Melco Crown Entertainment Announces Unaudited Third Quarter 2013 Earnings

Melco Crown Entertainment Announces Unaudited Third Quarter 2013 Earnings

MACAU, Nov. 5, 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 third quarter of
2013.

Net revenue for the third quarter of 2013 was US$1,252.7 million, representing
an increase of approximately 24% from US$1,010.8 million for the comparable
period in 2012. The increase in net revenue was primarily attributable to
improved group-wide gaming performance, particularly in the mass market table
games segment.

Adjusted EBITDA ^<1> was US$315.2 million for the third quarter of 2013, as
compared to Adjusted EBITDA of US$226.4 million in the third quarter of 2012.
The 39% year-over-year increase in Adjusted EBITDA was driven by significant
growth in the mass market table games segment at City of Dreams, as well as
improved group-wide rolling chip volume and a committed approach to
controlling costs, partially offset by a lower rolling chip win rate.

On a U.S. GAAP basis, net income attributable to Melco Crown Entertainment for
the third quarter of 2013 was US$179.4 million, or US$0.33 per ADS, compared
with net income attributable to Melco Crown Entertainment of US$104.9 million,
or US$0.19 per ADS, in the third quarter of 2012. The net loss attributable to
non-controlling interests during the third quarter of 2013 of US$15.6 million
related to Studio City and City of Dreams Manila.

Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown
Entertainment, commented, "I am pleased to report another successful quarter,
with strong growth in our core segments driving record fundamental
performance.

"Our committed focus on the mass market segments, particularly at the higher
end of the market where we have a significant competitive advantage, continues
to drive our Company's overall profitability and outperformance in the mass
market table games segment. Our premium mass offerings continue to lead the
way in Macau, with City of Dreams further extending its number one position in
this increasingly important segment, as is evident in the property's leading
mass market table yields.

"Studio City remains on budget and on track to open in mid-2015 with clear
progress being made on the main superstructure following the successful
completion of the foundation and piling work. This cinematically-themed
integrated resort located in Cotai represents a powerful and complementary
addition to our current portfolio of operating assets in Macau, offering a
unique array of entertainment and interactive attractions which will cater to
a broad range of customers in Macau and help drive diversification of the
Macau economy.

"We recently announced City of Dreams Manila as the brand of our integrated
casino resort in the Philippines which, together with an ultra-luxuriousCrown
Towers branded hotel, demonstrates our commitment and confidence in this
exciting leisure and entertainment market. We believe our experience in
developing and operating integrated resorts in Asia, our unique competitive
position in the VIP segments and experience in delivering world-class
entertainment, together with our strong local partner, means we are in a
unique position to capitalize on the economic growth in the Philippines and
the region, and support the Philippine Government's leisure and tourism
objectives.

"City of Dreams Manila is Melco Crown Entertainment's first foray outside of
Macau, representing the next step in our mission of becoming the leading
gaming and entertainment company in the region. We continue to investigate
opportunities in other key Asian markets where they meet our strict approach
to the deployment of capital, including Japan.

"Clear progress is being made on the various and wide-ranging infrastructure
programs both in Macau and regionally, which continue to support visitation
and the mass market segments in general. The Macau market has delivered
impressive growth year-to-date across all gaming segments, showing the
market's unique position to cater to the expanding Asian middle class and, in
particular, the inevitable shift to a consumer-led economy in China."

City of Dreams Third Quarter Results

For the third quarter of 2013, net revenue at City of Dreams was US$958.3
million compared to US$747.4 million in the third quarter of 2012. City of
Dreams generated Adjusted EBITDA of US$298.4 million in the third quarter of
2013, representing an increase of 46% compared to US$204.0 million in the
comparable period of 2012.

The strong year-over-year improvement in third quarter Adjusted EBITDA was
primarily a result of strong improvements in the mass market segments,
including a 73% year-over-year increase in mass table games gross gaming
revenue, together with an increase in rolling chip volumes, partially offset
by a lower rolling chip win rate.

