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Melco Crown Entertainment Announces Unaudited Results for the Fourth Quarter and Full Year Ended December 31, 2012



Melco Crown Entertainment Announces Unaudited Results for the Fourth Quarter
and Full Year Ended December 31, 2012

MACAU, Feb. 6, 2013 (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
currently focused on the Macau market, today released its unaudited financial
results for the fourth quarter of 2012.

Net revenue for the fourth quarter of 2012 was US$1,101.8 million,
representing an increase of approximately 9% from US$1,008.3 million for the
comparable period in 2011. The increase in net revenue was primarily
attributable to substantially improved group-wide mass table games and gaming
machines revenue and higher group-wide rolling chip volumes, partially offset
by a lower group-wide rolling chip win rate.

Adjusted EBITDA^<1> was US$247.5 million for the fourth quarter of 2012, as
compared to Adjusted EBITDA of US$231.6 million in the fourth quarter of 2011.
The 7% year-over-year improvement in Adjusted EBITDA in the fourth quarter of
2012 was driven by stronger mass market revenues together with our ongoing
commitment to control costs, partially offset by a lower group-wide rolling
chip win rate.

On a U.S. GAAP basis, net income attributable to Melco Crown Entertainment for
the fourth quarter of 2012 was US$108.0 million, or US$0.20 per ADS, compared
with net income attributable to Melco Crown Entertainment of US$107.5 million,
or US$0.20 per ADS, in the fourth quarter of 2011. The year-over-year increase
in net income was primarily a result of the meaningful improvements in
operating fundamentals at City of Dreams and Altira Macau, partially offset by
development costs for the Philippines project as well as lower group-wide win
rate. The net loss attributable to non-controlling interests during the fourth
quarter of 2012 was US$6.7 million as compared to US$3.7 million in the fourth
quarter of 2011. The net loss attributable to non-controlling interests
relates to Studio City, with the year-over-year increase attributable to the
US$825 million Studio City senior note interest incurred during the fourth
quarter of 2012.

Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown
Entertainment, commented, "Our results in the fourth quarter of 2012 completes
a stellar year for our Company, achieving record quarterly and full year
EBITDA. Our flagship property, City of Dreams, continued to deliver impressive
results, recording significant sequential and year-over-year improvements in
operating fundamentals in the fourth quarter, particularly as it relates to
the increasingly important premium mass segment.

"We also recently successfully priced a US$1 billion senior note offering at
an attractive 5.0% coupon, which will allow us upon completion to, among other
things, refinance our US$600 million 10.25% senior notes. The attractive rates
and improved flexibility achieved in this new offering reflects the
improvement in our operating fundamentals over the last three years.

"Studio City remains on track to open around the middle of 2015. We
successfully raised US$825 million under our Studio City senior note
offering and signed the facilities agreement with the lead arranging banks in
relation to our US$1.4 billion Studio City senior secured facilities, both of
which are achieved without a corporate guarantee from the Company, while the
latter is accomplished based on limited sponsor support from the
Company. Together with full contribution of committed shareholder equity,
these financings upon full drawdown are expected to deliver a fully funded
project at the Studio City level. Our funding approach, together with our
fixed price, lump-sum, contracting strategy provides us with greater certainty
regarding cost and timetable.

"During the fourth quarter, we completed the acquisition of a majority
interest in Manchester International Holdings Unlimited Corporation, a company
listed on the Philippines Stock Exchange. We remain on track to open our
unique integrated casino resort in mid-2014.

"In Macau and the surrounding region, substantial improvements in
infrastructure are also well underway, which will enable Macau to cater to a
wider spectrum of visitors and be a meaningful catalyst for future visitation
growth. We believe this exciting infrastructure blueprint, together with the
wide-reaching Hengqin development, will further broaden Macau's appeal and
meaningfully improve visitors' overall experience, thereby ensuring the long
term success of Macau as a World-class leisure and tourism destination."

