Melco Crown Entertainment Announces Unaudited First Quarter 2013 Earnings

Melco Crown Entertainment Announces Unaudited First Quarter 2013 Earnings

MACAU, May 8, 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 in
Asia, today reported its unaudited financial results for the first quarter of
2013.

Net revenue for the first quarter of 2013 was US$1,144.9 million, representing
an increase of approximately 11% from US$1,026.9 million for the comparable
period in 2012. The increase in net revenue was primarily attributable to
higher group-wide rolling chip volumes and mass market gross gaming revenues,
partially offset by a lower group-wide rolling chip win rate.

Adjusted EBITDA^<1> was US$273.5 million for the first quarter of 2013, as
compared to Adjusted EBITDA of US$242.5 million in the first quarter of 2012.
The 13% year-over-year increase in Adjusted EBITDA was attributable to strong
improvements in mass market performance at City of Dreams, improved group-wide
rolling chip volume and our continued focus on cost control, 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 first quarter of 2013 was US$53.8 million, or US$0.10 per ADS, compared
with net income attributable to Melco Crown Entertainment of US$122.1 million,
or US$0.22 per ADS, in the first quarter of 2012. The year-over-year decrease
in net income was primarily attributable to the one-off charge on the
extinguishment and modification of debt relating to the refinancing of the
10.25% senior notes together with increased net interest expenses and other
finance costs resulting from Studio City financing, partially offset by strong
growth in underlying operating performance. The net loss attributable to
non-controlling interests during the first quarter of 2013 of US$12.4 million
was related to Studio City. The increase in net loss attributable to
non-controlling interests was primarily attributable to the non-controlling
interests' share of Studio City financing costsduring the quarter.

Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown
Entertainment, commented, "I am pleased to announce another record quarter of
EBITDA and EBITDA margin for our Company. We continue to deliver strong growth
in gaming fundamentals and profitability through a clear focus on execution
across our exceptional portfolio of operating assets.

"City of Dreams, our flagship integrated casino resort, has reinforced its
position as the dominant premium mass market property in Macau, delivering 35%
year-over-year growth in gaming revenues in the high margin mass table games
segment during the first quarter. City of Dreams mass market tables were again
the most productive mass market tables of all major properties in Macau, which
is particularly important in a table constrained market. The property's
world-class array of hotel, entertainment and other non-gaming amenities, as
well as its location in the fast growing Cotai region, positions City of
Dreams to cater to the increasingly discerning Macau tourist who demands a
more sophisticated leisure and tourism experience.

"Melco Crown Philippines, our majority owned subsidiary, recently completed a
Top-Up Placement on the Philippines Stock Exchange raising approximately
US$325 million in net proceeds, excluding the over-allotment option which,
together with a shareholder loan commitment made by Melco Crown Entertainment,
are expected to provide the funding necessary to open our unique integrated
casino resort in Manila in mid-2014. The resort in Manila is expected to have
approximately 967 rooms and suites, 242 gaming tables and approximately 1,450
gaming machines in addition to a range of entertainment and other non-gaming
amenities to attract a wide variety of local and inbound customers.

"This expansion into a new jurisdiction marks an exciting milestone in our
Company's history, providing us an opportunity to showcase our development and
operating capabilities in one of the fastest growing markets in Asia.

"We maintain our strict approach to deploying capital, which is driven by an
overriding objective of maximizing long term shareholder value. We believe
that the reinvestment in our current operating assets, our Studio City
project, and the expansion into Manila, as well as the planned phase three
expansion at City of Dreams, are all clear examples of this strategy, which we
believe will create meaningful value for our shareholders.

"The VIP segment in Macau has delivered robust growth in the first part of
2013 while the mass market table games segment remains on its impressive
growth trajectory. We continue to be optimistic regarding the market's
performance in 2013 and beyond, and expect the introduction of new
infrastructure and policy initiatives over the short to medium term, as well
as the expansion of Hengqin Island, will further support visitation growth and
increasing spend per customer as Macau offers a more diverse offering of
entertainment and leisure amenities."

City of Dreams First Quarter Results

For the quarter ended March 31, 2013, net revenue at City of Dreams was
US$836.0 million compared to US$716.8 million in the first quarter of 2012.
City of Dreams generated Adjusted EBITDA of US$246.9 million in the first
quarter of 2013 compared to US$198.0 million in the first quarter of 2012, an
increase of 25%.

