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Melco Crown Entertainment Announces Unaudited Third Quarter 2012 Earnings



Melco Crown Entertainment Announces Unaudited Third Quarter 2012 Earnings

MACAU, Nov. 7, 2012 (GLOBE NEWSWIRE) -- Melco Crown Entertainment Limited
("Melco Crown Entertainment" or "the Company") (SEHK:6883) (Nasdaq:MPEL), a
developer and owner of casino gaming and entertainment resort facilities
focused on the Macau market, today released its unaudited financial results
for the third quarter of 2012.

Net revenue for the third quarter of 2012 was US$1,010.8 million, representing
a decrease of approximately 4% from US$1,056.0 million for the comparable
period in 2011. The decline in net revenue was primarily attributable to lower
group-wide rolling chip volumes, partially offset by a significant increase in
revenues in the mass market segments at City of Dreams.

Adjusted EBITDA^<1> was US$226.4 million for the third quarter of 2012, as
compared to Adjusted EBITDA of US$240.3 million in the third quarter of 2011.
The 6% year-over-year decline in Adjusted EBITDA in the third quarter of 2012
was driven by lower group-wide rolling chip volumes together with a lower
blended rolling chip win rate, partially offset by strong improvements in our
mass market table games and gaming machine segments together with our ongoing
commitment to control costs.

On a U.S. GAAP basis, net income attributable to Melco Crown Entertainment for
the third quarter of 2012 was US$104.9 million, or US$0.19 per ADS, compared
with net income attributable to Melco Crown Entertainment of US$113.3 million,
or US$0.21 per ADS, in the third quarter of 2011. The year-over-year decline
in net income was primarily a result of the amortization of land use right at
Studio City, development costs for the Philippines project, as well as lower
group-wide rolling chip volumes and win rate, partially offset by improvements
within the mass market gaming segments and reduced non-operating expenses,
including lower net interest costs and one-off listing expenses for the Hong
Kong dual listing. The net loss attributable to non-controlling interests
during the third quarter of 2012 of US$4.4 million was related to Studio City,
as compared to US$2.1 million in the third quarter of 2011.

Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown
Entertainment, commented, "We have delivered yet another impressive quarter of
operating results, with strong year-over-year improvements in operating
metrics in our mass market segments at City of Dreams providing us with
greater earnings stability, particularly during a period of slowing market
growth in the rolling chip segment.

"Altira Macau's underlying operating performance has stabilized following the
implementation of our successful table optimization strategy. We are focused
on fully leveraging this unique and luxurious property, ensuring we maximize
its strong potential and drive long term value.

"We also continue to make meaningful progress on our pipeline of development
opportunities. In relation to Studio City, we have made significant
construction progress, with our piling and foundation work nearly completed,
and we have now engaged our main contractor on a fixed price contract basis,
giving us greater certainty and control over the project's cost. We also
reached a major milestone in relation to the funding for Studio City, with our
senior secured credit facilities now in syndication following the recent
signing of a commitment letter. We anticipate that our debt financing package,
once finalized, together with cash equity contributions from the shareholders
of Studio City, will provide us a fully funded project.

"We also recently signed a cooperation agreement regarding the development and
operation of an integrated entertainment and casino complex in the
Philippines, further solidifying the key terms and conditions of this exciting
development. We believe the Philippines market offers a unique opportunity to
generate an incremental and diversified earnings stream while also providing
us a platform for further expansion throughout Asia, allowing us to capitalize
on future opportunities to drive long term shareholder value.

"To ensure we have maximum flexibility as it relates to our funding options,
we recently completed a consent solicitation on our existing senior notes
which enabled us to, among other things, release an additional US$400 million
from the restricted payments basket, giving us the ability to more efficiently
use our available cash to fund our impressive development opportunities.