City of Dreams Fourth Quarter Results

For the fourth quarter of 2012, net revenue at City of Dreams was US$772.5
million compared to US$695.9 million in the fourth quarter of 2011. City of
Dreams generated Adjusted EBITDA of US$219.5 million in the fourth quarter of
2012, representing an increase of 18% compared to US$186.6 million in the
comparable period of 2011.

The year-over-year improvement in Adjusted EBITDA was primarily a result of
the 48% year-over-year improvement in the mass table games gross gaming
revenue and 15% year-over-year increase in rolling chip volumes, partially
offset by a lower rolling chip win rate.

Rolling chip volume for the fourth quarter of 2012 was US$23.5 billion,
representing an increase of 15% when compared to rolling chip volume of
US$20.4 billion for the comparable period of 2011. The rolling chip win rate
was 2.6% in the fourth quarter of 2012 versus 3.0% in the comparable period of
2011. The expected rolling chip win rate range is 2.7%-3.0%.

Mass market table games drop increased 24% to US$1,009.4 million compared with
US$811.0 million in the fourth quarter of 2011. The mass market table games
hold percentage was 30.9% in the fourth quarter of 2012 compared to 25.7% in
the fourth quarter of 2011. At City of Dreams, we expect our mass market table
games hold percentage to range from 27%- 31%.

Slot handle for the fourth quarter of 2012 was US$1,033.1 million, up 82% from
US$566.8 million generated in the quarter ended December 31, 2011.

Total non-gaming revenue at City of Dreams in the fourth quarter of 2012 was
US$64.4 million, an increase of 11% from US$58.1 million in the fourth quarter
of 2011. Occupancy per available room in the fourth quarter of 2012 was 96%,
versus 92% in the fourth quarter of 2011. The average daily rate ("ADR") in
the fourth quarter of 2012 was US$189 per occupied room, an increase of 7%
when compared with US$176 in the fourth quarter of 2011.

Altira Macau Fourth Quarter Results

For the quarter ended December 31, 2012, net revenue at Altira Macau was
US$281.7 million compared to US$268.0 million in the fourth quarter of 2011.
Altira Macau generated Adjusted EBITDA of US$43.8 million in the fourth
quarter of 2012 compared with Adjusted EBITDA of US$53.2 million in the fourth
quarter of 2011, a decline of 18%.

Rolling chip volume totaled US$11.9 billion in the fourth quarter of 2012
versus US$12.1 billion in the fourth quarter of 2011. In the fourth quarter of
2012, the rolling chip win rate was 3.1%, as compared to 2.9% 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$158.1 million in the
fourth quarter of 2012, an increase of 9% from US$144.6 million generated in
the comparable period in 2011. The mass market table games hold percentage was
16.5% in the fourth quarter of 2012 compared with 17.5% in the fourth 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 fourth quarter of 2012 was
US$8.6 million, up from US$8.1 million in the fourth quarter of 2011.
Occupancy per available room in the fourth quarter of 2012 was 99%, versus 98%
in the comparable period in 2011. ADR was US$228 per occupied room, compared
to US$196 in the fourth quarter of 2011, an increase of 16%.

Mocha Clubs Fourth Quarter Results

Net revenue from Mocha Clubs totaled US$35.3 million in the fourth quarter of
2012, up 2% from US$34.5 million in the fourth quarter of 2011. Mocha Clubs
generated US$8.1 million of Adjusted EBITDA in the fourth quarter of 2012, a
decrease of 21% when compared to Adjusted EBITDA of US$10.2 million in the
same period in 2011.

The number of gaming machines in operation at Mocha Clubs averaged
approximately 2,000 in the fourth quarter of 2012, compared to approximately
1,800 in the comparable period in 2011. The net win per gaming machine per day
was US$183 in the quarter ended December 31, 2012, as compared with US$200 in
the comparable period in 2011, a decrease of 9%.

