$350 million,
demonstrating the impressive cash flow generation from our high
quality properties and our strong balance sheet, which has
enabled us to return surplus capital to shareholders while
continuing to invest in value accretive opportunities. Furthermore,
as visibility regarding our operating and regulatory environment
continues to improve, we remain committed to maximizing cash
distributions to shareholders, which includes a review of our
current dividend payout ratio of 30% of net income attributable to
Melco Crown Entertainment.”
City
of Dreams Fourth Quarter Results
For the quarter ended December 31, 2015, net
revenue at City of Dreams was US$669.0 million compared to US$895.5
million in the fourth quarter of 2014. City of Dreams generated
Adjusted EBITDA of US$192.2 million in the fourth quarter of 2015,
representing a decrease of 25% compared to US$258.0 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$10.2 billion for
the fourth quarter of 2015 versus US$18.0 billion in the fourth
quarter of 2014. The rolling chip win rate was 2.8% in both
quarters ended December 31, 2015 and 2014. The expected rolling
chip win rate range is 2.7%-3.0%.
Mass market table games drop decreased to
US$1,124.9 million compared with US$1,315.4 million in the fourth
quarter of 2014. The mass market table games hold percentage was
37.1% in the fourth quarter of 2015 compared to 36.4% in the fourth
quarter of 2014.
Gaming machine handle for the fourth quarter of
2015 was US$1,071.1 million, compared with US$1,351.1 million in
the fourth quarter of 2014.
Total non-gaming revenue at City of Dreams in
the fourth quarter of 2015 was US$67.6 million, compared with
US$71.5 million in the fourth quarter of 2014.
Altira
Macau Fourth Quarter Results
For the quarter ended December 31, 2015, net
revenue at Altira Macau was US$142.0 million compared to US$173.1
million in the fourth quarter of 2014. Altira Macau generated
Adjusted EBITDA of US$9.7 million in the fourth quarter of 2015
compared with Adjusted EBITDA of US$14.2 million in the fourth
quarter of 2014. The year-over-year decrease in Adjusted EBITDA was
primarily a result of lower rolling chip revenues and mass market
table games revenues.
Rolling chip volume totaled US$4.8 billion in
the fourth quarter of 2015 versus US$8.1 billion in the fourth
quarter of 2014. The rolling chip win rate was 3.3% in the fourth
quarter of 2015 versus 2.6% in the fourth 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$133.4 million in the fourth quarter of 2015, a decrease
from US$174.7 million generated in the comparable period in 2014.
The mass market table games hold percentage was 19.4% in the fourth
quarter of 2015 compared with 18.4% in the fourth quarter of
2014.
Gaming machine handle for the fourth quarter of
2015 was US$7.7 million.
Total non-gaming revenue at Altira Macau in the
fourth quarter of 2015 was US$7.6 million compared with US$9.3
million in the fourth quarter of 2014.
Mocha Clubs Fourth
Quarter Results
Net revenue from Mocha Clubs totaled US$32.0
million in the fourth quarter of 2015 as compared to US$32.8
million in the fourth quarter of 2014. Mocha Clubs generated US$6.4
million of Adjusted EBITDA in the fourth quarter of 2015 compared
with US$6.5 million in the same period in 2014.
The number of gaming machines in operation at
Mocha Clubs averaged approximately 1,200 in the fourth 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$281 in the fourth quarter of 2015, as compared with US$261 in
the comparable period in 2014.
Studio City
Fourth
Quarter
Results
Studio City started operations on October 27,
2015. For the quarter ended December 31, 2015, net revenue at
Studio City was US$123.2 million. Studio City generated Adjusted
EBITDA of US$12.6 million in the fourth quarter of 2015.
Mass market table games drop was US$365.3
million and the mass market table games hold percentage was 22.4%
in the fourth quarter of 2015.
Gaming machine handle for the fourth quarter of
2015 was US$264.9 million.
Total non-gaming revenue at Studio City in the
fourth quarter of 2015 was US$37.8 million.
City
of Dreams Manila Fourth Quarter Results
For the quarter ended December 31, 2015, net
revenue at City of Dreams Manila was US$80.9 million compared to
US$7.6 million in the fourth quarter of 2014. City of Dreams Manila
generated Adjusted EBITDA of US$15.5 million in the fourth quarter
of 2015 compared to US$0.1 million in the comparable period of
2014. The year-over-year improvement in Adjusted EBITDA was
primarily a result of full operation in the fourth quarter of 2015,
since City of Dreams Manila started operations on December 14,
2014.
Rolling chip volume totaled US$1.3 billion for
the fourth quarter of 2015. The rolling chip win rate was 2.1% in
the fourth quarter of 2015. The expected rolling chip win rate
range is 2.7%-3.0%.
