Table of Contents
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of August 2009
Commission File Number: 001-33178
MELCO CROWN ENTERTAINMENT LIMITED
36th Floor, The Centrium
60 Wyndham Street
Central
Hong Kong
(Address of principal executive offices)
60 Wyndham Street
Central
Hong Kong
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20–F or Form 40–F.
Form 20–F
þ Form 40–F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3–2(b) under the Securities Exchange Act of 1934.
Yes o No þ
If “Yes” is marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3–2(b):
82– N/A
THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE
PROSPECTUS INCLUDED IN THE REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-158545)
OF MELCO CROWN ENTERTAINMENT LIMITED AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED,
TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
Table of Contents
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| MELCO CROWN ENTERTAINMENT LIMITED |
||||
| By: | /s/ Simon Dewhurst | |||
| Name: | Simon Dewhurst | |||
| Title: | Executive Vice President and Chief Financial Officer | |||
Date:
August 6, 2009
Exhibit 99.1
FOR IMMEDIATE RELEASE
Melco Crown Entertainment Reports Second Quarter 2009 Earnings
New York, Thursday, August 6, 2009 — Melco Crown Entertainment Limited (NASDAQ: MPEL), a developer
and owner of casino gaming and entertainment resort facilities focused on the Macau market, today
reported its unaudited financial results for the second quarter ending June 30, 2009.
For the second quarter of 2009, net revenue was US$215.8 million, down from US$384.6 million for
the comparable period ending June 30, 2008. The decrease in net revenue was the result of greater
rolling chip volume at Altira Macau in the second quarter of 2008, combined with low rolling chip
hold percentages at Altira Macau and City of Dreams in the second quarter of 2009.
Adjusted EBITDA(1) was a loss of US$23.8 million for the second quarter of 2009, as
compared to a gain of US$36.4 million in the second quarter of 2008. The EBITDA loss in the second
quarter of 2009 was largely attributable to lower than expected rolling chip hold percentages
achieved at City of Dreams and Altira Macau. Assuming that both properties had achieved a
theoretical rolling chip hold percentage of 2.85%, adjusted EBITDA for the second quarter of 2009
would have been US$15.2 million.
Adjusted net loss(2) for the second quarter of 2009 was US$78.5 million, or US$0.17 per
ADS, compared to an adjusted net loss of US$1.7 million in the second quarter of 2008, or US$0.004 per ADS. The
increase in adjusted net loss was driven primarily by the aforementioned factors, as well as incremental
depreciation and amortization expenses associated with the opening of City of Dreams, combined with
an increase in non-capitalized loan interest expense in the quarter under review.
On a GAAP basis, the Company recorded a net loss for the second quarter of 2009 of US$144.0
million, or US$0.30 per ADS, compared to a loss of US$5.7 million, or
US$0.01 per ADS, in the second quarter of 2008. The net loss in the second quarter of 2009 was
negatively affected by non-recurring, pre-opening expense in the quarter of US$61.3
million and a non-recurring US$3.2 million write down in the carrying value of various project
assets.
Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment commented, “The
reporting quarter marks a major step change for our Company. Our transition from a company
primarily focused on development, to a company primarily focused on operations, happened with the
seamless opening of our flagship property City of Dreams, on time and on budget, on June 1, 2009.
“We are still in the early stages of ramping up our business and believe that we have additional
room for growth as we execute on our various marketing and yield management initiatives. The Grand
Hyatt Macau is on track to open by the end of the current quarter, which should be a significant
driver of gaming revenue and market share. As we reported on August 3, 2009, the sequential
improvement in mass table drop and rolling chip volume at City of Dreams between the first and
second months of operations was 33% and 36%, respectively. Media sources indicate that our market share jumped from 9% in June to 18% in July.
Mr. Ho continued, “We held approximately US$660 million of cash at the end of the second quarter,
and we expect to have approximately US$176 million of capital expenditures at City of Dreams in the
current quarter. Our capital expenditures for phases one and two at City of Dreams will be
essentially complete with the opening of the Grand Hyatt Macau.