Other Factors Affecting Earnings

Total non-operating expense for the fourth quarter of 2012 was US$36.6
million, which included, among other things, US$28.9 million in net interest
expense and other finance costs of US$4.2 million and costs associated with
debt modification of US$3.3 million related to consent solicitation for the
US$600 million 10.25% senior notes. We recorded US$3.3 million of capitalized
interest during the fourth quarter of 2012. The year-on-year increase in
non-operating expenses of US$5.5 million was primarily attributable to
the increase in net interest expense from the US$825 million Studio City
senior note issued during the fourth quarter of 2012 and one-off cost
associated with debt modification on our US$600 million 10.25% senior notes,
partially offset by a lower interest margin on our 2011 Credit Facilities when
compared to the same period in 2011.

Depreciation and amortization costs of US$95.5 million were recorded in the
fourth 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 a result of increased amortization of
Studio City's land use rights.

Financial Position and Capital Expenditure

Cash and cash equivalents as of December 31, 2012 totaled US$3.1 billion,
including US$1.4 billion of restricted cash. Total debt at the end of the
fourth quarter of 2012 was US$3.2 billion, and total net debt to shareholders'
equity as of December 31, 2012 was 2%, compared to 25% as at the end of the
fourth quarter of 2011.

Capital expenditures for the fourth quarter of 2012 were US$76.7 million,
which primarily related to various projects at City of Dreams, as well as
design and construction costs associated with Studio City.

Full Year Results

For the year ended December 31, 2012, Melco Crown Entertainment reported net
revenue of US$4.1 billion versus US$3.8 billion in the prior year. 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 year ended December 31, 2012 was US$920.2 million, as
compared with an Adjusted EBITDA of US$809.4 million in 2011. The
year-over-year improvements in Adjusted EBITDA were 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
2012 was US$417.2 million, or US$0.76 per ADS, compared with a net income
attributable to Melco Crown Entertainment of US$294.7 million, or US$0.55 per
ADS, in the comparable period of 2011.

The shareholders and potential investors of Melco Crown Entertainment are
advised not to place undue reliance on the unaudited earnings and financial
information of the Company for the fourth quarter and the financial year ended
December 31, 2012 and are reminded that such financial information presented
herein have been prepared in accordance with U.S. GAAP which differ in certain
respects from IFRS and has not been audited. Consequently, the Company does
not offer any indication or assurance that the relevant audited consolidated
financial results of Melco Crown Entertainment for the financial year ended
December 31, 2012, which will include the reconciliation of material
differences between U.S. GAAP and IFRS, to be released by the Company no later
than March 31, 2013, will be the same as that presented herein.

Conference Call Information

Melco Crown Entertainment will hold a conference call to discuss its fourth
quarter 2012 financial results on February 6, 2013 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           91893596

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 others 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, loss on extinguishment
of debt and costs associated with debt modification. 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), 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 cinematically-themed 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            Year Ended
                   December 31,                  December 31,
                   2012           2011           2012           2011
                                                                 
                   (Unaudited)    (Unaudited)    (Unaudited)    (Audited)
                                                                 
OPERATING REVENUES                                               
Casino              $ 1,065,397    $ 969,282      $ 3,934,761    $ 3,679,423
Rooms               31,212         27,195         118,059        103,009
Food and beverage   21,255         17,290         72,718         61,840
Entertainment,      22,191         22,781         90,789         86,167
retail and others
Gross revenues      1,140,055      1,036,548      4,216,327      3,930,439
Less: promotional   (38,244)       (28,200)       (138,314)      (99,592)
allowances
Net revenues        1,101,811      1,008,348      4,078,013      3,830,847
                                                                 
