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Company Description

Contact Info

The Centrium

36th Floor

60 Wyndham Street

Central,

Hong Kong

Phone: 852 2598 3600

Fax: 852 2537 3618

Melco Crown Entertainment Limited operates as a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia. The company has three major casino based operations in Macau, including City of Dreams, Altira Macau and Studio City; and non-casino based operations in Macau at its Mocha Clubs. The company also has a casino based operation in the Philippines, City of Dreams Manila. The company is developing the fifth hotel tower at City of Dreams in Cotai, Macau and is reviewing the development plan and schedule for the remaining undeveloped land at Studio City. The company’s operations are designed to cater to a spectrum of gaming patrons, from high-stakes rolling chip gaming patrons to gaming patrons seeking an entertainment experience. The company owns and operates two Forbes 5-Star hotels in Macau, Altira Macau and Crown Towers hotel. The company intends to attract patrons throughout Asia, and in particular, from Greater China. In the Philippines, MCE Leisure (Philippines) Corporation, a subsidiary of Melco Crown (Philippines) Resorts Corporation (the company’s subsidiary), operates and manages City of Dreams Manila, a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. Major Existing Operations City of Dreams City of Dreams is an integrated casino resort in Cotai, Macau. City of Dreams is a premium-focused property, targeting high-end customers and rolling chip players from regional markets across Asia. As of December 31, 2015, City of Dreams operated approximately 500 gaming tables and approximately 1,250 gaming machines. Altira Macau Altira Macau is designed to provide a casino and hotel experience that caters to the Asian rolling chip customers and players sourced primarily through gaming promoters. As of December 31, 2015, Altira Macau operated approximately 124 gaming tables and 62 gaming machines. Altira Macau’s multi-floor layout comprises primarily designated gaming areas and private gaming rooms for rolling chip players, together with a general gaming area for the mass market that offers various table limits to cater to a range of mass market patrons. Studio City Studio City is located in Cotai, Macau. Studio City is a large-scale cinematically-themed integrated entertainment, retail and gaming resort, which opened in October 2015. As of December 31, 2015, Studio City operated 200 gaming tables and 1,175 gaming machines. Starting from January 2016, Studio City operated a further of 50 gaming tables in its gaming area. The gaming operations of Studio City are focused on the mass market and targeting all ranges of mass market patrons. Studio City also includes luxury hotel offerings and various entertainment, retail and food and beverage outlets to attract a range of customers. The company’s subsidiary, Melco Crown (Macau) Limited, operates the gaming areas of Studio City. Mocha Clubs Mocha Clubs comprise the major non-casino based operations of gaming machines in Macau. As of December 31, 2015, Mocha Clubs had 7 clubs with a total of 1,259 gaming machines in operation. Mocha Clubs focus on general mass market players, including day-trip customers, outside the conventional casino setting. The company operates Mocha Clubs at leased or sub-leased premises or under right-to-use agreements. In addition to slot machines, each Mocha Club site offers electronic table games without dealers. The gaming facilities at the company’s Mocha Clubs include the latest technology for gaming machines and offer both single-player machines with various games, including progressive jackpots, and multi-player games where players on linked machines play against the house in electronic roulette, baccarat and sicbo, a traditional Chinese dice game. City of Dreams Manila City of Dreams Manila is a major integrated tourism resort in the Philippines. The property is located on an approximately 6.2-hectare site at the gateway of Entertainment City, Manila, close to Metro Manila’s international airport and central business district. City of Dreams Manila represents the company’s entry into an entertainment and gam

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MAS

Industry Average

Valuation MAS Industry Range
Price/Earnings 91.4x
Price/Sales 1.9x
Price/Book 2.4x
Price/Cash Flow 14.7x
TEV/Sales 0.6x
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