Mass market table games drop was US$106.3
million and the mass market table games hold percentage was 27.5%
in the fourth quarter of 2015.
Gaming machine handle for the fourth quarter of
2015 was US$420.9 million. The number of gaming machines in
operation at City of Dreams Manila averaged approximately 1,700 in
the fourth quarter of 2015.
Total non-gaming revenue at City of Dreams
Manila in the fourth quarter of 2015 was US$25.0 million, compared
with US$1.7 million in the fourth quarter of 2014.
Other Factors Affecting
Earnings
Total net non-operating expenses for the fourth
quarter of 2015 were US$59.9 million, which mainly included
interest income of US$3.1 million and interest expenses, net of
capitalized interest, of US$44.1 million, US$14.0 million of other
finance costs and US$7.0 million of costs associated with debt
modification. We recorded US$19.2 million of capitalized interest
during the fourth quarter of 2015, primarily relating to Studio
City and the development of the fifth hotel tower at City of
Dreams.
The year-on-year increase of US$20.8 million in
net non-operating expenses was primarily due to lower capitalized
interest in the current quarter and costs associated with debt
modification arisen from the amendment of Studio City Project
Facility.
Depreciation and amortization costs of US$130.0
million were recorded in the fourth quarter of 2015, of which
US$14.3 million was related to the amortization of our gaming
subconcession and US$5.7 million was related to the amortization of
land use rights.
Financial Position and Capital
Expenditure
Total cash and bank balances as of December 31,
2015 totaled US$2.7 billion, including US$0.7 billion of bank
deposits with original maturity over three months and US$0.3
billion of restricted cash, primarily related to Studio City. Total
debt at the end of the fourth quarter of 2015 was US$4.0
billion.
Capital expenditure for the fourth quarter of
2015 were US$198.2 million, which predominantly related to Studio
City and various projects at City of Dreams, including the fifth
hotel tower development.
Full Year Results
For the year ended December 31, 2015, Melco
Crown Entertainment reported net revenue of US$4.0 billion versus
US$4.8 billion in the prior year. The year-over-year decline in net
revenue was primarily attributable to lower rolling chip revenues
and mass market table games revenues in City of Dreams and Altira
Macau, partially offset by the net revenue generated by Studio City
and City of Dreams Manila, which started operations in October 2015
and December 2014, respectively.
Adjusted property EBITDA for the year ended
December 31, 2015 was US$932.0 million, as compared with Adjusted
property EBITDA of US$1,285.5 million in 2014. The year-over-year
decline in Adjusted property EBITDA was primarily attributable to
lower group-wide rolling chip revenues and mass market table games
revenues.
On a U.S. GAAP basis, net income attributable to
Melco Crown Entertainment for 2015 was US$105.7 million, or US$0.20
per ADS, compared with a net income attributable to Melco Crown
Entertainment of US$608.3 million, or US$1.11 per ADS, for
2014.
The shareholders and potential investors of Melco Crown
Entertainment are advised not to place undue reliance on the
unaudited earnings and financial information of the Company for the
fourth quarter and year ended December 31, 2015. The shareholders
and potential investors of the Company are advised to exercise
caution in dealing in the securities of the Company.
Special Dividend
Declaration
On February 18, 2016, our Board considered and
approved the declaration and payment of a special dividend of
US$0.2146 per share (equivalent to US$0.6438 per ADS) (the
“Special Dividend”), highlighting
our Company’s strong cash position and cash flow generating ability
which has enabled us to return surplus capital to shareholders
while still investing in our business.
The Special Dividend will be paid on or about
Wednesday, March 16, 2016 to our shareholders whose names appear on
the register of members of the Company at the close of business on
Tuesday, March 1, 2016, being the record date for determination of
entitlements to the Special Dividend.