OPERATING COSTS                                                  
AND EXPENSES
Casino              (767,097)      (691,885)      (2,834,762)    (2,698,981)
Rooms               (3,442)        (4,366)        (14,697)       (18,247)
Food and beverage   (6,533)        (9,181)        (27,531)       (34,194)
Entertainment,      (16,919)       (14,868)       (62,816)       (58,404)
retail and others
General and         (62,831)       (58,689)       (226,980)      (220,224)
administrative
Pre-opening costs   (934)          (1,198)        (5,785)        (2,690)
Development costs   (7,186)        --             (11,099)       (1,110)
Amortization of
gaming              (14,309)       (14,309)       (57,237)       (57,237)
subconcession
Amortization of     (15,796)       (13,895)       (59,911)       (34,401)
land use rights
Depreciation and    (65,355)       (65,982)       (261,449)      (259,224)
amortization
Property charges    (4,612)        --             (8,654)        (1,025)
and others
Total operating     (965,014)      (874,373)      (3,570,921)    (3,385,737)
costs and expenses
OPERATING INCOME    136,797        133,975        507,092        445,110
NON-OPERATING                                                    
EXPENSES
Interest expenses,  (28,866)       (25,023)       (98,653)       (109,675)
net
Other finance       (4,246)        (3,547)        (14,596)       (15,614)
costs
Reclassification
of accumulated                                                   
losses of
interest rate swap
agreements from                                                  
accumulated
other
comprehensive       --             --             --             (4,310)
losses
Change in fair
value of interest   --             653            363            3,947
rate swap
agreements
Foreign exchange    1,336          785            4,685          (1,771)
gain (loss), net
Listing expenses    --             (4,790)        --             (8,950)
Other (expenses)    (1,529)        875            115            3,664
income, net
Loss on
extinguishment of   --             --             --             (25,193)
debt
Costs associated
with debt           (3,277)        --             (3,277)        -- 
modification
Total
non-operating       (36,582)       (31,047)       (111,363)      (157,902)
expenses
INCOME BEFORE       100,215        102,928        395,729        287,208
INCOME TAX
INCOME TAX CREDIT   1,078          906            2,943          1,636
NET INCOME          101,293        103,834        398,672        288,844
NET LOSS                                                         
ATTRIBUTABLE TO
NONCONTROLLING      6,688          3,712          18,531         5,812
INTERESTS
NET INCOME                                                       
ATTRIBUTABLE TO
MELCO CROWN
ENTERTAINMENT       $ 107,981      $ 107,546      $ 417,203      $ 294,656
LIMITED
                                                                 
NET INCOME ATTRIBUTABLE TO                                       
MELCO CROWN
ENTERTAINMENT                                     
LIMITED PER SHARE:
Basic               $ 0.066        $ 0.067        $ 0.254        $ 0.184
Diluted             $ 0.065        $ 0.066        $ 0.252        $ 0.182
                                                                 
NET INCOME ATTRIBUTABLE TO                                       
MELCO CROWN
ENTERTAINMENT                                     
LIMITED PER ADS:
Basic               $ 0.197        $ 0.200        $ 0.761        $ 0.551
Diluted             $ 0.195        $ 0.198        $ 0.755        $ 0.547
                                                                 
WEIGHTED AVERAGE                                                 
SHARES USED IN
NET INCOME                                                       
ATTRIBUTABLE TO
MELCO CROWN
ENTERTAINMENT                                                    
LIMITED
PER SHARE                                                        
CALCULATION:
Basic               1,646,515,795  1,616,178,241  1,645,346,902  1,604,213,324
Diluted             1,660,262,969  1,628,172,182  1,658,262,996  1,616,854,682

 
 
Melco Crown Entertainment Limited and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)
                                                                   
                                                     December 31, December 31,
                                                     2012         2011
                                                     (Unaudited)  (Audited)
                                                                   
