Melco Crown Entertainment Limited (Nasdaq:MPEL) (“
Melco
Crown Entertainment” or the “
Company” or
“
we”), a developer, owner and operator of casino
gaming and entertainment casino resort facilities in Asia, today
reported its unaudited financial results for the third quarter of
2016.
Net revenue for the third quarter of 2016 was US$1,152.6
million, representing an increase of approximately 22% from
US$945.7 million for the comparable period in 2015. The increase in
net revenue was primarily attributable to the net revenue generated
by Studio City, which started operations in October 2015, and the
increase in casino revenues at City of Dreams Manila, partially
offset by lower casino revenues at City of Dreams in Macau and
Altira Macau.
On a U.S. GAAP basis, operating income for the third quarter of
2016 was US$108.9 million, compared with operating income of
US$34.1 million in the third quarter of 2015, representing an
increase of 220%.
Adjusted property EBITDA(1) was US$289.2 million for the third
quarter of 2016, as compared to Adjusted property EBITDA of
US$237.3 million in the third quarter of 2015, representing an
increase of 22%. The 22% year-over-year improvement in Adjusted
property EBITDA was mainly attributable to the contribution from
Studio City and City of Dreams Manila, partially offset by lower
contribution from City of Dreams in Macau.
On a U.S. GAAP basis, net income attributable to Melco Crown
Entertainment for the third quarter of 2016 was US$62.0 million, or
US$0.13 per ADS, compared with net income attributable to Melco
Crown Entertainment of US$33.2 million, or US$0.06 per ADS, in the
third quarter of 2015. The net loss attributable to noncontrolling
interests during the third quarter of 2016 of US$18.3 million was
related to Studio City and City of Dreams Manila.
Mr. Lawrence Ho, Chairman and Chief Executive Officer of Melco
Crown Entertainment, commented, “We delivered a 22% year-over-year
increase in Adjusted property EBITDA during the third quarter of
2016, driven by greater contributions from Studio City and City of
Dreams Manila.
“Studio City, which opened in October 2015, delivered a
sequential increase of over 24% in mass table gross gaming revenues
and over 110% in Adjusted property EBITDA, leveraging its unique
non-gaming offerings to attract an increasingly Cotai-based mass
market customer who are seeking a diverse and multi-faceted
entertainment proposition.
“As trends stabilize in Macau, Melco Crown Entertainment is
positioned to benefit from Macau’s evolution into a mass-focused,
multi-day stay destination. Our company continues to demonstrate
its ongoing commitment to lead Macau in its transformation to the
integrated resort model and away from the traditional gaming model
through the development of diversified, mass-focused integrated
resorts that deliver world-class entertainment and other non-gaming
amenities which cater to a broad spectrum of customers.
“City of Dreams Manila delivered improvements in all gaming
segments which, together with our company-wide focus on managing
reinvestment costs and other operating expenses, resulted in an
increase in Adjusted property EBITDA of approximately 85% on a
year-over-year basis. City of Dreams Manila provides us with a
diversified earnings stream which complements our operations in
Macau.
“We believe that the Philippines gaming market will continue to
show robust growth as the country’s economy rapidly expands,
infrastructure continues to improve and the Philippine government
retains its strong commitment to supporting domestic and
international tourism.”
City
of Dreams Macau Third Quarter Results
For the quarter ended September 30, 2016, net revenue at City of
Dreams was US$621.2 million compared to US$665.6 million in the
third quarter of 2015. City of Dreams generated Adjusted EBITDA of
US$170.4 million in the third quarter of 2016, representing a
decrease of 11% compared to US$191.5 million in the comparable
period of 2015. The decline in Adjusted EBITDA was primarily a
result of lower mass market table games revenues and gaming machine
revenues.
Rolling chip volume totaled US$10.6 billion for the third
quarter of 2016 versus US$9.3 billion in the third quarter of 2015.
The rolling chip win rate was 2.6% in the third quarter of 2016
versus 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 decreased to US$1,096.5 million
compared with US$1,190.3 million in the third quarter of 2015. The
mass market table games hold percentage was 34.5% in the third
quarter of 2016 compared to 35.1% in the third quarter of 2015.
Gaming machine handle for the third quarter of 2016 was
US$1,002.5 million, compared with US$1,211.3 million in the third
quarter of 2015. The gaming machine win rate was 3.5% in the third
quarter of 2016 versus 3.6% in the third quarter of 2015.
Total non-gaming revenue at City of Dreams in the third quarter
of 2016 was US$75.6 million, compared with US$66.8 million in the
third quarter of 2015.
Altira Macau Third
Quarter Results
For the quarter ended September 30, 2016, net revenue at Altira
Macau was US$128.8 million compared to US$140.3 million in the
third quarter of 2015. Altira Macau generated Adjusted EBITDA of
US$14.0 million in the third quarter of 2016 compared with Adjusted
EBITDA of US$13.3 million in the third quarter of 2015.