“With a construction program nearing completion, a stable management team, and a strong balance
sheet, we will continue to focus our management attention on the continued execution of our
operating plans for City of Dreams, against a macro environment in the mass market which is, in our
assessment, likely to materially improve during the remainder of this year.”
City of Dreams 2Q Results
City of Dreams opened on June 1 and contributed one full month of operating performance to our
second quarter results in 2009.
For the quarter ending June 30, 2009, net revenue at City of Dreams was US$26.8 million and
adjusted EBITDA was a loss of US$12.2 million.
Rolling chip volume totaled US$1.94 billion for the second quarter of 2009 and the rolling chip
table games hold percentage (calculated before discounts and commissions) was 0.79%. Our target
rolling chip hold percentage is 2.85%. Assuming that the property had held at 2.85% in the second
quarter of 2009, adjusted EBITDA would have been US$3.0 million.
In the mass market table games segment, drop (non rolling chip) totaled US$100.0 million in the
second quarter of 2009 and the mass market table games hold percentage was 16.4%. Our target hold
percentage for mass market table games is 16.0%-18.0%.
Total non-gaming revenue at City of Dreams in the second quarter of 2009 was US$4.8 million.
Occupancy per available room in the second quarter of 2009 was 78% and the average daily rate (ADR)
was US$176 per occupied room.
Altira Macau 2Q Results
For the quarter ending June 30, 2009, net revenue at Altira Macau was US$159.2 million versus
US$361.1 million in the quarter ending June 30, 2008.
Altira Macau generated an adjusted EBITDA loss of US$6.4 million in the second quarter of 2009 compared with
a gain of US$39.6 million in the second
quarter of 2008.
Rolling chip volume totaled US$9.68 billion for the second quarter of 2009, down from US$18.51
billion in the second quarter of 2008. The rolling chip table games
hold percentage in the second
quarter of 2009 (calculated before discounts and
commissions) was 2.45% versus 2.71% recorded in the second quarter of 2008. Our target rolling chip
hold percentage is 2.85%. Assuming that the property had held at
2.85% in the second quarter of 2009, adjusted EBITDA would have been
US$18 million.
In the mass market table games segment, drop (non rolling chip) totaled US$73.6 million in the
second quarter of 2009, down from US$93.4 million generated in the second quarter of 2008. The mass
market table games hold percentage was 13.9% in the second quarter of 2009, below our expected
range for mass market table games hold percentage of 16.0%-18.0%. The mass market table games hold
percentage for the second quarter of 2008 was 14.7%.
Total non-gaming revenue at Altira Macau in the second quarter of 2009 was US$8.3 million, down
from US$9.7 million in the second quarter of 2008. Occupancy per available room in the second
quarter of 2009 was 90% and the average daily rate (ADR) was US$232 per occupied room. This
compares with occupancy and ADR of 97% and US$236, respectively, in the second quarter of 2008.
An incremental one-off specific bad debt provision totaling US$3.9m was booked in the second
quarter 2009, recognizing the continued challenges facing broader global economic conditions.
Mocha Clubs 2Q Results
Net operating revenue from Mocha Clubs totaled US$23.8 million in the second quarter of 2009, up
from US$22.3 million in the second quarter of 2008.
Mocha Clubs generated US$6.1 million of adjusted EBITDA in the second quarter of 2009, which
compares with US$5.9 million in the second quarter of 2008.
The number of gaming machines in operation at the Mocha Clubs averaged approximately 1,440 in the
second quarter of 2009, an increase from an average of 1,070 in the second quarter of 2008. The net win
per gaming machine per day was US$178 in this period, as compared with US$228 in the same period in
2008.