"We believe that Macau will continue to benefit and be supported by long term
growth in China. The leisure and tourism industry in Macau is expected to
benefit from the anticipated increase in discretionary spending, as China
continues its shift to a more consumer-led and focused economy. In light of
the anticipated growth in Macau and strong support for this industry from the
Macau Government, including those in  the  form  of  substantial  improvements
 in  infrastructure  and  a measured and sustainable approach to future
growth, our confidence in Macau remains strongly intact."

City of Dreams Third Quarter Results

For the third quarter of 2012, net revenue at City of Dreams was US$747.4
million compared to US$687.2 million in the third quarter of 2011. City of
Dreams generated Adjusted EBITDA of US$204.0 million in the third quarter of
2012, representing an increase of 20% compared to US$170.5 million in the
comparable period of 2011.

The year-over-year improvement in Adjusted EBITDA was primarily a result of
strong improvements in the mass market segments, including a 30%
year-over-year increase in mass table games gross gaming revenue, partially
offset by a decline in rolling chip volumes.

Rolling chip volume for the third quarter of 2012 was US$19.5 billion,
representing a decrease of 4% when compared to rolling chip volume of US$20.3
billion for the comparable period of 2011. The rolling chip win rate was 3.2%
in the third quarter of 2012 versus 3.1% in the third quarter of 2011. The
expected rolling chip win rate range is 2.7%-3.0%.

Mass market table games drop increased 22% to US$889.8 million compared with
US$730.8 million in the third quarter of 2011. The mass market table games
hold percentage was 27.4% in the third quarter of 2012 compared to 25.5% in
the third quarter of 2011. At City of Dreams, we expect our mass market table
games hold percentage to range from 25%-30%.

Slot handle for the third quarter of 2012 was US$816.3 million, up 54% from
US$530.2 million generated in the quarter ended September 30, 2011.

Total non-gaming revenue at City of Dreams in the third quarter of 2012 was
US$63.6 million, an increase of 15% from US$55.1 million in the third quarter
of 2011. Occupancy per available room in the third quarter of 2012 was 95%,
versus 93% in the third quarter of 2011. The average daily rate ("ADR") in the
third quarter of 2012 was US$180 per occupied room, an increase of 6% when
compared with US$170 in the third quarter of 2011.

Altira Macau Third Quarter Results

For the quarter ended September 30, 2012, net revenue at Altira Macau was
US$215.7 million compared to US$329.0 million in the third quarter of 2011.
Altira Macau generated Adjusted EBITDA of US$29.8 million in the third quarter
of 2012 compared with Adjusted EBITDA of US$78.9 million in the third quarter
of 2011, a decline of 62%. The decrease in Adjusted EBITDA was driven by a
lower rolling chip win rate together with reduced rolling chip volumes.

Rolling chip volume totaled US$11.0 billion in the third quarter of 2012
versus US$13.2 billion in the third quarter of 2011. In the third quarter of
2012, the rolling chip win rate was 2.6%, as compared to 3.2% for the
comparable period in 2011. The expected rolling chip win rate range is
2.7%-3.0%.

In the mass market table games segment, drop totaled US$153.8 million in the
third quarter of 2012, an increase of 3% from US$149.9 million generated in
the comparable period in 2011. The mass market table games hold percentage was
15.8% in the third quarter of 2012 compared with 15.7% in the third quarter of
last year. At Altira Macau, we expect our mass market table games hold
percentage to range from 15%-17%.

Total non-gaming revenue at Altira Macau in the third quarter of 2012 was
US$8.4 million, up from US$7.9 million in the third quarter of 2011. Occupancy
per available room in the third quarter of 2012 was 98%, in-line with the
comparable period in 2011. ADR was US$215 per occupied room, compared to
US$192 in the third quarter of 2011, an increase of 12%.

Mocha Clubs Third Quarter Results

Net revenue from Mocha Clubs totaled US$35.5 million in the third quarter of
2012, up 13% from US$31.3 million in the third quarter of 2011. Mocha Clubs
generated US$9.4 million of Adjusted EBITDA in the third quarter of 2012, an
increase of 5% when compared to Adjusted EBITDA of US$8.9 million in the same
period in 2011.