Rolling chip volume for the third quarter of 2013 was US$22.8 billion,
representing an increase of 17% when compared to rolling chip volume of
US$19.5 billion for the comparable period of 2012. The rolling chip win rate
was 3.0% in the third quarter of 2013 compared to 3.2% in the third quarter of
2012. The expected rolling chip win rate range is 2.7%-3.0%.

Mass market table games drop increased 36% to US$1,213.2 million compared with
US$889.8 million in the third quarter of 2012. The mass market table games
hold percentage was 34.8% in the third quarter of 2013 compared to 27.4% in
the third quarter of 2012.

Slot handle for the third quarter of 2013 was US$1,242.5 million, up 52% from
US$816.3 million generated in the quarter ended September 30, 2012.

Total non-gaming revenue at City of Dreams in the third quarter of 2013 was
US$70.9 million, an increase of 12% from US$63.6 million in the third quarter
of 2012. Occupancy per available room in the third quarter of 2013 was 97%,
versus 95% in the third quarter of 2012. The average daily rate ("ADR") in the
third quarter of 2013 was US$185 per occupied room, an increase of 3% from an
ADR of US$180 in the third quarter of 2012.

Altira Macau Third Quarter Results

For the quarter ended September 30, 2013, net revenue at Altira Macau was
US$242.4 million compared to US$215.7 million in the third quarter of 2012.
Altira Macau generated Adjusted EBITDA of US$29.8 million in the third quarter
of 2013, in-line with the same period in 2012.

Rolling chip volume totaled US$10.8 billion in the third quarter of 2013
versus US$11.0 billion in the third quarter of 2012. In the third quarter of
2013, the rolling chip win rate was 2.9%, as compared to 2.6% for the
comparable period in 2012. The expected rolling chip win rate range is
2.7%-3.0%.

In the mass market table games segment, drop totaled US$181.9 million in the
third quarter of 2013, an increase of 18% from US$153.8 million generated in
the comparable period in 2012. The mass market table games hold percentage was
14.9% in the third quarter of 2013 compared with 15.8% in the third quarter of
last year.

Total non-gaming revenue at Altira Macau in the third quarter of 2013 was
US$9.2 million, up from US$8.4 million in the third quarter of 2012. Occupancy
per available room in the third quarter of 2013 was 99%, compared with 98% for
the comparable period in 2012. ADR was US$223 per occupied room, compared to
US$215 in the third quarter of 2012, an increase of 4%.

Mocha Clubs Third Quarter Results

Net revenue from Mocha Clubs totaled US$38.6 million in the third quarter of
2013, up 9% from US$35.5 million in the third quarter of 2012. Mocha Clubs
generated US$11.2 million of Adjusted EBITDA in the third quarter of 2013, an
increase of 20% when compared to Adjusted EBITDA of US$9.4 million in the same
period in 2012.

The number of gaming machines in operation at Mocha Clubs averaged
approximately 2,000 in the third quarter of 2013, in-line with the comparable
period in 2012. The net win per gaming machine per day was US$218 in the
quarter ended September 30, 2013, as compared with US$188 in the comparable
period in 2012, an increase of 16%.

City of Dreams Manila Third Quarter Results

On a fully consolidated basis, we incurred approximately US$5.7 million of
operating expenses in the third quarter of 2013 at City of Dreams Manila,
which primarily relate to pre-opening costs as well as share based
compensation cost, and recorded a net loss of approximately US$15.4 million as
a result of the operating expenses and approximately US$9.8 million ofcapital
lease charges relating to building lease payments incurred during the third
quarter of 2013.

Other Factors Affecting Earnings

Total non-operating expense for the third quarter of 2013 was US$44.4 million,
which included US$34.6 million in net interest expense and other finance costs
of US$11.4 million. There was US$8.2 million of capitalized interest during
the third quarter of 2013, primarily relating to Studio City. The year-on-year
increase in non-operating expenses of US$19.5 million was primarily a result
of higher net interest expenses and other finance costs associated with the
Studio City financing as well as thecapital lease charges associated with the
Philippines capital lease obligation.

Depreciation and amortization costs of US$95.7 million were recorded in the
third quarter of 2013, of which US$14.3 million was related to the
amortization of our gaming sub-concession and US$16.1 million was related to
the amortization of land use rights.