Conference
Call
Information
Melco Crown Entertainment will hold a conference
call to discuss its fourth quarter 2015 financial results on
Thursday, February 18, 2016 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 8234
6646 |
Australia Toll |
612 9083
3212 |
Australia Toll Free |
1 800
411 623 |
Philippines Toll Free |
1 800
1651 0607 |
|
|
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
1612 0166 |
|
|
Conference ID |
34876274 |
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, (v) gaming
authority and other governmental approvals and regulations, and
(vi) 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 (loss)” is net income (loss) before
pre-opening costs, development costs, property charges and others,
loss on extinguishment of debt and costs associated with debt
modification. Adjusted net income (loss) attributable to Melco
Crown Entertainment and adjusted net income (loss) 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 (loss) attributable to Melco Crown
Entertainment and adjusted net income (loss) 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 (loss)
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 |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Audited) |
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ |
|
981,121 |
|
|
$ |
|
1,084,741 |
|
|
$ |
|
3,767,291 |
|
|
$ |
|
4,654,184 |
|
|
Rooms |
|
|
61,136 |
|
|
|
|
35,527 |
|
|
|
|
199,727 |
|
|
|
|
136,427 |
|
|
Food and beverage |
|
|
37,635 |
|
|
|
|
23,331 |
|
|
|
|
126,848 |
|
|
|
|
84,895 |
|
|
Entertainment, retail
and others |
|
|
41,480 |
|
|
|
|
25,248 |
|
|
|
|
117,543 |
|
|
|
|
108,417 |
|
|
Gross revenues |
|
|
1,121,372 |
|
|
|
|
1,168,847 |
|
|
|
|
4,211,409 |
|
|
|
|
4,983,923 |
|
|
Less: promotional
allowances |
|
|
(63,342 |
) |
|
|
|
(47,462 |
) |
|
|
|
(236,609 |
) |
|
|
|
(181,614 |
) |
|
Net revenues |
|
|
1,058,030 |
|
|
|
|
1,121,385 |
|
|
|
|
3,974,800 |
|
|
|
|
4,802,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING COSTS AND
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
|
(692,606 |
) |
|
|
|
(768,399 |
) |
|
|
|
(2,654,760 |
) |
|
|
|
(3,246,404 |
) |
|
Rooms |
|
|
(8,078 |
) |
|
|
|
(3,379 |
) |
|
|
|
(23,419 |
) |
|
|
|
(12,669 |
) |
|
Food and beverage |
|
|
(19,271 |
) |
|
|
|
(6,451 |
) |
|
|
|
(43,295 |
) |
|
|
|
(23,513 |
) |
|
Entertainment, retail
and others |
|
|
(25,978 |
) |
|
|
|
(15,264 |
) |
|
|
|
(77,506 |
) |
|
|
|
(62,073 |
) |
|
General and
administrative |
|
|
(110,141 |
) |
|
|
|
(86,913 |
) |
|
|
|
(383,874 |
) |
|
|
|
(311,696 |
) |
|
Payments to the
Philippine Parties |
|
|
(4,553 |
) |
|
|
|
(870 |
) |
|
|
|
(16,547 |
) |
|
|
|
(870 |
) |
|
Pre-opening costs |
|
|
(52,501 |
) |
|
|
|
(36,787 |
) |
|
|
|
(168,172 |
) |
|
|
|
(93,970 |
) |
|
Development costs |
|
|
(53 |
) |
|
|
|
(2,280 |
) |
|
|
|
(110 |
) |
|
|
|
(10,734 |
) |
|
Amortization of gaming
subconcession |
|
|
(14,309 |
) |
|
|
|
(14,309 |
) |
|
|
|
(57,237 |
) |
|
|
|
(57,237 |
) |
|
Amortization of land
use rights |
|
|
(5,703 |
) |
|
|
|
(16,118 |
) |
|
|
|
(54,056 |
) |
|
|
|
(64,471 |
) |
|
Depreciation and
amortization |
|
|
(109,941 |
) |
|
|
|
(62,308 |
) |
|
|
|
(359,341 |
) |
|
|
|
(246,686 |
) |
|
Property charges and
others |
|
|
(32,729 |
) |
|
|
|
(3,009 |
) |
|
|
|
(38,068 |
) |
|
|
|
(8,698 |
) |
|
Gain on disposal of
assets held for sale |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
22,072 |
|
|
Total operating costs