The number of gaming machines in operation at Mocha Clubs averaged
approximately 2,000 in the third quarter of 2012, compared to approximately
1,600 in the comparable period in 2011. The net win per gaming machine per day
was US$188 in the quarter ended September 30, 2012, as compared with US$208 in
the comparable period in 2011, a decrease of 9%.

Other Factors Affecting Earnings

Total non-operating expense for the third quarter of 2012 was US$24.9 million,
which included US$23.7 million in net interest expense and other finance costs
of US$3.4 million. There was US$2.6 million of capitalized interest during the
third quarter of 2012. The year-on-year decrease in non-operating expenses of
US$12.1 million was predominantly due to one-off listing expenses of US$4.2
million for the Hong Kong dual listing recorded in the third quarter of 2011,
as well as a US$6.9 million reduction in net interest expense due to lower
interest rate swap charges and a lower margin compared to the same period in
2011.

Depreciation and amortization costs of US$94.1 million were recorded in the
third quarter of 2012, of which US$14.3 million was related to the
amortization of our gaming sub-concession and US$15.8 million was related to
the amortization of land use rights. The year-over-year increase in
depreciation and amortization costs is primarily a result of increased
amortization of Studio City's land use rights.

Financial Position and Capital Expenditure

Cash and cash equivalents as of September 30, 2012 totaled US$2.1 billion,
including US$364.9 million of restricted cash. Total debt at the end of the
third quarter of 2012 was US$2.4 billion, and total net debt to shareholders'
equity as of September 30, 2012 was 7%.

Capital expenditures for the third quarter of 2012 were US$106.9 million,
which primarily related to the acquisition of corporate assets and various
projects at City of Dreams, as well as design and preliminary costs associated
with Studio City.

Nine Months' Results

For the nine months ended September 30, 2012, Melco Crown Entertainment
reported net revenue of US$2,976.2 million versus US$2,822.5 million in the
nine months ended September 30, 2011. The year-over-year increase in net
revenue was driven by substantially improved mass table games volumes and
blended hold percentages, as well as increased volumes in the gaming machines
segment, partially offset by lower group-wide rolling chip volumes.

Adjusted EBITDA for the first nine months of 2012 was US$672.7 million, as
compared with an Adjusted EBITDA of US$577.9 million in the first nine months
of 2011. The year-over-year improvements in Adjusted EBITDA was primarily
attributable to substantially improved mass table games and gaming machine
revenues together with strict cost control focus, partially offset by lower
group-wide rolling chip revenue.

On a U.S. GAAP basis, net income attributable to Melco Crown Entertainment for
the nine months of 2012 was US$309.2 million, or US$0.56 per ADS, compared
with net income attributable to Melco Crown Entertainment of US$187.1 million,
or US$0.35 per ADS, in the comparable period of 2011.

Conference Call Information

Melco Crown Entertainment will hold a conference call to discuss its third
quarter 2012 financial results on November 7, 2012 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 1 718 354 1231
HK Toll                 852 2475 0994
HK Toll Free            800 930 346
UK Toll Free            080 823 46646
Australia Toll Free     1 800 457 076
                         
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
                          
Conference ID            63860593

Safe Harbor Statement

This announcement 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, (ii) capital and credit
market volatility, (iii) local and global economic conditions, (iv) our
anticipated growth strategies, and (v) our future business development,
results of operations and financial condition. In some cases, forward-looking
statements can be identified by words or phrases such as "may", "will",
"expect", "anticipate", "target", "aim", "estimate", "intend", "plan",
"believe", "potential", "continue", "is/are likely to" or other similar
expressions. Further information regarding these and other risks,
uncertainties or factors is included in the Company's filings with the SEC.
All information provided in this announcement is as of the date of this
release, and the Company undertakes no duty to update such information, except
as required under applicable law.