Rolling chip volume totaled US$4.5 billion in the third quarter
of 2016 versus US$5.2 billion in the third quarter of 2015. The
rolling chip win rate was 3.2% in the third quarter of 2016 versus
3.0% in the third quarter of 2015. The expected rolling chip win
rate range is 2.7%-3.0%.
In the mass market table games segment, drop totaled US$122.6
million in the third quarter of 2016, a decrease from US$156.7
million generated in the comparable period in 2015. The mass market
table games hold percentage was 19.8% in the third quarter of 2016
compared with 19.4% in the third quarter of 2015.
Gaming machine handle for the third quarter of 2016 was US$8.5
million, compared with US$11.2 million in the third quarter of
2015. The gaming machine win rate was 6.9% in the third quarter of
2016 versus 5.9% in the third quarter of 2015.
Total non-gaming revenue at Altira Macau in the third quarter of
2016 was US$7.3 million compared with US$8.1 million in the third
quarter of 2015.
Mocha Clubs Third Quarter
Results
Net revenue from Mocha Clubs totaled US$31.8 million in the
third quarter of 2016 as compared to US$36.1 million in the third
quarter of 2015. Mocha Clubs generated US$7.0 million of Adjusted
EBITDA in the third quarter of 2016 compared with US$8.5 million in
the same period in 2015.
Gaming machine handle for the third quarter of 2016 was US$673.4
million, compared with US$724.2 million in the third quarter of
2015. The gaming machine win rate was 4.6% in the third quarter of
2016 versus 4.9% in the third quarter of 2015.
Studio City Third
Quarter Results
Studio City started operations on October 27, 2015. For the
quarter ended September 30, 2016, net revenue at Studio City was
US$229.5 million. Studio City generated Adjusted EBITDA of US$52.7
million in the third quarter of 2016. This Adjusted EBITDA for
Studio City operations is different from “Consolidated EBITDA” as
defined in the US$1.4 billion Studio City senior secured facility
agreement (“Studio City Loan Agreement”) for financial covenant
testing purposes. For reference, in the second quarter of 2016, the
Adjusted EBITDA for Studio City operations was US$24.6 million and
the Consolidated EBITDA (as defined in the Studio City Loan
Agreement) was US$17.8 million.
The Studio City Loan Agreement requires compliance with various
minimum financial condition requirements, all of which are based on
the Consolidated EBITDA or Cashflow (both as defined in the Studio
City Loan Agreement). The first period for which compliance with
these minimum financial conditions will be tested is the
twelve-month period ending on March 31, 2017. In order for Studio
City Company Limited, the borrower under the Studio City Loan
Agreement, to meet such financial condition requirements for the
twelve-month period ending on March 31, 2017, the ramp-up of Studio
City operations must be significantly accelerated by March 31,
2017. The Company is not a guarantor under the Studio City Loan
Agreement or the 8.50% senior notes due 2020 issued by Studio City
Finance Limited.
Mass market table games drop was US$657.6 million and the mass
market table games hold percentage was 25.5% in the third quarter
of 2016.
Gaming machine handle was US$587.9 million and the gaming
machine win rate was 3.9% in the third quarter of 2016.
Total non-gaming revenue at Studio City in the third quarter of
2016 was US$58.5 million.
City of Dreams Manila
Third Quarter Results
For the quarter ended September 30, 2016, net revenue at City of
Dreams Manila was US$131.0 million compared to US$91.7 million in
the third quarter of 2015. City of Dreams Manila generated Adjusted
EBITDA of US$45.0 million in the third quarter of 2016 compared to
US$24.4 million in the comparable period of 2015. The
year-over-year improvement in Adjusted EBITDA was primarily a
result of increased casino revenues.
Rolling chip volume totaled US$1.6 billion for the third quarter
of 2016 versus US$1.2 billion in the third quarter of 2015. The
rolling chip win rate was 4.0% in the third quarter of 2016 versus
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 increased to US$146.8 million for
the third quarter of 2016, compared with US$116.7 million in the
third quarter of 2015. The mass market table games hold percentage
was 26.9% in the third quarter of 2016 compared to 27.0% in the
third quarter of 2015.
Gaming machine handle for the third quarter of 2016 was US$597.0
million, compared with US$508.4 million in the third quarter of
2015. The gaming machine win rate was 5.8% in the third quarter of
2016 versus 5.7% in the third quarter of 2015.
Total non-gaming revenue at City of Dreams Manila in the third
quarter of 2016 was US$26.3 million, compared with US$26.4 million
in the third quarter of
2015.
Other Factors Affecting
Earnings
Total net non-operating expenses for the third quarter of 2016
were US$63.6 million, which mainly included interest expenses, net
of capitalized interest, of US$56.4 million, other finance costs of
US$14.5 million and net foreign exchange gain of US$5.2 million. We
recorded US$6.6 million of capitalized interest during the third
quarter of 2016, primarily relating to the development of the fifth
hotel tower at City of Dreams.