ASSETS                                                             
                                                                   
CURRENT ASSETS                                                     
Cash and cash equivalents                             $ 1,709,209  $ 1,158,024
Restricted cash                                       672,981      -- 
Accounts receivable, net                              320,929      306,500
Amounts due from affiliated companies                 1,322        1,846
Amount due from a shareholder                         --           6
Income tax receivable                                 266          -- 
Inventories                                           16,576       15,258
Prepaid expenses and other current assets             27,743       23,882
Total current assets                                  2,749,026    1,505,516
                                                                   
PROPERTY AND EQUIPMENT, NET                           2,684,094    2,655,429
GAMING SUBCONCESSION, NET                             542,268      599,505
INTANGIBLE ASSETS, NET                                4,220        4,220
GOODWILL                                              81,915       81,915
LONG-TERM PREPAYMENT, DEPOSITS AND OTHER ASSETS       88,241       72,858
RESTRICTED CASH                                       741,683      364,807
DEFERRED TAX ASSETS                                   105          24
DEFERRED FINANCING COSTS                              65,930       42,738
LAND USE RIGHTS, NET                                  989,984      942,968
TOTAL                                                 $ 7,947,466  $ 6,269,980
                                                                   
LIABILITIES AND SHAREHOLDERS' EQUITY                               
                                                                   
CURRENT LIABILITIES                                                
Accounts payable                                      $ 13,745     $ 12,023
Accrued expenses and other current liabilities        850,841      588,719
Income tax payable                                    1,191        1,240
Current portion of long-term debt                     854,940      -- 
Amounts due to affiliated companies                   949          1,137
Total current liabilities                             1,721,666    603,119
                                                                   
LONG-TERM DEBT                                        2,339,924    2,325,980
OTHER LONG-TERM LIABILITIES                           7,412        27,900
DEFERRED TAX LIABILITIES                              66,350       70,028
LAND USE RIGHTS PAYABLE                               71,358       55,301
                                                                   
SHAREHOLDERS' EQUITY                                               
Ordinary shares                                       16,581       16,531
Treasury shares                                       (113)        (106)
Additional paid-in capital                            3,235,835    3,223,274
Accumulated other comprehensive losses                (1,057)      (1,034)
Retained earnings (accumulated losses)                134,693      (282,510)
Total Melco Crown Entertainment Limited               3,385,939    2,956,155
shareholders' equity
Noncontrolling interests                              354,817      231,497
Total equity                                          3,740,756    3,187,652
TOTAL                                                 $ 7,947,466  $ 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            Year Ended
                   December 31,                  December 31,
                   2012           2011           2012           2011
                   (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited)
                                                                 
Net Income                                                       
Attributable to
Melco Crown
Entertainment       $ 107,981      $ 107,546      $ 417,203      $ 294,656
Limited
Pre-opening Costs   934            1,198          5,785          2,690
Development Costs   7,186          --             11,099         1,110
Property Charges    4,612          --             8,654          1,025
and Others
Reclassification
of accumulated                                                   
losses of
interest rate swap
agreements from                                                  
accumulated
other
comprehensive       --             --             --             4,310
losses
Change in fair
value of interest   --             (653)          (363)          (3,947)
rate swap
agreements
Loss on
extinguishment of   --             --             --             25,193
debt
Costs associated
with debt           3,277          --             3,277          -- 
modification
Adjusted Net
Income                                                           
Attributable to
Melco Crown
Entertainment       $ 123,990      $ 108,091      $ 445,655      $ 325,037
Limited
                                                                 
ADJUSTED NET
INCOME                                                           
ATTRIBUTABLE TO
MELCO CROWN
ENTERTAINMENT                                                    
LIMITED PER SHARE:
Basic               $ 0.075        $ 0.067        $ 0.271        $ 0.203
Diluted             $ 0.075        $ 0.066        $ 0.269        $ 0.201
                                                                 
                                                                 
ADJUSTED NET
INCOME                                                           
ATTRIBUTABLE TO
MELCO CROWN
ENTERTAINMENT                                                    
LIMITED PER ADS:
Basic               $ 0.226        $ 0.201        $ 0.813        $ 0.608
Diluted             $ 0.224        $ 0.199        $ 0.806        $ 0.603
                                                                 