Other Factors Affecting Earnings
Total non-operating expenses for the second quarter of 2009 were US$3.6 million, which included
US$3.9 million in net interest expense and other finance costs of US$1.4 million, partially offset
by a US$0.6 million net foreign exchange gain. Capitalized interest during the second quarter of
2009 totaled US$17.0 million. Pre-opening expenses, related entirely to the development of City of
Dreams, were US$61.3 million for the second quarter of 2009.
Depreciation and amortization costs of US$48.0 million were booked in the second quarter of 2009,
of which US$14.3 million was related to the amortization of our gaming sub-concession and US$4.5
million was related to the amortization of land use rights.
Financial Position and Capital Expenditure
Cash and cash equivalents as of June 30, 2009 totaled US$655.6 million. Total outstanding debt at
the end of the second quarter of 2009 was US$1.80 billion, of which US$115.6 million represented
loans from the company’s two major shareholders. Total debt to shareholders’ equity as of June 30,
2009 was 74%.
Capital expenditures for the second quarter of 2009 were US$381.5 million, essentially all of which
were attributable to the development of City of Dreams.
Six Month Results
For the six months ending June 30, 2009, the
Company reported net revenue of US$432.3 million versus
US$867.5 million in the six months ending June 30, 2008. The year-over-year decrease in net revenue
was driven by lower rolling chip volume at Altira Macau in the first
six months of 2009 as compared to
the same period in 2008 and lower rolling chip hold percentage in 2009 as compared to 2008.
The Company reported a net loss of US$179.3 million for the
first six months of 2009, compared to a net
gain of US$37.5 million for the first six months of 2008. The net loss
per ADS for the six month period
ending June 30, 2009 was US$0.39 compared to a net gain
per ADS of US$0.09 for the same period in
2008.
Conference Call Information
Melco Crown Entertainment will hold a conference call to discuss its second quarter 2009 financial
results on Thursday, August 6, 2009 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
|
1.800.884.5695 | |
US Toll / International
|
1.617.786.2960 | |
HK Toll
|
852.3002.1672 | |
HK Toll Free
|
800.96.3844 | |
UK Toll Free
|
00.800.280.02002 | |
Australia Toll Free
|
1.800.002.971 | |
Passcode
|
MPEL |
An audio webcast will also be available at http://www.melco-crown.com.
To access the replay, please use the dial-in details below:
US Toll Free
|
1.888.286.8010 | |
US Toll / International
|
1.617.801.6888 | |
Passcode
|
98500194 |
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. 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. Melco Crown Entertainment Limited (the “Company”)
may also make written or oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, 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. A number of factors could cause actual results to differ
materially from those contained in any forward-looking statement, including but not limited to the
following: growth of the gaming market and visitation in
Macau; finalization of credit facilities
to finance construction of projects; the completion of the construction of our hotel casino resort
projects; our acquisition and development of the Macau Peninsula site; increased competition and
other planned casino hotel and resort projects in Macau and elsewhere in Asia; the completion of
infrastructure projects in Macau; government regulation of the casino industry; our ability to
raise additional
financing; obtaining approval from the Macau government for an increase in the developable gross
floor area of the City of Dreams site; the formal grant of an occupancy permit for Phase 2 of City
of Dreams; our anticipated growth strategies; and our future business development, results of
operations and financial condition. Further information regarding these and other risks is included
in our Annual Report on Form 20-F filed on March 31, 2009 and other documents filed with the
Securities and Exchange Commission. The Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable law. All information provided in
this press release 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 Measure
(1) “Adjusted EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening
costs, property charges and other, stock-based compensation costs, and other non-operating income
and expenses. Adjusted EBITDA is presented exclusively as a supplemental disclosure because
management believes that it is widely used to measure the performance, and as a basis for
valuation, of gaming companies. Management uses adjusted EBITDA as a measure 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 because it is used by some investors
as a way 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 as a
supplement to financial measures in accordance with U.S. generally accepted accounting principles
(“GAAP”). However, adjusted EBITDA should not be considered as an alternative to operating income
as an indicator of the Company’s performance, as an alternative to cash flows from operating
activities as a measure of liquidity, or as an alternative to any other measure determined in
accordance with GAAP. Unlike net income, adjusted EBITDA does not include depreciation and
amortization or interest expense and therefore does not reflect current or future capital
expenditures or the cost of capital. The Company compensates for these limitations by using
adjusted EBITDA as only one 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.