Non-GAAP Financial Measures

  (1) "Adjusted EBITDA" is earnings before interest, taxes, depreciation,
  amortization, pre-opening costs, development costs, property charges and
  others, share-based compensation, other non-operating income and expenses
  and net loss attributable to non-controlling interests. "Adjusted property
  EBITDA" is earnings before interest, taxes, depreciation, amortization,
  pre-opening costs, development costs, property charges and others,
  share-based compensation, corporate and other expenses, other non-operating
  income and expenses and net loss attributable to non-controlling interests.
  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. generally accepted accounting principles ("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 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 GAAP measurements, to assist
  in the evaluation of operating performance. Such GAAP measurements include
  operating income (loss), net income (loss), cash flows from operations and
  cash flow data. The Company has significant uses of cash flows, including
  capital expenditures, interest payments, debt principal repayments, taxes
  and other non-recurring charges, which are not reflected in adjusted EBITDA
  or adjusted property EBITDA. Also, the Company's calculation of adjusted
  EBITDA and adjusted property EBITDA may be different from the calculation
  methods used by other companies and, therefore, comparability may be
  limited. Reconciliations of adjusted EBITDA and adjusted property EBITDA
  with the most comparable financial measures calculated and presented in
  accordance with GAAP are provided herein immediately following the financial
  statements included in this press release.

  (2) "Adjusted net income" is net income before pre-opening costs,
  development costs, property charges and others, change in fair value of
  interest rate swap agreements, reclassification of accumulated losses of
  interest rate swap agreements from accumulated other comprehensive losses
  and loss on extinguishment of debt. Adjusted net income and adjusted net
  income 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 GAAP, as an additional basis for assessing
  period-to-period results of our business. Adjusted net income may be
  different from the calculation methods used by other companies and,
  therefore, comparability may be limited. Reconciliations of adjusted net
  income with the most comparable financial measures calculated and presented
  in accordance with GAAP are provided herein immediately following the
  financial statements included in this press release.

About Melco Crown Entertainment Limited

Melco Crown Entertainment, with its shares listed on the Main Board of The
Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange")
(SEHK:6883) and its American depositary shares listed on the NASDAQ Global
Select Market (Nasdaq:MPEL), is a developer, owner and through a Macau
subsidiary which holds a gaming sub-concession, an operator of casino gaming
and entertainment casino resort facilities focused on the Macau market. Melco
Crown Entertainment currently operates Altira Macau (www.altiramacau.com)
(formerly Crown Macau), a casino hotel located at Taipa, Macau and City of
Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located
in Cotai, Macau. Melco Crown Entertainment's business also includes the Mocha
Clubs (www.mochaclubs.com), which comprise the largest non-casino based
operations of electronic gaming machines in Macau. The Company is also
developing the planned Studio City Project, a large integrated entertainment,
retail and gaming resort in Cotai, Macau. 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
Limited ("Crown"). Melco is a listed company on the Hong Kong Stock Exchange
and is substantially owned and led by Mr. Lawrence Ho, who is Co-Chairman, an
Executive Director and the CEO of Melco Crown Entertainment. Crown is a top-50
company listed on the Australian Securities Exchange and led by Executive
Chairman Mr. James Packer, who is also Co-Chairman and a Non-executive
Director of Melco Crown Entertainment.

Investment Community, please contact:
Ross Dunwoody
Vice President, Investor Relations
Tel: +853 8868 7575 or +852 2598 3689
Email: rossdunwoody@melco-crown.com
 
For media enquiry, please contact:
Maggie Ma
Head of Corporate Communications
Tel: +853 8868 3767 or +852 3151 3767 
Email: maggiema@melco-crown.com

Melco Crown Entertainment Limited and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands of U.S. dollars, except share and per share data)
 
                   Three Months Ended            Nine Months Ended
                   September 30,                 September 30,
                   2012           2011           2012           2011
                   (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited)
                                                                 