WEIGHTED AVERAGE
SHARES USED IN                                                   
ADJUSTED
NET INCOME                                                       
ATTRIBUTABLE TO
MELCO CROWN
ENTERTAINMENT                                                    
LIMITED
PER SHARE                                                        
CALCULATION:
Basic               1,646,515,795  1,616,178,241  1,645,346,902  1,604,213,324
Diluted             1,660,262,969  1,628,172,182  1,658,262,996  1,616,854,682

 
 
Melco Crown Entertainment Limited and Subsidiaries
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property
EBITDA
(In thousands of U.S. dollars)
                                                                          
             Three Months Ended December 31, 2012
             Altira      Mocha       City of     Studio City Corporate   Total
             Macau                   Dreams                  and Others
             (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                                                                          
Operating
Income        $ 35,791    $ 4,705     $ 157,824   $ (11,840)  $ (49,683)  $ 136,797
(Loss)
                                                                          
Pre-opening   --          --          252         682         --          934
Costs
Development   --          --          --          --          7,186       7,186
Costs
Depreciation
and           7,992       3,101       56,828      10,883      16,656      95,460
Amortization
Share-based   30          38          180         --          2,223       2,471
Compensation
Property
Charges and   --          224         4,388       --          --          4,612
Others
Adjusted      43,813      8,068       219,472     (275)       (23,618)    247,460
EBITDA
Corporate
and Others    --          --          --          --          23,618      23,618
Expenses
Adjusted
Property      $ 43,813    $ 8,068     $ 219,472   $ (275)     $ --        $ 271,078
EBITDA
                                                                          
             Three Months Ended December 31, 2011
             Altira      Mocha       City of     Studio City Corporate   Total
             Macau                   Dreams                  and Others
             (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                                                                          
Operating
Income        $ 43,626    $ 7,187     $ 129,648   $ (10,316)  $ (36,170)  $ 133,975
(Loss)
                                                                          
Pre-opening   --          49          10          1,139       --         1,198
Costs
Depreciation
and           9,559       2,885       56,802      9,014       15,926     94,186
Amortization
Share-based   35          40          159         --          1,973      2,207
Compensation
Adjusted      53,220      10,161      186,619     (163)       (18,271)    231,566
EBITDA
Corporate
and Others    --          --          --          --          18,271      18,271
Expenses
Adjusted
Property      $ 53,220    $ 10,161    $ 186,619   $ (163)     $ --        $ 249,837
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
                                                       December 31,
                                                       2012        2011
                                                       (Unaudited) (Unaudited)
                                                                    
Adjusted Property EBITDA                                $ 271,078   $ 249,837
Corporate and Others Expenses                           (23,618)   (18,271)
Adjusted EBITDA                                         247,460    231,566
Pre-opening Costs                                       (934)      (1,198)
Development Costs                                       (7,186)     -- 
Depreciation and Amortization                           (95,460)   (94,186)
Share-based Compensation                                (2,471)    (2,207)
Property Charges and Others                             (4,612)     -- 
Interest and Other Non-Operating Expenses, Net          (36,582)   (31,047)
Income Tax Credit                                       1,078      906
Net Income                                              101,293    103,834
Net Loss Attributable to Noncontrolling Interests       6,688       3,712
Net Income Attributable to Melco Crown Entertainment    $ 107,981   $ 107,546
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)
                                                                           
             Year Ended December 31, 2012
             Altira      Mocha       City of     Studio City Corporate    Total
             Macau                   Dreams                  and Others
             (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)  (Unaudited)
                                                                           