Also, the Company’s calculation of adjusted EBITDA may be different from the calculation methods
used by other companies and, therefore, comparability may be limited.
Reconciliations of adjusted 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 (loss)” is
net income (loss) before pre-opening costs, property charges
and other. Adjusted net income (loss) and adjusted net income (loss) per share (“EPS”) are
presented as supplemental disclosures because management believes
that they are
widely used to measure the performance, and as a principal 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 (loss) may be different from the
calculation methods used by other companies and, therefore, comparability may be
limited. Reconciliations of adjusted net income (loss) 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 Limited 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.
The Company’s first property, Altira Macau (www.altiramacau.com) (formerly Crown Macau), opened on
May 12, 2007 and Phase 1 of its second property, City of Dreams (www.cityofdreamsmacau.com), an
integrated urban casino resort located in Cotai, Macau, opened on June 1, 2009. The Company’s
business also includes the Mocha Clubs (www.mochaclubs.com), which feature a total of approximately
1,500 gaming machines in eight locations and comprise the largest non-casino based operations of
electronic gaming machines in Macau. The Company has entered into an agreement, subject to certain
conditions, to acquire a third development site on the Macau Peninsula. For more information about
the Company, please visit www.melco-crown.com.
The Company 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, a Director and
the CEO of the Company. Crown is a top 100 company listed on the Australian Stock Exchange and led
by Executive Chairman Mr. James Packer, who is also Co-Chairman and a Director of the Company.
For additional information, please contact:
Geoffrey Davis, CFA
Senior Vice President – Corporate Finance
Tel: +1 212 671 1936
Email: geoffreydavis@melco-crown.com
Senior Vice President – Corporate Finance
Tel: +1 212 671 1936
Email: geoffreydavis@melco-crown.com
Melco Crown Entertainment Limited
Condensed Consolidated Statements of Operations
(In Thousands of U.S. dollars, except share and per share data)
Condensed Consolidated Statements of Operations
(In Thousands of U.S. dollars, except share and per share data)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| (Unaudited) | (Unaudited)(3) | (Unaudited) | (Unaudited)(3) | |||||||||||||
OPERATING REVENUES |
||||||||||||||||
Casino |
$ | 211,408 | $ | 382,357 | $ | 424,409 | $ | 862,047 | ||||||||
Rooms |
6,997 | 4,160 | 11,448 | 8,241 | ||||||||||||
Food and beverage |
4,817 | 4,347 | 8,391 | 8,821 | ||||||||||||
Entertainment, retail and others |
1,508 | 1,349 | 3,831 | 2,626 | ||||||||||||
Gross revenues |
224,730 | 392,213 | 448,079 | 881,735 | ||||||||||||
Less: promotional allowances |
(8,893 | ) | (7,599 | ) | (15,751 | ) | (14,253 | ) | ||||||||
Net revenues |
215,837 | 384,614 | 432,328 | 867,482 | ||||||||||||