The significant year-over-year improvement in Adjusted EBITDA was primarily a
result of substantial growth in mass market table games volumes and improved
mass market table games hold percentage together with strong growth in rolling
chip volumes, partially offset by a lower rolling chip win rate.

Rolling chip volume totaled US$23.8 billion for the first quarter of 2013, up
24% from US$19.2 billion in the first quarter of 2012, and the rolling chip
win rate was 2.7% in the first quarter of 2013 versus 3.0% in the first
quarter of 2012. The expected rolling chip win rate range is 2.7%-3.0%.

Mass market table games drop increased 20% to US$1,038.4 million compared with
US$865.3 million in the first quarter of 2012. The mass market table games
hold percentage was 32.5% in the first quarter of 2013, an increase from 28.8%
in the same period last year.

Slot handle for the quarter ended March 31, 2013 was US$1,026.6 million, up
50% from US$685.0 million generated in the quarter ended March 31, 2012.

Total non-gaming revenue at City of Dreams in the first quarter of 2013 was
US$63.3 million, up from US$58.6 million in the first quarter of 2012.
Occupancy per available room in the first quarter of 2013 was 95% versus 91%
in the first quarter of 2012. The average daily rate ("ADR") in the first
quarter of 2013 was US$192 per occupied room, which compares with US$189 in
the first quarter of 2012.

Altira Macau First Quarter Results

For the quarter ended March 31, 2013, net revenue at Altira Macau was US$265.0
million versus US$260.9 million in the quarter ended March 31, 2012. Altira
Macau generated Adjusted EBITDA of US$40.1 million in the first quarter of
2013 compared with Adjusted EBITDA of US$55.1 million in the first quarter of
2012. The reduction in Adjusted EBITDA was primarily a result of a lower
rolling chip win rate, partially offset by improved rolling chip volumes.

Rolling chip volume totaled US$11.8 billion in the first quarter of 2013
versus US$10.9 billion in the first quarter of 2012. In the first quarter of
2013, the rolling chip win rate was 2.9%, as compared to 3.1% for the same
period a year ago. The expected rolling chip win rate range is 2.7%-3.0%.

In the mass market table games segment, drop totaled US$164.8 million in the
first quarter of 2013, an increase of 10% from US$150.4 million generated in
the comparable period in 2012. The mass market table games hold percentage was
15.0% in the first quarter of 2013 compared with 17.1% in the first quarter of
last year.

Total non-gaming revenue at Altira Macau in the first quarter of 2013 was
US$9.0 million, up from US$8.4 million in the first quarter of 2012. Occupancy
per available room in the first quarter of 2013 was 99%, as compared with 97%
with the comparable period in 2012. ADR was US$232 per occupied room, compared
to US$225 in the first quarter of 2012.

Mocha Clubs First Quarter Results

Net revenue from Mocha Clubs totaled US$34.0 million in the first quarter of
2013, down from US$37.3 million in the first quarter of 2012. Mocha Clubs
generated US$8.5 million of Adjusted EBITDA in the first quarter of 2013, a
decrease of 11% when compared to Adjusted EBITDA of US$9.6 million in the same
period in 2012.

The number of gaming machines in operation at Mocha Clubs averaged
approximately 2,000 in the first quarter of 2013, compared to approximately
2,100 in the comparable period in 2012. The net win per gaming machine per day
was US$214 in the quarter ended March 31, 2013, as compared with US$194 in the
same period in 2012, an increase of 10%.

Melco Crown (Philippines) Resorts Corporation ("MCP") First Quarter Results

MCP, our majority owned subsidiary in the Philippines, incurred approximately
US$4.8 million of operating expenses in the first quarter of 2013, which
primarily relate to general and administrative expenses, land rental payments
and other fees and costs associated with the corporate reorganization of MCP.

MCP recorded a net loss of approximately US$8.3 million as a result of
operating losses and foreign exchange losses, as well as approximately US$3.5
million ofcapital lease charges relating to building lease payments incurred
during the first quarter of 2013.