Financial Position and Capital Expenditure

Cash and cash equivalents as of September 30, 2013 totaled US$3.1 billion,
including US$1.1 billion of restricted cash, primarily related to Studio City.
Total debt at the end of the third quarter of 2013 was US$2.6 billion.

Capital expenditures for the third quarter of 2013 were US$167.6 million,
which predominantly relate to Studio City and City of Dreams Manila, as well
as various projects at City of Dreams.

Conference Call Information

Melco Crown Entertainment will hold a conference call to discuss its third
quarter 2013 financial results on November 5, 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 1 845 675 0437
                       
HK Toll                 852 2475 0994
                       
HK Toll Free            800 930 346
                       
UK Toll Free            080 823 46646
                       
Australia Toll Free     1 800 457 076
                       
Philippines Toll Free   1 800 165 10607
                       
Passcode                MPEL

An audio webcast will also be available at www.melco-crown.com.

To access the replay, please use the dial-in details below:

US Toll Free            1 855 452 5696
                       
US Toll / International 1 646 254 3697
                       
HK Toll Free            800 963 117
                       
Philippines Toll Free   1 800 161 20166
                       
Conference ID           89940998

Safe Harbor Statement

Thispress releasecontains forward-looking statements. These statements are
made under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. The Company may also make written or oral
forward-looking statements in its periodic reports to the U.S. Securities and
Exchange Commission (the "SEC"), in its annual report to shareholders, in
press releases and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs and
expectations, are forward-looking statements. Forward-looking statements
involve inherent risks and uncertainties, and a number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement. These factors include, but are not limited to, (i)
growth of the gaming market and visitation in Macau and the Philippines, (ii)
capital and credit market volatility, (iii) local and global economic
conditions, (iv) our anticipated growth strategies, 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 thispress releaseis 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, net income, cash flows from operations and cash flow data.
The Company has significant uses of cash flows, including capital
expenditures, interest payments, debt principal repayments, taxes and other
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, Melco Crown (Philippines) Resorts
Corporation's subsidiary, MCE Leisure (Philippines) Corporation, has been
cooperating with SM Group's Belle Corporation to develop and operate City of
Dreams Manila, 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            Nine Months Ended
                  September 30,                 September 30,
                  2013           2012           2013           2012
                                                            
                  (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited)
                                                            
OPERATING REVENUES                                           
Casino             $1,211,933   $972,530     $3,585,712   $2,869,364
Rooms              31,766        29,379        94,114        86,847
Food and beverage  20,060        18,767        57,948        51,463
Entertainment,     30,065        25,571        75,995        68,598
retail and others
Gross revenues     1,293,824     1,046,247     3,813,769     3,076,272
Less: promotional  (41,158)      (35,415)      (121,151)     (100,070)
allowances
Net revenues       1,252,666     1,010,832     3,692,618     2,976,202
                                                            
OPERATING COSTS                                              
AND EXPENSES
Casino             (846,859)     (705,967)     (2,519,605)   (2,067,665)
Rooms              (3,240)       (3,669)       (9,249)       (11,255)
Food and beverage  (6,544)       (6,633)       (20,424)      (20,998)
Entertainment,     (16,169)      (15,133)      (47,237)      (45,897)
retail and others
General and        (69,648)      (55,518)      (187,481)     (164,149)
administrative
Pre-opening costs  (4,122)       (1,551)       (10,768)      (4,851)
Development costs  (1,019)       (3,345)       (21,004)      (3,913)
Amortization of
gaming             (14,309)      (14,309)      (42,928)      (42,928)
subconcession
Amortization of    (16,116)      (15,797)      (48,156)      (44,115)
land use rights
Depreciation and   (65,245)      (63,966)      (195,950)     (196,094)
amortization
Property charges   (1,853)       (426)         (5,550)       (4,042)
and others
Total operating    (1,045,124)   (886,314)     (3,108,352)   (2,605,907)
costs and expenses
OPERATING INCOME   207,542       124,518       584,266       370,295
NON-OPERATING                                                
EXPENSES
Interest expenses, (34,645)      (23,725)      (115,123)     (69,787)
net
Other finance      (11,435)      (3,368)       (32,228)      (10,350)
costs
Change in fair
value of interest  --           --           --           363
rate swap
agreements
Foreign exchange   920           1,710         (8,902)       3,349
gain (loss), net
Other income, net  743           510           1,103         1,644
Loss on
extinguishment of  --           --           (50,935)      --
debt
Costs associated
with debt          --           --           (10,538)      --
modification
Total
non-operating      (44,417)      (24,873)      (216,623)     (74,781)
expenses
INCOME BEFORE      163,125       99,645        367,643       295,514
INCOME TAX
INCOME TAX CREDIT  686           823           2,042         1,865
NET INCOME        163,811       100,468       369,685       297,379
NET LOSS                                                     
ATTRIBUTABLE TO
NONCONTROLLING     15,585        4,401         44,532        11,843
INTERESTS
NET INCOME                                                   
ATTRIBUTABLE TO
MELCO CROWN
ENTERTAINMENT      $179,396     $104,869     $414,217     $309,222
LIMITED
                                                            