OPERATING COSTS AND EXPENSES |
||||||||||||||||
Casino |
(197,807 | ) | (319,534 | ) | (370,382 | ) | (695,164 | ) | ||||||||
Rooms |
(1,355 | ) | (191 | ) | (1,866 | ) | (698 | ) | ||||||||
Food and beverage |
(3,679 | ) | (3,459 | ) | (6,338 | ) | (6,815 | ) | ||||||||
Entertainment, retail and others |
(811 | ) | (302 | ) | (990 | ) | (597 | ) | ||||||||
General and administrative |
(39,196 | ) | (26,569 | ) | (61,489 | ) | (53,487 | ) | ||||||||
Pre-opening costs |
(61,277 | ) | (3,735 | ) | (79,563 | ) | (5,709 | ) | ||||||||
Amortization of gaming subconcession |
(14,310 | ) | (14,310 | ) | (28,619 | ) | (28,619 | ) | ||||||||
Amortization of land use rights |
(4,542 | ) | (4,573 | ) | (9,085 | ) | (9,174 | ) | ||||||||
Depreciation and amortization |
(29,128 | ) | (15,798 | ) | (43,837 | ) | (28,982 | ) | ||||||||
Property charges and other |
(4,134 | ) | (289 | ) | (4,134 | ) | (289 | ) | ||||||||
Total operating costs and expenses |
(356,239 | ) | (388,760 | ) | (606,303 | ) | (829,534 | ) | ||||||||
OPERATING (LOSS) INCOME |
(140,402 | ) | (4,146 | ) | (173,975 | ) | 37,948 | |||||||||
NON-OPERATING EXPENSES |
||||||||||||||||
Interest (expenses) income, net |
(3,851 | ) | 769 | (3,730 | ) | 5,058 | ||||||||||
Other finance costs |
(1,424 | ) | (3,475 | ) | (2,620 | ) | (6,951 | ) | ||||||||
Foreign exchange gain, net |
628 | 493 | 175 | 308 | ||||||||||||
Other income, net |
1,000 | 598 | 1,000 | 613 | ||||||||||||
Total non-operating expenses |
(3,647 | ) | (1,615 | ) | (5,175 | ) | (972 | ) | ||||||||
(LOSS) INCOME BEFORE INCOME TAX |
(144,049 | ) | (5,761 | ) | (179,150 | ) | 36,976 | |||||||||
INCOME TAX CREDIT (EXPENSE) |
88 | 75 | (134 | ) | 571 | |||||||||||
NET (LOSS) INCOME |
$ | (143,961 | ) | $ | (5,686 | ) | $ | (179,284 | ) | $ | 37,547 | |||||
(LOSS) INCOME PER SHARE: |
||||||||||||||||
Basic |
$ | (0.101 | ) | $ | (0.004 | ) | $ | (0.131 | ) | $ | 0.028 | |||||
Diluted |
$ | (0.101 | ) | $ | (0.004 | ) | $ | (0.131 | ) | $ | 0.028 | |||||
(LOSS) INCOME PER ADS: |
||||||||||||||||
Basic |
$ | (0.304 | ) | $ | (0.013 | ) | $ | (0.392 | ) | $ | 0.085 | |||||
Diluted |
$ | (0.304 | ) | $ | (0.013 | ) | $ | (0.392 | ) | $ | 0.085 | |||||
WEIGHTED AVERAGE SHARES USED IN (LOSS)
INCOME PER SHARE CALCULATION: |
||||||||||||||||
Basic |
1,418,841,637 | 1,320,938,904 | 1,370,943,132 | 1,320,938,904 | ||||||||||||
Diluted |
1,418,841,637 | 1,320,938,904 | 1,370,943,132 | 1,323,269,450 | ||||||||||||
| (3) | The unaudited condensed consolidated financial statements for 2008 reflect certain reclassifications, which have no effect on previously reported net (loss) income, to conform to current period presentation. |
Melco Crown Entertainment Limited
Condensed Consolidated Balance Sheets
(In Thousands of U.S. dollars)
Condensed Consolidated Balance Sheets
(In Thousands of U.S. dollars)
| June 30, | December 31, | |||||||
| 2009 | 2008 | |||||||
| (Unaudited) | (Audited) | |||||||
ASSETS |
||||||||
CURRENT ASSETS |
||||||||
Cash and cash equivalents |
$ | 655,632 | $ | 815,144 | ||||
Restricted cash |