The year-on-year increase of US$29.0 million in net
non-operating expenses was primarily due to lower capitalized
interest and capitalized amortization of deferred financing costs,
partially offset by the net foreign exchange gain in the current
quarter.
Depreciation and amortization costs of US$137.1 million were
recorded in the third quarter of 2016, 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 September 30, 2016 totaled
US$1.9 billion, including US$92.8 million of bank deposits with
original maturity over three months and US$202.6 million of
restricted cash, primarily related to Studio City. Total debt, net
of unamortized deferred financing costs at the end of the third
quarter of 2016, was US$3.8 billion.
Capital expenditures for the third quarter of 2016 were US$108.5
million, which predominantly related to various projects at City of
Dreams, including the fifth hotel tower development.
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
third quarter of 2016. Shareholders and potential investors of the
Company are advised to exercise caution in dealing in the
securities of the Company.
Dividend
Declaration
On November 3, 2016, our Board considered and approved the
declaration and payment of a quarterly dividend of US$0.0126 per
share (equivalent to US$0.0378 per ADS) for the third quarter of
2016 (the “Quarterly Dividend”). The Quarterly
Dividend will be paid on or about Wednesday, November 30, 2016 to
our shareholders whose names appear on the register of members of
the Company at the close of business on Tuesday, November 15, 2016,
being the record date for determination of entitlements to the
Quarterly Dividend.
Other Information
In relation to the additional development project at Studio
City, in October 2016, we filed an application with the Macau
government requesting an extension of the development period under
Studio City’s land concession contract. The application is
currently under review by the Macau government.
Conference Call
Information
Melco Crown Entertainment will hold a conference call to discuss
its third quarter 2016 financial results on Thursday, November 3,
2016 at 8:30 a.m. Eastern Time (8:30 p.m. Hong Kong Time). To join
the conference call, please use the dial-in details below:
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US Toll Free |
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1 866 519 4004 |
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US Toll / International |
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1 845 675 0437 |
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HK Toll |
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852 3018 6771 |
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HK Toll Free |
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800 906 601 |
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UK Toll Free |
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080 8234 6646 |
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Australia Toll |
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61 290 833 212 |
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Australia Toll Free |
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1 800 411 623 |
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Philippines Toll Free |
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1 800 1651 0607 |
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Passcode |
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MPEL |
An audio webcast will also be available at
http://www.melco-crown.com.
To access the replay, please use the dial-in details below:
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US Toll Free |
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1 855 452 5696 |
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US Toll / International |
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1 646 254 3697 |
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HK Toll Free |
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800 963 117 |
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Philippines Toll Free |
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1 800 1612 0166 |
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Conference ID |
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1587898 |
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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
- "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, net gain on disposal of property and equipment to
Belle Corporation 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, net gain on
disposal of property and equipment to Belle Corporation, 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.
- “Adjusted net income” is net income before net gain on
disposal of property and equipment to Belle Corporation,
pre-opening costs, development costs, property charges and
others, loss on extinguishment of debt and costs associated with
debt modification, net of noncontrolling interests and taxes
calculated using specific tax treatment applicable to the