Other Factors Affecting Earnings

Total non-operating expense for the first quarter of 2013 was US$116.6
million, which included US$41.4 million in net interest expense, other finance
costs of US$9.4 million, and a US$61.4 million one-off charge associated with
the extinguishment and modification of debt relating to the refinancing of our
10.25% senior notes. Non-operating expense also included a foreign exchange
loss of US$4.4 million, compared to a foreign exchange gain of US$2.1 million
in the comparable period of 2012. There was US$4.1 million of capitalized
interest during the first quarter of 2013, primarily relating to Studio City.
The year-on-year increase in non-operating expenses of US$92.8 million was
predominantly due to the higher net interest expenses and other finance costs
associated with the Studio City financing and the one-off costs associated
with the extinguishment and modification of debt, as well as the foreign
exchange loss during the first quarter of 2013. Melco Crown Entertainment also
incurred US$17.1 million of development costs, which predominantly relate to
fees and costs associated with the corporate reorganization of MCP by the
Company.

Depreciation and amortization costs of US$94.8 million were recorded in the
first quarter of 2013, of which US$14.3 million was related to the
amortization of our gaming sub-concession and US$15.9 million was related to
the amortization of land use rights.

Financial Position and Capital Expenditure

Cash and cash equivalents as of March 31, 2013 totaled US$2.5 billion,
including US$1.0 billion of restricted cash. Total debt at the end of the
first quarter of 2013 was US$2.7 billion, and total net debt to shareholders'
equity as of March 31, 2013 was 6%.

As at March 31, 2013, the capital lease obligation in relation to building
lease payments for MCP totaled US$289.0 million.

Capital expenditures for the first quarter of 2013 were US$78.9 million, which
primarily related to Studio City and MCP, as well as various projects at City
of Dreams.

Conference Call Information

Melco Crown Entertainment will hold a conference call to discuss its first
quarter 2013 financial results on May 8, 2013 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:

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           53664455

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, 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 and owner 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 is also developing the planned Studio City Project, a
cinematically-themed integrated entertainment, retail and gaming resort in
Cotai, Macau. In the Philippines, MCE Leisure (Philippines) Corporation, a
subsidiary of Melco Crown Entertainment, has been cooperating with SM Group's
Belle Corporation to develop and operate a casino, hotel, retail and
entertainment integrated resort in the Entertainment City complex in Manila.
For more information about Melco Crown Entertainment, please visit
www.melco-crown.com.

Melco Crown Entertainment has strong support from both of its major
shareholders, Melco International Development Limited ("Melco") and Crown
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
                                                March 31,
                                                2013           2012
                                                              
                                                (Unaudited)    (Unaudited)
                                                              
OPERATING REVENUES                                             
Casino                                           $1,110,443   $990,872
Rooms                                            30,934        29,428
Food and beverage                                19,864        16,964
Entertainment, retail and others                 22,812        21,648
Gross revenues                                   1,184,053     1,058,912
Less: promotional allowances                     (39,112)      (32,054)
Net revenues                                     1,144,941     1,026,858
                                                              
OPERATING COSTS AND EXPENSES                                   
Casino                                           (790,095)     (703,076)
Rooms                                            (3,128)       (4,130)
Food and beverage                                (8,017)       (8,006)
Entertainment, retail and others                 (15,979)      (14,348)
General and administrative                       (56,577)      (56,409)
Pre-opening costs                                (1,930)       (1,085)
Development costs                                (17,097)      --
Amortization of gaming subconcession             (14,309)      (14,309)
Amortization of land use rights                  (15,925)      (13,983)
Depreciation and amortization                    (64,600)      (66,785)
Property charges and others                      (224)         (3,169)
Total operating costs and expenses               (987,881)     (885,300)
OPERATING INCOME                                 157,060       141,558
NON-OPERATING EXPENSES                                         
Interest expenses, net                           (41,385)      (23,273)
Other finance costs                              (9,357)       (3,494)
Change in fair value of interest rate swap       --           363
agreements
Foreign exchange (loss) gain, net                (4,423)       2,074
Other income, net                                --           510
Loss on extinguishment of debt                   (50,935)      --
Costs associated with debt modification          (10,538)      --
Total non-operating expenses                     (116,638)     (23,820)
INCOME BEFORE INCOME TAX                         40,422        117,738
INCOME TAX CREDIT                                964           761
NET INCOME                                      41,386        118,499
NET LOSS ATTRIBUTABLE TO                                      
NONCONTROLLING INTERESTS                         12,390        3,592
NET INCOME ATTRIBUTABLE TO                                    
MELCO CROWN ENTERTAINMENT LIMITED                $53,776      $122,091
                                                              