— | 67,977 | ||||||
Accounts receivable, net |
167,428 | 72,755 | ||||||
Amounts due from affiliated companies |
2 | 650 | ||||||
Inventories |
4,379 | 2,170 | ||||||
Prepaid expenses and other current assets |
41,870 | 17,556 | ||||||
Total current assets |
869,311 | 976,252 | ||||||
PROPERTY AND EQUIPMENT, NET |
2,726,872 | 2,107,722 | ||||||
GAMING SUBCONCESSION, NET |
742,597 | 771,216 | ||||||
INTANGIBLE ASSETS, NET |
4,220 | 4,220 | ||||||
GOODWILL |
81,915 | 81,915 | ||||||
LONG-TERM PREPAYMENT AND DEPOSITS |
37,456 | 60,894 | ||||||
DEFERRED TAX ASSETS |
— | 28 | ||||||
DEFERRED FINANCING COST |
43,848 | 49,336 | ||||||
DEPOSIT FOR ACQUISITION OF LAND INTEREST |
— | 12,853 | ||||||
LAND USE RIGHTS, NET |
424,768 | 433,853 | ||||||
TOTAL |
$ | 4,930,987 | $ | 4,498,289 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
CURRENT LIABILITIES |
||||||||
Accounts payable |
$ | 6,560 | $ | 2,494 | ||||
Accrued expenses and other current liabilities |
592,167 | 442,671 | ||||||
Income tax payable |
580 | 1,954 | ||||||
Amounts due to affiliated companies |
11,687 | 1,985 | ||||||
Amounts due to shareholders |
74 | 1,032 | ||||||
Total current liabilities |
611,068 | 450,136 | ||||||
LONG-TERM DEBT |
1,683,207 | 1,412,516 | ||||||
OTHER LONG-TERM LIABILITIES |
35,503 | 38,304 | ||||||
DEFERRED TAX LIABILITIES |
18,630 | 19,191 | ||||||
LOANS FROM SHAREHOLDERS |
115,647 | 115,647 | ||||||
LAND USE RIGHT PAYABLE |
46,751 | 53,891 | ||||||
SHAREHOLDERS’ EQUITY |
||||||||
Ordinary shares |
14,664 | 13,216 | ||||||
Treasury shares |
(21 | ) | (4 | ) | ||||
Additional paid-in capital |
2,875,744 | 2,689,257 | ||||||
Accumulated other comprehensive losses |
(32,742 | ) | (35,685 | ) | ||||
Accumulated losses |
(437,464 | ) | (258,180 | ) | ||||
Total shareholders’ equity |
2,420,181 | 2,408,604 | ||||||
TOTAL |
$ | 4,930,987 | $ | 4,498,289 | ||||
Melco Crown Entertainment Limited
Reconciliation of Net (Loss) Income to Adjusted Net (Loss) Income
(In Thousands of U.S. dollars)
Reconciliation of Net (Loss) Income to Adjusted Net (Loss) Income
(In Thousands of U.S. dollars)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Net (Loss) Income |
$ | (143,961 | ) | $ | (5,686 | ) | $ | (179,284 | ) | $ | 37,547 | |||||
Pre-opening Costs |
61,277 | 3,735 | 79,563 | 5,709 | ||||||||||||
Property Charges and Other |
4,134 | 289 | 4,134 | 289 | ||||||||||||
Adjusted Net (Loss) Income |
$ | (78,550 | ) | $ | (1,662 | ) | $ | (95,587 | ) | $ | 43,545 | |||||
ADJUSTED (LOSS) INCOME PER ADS: |
||||||||||||||||
Basic |
$ | (0.166 | ) | $ | (0.004 | ) | $ | (0.209 | ) | $ | 0.099 | |||||
Diluted |
$ | (0.166 | ) | $ | (0.004 | ) | $ | (0.209 | ) | $ | 0.099 | |||||
Melco Crown Entertainment Limited
Reconciliation of Operating Income (Loss) to Adjusted EBITDA
(In Thousands of U.S. dollars)
Reconciliation of Operating Income (Loss) to Adjusted EBITDA
(In Thousands of U.S. dollars)
| Three Months Ended June 30, 2009 | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | Corporate and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating (Loss) Income |