adjustments based on their respective jurisdictions. 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 is strongly supported by its single
largest shareholder, Melco International Development Limited
(“Melco”) and its other major shareholder, 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 the Chairman, Executive Director and Chief Executive Officer of
Melco Crown Entertainment. Crown is a top-100 company listed on the
Australian Securities Exchange and led by Mr. James Packer, who is
the Deputy 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 enquiries, please contact:
Maggie MaSenior Vice President, Corporate Communications and
Public RelationsTel: +853 8868 3767 or +852 3151 3767Email:
maggiema@melco-crown.com
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Melco Crown Entertainment Limited and
Subsidiaries |
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Condensed Consolidated Statements of
Operations |
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(In thousands of U.S. dollars, except share
and per share data) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2016 |
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2015 |
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2016 |
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2015 |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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OPERATING REVENUES |
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Casino |
$ |
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1,060,035 |
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$ |
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900,468 |
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$ |
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3,076,823 |
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$ |
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2,786,170 |
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Rooms |
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68,082 |
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45,577 |
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195,951 |
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138,591 |
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Food and beverage |
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47,240 |
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30,324 |
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129,611 |
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89,213 |
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Entertainment, retail
and others |
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54,063 |
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28,360 |
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145,118 |
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76,063 |
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Gross revenues |
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1,229,420 |
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1,004,729 |
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3,547,503 |
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3,090,037 |
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Less: promotional
allowances |
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(76,867 |
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(58,999 |
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(220,985 |
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(173,267 |
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Net revenues |
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1,152,553 |
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945,730 |
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3,326,518 |
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2,916,770 |
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OPERATING COSTS AND
EXPENSES |
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Casino |
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(733,997 |
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(621,333 |
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(2,154,024 |
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(1,962,154 |
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Rooms |
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(8,537 |
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(5,475 |
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(24,958 |
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(15,341 |
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Food and beverage |
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(13,074 |
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(8,339 |
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(47,569 |
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(24,024 |
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Entertainment, retail
and others |
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(27,865 |
) |