Operating
Income        $ 119,850   $ 22,185    $ 570,168   $ (43,600)  $ (161,511)  $ 507,092
(Loss)
Pre-opening   --          16         3,097        2,672       --           5,785
Costs
Development   --          --          --          --          11,099       11,099
Costs
Depreciation
and           34,741      12,831      226,553     40,258      64,214       378,597
Amortization
Share-based   106         138         556         --          8,173        8,973
Compensation
Property
Charges and   --          895         5,345       --          2,414        8,654
Others
Adjusted      154,697     36,065      805,719     (670)       (75,611)     920,200
EBITDA
Corporate
and Others    --          --          --          --          75,611       75,611
Expenses
Adjusted
Property      $ 154,697   $ 36,065    $ 805,719   $ (670)     $ --         $ 995,811
EBITDA
                                                                           
             Year Ended December 31, 2011
             Altira      Mocha       City of     Studio City Corporate    Total
             Macau                   Dreams                  and Others
             (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)  (Unaudited)
                                                                           
Operating
Income        $ 207,727   $ 29,299    $ 367,931   $ (16,315)  $ (143,532)  $ 445,110
(Loss)
Pre-opening   35          246        1,270        1,139       --           2,690
Costs
Development   --          --          --          --          1,110        1,110
Costs
Depreciation
and           38,322      10,737      224,492     14,876      62,435       350,862
Amortization
Share-based   216         168         747         --          7,493        8,624
Compensation
Property
Charges and   --          25          --          --          1,000        1,025
Others
Adjusted      246,300     40,475      594,440     (300)       (71,494)     809,421
EBITDA
Corporate
and Others    --          --          --          --          71,494       71,494
Expenses
Adjusted
Property      $ 246,300   $ 40,475    $ 594,440   $ (300)     $ --         $ 880,915
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)
                                                                    
                                                       Year Ended 
                                                       December 31,
                                                       2012        2011
                                                       (Unaudited) (Unaudited)
                                                                    
Adjusted Property EBITDA                                $ 995,811   $ 880,915
Corporate and Others Expenses                           (75,611)    (71,494)
Adjusted EBITDA                                         920,200     809,421
Pre-opening Costs                                       (5,785)     (2,690)
Development Costs                                       (11,099)    (1,110)
Depreciation and Amortization                           (378,597)   (350,862)
Share-based Compensation                                (8,973)     (8,624)
Property Charges and Others                             (8,654)     (1,025)
Interest and Other Non-Operating Expenses, Net          (111,363)   (157,902)
Income Tax Credit                                       2,943       1,636
Net Income                                              398,672     288,844
Net Loss Attributable to Noncontrolling Interests       18,531      5,812
Net Income Attributable to Melco Crown Entertainment    $ 417,203   $ 294,656
Limited

 
 
Melco Crown Entertainment Limited and Subsidiaries
Supplemental Data Schedule
                                                                    
                            Three Months Ended        Year Ended
                            December 31,              December 31,
                            2012         2011         2012         2011
Room Statistics:                                                    
Altira Macau                                                        
Average daily rate ^(3)      $ 228        $ 196        $ 221        $ 196
Occupancy per available     99%          98%          98%          98%
room
Revenue per available room   $ 225        $ 192        $ 216        $ 191
^(4)
                                                                    
City of Dreams                                                      
Average daily rate ^(3)      $ 189        $ 176        $ 185        $ 172
Occupancy per available     96%          92%          93%          91%
room
Revenue per available room   $ 181        $ 162        $ 171        $ 156
^(4)
                                                                    
                                                                    
Other Information:                                                  
Altira Macau                                                        
Average number of table      176          199          180          203
games
Table games win per unit     $ 24,313     $ 20,630     $ 20,789     $ 22,231
per day ^(5)
                                                                    
City of Dreams                                                      
Average number of table      451          428          445          421
games
Average number of gaming     1,440        1,468        1,417        1,372
machines
Table games win per unit     $ 22,052     $ 21,030     $ 20,997     $ 19,450
per day ^(5)
Gaming machines win per      $ 337        $ 243        $ 313        $ 268
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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