$ | (18,345 | ) | $ | 1,878 | $ | (91,715 | ) | $ | (32,220 | ) | $ | (140,402 | ) | ||||||
Pre-opening Costs |
— | — | 60,823 | 454 | 61,277 | |||||||||||||||
Depreciation and Amortization |
10,466 | 4,155 | 18,047 | 15,312 | 47,980 | |||||||||||||||
Stock-based Compensation |
190 | 86 | 666 | 2,242 | 3,184 | |||||||||||||||
Property Charges and Other |
1,279 | — | — | 2,855 | 4,134 | |||||||||||||||
Adjusted EBITDA |
$ | (6,410 | ) | $ | 6,119 | $ | (12,179 | ) | $ | (11,357 | ) | $ | (23,827 | ) | ||||||
| Three Months Ended June 30, 2008 | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | Corporate and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating Income (Loss) |
$ | 27,807 | $ | 2,197 | $ | (8,220 | ) | $ | (25,930 | ) | $ | (4,146 | ) | |||||||
Pre-opening Costs |
— | — | 3,735 | — | 3,735 | |||||||||||||||
Depreciation and Amortization |
12,203 | 3,634 | 4,059 | 14,785 | 34,681 | |||||||||||||||
Stock-based Compensation |
86 | 34 | 121 | 1,558 | 1,799 | |||||||||||||||
Property Charges and Other |
(482 | ) | — | — | 771 | 289 | ||||||||||||||
Adjusted EBITDA |
$ | 39,614 | $ | 5,865 | $ | (305 | ) | $ | (8,816 | ) | $ | 36,358 | ||||||||
Melco Crown Entertainment Limited
Reconciliation of Adjusted EBITDA to Net Loss
(In Thousands of U.S. dollars)
Reconciliation of Adjusted EBITDA to Net Loss
(In Thousands of U.S. dollars)
| Three Months Ended | ||||||||
| June 30, | ||||||||
| 2009 | 2008 | |||||||
| (Unaudited) | (Unaudited) | |||||||
Adjusted EBITDA |
$ | (23,827 | ) | $ | 36,358 | |||
Pre-opening Costs |
(61,277 | ) | (3,735 | ) | ||||
Depreciation and Amortization |
(47,980 | ) | (34,681 | ) | ||||
Stock-based Compensation |
(3,184 | ) | (1,799 | ) | ||||
Property Charges and Other |
(4,134 | ) | (289 | ) | ||||
Interest and Other Non-Operating Expenses, Net |
(3,647 | ) | (1,615 | ) | ||||
Income Tax Credit |
88 | 75 | ||||||
Net Loss |
$ | (143,961 | ) | $ | (5,686 | ) | ||
Melco Crown Entertainment Limited
Reconciliation of Operating (Loss) Income to Adjusted EBITDA
(In Thousands of U.S. dollars)
Reconciliation of Operating (Loss) Income to Adjusted EBITDA
(In Thousands of U.S. dollars)
| Six Months Ended June 30, 2009 | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | Corporate and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating (Loss) Income |
$ | (9,411 | ) | $ | 4,519 | $ | (113,321 | ) | $ | (55,762 | ) | $ | (173,975 | ) | ||||||
Pre-opening Costs |
— | — | 78,383 | 1,180 | 79,563 | |||||||||||||||
Depreciation and Amortization |
21,471 | 8,188 | 21,378 | 30,504 | 81,541 | |||||||||||||||
Stock-based Compensation |
457 | 186 | 1,381 | 4,176 | 6,200 | |||||||||||||||
Property Charges and Other |
1,279 | — | — | 2,855 | 4,134 | |||||||||||||||
Adjusted EBITDA |
$ | 13,796 | $ | 12,893 | $ | (12,179 | ) | $ | (17,047 | ) | $ | (2,537 | ) | |||||||
| Six Months Ended June 30, 2008 | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | Corporate and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating Income (Loss) |
$ | 94,146 | $ | 5,395 | $ | (14,305 | ) | $ | (47,288 | ) | $ | 37,948 | ||||||||