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(18,237 |
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(82,491 |
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(51,528 |
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General and
administrative |
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(112,065 |
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(91,373 |
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(326,081 |
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(273,733 |
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Payments to the
Philippine Parties |
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(9,066 |
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(4,721 |
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(24,475 |
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(11,994 |
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Pre-opening costs |
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(1,489 |
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(46,388 |
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(2,212 |
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(115,671 |
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Development costs |
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- |
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(36 |
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(7 |
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(57 |
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Amortization of gaming
subconcession |
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(14,309 |
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(14,309 |
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(42,928 |
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(42,928 |
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Amortization of land
use rights |
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(5,704 |
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(16,117 |
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(17,112 |
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|
(48,353 |
) |
|
Depreciation and
amortization |
|
|
(117,059 |
) |
|
|
|
(83,833 |
) |
|
|
|
(354,704 |
) |
|
|
|
(249,400 |
) |
|
Property charges and
others |
|
|
(451 |
) |
|
|
|
(1,500 |
) |
|
|
|
(2,809 |
) |
|
|
|
(5,339 |
) |
|
Total operating costs
and expenses |
|
|
(1,043,616 |
) |
|
|
|
(911,661 |
) |
|
|
|
(3,079,370 |
) |
|
|
|
(2,800,522 |
) |
|
OPERATING INCOME |
|
|
108,937 |
|
|
|
|
34,069 |
|
|
|
|
247,148 |
|
|
|
|
116,248 |
|
|
NON-OPERATING INCOME
(EXPENSES) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
1,210 |
|
|
|
|
4,237 |
|
|
|
|
4,213 |
|
|
|
|
10,771 |
|
|
Interest expenses, net
of capitalized interest |
|
|
(56,378 |
) |
|
|
|
(23,244 |
) |
|
|
|
(167,397 |
) |
|
|
|
(74,214 |
) |
|
Other finance
costs |
|
|
(14,549 |
) |
|
|
|
(9,547 |
) |
|
|
|
(42,452 |
) |
|
|
|
(31,839 |
) |
|
Foreign exchange gain
(loss), net |
|
|
5,245 |
|
|
|
|
(6,456 |
) |
|
|
|
10,275 |
|
|
|
|
(3,537 |
) |
|
Other income, net |
|
|
917 |
|
|
|
|
501 |
|
|
|
|
2,636 |
|
|
|
|
1,582 |
|
|
Loss on extinguishment
of debt |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(481 |
) |
|
Costs associated with
debt modification |
|
|
- |
|
|
|
|
(47 |
) |
|
|
|
- |
|
|
|
|
(592 |
) |
|
Total non-operating
expenses, net |
|
|
(63,555 |
) |
|
|
|
(34,556 |
) |
|
|
|
(192,725 |
) |
|
|
|
(98,310 |
) |
|
INCOME (LOSS) BEFORE
INCOME TAX |
|
|
45,382 |
|
|
|
|
(487 |
) |
|
|
|
54,423 |
|
|
|
|
17,938 |
|
|
INCOME TAX EXPENSE |
|
|
(1,662 |
) |
|
|
|
(387 |
) |
|
|
|
(4,016 |
) |
|
|
|
(765 |
) |
|
NET INCOME (LOSS) |
|
|
43,720 |
|
|
|
|
(874 |
) |
|
|
|
50,407 |
|
|
|
|
17,173 |
|
|
NET LOSS ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
|
NONCONTROLLING
INTERESTS |
|
|
18,323 |
|
|
|
|
34,077 |
|
|
|
|
82,223 |
|
|
|
|
100,913 |
|
|
NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN
ENTERTAINMENT LIMITED |
$ |
|
62,043 |
|
|
$ |
|
33,203 |
|
|
$ |
|
132,630 |
|
|
$ |
|
118,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
0.042 |
|
|
$ |
|
0.021 |
|
|
$ |
|
0.086 |
|
|
$ |
|
0.073 |
|
|
Diluted |
$ |
|
0.042 |
|
|
$ |
|
0.020 |
|
|
$ |
|
0.086 |
|
|
$ |
|
0.073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
0.127 |
|
|
$ |
|
0.062 |
|
|
$ |
|
0.259 |
|
|
$ |
|
0.219 |
|
|
Diluted |
$ |
|
0.126 |
|
|
$ |
|
0.061 |
|
|
$ |
|
0.258 |
|
|
$ |
|
0.218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
USED IN |
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN
ENTERTAINMENT LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
1,463,450,519 |
|
|
|
|
1,617,905,348 |
|
|
|
|
1,534,527,893 |
|
|
|
|
1,617,033,893 |
|
|
Diluted |
|
|
1,471,515,182 |
|
|
|
|
1,627,096,350 |
|
|
|
|
1,542,641,243 |
|
|
|
|
1,627,249,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
Condensed Consolidated Balance
Sheets |
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
(Unaudited) |
|
|
(Note) |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Cash and cash
