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 February 2010
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
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: February 2, 2010
Exhibit 99.1
FOR IMMEDIATE RELEASE
Melco Crown Entertainment Announces Fourth Quarter 2009 Earnings
New York, February 2, 2010 — 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 fourth quarter and twelve months ending December
31, 2009.
For the fourth quarter of 2009, net revenue was US$400.2 million, an increase of approximately 60%
from US$253.5 million for the comparable period ending December 31, 2008. The increase in net
revenue was as a result of the opening of City of Dreams in June 2009.
Adjusted EBITDA (1) was US$2.7 million for the fourth quarter of 2009, as compared with US$22.4
million in the fourth quarter of 2008. The year-over-year decrease in EBITDA in the fourth quarter
of 2009 was primarily attributable to low table hold in the Company’s rolling chip operations
and a temporary slowdown in rolling chip volume at Altira Macau.
The company-wide mass market table games hold percentage (non rolling chip) in the fourth quarter
of 2009 was 17.5%, which is in-line with our target hold percentage range of 16.0% to 18.0%.
The combined rolling chip table games hold percentage (calculated before discounts and commissions)
across City of Dreams and Altira Macau in the fourth quarter of 2009 was 2.4%, below our expected
rolling chip hold percentage range of 2.7% to 3.0%.
If
we normalize fourth quarter EBITDA using
2.85%, the mid-point of
the commonly expected rolling chip hold range, we would have reported Adjusted EBITDA of $56
million in the fourth quarter.
On a GAAP basis, the Company recorded a net loss for the fourth quarter of 2009 of US$89.7 million,
or US$0.17 per ADS, compared to a loss of US$18.9 million, or US$0.04 per ADS, in the fourth
quarter of 2008. The year-over-year increase in the net loss was due to increased depreciation
and amortization expenses and lower capitalized interest following the opening of City of Dreams,
as well as the aforementioned lower than expected rolling chip hold percentage in the fourth
quarter of 2009.
Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment commented, “In
the fourth quarter, we successfully transitioned Altira Macau into a more traditional business
model where we engage gaming promoters direct and not through an aggregator.
This structural shift was precipitated by the introduction of
the commission cap legislation in Macau on December 1, and although this legislation is a clear
positive for us and the Macau gaming market, it also resulted in a temporary disruption in rolling
chip volumes at Altira Macau during the reporting quarter.
“I am pleased
to report that gaming volume has bounced back in January at Altira Macau to
approximately 30 billion MOP for the month which, combined with reduced junket commission rates,
is driving much improved profitability at Altira Macau. Additionally, our efforts to accelerate growth
in our mass market business at City of Dreams have gained traction over the past two months.
Bolstered by a moderate benefit from high rolling chip hold percentage in the past four weeks, our market share in gross gaming revenue terms has improved and our total EBITDA
in January 2010 is estimated to be in excess of US$40 million.
“I am encouraged by our initial results so far this year, and I am confident that 2010 will be a
strong year for us.”
City of Dreams 4Q Results
For the quarter ending December 31, 2009, net revenue at City of Dreams was US$237.6 million and
Adjusted EBITDA was US$22.2 million.
Normalized to 2.85%, fourth quarter EBITDA would have been US$44.7 million.
Rolling chip volume totaled US$9.3 billion for the fourth quarter of 2009 and mass market table
games drop (non rolling chip) totaled US$423.3 million. Slot handle was US$372.8 million.
On a sequential
basis from the third quarter of 2009, rolling chip volume increased 3%, mass market
table drop increased 9%, and slot handle increased 31% in the fourth quarter of 2009.
Total non-gaming revenue at City of Dreams in the fourth quarter of 2009 was US$22.8 million.
Occupancy per available room in the fourth quarter of 2009 was 79% and the average daily rate (ADR)
was US$152 per occupied room.
Altira Macau 4Q Results
For the quarter ending December 31, 2009, net revenue at Altira Macau was US$132.7 million versus
US$225.8 million in the quarter ending December 31, 2008. Altira Macau generated an Adjusted
EBITDA loss of US$14.0 million in the fourth quarter of 2009 compared with an Adjusted EBITDA gain
of US$25.7 million in the fourth quarter of 2008.