and expenses |
|
|
(1,075,863 |
) |
|
|
|
(1,016,087 |
) |
|
|
|
(3,876,385 |
) |
|
|
|
(4,116,949 |
) |
|
OPERATING (LOSS)
INCOME |
|
|
(17,833 |
) |
|
|
|
105,298 |
|
|
|
|
98,415 |
|
|
|
|
685,360 |
|
|
NON-OPERATING INCOME
(EXPENSES) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
3,129 |
|
|
|
|
6,275 |
|
|
|
|
13,900 |
|
|
|
|
20,025 |
|
|
Interest expenses, net
of capitalized interest |
|
|
(44,116 |
) |
|
|
|
(29,551 |
) |
|
|
|
(118,330 |
) |
|
|
|
(124,090 |
) |
|
Other finance
costs |
|
|
(14,000 |
) |
|
|
|
(11,833 |
) |
|
|
|
(45,839 |
) |
|
|
|
(47,031 |
) |
|
Foreign exchange gain
(loss), net |
|
|
1,381 |
|
|
|
|
(4,475 |
) |
|
|
|
(2,156 |
) |
|
|
|
(6,155 |
) |
|
Other income, net |
|
|
735 |
|
|
|
|
548 |
|
|
|
|
2,317 |
|
|
|
|
2,313 |
|
|
Loss on extinguishment
of debt |
|
|
- |
|
|
|
|
- |
|
|
|
|
(481 |
) |
|
|
|
- |
|
|
Costs associated with
debt modification |
|
|
(7,011 |
) |
|
|
|
- |
|
|
|
|
(7,603 |
) |
|
|
|
- |
|
|
Total non-operating
expenses, net |
|
|
(59,882 |
) |
|
|
|
(39,036 |
) |
|
|
|
(158,192 |
) |
|
|
|
(154,938 |
) |
|
(LOSS) INCOME BEFORE
INCOME TAX |
|
|
(77,715 |
) |
|
|
|
66,262 |
|
|
|
|
(59,777 |
) |
|
|
|
530,422 |
|
|
INCOME TAX (EXPENSE)
CREDIT |
|
|
(266 |
) |
|
|
|
336 |
|
|
|
|
(1,031 |
) |
|
|
|
(3,036 |
) |
|
NET (LOSS)
INCOME |
|
|
(77,981 |
) |
|
|
|
66,598 |
|
|
|
|
(60,808 |
) |
|
|
|
527,386 |
|
|
NET LOSS ATTRIBUTABLE
TO NONCONTROLLING INTERESTS |
|
|
65,642 |
|
|
|
|
26,346 |
|
|
|
|
166,555 |
|
|
|
|
80,894 |
|
|
NET (LOSS) INCOME
ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED |
$ |
|
(12,339 |
) |
|
$ |
|
92,944 |
|
|
$ |
|
105,747 |
|
|
$ |
|
608,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME
ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER
SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
(0.008 |
) |
|
$ |
|
0.057 |
|
|
$ |
|
0.065 |
|
|
$ |
|
0.369 |
|
|
Diluted |
$ |
|
(0.008 |
) |
|
$ |
|
0.056 |
|
|
$ |
|
0.065 |
|
|
$ |
|
0.366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME
ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER
ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
(0.023 |
) |
|
$ |
|
0.170 |
|
|
$ |
|
0.196 |
|
|
$ |
|
1.108 |
|
|
Diluted |
$ |
|
(0.023 |
) |
|
$ |
|
0.169 |
|
|
$ |
|
0.195 |
|
|
$ |
|
1.099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
USED IN NET (LOSS) INCOME ATTRIBUTABLE TO MELCO CROWN
ENTERTAINMENT LIMITED PER SHARE CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
1,617,943,012 |
|
|
|
|
1,636,531,029 |
|
|
|
|
1,617,263,041 |
|
|
|
|
1,647,571,547 |
|
|
Diluted |
|
|
1,617,943,012 |
|
|
|
|
1,648,055,645 |
|
|
|
|
1,627,108,770 |
|
|
|
|
1,660,503,130 |
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
|
|
Condensed Consolidated Balance
Sheets |
|
|
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
2015 |
|
2014 |
|
|
|
|
(Unaudited) |
|
|
(Audited) |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
|
1,611,026 |
|
|
$ |
|
1,597,655 |
|
|
|
Bank deposits with
original maturity over three months |
|
|
724,736 |
|
|
|
|
110,616 |
|
|
|
Restricted cash |
|
|
317,118 |
|
|
|
|
1,447,034 |
|
|
|
Accounts receivable,
net |
|
|
271,627 |
|
|
|
|
253,665 |
|
|
|
Amounts due from
affiliated companies |
|
|
1,175 |
|
|
|
|
1,079 |
|
|
|
Deferred tax
assets |
|
|
19 |
|
|
|
|
532 |
|
|
|
Income tax
receivable |
|
|
62 |
|
|
|
|
15 |
|
|
|
Inventories |
|
|
33,074 |
|
|
|
|
23,111 |
|
|
|
Prepaid expenses and