OPERATING REVENUES                                               
Casino              $ 972,530      $ 1,017,780    $ 2,869,364    $ 2,710,141
Rooms               29,379         26,491         86,847         75,814
Food and beverage   18,767         15,221         51,463         44,550
Entertainment,      25,571         22,207         68,598         63,386
retail and others
Gross revenues      1,046,247      1,081,699      3,076,272      2,893,891
Less: promotional   (35,415)       (25,742)       (100,070)      (71,392)
allowances
Net revenues        1,010,832      1,055,957      2,976,202      2,822,499
                                                                 
OPERATING COSTS                                                  
AND EXPENSES
Casino              (705,967)      (733,333)      (2,067,665)    (2,007,096)
Rooms               (3,669)        (4,857)        (11,255)       (13,881)
Food and beverage   (6,633)        (8,470)        (20,998)       (25,013)
Entertainment,      (15,133)       (14,378)       (45,897)       (43,536)
retail and others
General and         (55,518)       (57,221)       (164,149)      (161,535)
administrative
Pre-opening costs   (1,551)        (207)          (4,851)        (1,492)
Development costs   (3,345)        --             (3,913)        (1,110)
Amortization of
gaming              (14,309)       (14,309)       (42,928)       (42,928)
subconcession
Amortization of     (15,797)       (10,743)       (44,115)       (20,506)
land use rights
Depreciation and    (63,966)       (65,106)       (196,094)      (193,242)
amortization
Property charges    (426)          --             (4,042)        (1,025)
and others
Total operating     (886,314)      (908,624)      (2,605,907)    (2,511,364)
costs and expenses
OPERATING INCOME    124,518        147,333        370,295        311,135
NON-OPERATING                                                    
EXPENSES
Interest expenses,  (23,725)       (30,656)       (69,787)       (84,652)
net
Other finance       (3,368)        (3,386)        (10,350)       (12,067)
costs
Reclassification
of accumulated                                                   
losses of
interest rate swap
agreements from
accumulated other  --             --             --             (4,310)
comprehensive
losses
Change in fair
value of interest   --             3,294          363            3,294
rate swap
agreements
Foreign exchange    1,710          (2,747)        3,349          (2,556)
gain (loss), net
Listing expenses    --             (4,160)        --             (4,160)
Other income, net   510            725            1,644          2,789
Loss on
extinguishment of   --             --             --             (25,193)
debt
Total
non-operating       (24,873)       (36,930)       (74,781)       (126,855)
expenses
INCOME BEFORE       99,645         110,403        295,514        184,280
INCOME TAX
INCOME TAX CREDIT   823            799            1,865          730
NET INCOME          100,468        111,202        297,379        185,010
NET LOSS                                                         
ATTRIBUTABLE TO 
NONCONTROLLING      4,401          2,100          11,843         2,100
INTERESTS
NET INCOME                                                       
ATTRIBUTABLE TO
MELCO CROWN
ENTERTAINMENT       $ 104,869      $ 113,302      $ 309,222      $ 187,110
LIMITED
                                                                 
                                                                 
NET INCOME ATTRIBUTABLE TO                                       
MELCO CROWN ENTERTAINMENT                                        
LIMITED PER SHARE:                                               
Basic               $ 0.064        $ 0.071        $ 0.188        $ 0.117
Diluted             $ 0.063        $ 0.070        $ 0.187        $ 0.116
                                                                 
NET INCOME ATTRIBUTABLE TO                                       
MELCO CROWN ENTERTAINMENT                                        
LIMITED PER ADS:                                                 
Basic               $ 0.191        $ 0.212        $ 0.564        $ 0.351
Diluted             $ 0.190        $ 0.210        $ 0.560        $ 0.348
                                                                 
WEIGHTED AVERAGE    
SHARES USED IN 
NET INCOME          
ATTRIBUTABLE TO
MELCO CROWN
ENTERTAINMENT       
LIMITED PER SHARE
CALCULATION:
Basic               1,646,073,794  1,601,261,780  1,644,954,427  1,600,181,191
Diluted             1,658,032,982  1,615,555,907  1,657,593,494  1,613,038,355