                                                            
NET INCOME                                                   
ATTRIBUTABLE TO
MELCO CROWN
ENTERTAINMENT                                                
LIMITED PER SHARE:
Basic             $0.109       $0.064       $0.251       $0.188
Diluted            $0.108       $0.063       $0.249       $0.187
                                                            
NET INCOME                                                   
ATTRIBUTABLE TO
MELCO CROWN
ENTERTAINMENT                                                
LIMITED PER ADS:
Basic             $0.326       $0.191       $0.753       $0.564
Diluted            $0.323       $0.190       $0.747       $0.560
                                                            
WEIGHTED AVERAGE                                             
SHARES USED IN
NET INCOME                                                   
ATTRIBUTABLE TO
MELCO CROWN
ENTERTAINMENT                                                
LIMITED
PER SHARE                                                    
CALCULATION:
Basic             1,650,444,726 1,646,073,794 1,649,220,823 1,644,954,427
Diluted            1,664,843,488 1,658,032,982 1,663,597,935 1,657,593,494
                                                            

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

                                                   September 30, December 31,
                                                   2013          2012
                                                   (Unaudited)   (Audited)
                                                                
ASSETS                                                           
                                                                
CURRENT ASSETS                                                   
Cash and cash equivalents                           $2,068,663  $1,709,209
Restricted cash                                     887,472      672,981
Accounts receivable, net                            262,656      320,929
Amounts due from affiliated companies               80           1,322
Income tax receivable                               235          266
Inventories                                         17,747       16,576
Prepaid expenses and other current assets           47,613       27,743
Total current assets                                3,284,466    2,749,026
                                                                
PROPERTY AND EQUIPMENT, NET                         3,118,664    2,684,094
GAMING SUBCONCESSION, NET                           499,340      542,268
INTANGIBLE ASSETS, NET                              4,220        4,220
GOODWILL                                            81,915       81,915
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS    256,078      88,241
RESTRICTED CASH                                     184,406      741,683
DEFERRED TAX ASSETS                                 104          105
DEFERRED FINANCING COSTS                            118,967      65,930
LAND USE RIGHTS, NET                                967,621      989,984
TOTAL ASSETS                                        $8,515,781  $7,947,466
                                                                
LIABILITIES AND SHAREHOLDERS' EQUITY                             
                                                                
CURRENT LIABILITIES                                              
Accounts payable                                    $9,735      $13,745
Accrued expenses and other current liabilities      950,717      850,841
Income tax payable                                  1,769        1,191
Capital lease obligations, due within one year     26,848       --
Current portion of long-term debt                   262,518      854,940
Amounts due to affiliated companies                 1,756        949
Total current liabilities                           1,253,343    1,721,666
                                                                
LONG-TERM DEBT                                      2,336,557    2,339,924
OTHER LONG-TERM LIABILITIES                         13,385       7,412
DEFERRED TAX LIABILITIES                            63,470       66,350
CAPITAL LEASE OBLIGATIONS, DUE AFTER ONE YEAR       255,314      --
LAND USE RIGHTS PAYABLE                             38,984       71,358
                                                                