other current assets |
|
|
61,324 |
|
|
|
|
69,254 |
|
|
|
Total current
assets |
|
|
3,020,161 |
|
|
|
|
3,502,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT,
NET |
|
|
5,760,229 |
|
|
|
|
4,696,391 |
|
|
|
GAMING SUBCONCESSION,
NET |
|
|
370,557 |
|
|
|
|
427,794 |
|
|
|
INTANGIBLE ASSETS,
NET |
|
|
4,220 |
|
|
|
|
4,220 |
|
|
|
GOODWILL |
|
|
81,915 |
|
|
|
|
81,915 |
|
|
|
LONG-TERM PREPAYMENTS,
DEPOSITS AND OTHER ASSETS |
|
|
159,677 |
|
|
|
|
287,558 |
|
|
|
RESTRICTED CASH |
|
|
- |
|
|
|
|
369,549 |
|
|
|
DEFERRED TAX
ASSETS |
|
|
83 |
|
|
|
|
115 |
|
|
|
DEFERRED FINANCING
COSTS, NET |
|
|
179,808 |
|
|
|
|
174,872 |
|
|
|
LAND USE RIGHTS,
NET |
|
|
833,132 |
|
|
|
|
887,188 |
|
|
|
TOTAL ASSETS |
$ |
|
10,409,782 |
|
|
$ |
|
10,432,563 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
Accounts payable |
$ |
|
15,588 |
|
|
$ |
|
14,428 |
|
|
|
Accrued expenses and
other current liabilities |
|
|
1,056,850 |
|
|
|
|
1,005,720 |
|
|
|
Income tax payable |
|
|
3,487 |
|
|
|
|
6,621 |
|
|
|
Capital lease
obligations, due within one year |
|
|
29,792 |
|
|
|
|
23,512 |
|
|
|
Current portion of
long-term debt |
|
|
106,505 |
|
|
|
|
262,750 |
|
|
|
Amounts due to
affiliated companies |
|
|
2,464 |
|
|
|
|
3,626 |
|
|
|
Total current
liabilities |
|
|
1,214,686 |
|
|
|
|
1,316,657 |
|
|
|
LONG-TERM DEBT |
|
|
3,856,200 |
|
|
|
|
3,640,031 |
|
|
|
OTHER LONG-TERM
LIABILITIES |
|
|
80,962 |
|
|
|
|
93,441 |
|
|
|
DEFERRED TAX
LIABILITIES |
|
|
55,598 |
|
|
|
|
58,949 |
|
|
|
CAPITAL LEASE
OBLIGATIONS, DUE AFTER ONE YEAR |
|
|
270,477 |
|
|
|
|
278,027 |
|
|
|
LAND USE RIGHTS
PAYABLE |
|
|
- |
|
|
|
|
3,788 |
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
Ordinary shares |
|
|
16,309 |
|
|
|
|
16,337 |
|
|
|
Treasury shares |
|
|
(275 |
) |
|
|
|
(33,167 |
) |
|
|
Additional paid-in
capital |
|
|
3,072,026 |
|
|
|
|
3,092,943 |
|
|
|
Accumulated other
comprehensive losses |
|
|
(18,501 |
) |
|
|
|
(17,149 |
) |
|
|
Retained earnings |
|
|
1,270,074 |
|
|
|
|
1,227,177 |
|
|
|
Total Melco Crown
Entertainment Limited shareholders’ equity |
|
|
4,339,633 |
|
|
|
|
4,286,141 |
|
|
|
Noncontrolling
interests |
|
|
592,226 |
|
|
|
|
755,529 |
|
|
|
Total equity |
|
|
4,931,859 |
|
|
|
|
5,041,670 |
|
|
|
TOTAL LIABILITIES AND
EQUITY |
$ |
|
10,409,782 |
|
|
$ |
|
10,432,563 |
|
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
|
Reconciliation of Net (Loss) 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, |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
Net (Loss) Income
Attributable to Melco Crown Entertainment Limited |
$ |
|
(12,339 |
) |
|
$ |
92,944 |
|
$ |
105,747 |
|
$ |
608,280 |
|
Pre-opening Costs, Net |
|
|
30,761 |
|
|
|
25,086 |
|
|
97,964 |
|
|
66,602 |
|
Development Costs, Net |
|
|
53 |
|
|
|
2,280 |
|
|
110 |
|
|
10,734 |
|
Property Charges and Others,
Net |
|
|
24,004 |
|
|
|
2,992 |
|
|
28,937 |
|
|
7,605 |
|
Loss on Extinguishment of Debt,
Net |
|
|
- |
|
|
|
- |
|
|
481 |
|
|
- |
|
Costs Associated with Debt
Modification, Net |
|
|
4,207 |
|
|
|
- |
|
|
4,799 |
|
|
- |
|
Adjusted Net Income
Attributable to Melco Crown Entertainment Limited |
$ |
|
46,686 |
|
|
$ |
123,302 |
|
$ |
238,038 |
|
$ |
693,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME
ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
0.029 |
|
|
$ |
0.075 |
|
$ |
0.147 |
|
$ |
0.421 |
|
Diluted |
$ |
|
0.029 |
|
|
$ |
0.075 |
|
$ |
0.146 |
|
$ |