 
Melco Crown Entertainment Limited and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)
 
                                                    September 30, December 31,
                                                   2012           2011
                                                   (Unaudited)    (Audited)
                                                                   
ASSETS                                                             
                                                                   
CURRENT ASSETS                                                     
Cash and cash equivalents                           $ 1,737,132    $ 1,158,024
Restricted cash                                     364,896        -- 
Accounts receivable, net                            273,348        306,500
Amounts due from affiliated companies               349            1,846
Amount due from a shareholder                       1              6
Income tax receivable                               7              -- 
Inventories                                         15,346         15,258
Prepaid expenses and other current assets           33,031         23,882
Total current assets                                2,424,110      1,505,516
                                                                   
PROPERTY AND EQUIPMENT, NET                         2,670,921      2,655,429
GAMING SUBCONCESSION, NET                           556,577        599,505
INTANGIBLE ASSETS, NET                              4,220          4,220
GOODWILL                                            81,915         81,915
LONG-TERM PREPAYMENT, DEPOSITS AND OTHER ASSETS     70,912         72,858
RESTRICTED CASH                                     --             364,807
DEFERRED TAX ASSETS                                 97             24
DEFERRED FINANCING COSTS                            33,379         42,738
LAND USE RIGHTS, NET                                1,005,780      942,968
TOTAL                                               $ 6,847,911    $ 6,269,980
                                                                   
LIABILITIES AND SHAREHOLDERS' EQUITY                               
                                                                   
CURRENT LIABILITIES                                                
Accounts payable                                    $ 11,324       $ 12,023
Accrued expenses and other current liabilities      766,247        588,719
Income tax payable                                  2,011          1,240
Current portion of long-term debt                   787,949        -- 
Amounts due to affiliated companies                 971            1,137
Total current liabilities                           1,568,502      603,119
                                                                   
LONG-TERM DEBT                                      1,580,345      2,325,980
OTHER LONG-TERM LIABILITIES                         6,168          27,900
DEFERRED TAX LIABILITIES                            67,158         70,028
LAND USE RIGHTS PAYABLE                             71,358         55,301
                                                                   
SHAREHOLDERS' EQUITY                                               
Ordinary shares                                     16,581         16,531
Treasury shares                                     (119)          (106)
Additional paid-in capital                          3,232,566      3,223,274
Accumulated other comprehensive losses              (1,014)        (1,034)
Retained earnings (accumulated losses)              26,712         (282,510)
                                                                   
Total Melco Crown Entertainment Limited             3,274,726      2,956,155
shareholders' equity
Noncontrolling interests                            279,654        231,497
Total equity                                        3,554,380      3,187,652
TOTAL                                               $ 6,847,911    $ 6,269,980

 
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,
                   2012           2011           2012           2011
                   (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited)
                                                                 
Net Income                                                       
Attributable to
Melco Crown
Entertainment       $ 104,869      $ 113,302      $ 309,222      $ 187,110
Limited
Pre-opening Costs   1,551          207            4,851          1,492
Development Costs   3,345          --             3,913          1,110
Property Charges    426            --             4,042          1,025
and Others
Reclassification
of accumulated                                                   
losses of
interest rate swap
agreements from
accumulated other  --             --             --               4,310
comprehensive
losses
Change in fair
value of interest   --             (3,294)        (363)          (3,294)
rate swap
agreements
Loss on
extinguishment of   --             --             --             25,193
debt
Adjusted Net
Income                                                           
Attributable to
Melco Crown
Entertainment       $ 110,191      $ 110,215      $ 321,665      $ 216,946
Limited
                                                                 
ADJUSTED NET INCOME ATTRIBUTABLE TO                              
MELCO CROWN ENTERTAINMENT                                        
LIMITED PER SHARE:                                               
Basic               $ 0.067        $ 0.069        $ 0.196        $ 0.136
Diluted             $ 0.066        $ 0.068        $ 0.194        $ 0.134
                                                                 