SHAREHOLDERS' EQUITY                                             
Ordinary shares                                     16,621       16,581
Treasury shares                                     (5,916)      (113)
Additional paid-in capital                          3,474,657    3,235,835
Accumulated other comprehensive losses             (10,645)     (1,057)
Retained earnings                                   548,910      134,693
Total Melco Crown Entertainment Limited             4,023,627    3,385,939
shareholders' equity
Noncontrolling interests                            531,101      354,817
Total equity                                        4,554,728    3,740,756
TOTAL LIABILITIES AND EQUITY                        $8,515,781  $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            Nine Months Ended
                  September 30,                 September 30,
                  2013           2012           2013           2012
                  (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited)
                                                            
Net Income                                                   
Attributable to
Melco Crown
Entertainment      $179,396     $104,869     $414,217     $309,222
Limited
Pre-opening Costs  4,122         1,551         10,768        4,851
Development Costs  1,019         3,345         21,004        3,913
Property Charges   1,853         426           5,550         4,042
and Others
Change in fair
value of interest  --           --           --           (363)
rate swap
agreements
Loss on
extinguishment of  --           --           50,935        --
debt
Costs associated
with debt          --           --           10,538        --
modification
Adjusted Net
Income                                                       
Attributable to
Melco Crown
Entertainment      $186,390     $110,191     $513,012     $321,665
Limited
                                                            
ADJUSTED NET
INCOME                                                       
ATTRIBUTABLE TO
MELCO CROWN
ENTERTAINMENT                                                
LIMITED PER SHARE:
Basic             $0.113       $0.067       $0.311       $0.196
Diluted            $0.112       $0.066       $0.308       $0.194
                                                            
                                                            
ADJUSTED NET
INCOME                                                       
ATTRIBUTABLE TO
MELCO CROWN
ENTERTAINMENT                                                
LIMITED PER ADS:
Basic             $0.339       $0.201       $0.933       $0.587
Diluted            $0.336       $0.199       $0.925       $0.582
                                                            
WEIGHTED AVERAGE
SHARES USED IN                                               
ADJUSTED
NET INCOME                                                   
ATTRIBUTABLE TO
MELCO CROWN
ENTERTAINMENT                                                
LIMITED
PER SHARE                                                    
CALCULATION:
Basic             1,650,444,726 1,646,073,794 1,649,220,823 1,644,954,427
Diluted            1,664,843,488 1,658,032,982 1,663,597,935 1,657,593,494
                                                            

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, 2013
             Altira                  City of                 City of     Corporate
            Macau       Mocha       Dreams      Studio City Dreams      and Others  Total
                                                             Manila
            (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                                                                              
Operating
Income       $21,915   $7,932    $239,494  $(11,881) $(5,714)  $(44,204) $207,542
(Loss)
                                                                              
Pre-opening  --        --        --        688        3,417      17         4,122
Costs
Development  --        --        --        --        --        1,019      1,019
Costs
Depreciation
and          7,845      2,980      57,071     10,883     299        16,592     95,670
Amortization
Share-based  45         40         245        --        1,925      2,774      5,029
Compensation
Property
Charges and  --        223        1,630      --        --        --        1,853
Others
Adjusted     29,805     11,175     298,440    (310)      (73)       (23,802)   315,235
EBITDA
Corporate
and Others   --        --        --        --        --        23,802     23,802
Expenses
Adjusted
Property     $29,805   $11,175   $298,440  $(310)    $(73)     $--       $339,037
EBITDA


            Three Months Ended September 30, 2012
             Altira                  City of                 City of     Corporate
            Macau       Mocha       Dreams      Studio City Dreams      and Others  Total
                                                             Manila
            (Unaudited) (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 Others   --        --        --        --        --        16,561     16,561
Expenses
Adjusted
Property     $29,820   $9,351    $203,965  $(193)    $--       $--       $242,943
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,
                                                      2013        2012
                                                      (Unaudited) (Unaudited)
                                                                 