0.417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME
ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
0.087 |
|
|
$ |
0.226 |
|
$ |
0.442 |
|
$ |
1.262 |
|
Diluted |
$ |
|
0.086 |
|
|
$ |
0.224 |
|
$ |
0.439 |
|
$ |
1.252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
USED IN ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO CROWN
ENTERTAINMENT LIMITED PER SHARE CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
1,617,943,012 |
|
|
|
1,636,531,029 |
|
|
1,617,263,041 |
|
|
1,647,571,547 |
|
Diluted |
|
|
1,626,677,872 |
|
|
|
1,648,055,645 |
|
|
1,627,108,770 |
|
|
1,660,503,130 |
|
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,
2015 |
|
|
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) |
$ |
3,569 |
|
$ |
|
3,361 |
|
|
$ |
146,393 |
|
$ |
|
(73,381 |
) |
|
$ |
|
(47,534 |
) |
|
$ |
|
(50,241 |
) |
|
$ |
|
(17,833 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine
Parties |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
4,553 |
|
|
|
|
- |
|
|
|
|
4,553 |
|
|
Land Rent to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
842 |
|
|
|
|
- |
|
|
|
|
842 |
|
|
Pre-opening Costs |
|
- |
|
|
|
- |
|
|
|
7 |
|
|
|
52,036 |
|
|
|
|
458 |
|
|
|
|
- |
|
|
|
|
52,501 |
|
|
Development Costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
53 |
|
|
|
|
53 |
|
|
Depreciation and Amortization |
|
6,020 |
|
|
|
3,025 |
|
|
|
45,141 |
|
|
|
33,765 |
|
|
|
|
24,128 |
|
|
|
|
17,874 |
|
|
|
|
129,953 |
|
|
Share-based Compensation |
|
29 |
|
|
|
23 |
|
|
|
447 |
|
|
|
90 |
|
|
|
|
1,816 |
|
|
|
|
2,798 |
|
|
|
|
5,203 |
|
|
Property Charges and Others |
|
51 |
|
|
|
- |
|
|
|
244 |
|
|
|
126 |
|
|
|
|
31,217 |
|
|
|
|
1,091 |
|
|
|
|
32,729 |
|
|
Adjusted EBITDA |
|
9,669 |
|
|
|
6,409 |
|
|
|
192,232 |
|
|
|
12,636 |
|
|
|
|
15,480 |
|
|
|
|
(28,425 |
) |
|
|
|
208,001 |
|
|
Corporate and Others Expenses |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
28,425 |
|
|
|
|
28,425 |
|
|
Adjusted Property
EBITDA |
$ |
9,669 |
|
$ |
|
6,409 |
|
|
$ |
192,232 |
|
$ |
|
12,636 |
|
|
$ |
|
15,480 |
|
|
$ |
|
- |
|
|
$ |
|
236,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
|
Reconciliation of Adjusted EBITDA and Adjusted
Property EBITDA to |
|
Net (Loss) Income Attributable to Melco Crown
Entertainment Limited |
|
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
December 31, |
|
|
|
|
|
|
2015 |
|
2014 |
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA |
|
|
|
|
|
|
$ |
|
236,426 |
|
|
$ |
|
278,587 |
|
|
Corporate and Others Expenses |
|
|
|
|
|
|
|
|
(28,425 |
) |
|
|
|
(32,428 |
) |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
208,001 |
|
|
|
|
246,159 |
|
|
Payments to the Philippine
Parties |
|
|
|
|
|
|
|
|
(4,553 |
) |
|
|
|
(870 |
) |
|
Land Rent to Belle Corporation |
|
|
|
|
|
|
|
|
(842 |
) |
|
|
|
(884 |
) |
|
Pre-opening Costs |
|
|
|
|
|
|
|
|
(52,501 |
) |
|
|
|
(36,051 |
) |
|
Development Costs |
|
|
|
|
|
|
|
|
(53 |
) |
|
|
|
(2,280 |
) |
|
Depreciation and Amortization |
|
|
|
|
|
|
|
|
(129,953 |
) |
|
|
|
(92,735 |
) |
|
Share-based Compensation |
|
|
|
|
|
|
|
|
(5,203 |
) |
|
|
|
(5,032 |
) |
|
Property Charges and Others |
|
|
|
|
|
|
|
|
(32,729 |
) |
|
|
|
(3,009 |
) |
|
Interest and Other Non-Operating
Expenses, Net |
|
|
|
|
|
|
|
|
(59,882 |
) |
|
|
|
(39,036 |
) |
|
Income Tax (Expense) Credit |
|
|
|
|
|
|
|
|
(266 |
) |
|
|
|
336 |
|
|
Net (Loss)
Income |
|
|
|
|
|
|
|
|
(77,981 |
) |
|
|
|
66,598 |
|
|