                                                                 
ADJUSTED NET INCOME ATTRIBUTABLE TO                              
MELCO CROWN ENTERTAINMENT                                        
LIMITED PER ADS:                                                 
Basic               $ 0.201        $ 0.206        $ 0.587        $ 0.407
Diluted             $ 0.199        $ 0.205        $ 0.582        $ 0.403
                                                                 
WEIGHTED AVERAGE    
SHARES USED IN  
ADJUSTED NET
INCOME              
ATTRIBUTABLE TO
MELCO CROWN
ENTERTAINMENT       
LIMITED
PER SHARE           
CALCULATION:
Basic               1,646,073,794  1,601,261,780  1,644,954,427  1,600,181,191
Diluted             1,658,032,982  1,615,555,907  1,657,593,494  1,613,038,355

                                                                          
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, 2012
             Altira      Mocha       City of     Studio City Corporate   Total
             Macau                   Dreams                  and Other
             (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                                                                          
Operating
Income        $ 21,674    $ 5,865     $ 147,757   $ (11,912)  $ (38,866)  $124,518
(Loss) 
                                                                          
Pre-opening   --          --          715         836         --          1,551
Costs
Development   --          --          --          --          3,345       3,345
Costs
Depreciation
and           8,118       3,224       55,141      10,883      16,706      94,072
Amortization
Share-based   28          38          150         --          2,254       2,470
Compensation
Property
Charges and   --          224         202         --          --          426
Others
Adjusted      29,820      9,351       203,965     (193)       (16,561)    226,382
EBITDA
Corporate
and Other     --          --          --          --          16,561      16,561
Expenses
Adjusted
Property      $ 29,820    $ 9,351     $ 203,965   $ (193)    $ --         $ 242,943
EBITDA
                                                                          
                                                                          
             Three Months Ended September 30, 2011
             Altira      Mocha       City of     Studio City Corporate   Total
             Macau                   Dreams                  and Other
             (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                                                                          
Operating
Income        $ 69,342    $ 6,127     $ 113,581   $ (5,999)   $ (35,718)  $147,333
(Loss) 
                                                                          
Pre-opening   --          197         10          --          --         207
Costs
Depreciation
and           9,525       2,554       56,663      5,862       15,554     90,158
Amortization
Share-based   81          47          215         --          2,218      2,561
Compensation
Adjusted      78,948      8,925       170,469     (137)       (17,946)    240,259
EBITDA
Corporate
and Other     --          --          --          --          17,946      17,946
Expenses
Adjusted
Property      $ 78,948    $ 8,925     $ 170,469   $ (137)    $ --         $ 258,205
EBITDA

                                                                    
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,
                                                       2012        2011
                                                       (Unaudited) (Unaudited)
                                                                    
Adjusted Property EBITDA                                $ 242,943   $ 258,205
Corporate and Other Expenses                            (16,561)   (17,946)
Adjusted EBITDA                                         226,382    240,259
Pre-opening Costs                                       (1,551)    (207)
Development Costs                                       (3,345)     -- 
Depreciation and Amortization                           (94,072)   (90,158)
Share-based Compensation                                (2,470)    (2,561)
Property Charges and Others                             (426)       -- 
Interest and Other Non-Operating Expenses, Net          (24,873)   (36,930)
Income Tax Credit                                       823        799
Net Income                                              100,468    111,202
Net Loss Attributable to Noncontrolling Interests       4,401       2,100
Net Income Attributable to Melco Crown Entertainment    $ 104,869   $ 113,302
Limited

 
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, 2012
             Altira      Mocha       City of     Studio City Corporate   Total
             Macau                   Dreams                  and Other
             (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                                                                          
Operating                                                     $
Income        $ 84,059    $ 17,480    $ 412,344   $ (31,760) (111,828)    $ 370,295
(Loss) 
                                                                          