equivalents |
$ |
|
1,631,447 |
|
|
$ |
|
1,611,026 |
|
Bank deposits with
original maturity over three months |
|
|
92,819 |
|
|
|
|
724,736 |
|
Restricted cash |
|
|
202,600 |
|
|
|
|
317,118 |
|
Accounts receivable,
net |
|
|
189,307 |
|
|
|
|
271,627 |
|
Amounts due from
affiliated companies |
|
|
1,394 |
|
|
|
|
1,175 |
|
Amount due from a
shareholder |
|
|
164 |
|
|
|
|
- |
|
Deferred tax
assets |
|
|
- |
|
|
|
|
19 |
|
Income tax
receivable |
|
|
- |
|
|
|
|
62 |
|
Inventories |
|
|
33,667 |
|
|
|
|
33,074 |
|
Prepaid expenses and
other current assets |
|
|
69,507 |
|
|
|
|
61,324 |
|
Total current
assets |
|
|
2,220,905 |
|
|
|
|
3,020,161 |
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT,
NET |
|
|
5,714,021 |
|
|
|
|
5,760,229 |
|
GAMING SUBCONCESSION,
NET |
|
|
327,629 |
|
|
|
|
370,557 |
|
INTANGIBLE ASSETS |
|
|
4,220 |
|
|
|
|
4,220 |
|
GOODWILL |
|
|
81,915 |
|
|
|
|
81,915 |
|
LONG-TERM PREPAYMENTS,
DEPOSITS AND OTHER ASSETS |
|
|
170,027 |
|
|
|
|
192,012 |
|
DEFERRED TAX
ASSETS |
|
|
121 |
|
|
|
|
83 |
|
LAND USE RIGHTS,
NET |
|
|
816,020 |
|
|
|
|
833,132 |
|
TOTAL ASSETS |
$ |
|
9,334,858 |
|
|
$ |
|
10,262,309 |
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
Accounts payable |
$ |
|
17,783 |
|
|
$ |
|
15,588 |
|
Accrued expenses and
other current liabilities |
|
|
1,299,913 |
|
|
|
|
1,056,850 |
|
Income tax payable |
|
|
5,242 |
|
|
|
|
3,487 |
|
Capital lease
obligations, due within one year |
|
|
31,036 |
|
|
|
|
29,792 |
|
Current portion of
long-term debt, net |
|
|
201,911 |
|
|
|
|
102,836 |
|
Amount due to ultimate
holding company |
|
|
20 |
|
|
|
|
- |
|
Amounts due to
affiliated companies |
|
|
2,770 |
|
|
|
|
2,464 |
|
Total current
liabilities |
|
|
1,558,675 |
|
|
|
|
1,211,017 |
|
|
|
|
|
|
|
LONG-TERM DEBT,
NET |
|
|
3,583,260 |
|
|
|
|
3,712,396 |
|
OTHER LONG-TERM
LIABILITIES |
|
|
46,868 |
|
|
|
|
80,962 |
|
DEFERRED TAX
LIABILITIES |
|
|
54,934 |
|
|
|
|
55,598 |
|
CAPITAL LEASE
OBLIGATIONS, DUE AFTER ONE YEAR |
|
|
269,112 |
|
|
|
|
270,477 |
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
|
Ordinary shares |
|
|
14,759 |
|
|
|
|
16,309 |
|
Treasury shares |
|
|
(124 |
) |
|
|
|
(275 |
) |
Additional paid-in
capital |
|
|
2,776,599 |
|
|
|
|
3,075,459 |
|
Accumulated other
comprehensive losses |
|
|
(23,248 |
) |
|
|
|
(21,934 |
) |
Retained earnings |
|
|
546,090 |
|
|
|
|
1,270,074 |
|
Total Melco Crown
Entertainment Limited shareholders’ equity |
|
|
3,314,076 |
|
|
|
|
4,339,633 |
|
Noncontrolling
interests |
|
|
507,933 |
|
|
|
|
592,226 |
|
Total equity |
|
|
3,822,009 |
|
|
|
|
4,931,859 |
|
TOTAL LIABILITIES AND
EQUITY |
$ |
|
9,334,858 |
|
|
$ |
|
10,262,309 |
|
|
|
|
|
|
|
Note: The Company adopted the new guidance on
simplifying the presentation of debt issuance costs issued by
Financial Accounting Standards Board on a retrospective
basis. As a result, debt issuance costs of $143,804 related
to the Company’s non-current portion of long-term debt (excluding
revolving credit facilities) were reclassified from deferred
financing costs, net to a direct reduction of the long-term debt,
net; debt issuance costs of $3,669 related to the Company’s current
portion of long-term debt (excluding revolving credit facilities)
were reclassified from deferred financing costs, net to a direct
reduction of the current portion of long-term debt, net; and debt
issuance costs of $32,335 related to the Company’s revolving credit
facilities were reclassified from deferred financing costs, net to
long-term prepayments, deposits and other assets in the
accompanying condensed consolidated balance sheet as of December
31, 2015. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2016 |
|
|
2015 |
|
2016 |
|
2015 |
|
(Unaudited) |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable
to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown
Entertainment Limited |
$ |
62,043 |
|
|
$ |
33,203 |
|
|
$ |
|
132,630 |
|
|
$ |
118,086 |
|
Net Gain on Disposal of Property
and Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to Belle Corporation |
|
- |
|
|
|
- |
|
|
|
|
(8,134 |
) |
|
|
- |
|
Pre-opening Costs |
|
1,489 |
|
|
|
46,388 |
|
|
|
|
2,212 |
|
|
|
115,671 |
|
Development Costs |
|
- |
|
|
|
36 |
|
|
|
|
7 |
|
|
|
57 |
|
Property Charges and Others |
|
451 |
|
|
|
1,500 |
|
|
|
|
2,809 |
|
|
|
5,339 |
|
Loss on Extinguishment of Debt |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
481 |
|
Costs Associated with Debt
Modification |
|
- |
|
|
|
47 |
|
|
|
|
- |
|
|
|
592 |
|
Income Tax Impact on
Adjustments |
|
- |
|
|
|
(79 |
) |
|
|
|
(14 |
) |
|
|
(250 |
) |
Noncontrolling Interests Impact on
Adjustments |
|
(1,181 |
) |
|
|
(21,165 |
) |
|
|
|
344 |
|
|
|
(48,874 |
) |
Adjusted Net Income
Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment
Limited |
$ |
62,802 |
|
|
$ |
59,930 |
|
|
$ |
|
129,854 |
|
|
$ |
191,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN
ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.043 |
|
|
$ |
0.037 |
|
|
$ |
|
0.085 |
|
|
$ |
0.118 |
|
Diluted |
$ |
0.043 |
|
|
$ |
0.037 |
|
|
$ |
|
0.084 |