Net Loss Attributable
to Noncontrolling Interests |
|
|
|
|
|
|
|
|
65,642 |
|
|
|
|
26,346 |
|
|
Net
(Loss) Income Attributable to Melco Crown Entertainment
Limited |
|
|
|
|
|
|
$ |
|
(12,339 |
) |
|
$ |
|
92,944 |
|
|
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,
2015 |
|
|
Altira Macau |
|
Mocha |
|
City ofDreams |
|
StudioCity |
|
City ofDreamsManila |
|
Corporate and Others |
|
Total |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
7,877 |
|
$ |
17,835 |
|
$ |
595,330 |
|
$ |
|
(187,665 |
) |
|
$ |
|
(126,360 |
) |
|
$ |
|
(208,602 |
) |
|
$ |
|
98,415 |
|
|
Payments to the Philippine
Parties |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
16,547 |
|
|
|
|
- |
|
|
|
|
16,547 |
|
|
Land Rent to Belle Corporation |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
3,476 |
|
|
|
|
- |
|
|
|
|
3,476 |
|
|
Pre-opening Costs |
|
- |
|
|
- |
|
|
395 |
|
|
|
131,321 |
|
|
|
|
28,365 |
|
|
|
|
8,091 |
|
|
|
|
168,172 |
|
|
Development Costs |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
110 |
|
|
|
|
110 |
|
|
Depreciation and Amortization |
|
28,216 |
|
|
12,337 |
|
|
200,373 |
|
|
|
66,503 |
|
|
|
|
95,021 |
|
|
|
|
68,184 |
|
|
|
|
470,634 |
|
|
Share-based Compensation |
|
117 |
|
|
87 |
|
|
1,861 |
|
|
|
293 |
|
|
|
|
7,100 |
|
|
|
|
11,369 |
|
|
|
|
20,827 |
|
|
Property Charges and Others |
|
51 |
|
|
- |
|
|
545 |
|
|
|
1,142 |
|
|
|
|
31,217 |
|
|
|
|
5,113 |
|
|
|
|
38,068 |
|
|
Adjusted EBITDA |
|
36,261 |
|
|
30,259 |
|
|
798,504 |
|
|
|
11,594 |
|
|
|
|
55,366 |
|
|
|
|
(115,735 |
) |
|
|
|
816,249 |
|
|
Corporate and Others Expenses |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
115,735 |
|
|
|
|
115,735 |
|
|
Adjusted Property
EBITDA |
$ |
36,261 |
|
$ |
30,259 |
|
$ |
798,504 |
|
$ |
|
11,594 |
|
|
$ |
|
55,366 |
|
|
$ |
|
- |
|
|
$ |
|
931,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
2014 |
|
|
Altira Macau |
|
Mocha |
|
City ofDreams |
|
StudioCity |
|
City ofDreamsManila |
|
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 |
|
|
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, |
|
|
|
|
|
|
2015 |
|
2014 |
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA |
|
|
|
|
|
|
$ |
|
931,984 |
|
|
$ |
|
1,285,474 |
|
|
Corporate and Others Expenses |
|
|
|
|
|
|
|
|
(115,735 |
) |
|
|
|
(118,971 |
) |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
816,249 |
|
|
|
|
1,166,503 |
|
|
Payments to the Philippine
Parties |
|
|
|
|
|
|
|
|
(16,547 |
) |
|
|
|
(870 |
) |
|
Land Rent to Belle Corporation |
|
|
|
|
|
|
|
|
(3,476 |
) |
|
|
|
(3,562 |
) |
|
Pre-opening Costs |
|
|
|
|
|
|
|
|
(168,172 |
) |
|
|
|
(90,556 |
) |
|
Development Costs |
|
|
|
|
|
|
|
|
(110 |
) |
|
|
|
(10,734 |
) |
|
Depreciation and Amortization |
|
|
|
|
|
|
|
|
(470,634 |
) |
|
|
|
(368,394 |
) |
|
Share-based Compensation |
|
|
|
|
|
|
|
|
(20,827 |
) |
|
|
|
(20,401 |
) |
|
Property Charges and Others |
|
|
|
|
|
|
|
|
(38,068 |
) |
|
|
|
(8,698 |
) |
|
Gain on Disposal of Assets Held For
Sale |
|
|
|
|
|
|
|
|
- |
|
|
|
|
22,072 |
|
|
Interest and Other Non-Operating
Expenses, Net |
|
|
|
|
|
|
|
|
(158,192 |
) |
|
|
|
(154,938 |
) |
|
Income Tax Expense |
|
|
|
|
|
|
|
|
(1,031 |
) |
|
|
|
(3,036 |
) |
|
Net (Loss) Income |
|
|
|
|
|
|
|
|
(60,808 |
) |
|
|
|
527,386 |
|
|
Net Loss Attributable
to Noncontrolling Interests |
|
|
|
|
|
|
|
|
166,555 |
|
|
|
|
80,894 |
|
|
Net Income Attributable
to Melco Crown Entertainment Limited |