Adjusted Property EBITDA                               $339,037  $242,943
Corporate and Others Expenses                          (23,802)   (16,561)
Adjusted EBITDA                                        315,235    226,382
Pre-opening Costs                                      (4,122)    (1,551)
Development Costs                                      (1,019)    (3,345)
Depreciation and Amortization                          (95,670)   (94,072)
Share-based Compensation                               (5,029)    (2,470)
Property Charges and Others                            (1,853)    (426)
Interest and Other Non-Operating Expenses, Net         (44,417)   (24,873)
Income Tax Credit                                      686        823
Net Income                                            163,811    100,468
Net Loss Attributable to Noncontrolling Interests      15,585     4,401
Net Income Attributable to Melco Crown Entertainment   $179,396  $104,869
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, 2013
             Altira                  City of                 City of     Corporate
            Macau       Mocha       Dreams      Studio City Dreams      and Others   Total
                                                             Manila
            (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)  (Unaudited)
                                                                               
Operating
Income       $87,614   $19,771   $668,595  $(35,587) $(28,940) $(127,187) $584,266
(Loss)
                                                                               
Pre-opening  --        --        369        2,059      8,301      39          10,768
Costs
Development  --        --        --        --        17,216     3,788       21,004
Costs
Depreciation
and          23,599     8,915      171,287    32,649     711        49,873      287,034
Amortization
Share-based  112        99         643        --        1,988      7,327       10,169
Compensation
Property
Charges and  --        671        4,630      --        --        249         5,550
Others
Adjusted     111,325    29,456     845,524    (879)      (724)      (65,911)    918,791
EBITDA
Corporate
and Others   --        --        --        --        --        65,911      65,911
Expenses
Adjusted
Property     $111,325  $29,456   $845,524  $(879)    $(724)    $--        $984,702
EBITDA


            Nine Months Ended September 30, 2012
             Altira                  City of                 City of     Corporate
            Macau       Mocha       Dreams      Studio City Dreams      and Others   Total
                                                             Manila
            (Unaudited) (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 Others   --        --        --        --        --        51,993      51,993
Expenses
Adjusted
Property     $110,884  $27,997   $586,247  $(395)    $--       $--        $724,733
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,
                                                      2013        2012
                                                      (Unaudited) (Unaudited)
                                                                 
Adjusted Property EBITDA                               $984,702  $724,733
Corporate and Others Expenses                          (65,911)   (51,993)
Adjusted EBITDA                                        918,791    672,740
Pre-opening Costs                                      (10,768)   (4,851)
Development Costs                                      (21,004)   (3,913)
Depreciation and Amortization                          (287,034)  (283,137)
Share-based Compensation                               (10,169)   (6,502)
Property Charges and Others                            (5,550)    (4,042)
Interest and Other Non-Operating Expenses, Net         (216,623)  (74,781)
Income Tax Credit                                      2,042      1,865
Net Income                                             369,685    297,379
Net Loss Attributable to Noncontrolling Interests      44,532     11,843
Net Income Attributable to Melco Crown Entertainment   $414,217  $309,222
Limited
                                                                 

Melco Crown Entertainment Limited and Subsidiaries
Supplemental Data Schedule

                           Three Months Ended        Nine Months Ended
                           September 30,             September 30,
                           2013         2012         2013         2012
Room Statistics:                                                
Altira Macau                                                    
Average daily rate ^(3)     $223       $215       $228       $219
Occupancy per available     99%          98%          99%          97%
room
Revenue per available room  $220       $210       $225       $213
^ (4)
                                                               
City of Dreams                                                  
Average daily rate ^ (3)    $185       $180       $188       $183
Occupancy per available     97%          95%          96%          92%
room
Revenue per available room  $180       $171       $181       $168
^ (4)
                                                               
Other Information:                                              
Altira Macau                                                    
Average number of table     165         172         169         182
games
Table games win per unit    $22,413    $19,895    $23,781    $19,645
per day ^ (5)
                                                               
City of Dreams                                                  
Average number of table     456         447         454         443
games
Average number of gaming    1,441       1,475       1,501       1,410
machines
Table games win per unit    $26,293    $21,094    $25,897    $20,636
per day ^ (5)
Gaming machines win per     $362       $278       $344       $305
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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