|
|
$ |
0.117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN
ENTERTAINMENT LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.129 |
|
|
$ |
0.111 |
|
|
$ |
|
0.254 |
|
|
$ |
0.355 |
|
Diluted |
$ |
0.128 |
|
|
$ |
0.110 |
|
|
$ |
|
0.253 |
|
|
$ |
0.352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
USED IN ADJUSTED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN
ENTERTAINMENT LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,463,450,519 |
|
|
|
1,617,905,348 |
|
|
|
|
1,534,527,893 |
|
|
|
1,617,033,893 |
|
Diluted |
|
1,471,515,182 |
|
|
|
1,627,096,350 |
|
|
|
|
1,542,641,243 |
|
|
|
1,627,249,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
2016 |
|
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
Studio City |
|
City of Dreams Manila |
|
Corporate and Others |
|
Total |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
$ |
8,284 |
|
$ |
3,948 |
|
$ |
125,753 |
|
$ |
|
5,913 |
|
|
$ |
|
13,098 |
|
|
$ |
|
(48,059 |
) |
|
$ |
108,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the
Philippine Parties |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
9,066 |
|
|
|
|
- |
|
|
|
9,066 |
|
Land Rent to
Belle Corporation |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
838 |
|
|
|
|
- |
|
|
|
838 |
|
Pre-opening
Costs |
|
- |
|
|
- |
|
|
6 |
|
|
|
1,483 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
1,489 |
|
Depreciation and
Amortization |
|
5,718 |
|
|
3,038 |
|
|
43,888 |
|
|
|
44,794 |
|
|
|
|
22,038 |
|
|
|
|
17,596 |
|
|
|
137,072 |
|
Share-based
Compensation |
|
45 |
|
|
47 |
|
|
712 |
|
|
|
304 |
|
|
|
|
(61 |
) |
|
|
|
3,417 |
|
|
|
4,464 |
|
Property Charges
and Others |
|
- |
|
|
- |
|
|
- |
|
|
|
212 |
|
|
|
|
33 |
|
|
|
|
206 |
|
|
|
451 |
|
Adjusted EBITDA |
|
14,047 |
|
|
7,033 |
|
|
170,359 |
|
|
|
52,706 |
|
|
|
|
45,012 |
|
|
|
|
(26,840 |
) |
|
|
262,317 |
|
Corporate and
Others Expenses |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
26,840 |
|
|
|
26,840 |
|
Adjusted Property
EBITDA |
$ |
14,047 |
|
$ |
7,033 |
|
$ |
170,359 |
|
$ |
|
52,706 |
|
|
$ |
|
45,012 |
|
|
$ |
|
- |
|
|
$ |
289,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
2015 |
|
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
Studio City |
|
City of Dreams Manila |
|
Corporate and 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA |
|
|
|
|
|
|
$ |
|
289,157 |
|
|
$ |
|
237,309 |
|
Corporate and Others Expenses |
|
|
|
|
|
|
|
|
(26,840 |
) |
|
|
|
(29,639 |
) |
Adjusted EBITDA |
|
|
|
|
|
|
|
|
262,317 |
|
|
|
|
207,670 |
|
Payments to the Philippine
Parties |
|
|
|
|
|
|
|
|
(9,066 |
) |
|
|
|
(4,721 |
) |
Land Rent to Belle Corporation |
|
|
|
|
|
|
|
|
(838 |
) |
|
|
|
(854 |
) |
Pre-opening Costs |
|
|
|
|
|
|
|
|
(1,489 |
) |
|
|
|
(46,388 |
) |
Development Costs |
|
|
|
|
|
|
|
|
- |
|
|
|
|
(36 |
) |
Depreciation and Amortization |
|
|
|
|
|
|
|
|
(137,072 |
) |
|
|
|
(114,259 |
) |
Share-based Compensation |
|
|
|
|
|
|
|
|
(4,464 |
) |
|
|
|
(5,843 |
) |
Property Charges and Others |
|
|
|
|
|
|
|
|
(451 |
) |
|
|
|
(1,500 |
) |
Interest and Other Non-Operating
Expenses, Net |
|
|
|
|
|
|
|
|
(63,555 |
) |
|
|
|
(34,556 |
) |
Income Tax Expense |
|
|
|
|
|
|
|
|
(1,662 |
) |
|
|
|
(387 |
) |
Net Income (Loss) |
|
|
|
|
|
|
|
|
43,720 |
|
|
|
|
(874 |
) |
Net Loss Attributable
to Noncontrolling Interests |
|
|
|
|
|
|
|
|
18,323 |
|
|
|
|
34,077 |
|
Net Income
Attributable to Melco Crown Entertainment Limited |
|
|
|
|
|
$ |
|
62,043 |
|
|
$ |
|
33,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2016 |
|
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
Studio City |
|
City of Dreams Manila |
|
Corporate and Others |
|
Total |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss)
Income |
$ |
|
(15,681 |
) |
|
$ |
9,101 |
|
$ |
420,191 |
|
$ |
|
(38,472 |
) |
|
$ |
|
18,788 |
|
|
$ |
|
(146,779 |
) |
|
$ |
247,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments
to the Philippine Parties |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
24,475 |
|
|
|
|
- |
|
|
|
24,475 |
|
|
Land Rent
to Belle Corporation |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
2,524 |
|
|
|
|
- |
|
|
|
2,524 |
|
|
Net Gain
on Disposal of Property and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment to Belle Corporation |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
(8,134 |
) |
|
|
|
- |
|
|
|
(8,134 |
) |
|
Pre-opening Costs |
|
|
- |
|
|
|
- |
|
|
308 |
|
|
|
1,904 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
2,212 |
|
|
Development Costs |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
7 |
|
|
|
7 |
|
|
Depreciation and Amortization |
|
|
17,298 |
|
|
|
9,124 |
|
|
131,171 |
|
|
|
134,259 |
|
|
|
|
69,946 |
|
|
|
|
52,946 |
|
|
|
414,744 |
|
|
Share-based Compensation |
|
|
15 |
|
|
|
129 |
|
|
1,753 |
|
|
|
746 |
|
|
|
|
1,970 |
|
|
|
|
10,135 |
|
|
|
14,748 |
|
|
Property
Charges and Others |
|
|
197 |
|
|
|
- |
|
|
191 |
|
|
|
894 |
|
|
|
|
567 |
|
|
|
|
960 |
|
|
|
2,809 |
|
|
Adjusted EBITDA |
|
|
1,829 |
|
|
|
18,354 |
|
|
553,614 |
|
|
|
99,331 |
|
|
|
|
110,136 |
|
|
|
|
(82,731 |