Pre-opening Costs |
— | — | 5,709 | — | 5,709 | |||||||||||||||
Depreciation and Amortization |
22,474 | 6,890 | 8,089 | 29,322 | 66,775 | |||||||||||||||
Stock-based Compensation |
166 | 65 | 121 | 2,705 | 3,057 | |||||||||||||||
Property Charges and Other |
(482 | ) | — | — | 771 | 289 | ||||||||||||||
Adjusted EBITDA |
$ | 116,304 | $ | 12,350 | $ | (386 | ) | $ | (14,490 | ) | $ | 113,778 | ||||||||
Melco Crown Entertainment Limited
Reconciliation of Adjusted EBITDA to Net (Loss) Income
(In Thousands of U.S. dollars)
Reconciliation of Adjusted EBITDA to Net (Loss) Income
(In Thousands of U.S. dollars)
| Six Months Ended | ||||||||
| June 30, | ||||||||
| 2009 | 2008 | |||||||
| (Unaudited) | (Unaudited) | |||||||
Adjusted EBITDA |
$ | (2,537 | ) | $ | 113,778 | |||
Pre-opening Costs |
(79,563 | ) | (5,709 | ) | ||||
Depreciation and Amortization |
(81,541 | ) | (66,775 | ) | ||||
Stock-based Compensation |
(6,200 | ) | (3,057 | ) | ||||
Property Charges and Other |
(4,134 | ) | (289 | ) | ||||
Interest and Other Non-Operating Expense, Net |
(5,175 | ) | (972 | ) | ||||
Income Tax Credit |
(134 | ) | 571 | |||||
Net (Loss) Income |
$ | (179,284 | ) | $ | 37,547 | |||
Melco Crown Entertainment Limited
Supplemental Data Schedule
Supplemental Data Schedule
| Three months ended | Six months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
Room Statistics: |
||||||||||||||||
Altira Macau |
||||||||||||||||
Average
daily rate(4) |
$ | 232 | $ | 236 | $ | 233 | $ | 234 | ||||||||
Occupancy per available room |
90 | % | 97 | % | 90 | % | 94 | % | ||||||||
Revenue per
available room(5) |
$ | 210 | $ | 229 | $ | 209 | $ | 221 | ||||||||
City of Dreams |
||||||||||||||||
Average
daily rate(4) |
$ | 176 | $ | — | $ | 176 | $ | — | ||||||||
Occupancy per available room |
78 | % | — | 78 | % | — | ||||||||||
Revenue per
available room(5) |
$ | 138 | $ | — | $ | 138 | $ | — | ||||||||
Other Information: |
||||||||||||||||
Altira Macau |
||||||||||||||||
Average number of table games |
252 | 250 | 253 | 246 | ||||||||||||
Average number of gaming machines |
— | 187 | — | 214 | ||||||||||||
Table games
win per unit per day(6) |
$ | 10,808 | $ | 22,662 | $ | 11,181 | $ | 25,314 | ||||||||
Gaming
machines win per unit per day(7) |
$ | — | $ | 240 | $ | — | $ | 203 | ||||||||
City of Dreams |
||||||||||||||||
Average number of table games |
503 | — | 503 | — | ||||||||||||
Average number of gaming machines |
1,320 | — | 1,320 | — | ||||||||||||
Table games
win per unit per day(6) |
$ | 2,095 | $ | — | $ | 2,095 | $ | — | ||||||||
Gaming
machines win per unit per day(7) |
$ | 117 | $ | — | $ | 117 | $ | — | ||||||||
| (4) | Average daily rate is calculated by dividing total room revenue by total occupied rooms | |
| (5) | Revenue per available room is calculated by dividing total room revenue by total rooms available | |
| (6) | table games win per unit per day is shown before discounts and commissions | |
| (7) | gaming machines win per unit per day is shown before deducting cost for slot points |