|
|
|
|
|
|
$ |
|
105,747 |
|
|
$ |
|
608,280 |
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
|
Supplemental Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2014 |
|
|
Room
Statistics: |
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
Average daily rate
(3) |
|
|
$ |
213 |
|
|
$ |
235 |
|
|
$ |
212 |
|
|
$ |
232 |
|
|
Occupancy per available
room |
|
|
|
97 |
% |
|
|
99 |
% |
|
|
98 |
% |
|
|
99 |
% |
|
Revenue per available
room (4) |
|
$ |
206 |
|
|
$ |
233 |
|
|
$ |
209 |
|
|
$ |
229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of
Dreams |
|
|
|
|
|
|
|
|
|
|
|
Average daily rate
(3) |
|
|
$ |
205 |
|
|
$ |
200 |
|
|
$ |
201 |
|
|
$ |
197 |
|
|
Occupancy per available
room |
|
|
|
97 |
% |
|
|
100 |
% |
|
|
99 |
% |
|
|
99 |
% |
|
Revenue per available
room (4) |
|
$ |
200 |
|
|
$ |
200 |
|
|
$ |
198 |
|
|
$ |
195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
Average daily rate
(3) |
|
|
$ |
136 |
|
|
|
N/A |
|
|
$ |
136 |
|
|
|
N/A |
|
|
Occupancy per available
room |
|
|
|
98 |
% |
|
|
N/A |
|
|
|
98 |
% |
|
|
N/A |
|
|
Revenue per available
room (4) |
|
$ |
133 |
|
|
|
N/A |
|
|
$ |
133 |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams
Manila |
|
|
|
|
|
|
|
|
|
|
Average daily rate
(3) |
|
|
$ |
168 |
|
|
$ |
207 |
|
|
$ |
191 |
|
|
$ |
207 |
|
|
Occupancy per available
room |
|
|
|
88 |
% |
|
|
63 |
% |
|
|
86 |
% |
|
|
63 |
% |
|
Revenue per available
room (4) |
|
$ |
148 |
|
|
$ |
130 |
|
|
$ |
164 |
|
|
$ |
130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information: |
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
Average number of table
games |
|
|
131 |
|
|
|
122 |
|
|
|
126 |
|
|
|
131 |
|
|
Average number of
gaming machines |
|
|
55 |
|
|
|
N/A |
|
|
|
56 |
|
|
|
N/A |
|
|
Table games win per
unit per day (5) |
|
$ |
15,374 |
|
|
$ |
21,983 |
|
|
$ |
17,079 |
|
|
$ |
21,810 |
|
|
Gaming machines win per
unit per day (6) |
$ |
89 |
|
|
|
N/A |
|
|
$ |
98 |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of
Dreams |
|
|
|
|
|
|
|
|
|
|
|
Average number of table
games |
|
|
494 |
|
|
|
501 |
|
|
|
497 |
|
|
|
493 |
|
|
Average number of
gaming machines |
|
|
1,090 |
|
|
|
1,350 |
|
|
|
1,146 |
|
|
|
1,331 |
|
|
Table games win per
unit per day (5) |
|
$ |
15,435 |
|
|
$ |
21,487 |
|
|
$ |
16,176 |
|
|
$ |
23,955 |
|
|
Gaming machines win per
unit per day (6) |
$ |
363 |
|
|
$ |
427 |
|
|
$ |
404 |
|
|
$ |
464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
Average number of table
games |
|
|
196 |
|
|
|
N/A |
|
|
|
196 |
|
|
|
N/A |
|
|
Average number of
gaming machines |
|
|
1,165 |
|
|
|
N/A |
|
|
|
1,165 |
|
|
|
N/A |
|
|
Table games win per
unit per day (5) |
|
$ |
6,326 |
|
|
|
N/A |
|
|
$ |
6,326 |
|
|
|
N/A |
|
|
Gaming machines win per
unit per day (6) |
$ |
168 |
|
|
|
N/A |
|
|
$ |
168 |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams
Manila |
|
|
|
|
|
|
|
|
|
|
Average number of table
games |
|
|
276 |
|
|
|
174 |
|
|
|
263 |
|
|
|
174 |
|
|
Average number of
gaming machines |
|
|
1,660 |
|
|
|
1,505 |
|
|
|
1,709 |
|
|
|
1,505 |
|
|
Table games win per
unit per day (5) |
|
$ |
2,268 |
|
|
$ |
1,125 |
|
|
$ |
2,033 |
|
|
$ |
1,125 |
|
|
Gaming machines win per
unit per day (6) |
$ |
170 |
|
|
$ |
122 |
|
|
$ |
170 |
|
|
$ |
122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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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