Pre-opening   --          16         2,845        1,990       --          4,851
Costs
Development   --          --          --          --          3,913       3,913
Costs
Depreciation
and           26,749      9,730       169,725     29,375      47,558      283,137
Amortization
Share-based   76          100         376         --          5,950       6,502
Compensation
Property
Charges and   --          671         957         --          2,414       4,042
Others
Adjusted      110,884     27,997      586,247     (395)       (51,993)    672,740
EBITDA
Corporate
and Other     --          --          --          --          51,993      51,993
Expenses
Adjusted
Property      $ 110,884   $ 27,997    $ 586,247   $ (395)    $ --         $ 724,733
EBITDA
                                                                          
                                                                          
             Nine Months Ended September 30, 2011
             Altira      Mocha       City of     Studio City Corporate   Total
             Macau                   Dreams                  and Other
             (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                                                                          
Operating                                                     $
Income        $ 164,101   $ 22,112    $ 238,283   $ (5,999)  (107,362)    $ 311,135
(Loss)
                                                                          
Pre-opening   35          197        1,260        --          --          1,492
Costs
Development   --          --          --          --          1,110       1,110
Costs
Depreciation
and           28,763      7,852       167,690     5,862       46,509      256,676
Amortization
Share-based   181         128         588         --          5,520       6,417
Compensation
Property
Charges and   --          25          --          --          1,000       1,025
Others
Adjusted      193,080     30,314      407,821     (137)       (53,223)    577,855
EBITDA
Corporate
and Other     --          --          --          --          53,223      53,223
Expenses
Adjusted
Property      $ 193,080   $ 30,314    $ 407,821   $ (137)    $ --         $ 631,078
EBITDA

                                                                    
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,
                                                       2012        2011
                                                       (Unaudited) (Unaudited)
                                                                    
Adjusted Property EBITDA                                $ 724,733   $ 631,078
Corporate and Other Expenses                            (51,993)    (53,223)
Adjusted EBITDA                                         672,740     577,855
Pre-opening Costs                                       (4,851)     (1,492)
Development Costs                                       (3,913)     (1,110)
Depreciation and Amortization                           (283,137)   (256,676)
Share-based Compensation                                (6,502)     (6,417)
Property Charges and Others                             (4,042)     (1,025)
Interest and Other Non-Operating Expense, Net           (74,781)    (126,855)
Income Tax Credit                                       1,865       730
Net Income                                              297,379     185,010
Net Loss Attributable to Noncontrolling Interests       11,843      2,100
Net Income Attributable to Melco Crown Entertainment    $ 309,222   $ 187,110
Limited

 
Melco Crown Entertainment Limited and Subsidiaries
Supplemental Data Schedule
 
                            Three Months Ended        Nine Months Ended
                            September 30,             September 30,
                            2012         2011         2012         2011
Room Statistics:                                                    
Altira Macau                                                        
Average daily rate ^(3)      $ 215        $ 192        $ 219        $ 196
Occupancy per available     98%          98%          97%          97%
room
Revenue per available room   $ 210        $ 188        $ 213        $ 191
^(4)
                                                                    
City of Dreams                                                      
Average daily rate ^(3)      $ 180        $ 170        $ 183        $ 170
Occupancy per available     95%          93%          92%          90%
room
Revenue per available room   $ 171        $ 159        $ 168        $ 154
^(4)
                                                                    
Other Information:                                                  
Altira Macau                                                        
Average number of table      172          200          182          204
games
Table games win per unit     $ 19,895     $ 24,621     $ 19,645     $ 22,759
per day ^(5)
                                                                    
City of Dreams                                                      
Average number of table      447          424          443          419
games
Average number of gaming     1,475        1,435        1,410        1,340
machines
Table games win per unit     $ 21,094     $ 20,962     $ 20,636     $ 18,907
per day ^(5)
Gaming machines win per      $ 278        $ 260        $ 305        $ 277
unit per day ^(6)
                                                                    
^(3) Average daily rate is calculated by dividing total room revenue by total
occupied rooms
^(4) Revenue per available room is calculated by dividing total room revenue
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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