                                                              
NET INCOME ATTRIBUTABLE TO                                    
MELCO CROWN ENTERTAINMENT LIMITED PER SHARE:                   
Basic                                           $0.033       $0.074
Diluted                                          $0.032       $0.074
                                                              
NET INCOME ATTRIBUTABLE TO                                    
MELCO CROWN ENTERTAINMENT LIMITED PER ADS:                     
Basic                                           $0.098       $0.223
Diluted                                          $0.097       $0.221
                                                              
WEIGHTED AVERAGE SHARES USED IN                               
NET INCOME ATTRIBUTABLE TO                                    
MELCO CROWN ENTERTAINMENT LIMITED                              
PER SHARE CALCULATION:                                         
Basic                                           1,647,477,427 1,643,105,645
Diluted                                          1,662,907,287 1,657,414,245
                                                              

Melco Crown Entertainment Limited and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)

                                                    March 31,    December 31,
                                                    2013         2012
                                                    (Unaudited)  (Audited)
                                                                
ASSETS                                                           
                                                                
CURRENT ASSETS                                                   
Cash and cash equivalents                            $1,413,907 $1,709,209
Restricted cash                                      247,184     672,981
Accounts receivable, net                             310,533     320,929
Amounts due from affiliated companies                4           1,322
Deferred tax assets                                  118         --
Income tax receivable                                392         266
Inventories                                          17,815      16,576
Prepaid expenses and other current assets            29,993      27,743
Total current assets                                 2,019,946   2,749,026
                                                                
PROPERTY AND EQUIPMENT, NET                          2,989,416   2,684,094
GAMING SUBCONCESSION, NET                            527,959     542,268
INTANGIBLE ASSETS, NET                               4,220       4,220
GOODWILL                                             81,915      81,915
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS     197,815     88,241
RESTRICTED CASH                                      791,351     741,683
DEFERRED TAX ASSETS                                  112         105
DEFERRED FINANCING COSTS                             125,273     65,930
LAND USE RIGHTS, NET                                 999,852     989,984
TOTAL ASSETS                                         $7,737,859 $7,947,466
                                                                
LIABILITIES AND SHAREHOLDERS' EQUITY                             
                                                                
CURRENT LIABILITIES                                              
Accounts payable                                     $10,841    $13,745
Accrued expenses and other current liabilities       843,098     850,841
Income tax payable                                   1,453       1,191
Capital lease obligation, due within one year       24,456      --
Current portion of long-term debt                    198,242     854,940
Amounts due to affiliated companies                  1,353       949
Amount due to a shareholder                          20          --
Total current liabilities                            1,079,463   1,721,666
                                                                
LONG-TERM DEBT                                       2,467,842   2,339,924
OTHER LONG-TERM LIABILITIES                          10,996      7,412
DEFERRED TAX LIABILITIES                             65,247      66,350
CAPITAL LEASE OBLIGATION, DUE AFTER ONE YEAR         264,533     --
LAND USE RIGHTS PAYABLE                              62,765      71,358
                                                                
SHAREHOLDERS' EQUITY                                             
Ordinary shares                                      16,621      16,581
Treasury shares                                      (128)       (113)
Additional paid-in capital                           3,234,959   3,235,835
Accumulated other comprehensive income (losses)     200         (1,057)
Retained earnings                                    188,469     134,693
Total Melco Crown Entertainment Limited              3,440,121   3,385,939
shareholders' equity
Noncontrolling interests                             346,892     354,817
Total equity                                         3,787,013   3,740,756
TOTAL LIABILITIES AND EQUITY                         $7,737,859 $7,947,466
                                                                

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
                                               March 31,
                                               2013            2012
                                               (Unaudited)     (Unaudited)
                                                              
Net Income Attributable to                                    
Melco Crown Entertainment Limited               $53,776       $122,091
Pre-opening Costs                               1,930          1,085
Development Costs                               17,097         --
Property Charges and Others                     224            3,169
Change in fair value of interest rate swap      --            (363)
agreements
Loss on extinguishment of debt                  50,935         --
Costs associated with debt modification         10,538         --
Adjusted Net Income Attributable to                           
Melco Crown Entertainment Limited               $134,500      $125,982
                                                              
ADJUSTED NET INCOME ATTRIBUTABLE TO                            
MELCO CROWN ENTERTAINMENT LIMITED PER SHARE:                   
Basic                                          $0.082        $0.077
Diluted                                         $0.081        $0.076
                                                              