) |
|
|
700,533 |
|
|
Corporate
and Others Expenses |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
82,731 |
|
|
|
82,731 |
|
|
Adjusted Property
EBITDA |
$ |
|
1,829 |
|
|
$ |
18,354 |
|
$ |
553,614 |
|
$ |
|
99,331 |
|
|
$ |
|
110,136 |
|
|
$ |
|
- |
|
|
$ |
783,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2015 |
|
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
Studio City |
|
City of Dreams Manila |
|
Corporate and 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA |
|
|
|
|
|
|
$ |
|
783,264 |
|
|
$ |
|
695,558 |
|
|
Corporate and Others Expenses |
|
|
|
|
|
|
|
|
(82,731 |
) |
|
|
|
(87,310 |
) |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
700,533 |
|
|
|
|
608,248 |
|
|
Payments to the Philippine
Parties |
|
|
|
|
|
|
|
|
(24,475 |
) |
|
|
|
(11,994 |
) |
|
Land Rent to Belle Corporation |
|
|
|
|
|
|
|
|
(2,524 |
) |
|
|
|
(2,634 |
) |
|
Net Gain on Disposal of Property
and Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
to Belle Corporation |
|
|
|
|
|
|
|
|
8,134 |
|
|
|
|
- |
|
|
Pre-opening Costs |
|
|
|
|
|
|
|
|
(2,212 |
) |
|
|
|
(115,671 |
) |
|
Development Costs |
|
|
|
|
|
|
|
|
(7 |
) |
|
|
|
(57 |
) |
|
Depreciation and Amortization |
|
|
|
|
|
|
|
|
(414,744 |
) |
|
|
|
(340,681 |
) |
|
Share-based Compensation |
|
|
|
|
|
|
|
|
(14,748 |
) |
|
|
|
(15,624 |
) |
|
Property Charges and Others |
|
|
|
|
|
|
|
|
(2,809 |
) |
|
|
|
(5,339 |
) |
|
Interest and Other Non-Operating
Expenses, Net |
|
|
|
|
|
|
|
|
(192,725 |
) |
|
|
|
(98,310 |
) |
|
Income Tax Expense |
|
|
|
|
|
|
|
|
(4,016 |
) |
|
|
|
(765 |
) |
|
Net Income |
|
|
|
|
|
|
|
|
50,407 |
|
|
|
|
17,173 |
|
|
Net Loss Attributable
to Noncontrolling Interests |
|
|
|
|
|
|
|
|
82,223 |
|
|
|
|
100,913 |
|
|
Net Income
Attributable to Melco Crown Entertainment Limited |
|
|
|
|
|
$ |
|
132,630 |
|
|
$ |
|
118,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
|
|
Supplemental Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
September 30, |
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Room Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
|
$ |
200 |
|
|
$ |
200 |
|
|
$ |
204 |
|
|
$ |
212 |
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
|
96 |
% |
|
|
99 |
% |
|
|
94 |
% |
|
|
99 |
% |
|
|
|
|
|
|
|
Revenue per available room (4) |
|
|
$ |
192 |
|
|
$ |
197 |
|
|
$ |
192 |
|
|
$ |
209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
|
$ |
199 |
|
|
$ |
196 |
|
|
$ |
198 |
|
|
$ |
200 |
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
|
97 |
% |
|
|
99 |
% |
|
|
95 |
% |
|
|
99 |
% |
|
|
|
|
|
|
|
Revenue per available room (4) |
|
|
$ |
193 |
|
|
$ |
195 |
|
|
$ |
189 |
|
|
$ |
198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
|
$ |
137 |
|
|
N/A |
|
|
$ |
135 |
|
|
N/A |
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
|
99 |
% |
|
N/A |
|
|
|
97 |
% |
|
N/A |
|
|
|
|
|
|
|
|
Revenue per available room (4) |
|
|
$ |
136 |
|
|
N/A |
|
|
$ |
131 |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
|
$ |
158 |
|
|
$ |
168 |
|
|
$ |
161 |
|
|
$ |
200 |
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
|
92 |
% |
|
|
88 |
% |
|
|
90 |
% |
|
|
85 |
% |
|
|
|
|
|
|
|
Revenue per available room (4) |
|
|
$ |
146 |
|
|
$ |
148 |
|
|
$ |
144 |
|
|
$ |
170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
117 |
|
|
|
127 |
|
|
|
123 |
|
|
|
124 |
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
61 |
|
|
|
53 |
|
|
|
62 |
|
|
|
56 |
|
|
|
|
|
|
|
|
Table games win per unit per day (5) |
|
$ |
15,745 |
|
|
$ |
15,796 |
|
|
$ |
13,448 |
|
|
$ |
17,685 |
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (6) |
|
$ |
104 |
|
|
$ |
136 |
|
|
$ |
93 |
|
|
$ |
101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
489 |
|
|
|
493 |
|
|
|
496 |
|
|
|
498 |
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
1,037 |
|
|
|
1,147 |
|
|
|
1,054 |
|
|
|
1,164 |
|
|
|
|
|
|
|
|
Table games win per unit per day (5) |
|
$ |
14,471 |
|
|
$ |
15,041 |
|
|
$ |
14,931 |
|
|
$ |
16,424 |
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (6) |
|
$ |
363 |
|
|
$ |
417 |
|
|
$ |
355 |
|
|
$ |
417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
245 |
|
|
N/A |
|
|
|
245 |
|
|
N/A |
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
1,098 |
|
|
N/A |
|
|
|
1,095 |
|
|
N/A |
|
|
|
|
|
|
|
|
Table games win per unit per day (5) |
|
$ |
7,446 |
|
|
N/A |
|
|
$ |
6,358 |
|
|
N/A |
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (6) |
|
$ |
229 |
|
|
N/A |
|
|
$ |
186 |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
262 |
|
|
|
276 |
|
|
|
269 |
|
|
|
258 |
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
1,656 |
|
|
|
1,721 |
|
|
|
1,646 |
|
|
|
1,726 |
|
|
|
|
|
|
|
|
Table games win per unit per day (5) |
|
$ |
4,237 |
|
|
$ |
2,646 |
|
|
$ |
3,723 |
|
|
$ |
1,946 |
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (6) |
|
$ |
226 |
|
|
$ |
184 |
|
|
$ |
204 |
|
|
$ |
171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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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