                                                              
ADJUSTED NET INCOME ATTRIBUTABLE TO                            
MELCO CROWN ENTERTAINMENT LIMITED PER ADS:                     
Basic                                          $0.245        $0.230
Diluted                                         $0.243        $0.228
                                                              
WEIGHTED AVERAGE SHARES USED IN ADJUSTED                      
NET INCOME ATTRIBUTABLE TO                                    
MELCO CROWN ENTERTAINMENT LIMITED                              
PER SHARE CALCULATION:                                         
Basic                                          1,647,477,427  1,643,105,645
Diluted                                         1,662,907,287  1,657,414,245
                                                              

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 March 31, 2013
                                                        Corporate   
            Altira      Mocha       City of     Studio City and Others  Total
             Macau                   Dreams
            (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                                                                   
Operating
Income       $32,255   $5,269    $190,411  $(11,760) $(59,115) $157,060
(Loss)
                                                                   
Pre-opening  --        --        --        623        1,307      1,930
Costs
Development  --        --        --        --        17,097     17,097
Costs
Depreciation
and          7,863      2,989      56,345     10,883     16,754     94,834
Amortization
Share-based  30         37         155        --        2,099      2,321
Compensation
Property
Charges and  --        224        --        --        --        224
Others
Adjusted     40,148     8,519      246,911    (254)      (21,858)   273,466
EBITDA
Corporate
and Others   --        --        --        --        21,858     21,858
Expenses
Adjusted
Property     $40,148   $8,519    $246,911  $(254)    $--       $295,324
EBITDA
                                                                   
                                                                   
            Three Months Ended March 31, 2012
                                                        Corporate   
            Altira      Mocha       City of     Studio City and Others Total
             Macau                   Dreams
            (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                                                                   
Operating
Income       $45,337   $6,258    $139,179  $(9,807)  $(39,409) $141,558
(Loss)
                                                                   
Pre-opening  --        16         510        559        --        1,085
Costs
Depreciation
and          9,715      3,266      57,492     9,070      15,534     95,077
Amortization
Share-based  25         25         79         --        1,493      1,622
Compensation
Property
Charges and  --        --        755        --        2,414      3,169
Others
Adjusted     55,077     9,565      198,015    (178)      (19,968)   242,511
EBITDA
Corporate
and Others   --        --        --        --        19,968     19,968
Expenses
Adjusted
Property     $55,077   $9,565    $198,015  $(178)    $--       $262,479
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
                                                      March 31,
                                                      2013        2012
                                                      (Unaudited) (Unaudited)
                                                                 
Adjusted Property EBITDA                               $295,324  $262,479
Corporate and Others Expenses                          (21,858)   (19,968)
Adjusted EBITDA                                        273,466    242,511
Pre-opening Costs                                      (1,930)    (1,085)
Development Costs                                      (17,097)   --
Depreciation and Amortization                          (94,834)   (95,077)
Share-based Compensation                               (2,321)    (1,622)
Property Charges and Others                            (224)      (3,169)
Interest and Other Non-Operating Expenses, Net         (116,638)  (23,820)
Income Tax Credit                                      964        761
Net Income                                            41,386     118,499
Net Loss Attributable to Noncontrolling Interests      12,390     3,592
Net Income Attributable to Melco Crown Entertainment   $53,776   $122,091
Limited
                                                                 

Melco Crown Entertainment Limited and Subsidiaries
Supplemental Data Schedule

                                          Three Months Ended
                                          March 31,
                                          2013              2012
Room Statistics:                                            
Altira Macau                                                
Average daily rate ^(3)                    $232            $225
Occupancy per available room               99%               97%
Revenue per available room ^ (4)           $229            $219
                                                           
City of Dreams                                              
Average daily rate ^ (3)                   $192            $189
Occupancy per available room               95%               91%
Revenue per available room ^ (4)           $182            $172
                                                           
Other Information:                                          
Altira Macau                                                
Average number of table games              173              190
Table games win per unit per day ^ (5)     $23,899         $20,732
                                                           
City of Dreams                                              
Average number of table games              453              436
Average number of gaming machines          1,480            1,374
Table games win per unit per day ^ (5)     $23,950         $21,016
Gaming machines win per unit per day ^ (6) $342            $319
                                                           
^(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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