Normalized to 2.85%, fourth quarter EBITDA would have been US$16.4 million.
Rolling chip volume totaled US$8.9 billion for the fourth quarter of 2009, down from US$10.3
billion in the fourth quarter of 2008. In the mass market table games segment, drop (non rolling
chip) totaled US$67.0 million in the fourth quarter of 2009, down from US$73.0 million generated in
the comparable period in 2008.
Total non-gaming revenue at Altira Macau in the fourth quarter of 2009 was US$7.7 million, down
from US$9.0 million in the fourth quarter of 2008. Occupancy per available room in the fourth
quarter of 2009 was 94% and the ADR was US$196 per occupied room. This
compares with occupancy and ADR of 92% and US$238, respectively, in the fourth quarter of 2008.
Mocha Clubs 4Q Results
Net revenue from Mocha Clubs totaled US$25.0 million in the fourth quarter of 2009, up from US$22.4
million in the fourth quarter of 2008.
Mocha Clubs generated
US$6.2 million of Adjusted EBITDA in the fourth quarter of 2009, which
compares with US$6.7 million in the fourth quarter of 2008.
The number of gaming machines in operation at the Mocha Clubs averaged approximately 1,560 in the
fourth quarter of 2009, an increase from an average of approximately 1,090 in the fourth quarter of
2008. The net win per gaming machine per day was US$174 in this period, as compared with US$223 in
the same period in 2008.
Other Factors Affecting Earnings
Total non-operating expenses for the fourth quarter of 2009 were US$16.7 million, which included
US$15.4 million in net interest expense and other finance costs of US$2.6 million. Capitalized
interest during the fourth quarter of 2009 totaled US$5.5 million.
Depreciation and amortization costs of US$71.2 million were booked in the fourth quarter of 2009,
of which US$14.3 million was related to the amortization of our gaming sub-concession and US$4.8
million was related to the amortization of land use rights.
Financial Position and Capital Expenditure
Cash and cash equivalents as of December 31, 2009 totaled US$448.7 million, including US$236.1
million of restricted cash. Total senior secured debt at the end of the fourth quarter of 2009 was
US$1.68 billion. Total debt to shareholders’ equity as of December 31, 2009 was 67%.
Capital expenditures
for the fourth quarter of 2009 were US$42.1 million, primarily attributable
to City of Dreams.
The target purchase completion date for the acquisition of the Macau Peninsula Site
passed in the third quarter of 2009 and the acquisition agreement was terminated by the
relevant parties in December 2009. The Company has been refunded its deposit in full.
Full Year Results
For the full year ending December 31, 2009, the Company reported net revenue of US$1.33 billion
versus US$1.42 billion in the full year ending December 31, 2008. The year-over-year decrease in
net revenue was driven primarily by lower rolling chip volume and lower rolling chip hold
percentage as compared to 2008.
The Company reported a net loss of US$308.5 million for the twelve months of 2009, compared to a
net loss of US$2.5 million for the twelve months of 2008. The net loss per ADS for the twelve month
period ending December 31, 2009 was US$0.63 compared to a net loss per ADS of US$0.01 for the same
period in 2008.
Conference Call Information
Melco Crown Entertainment will hold a conference call to discuss its fourth quarter 2009 financial
results on Tuesday, February 2, 2010 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
|
1 866 543 6403 | |
US Toll / International
|
1 617 213 8896 | |
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 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
|
32062386 | |||
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 occupancy permits for
areas of City of Dreams undergoing construction and/or development; 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 (loss) income’ is net (loss) income
before pre-opening costs, property charges and other. Adjusted net (loss) income and adjusted
net (loss) income per American Depositary Share (“ADS”) 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 earnings per share computed in accordance with
GAAP, as an additional basis for assessing period-to-period results of our business.
Adjusted net (loss) income may be different from the calculation methods used by other
companies and, therefore, comparability may be limited. Reconciliations of adjusted
net (loss) 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 Limited (the “Company”), 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 currently operates Altira Macau
(www.altiramacau.com) (formerly Crown Macau), a casino hotel located at Taipa, Macau and City of
Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. 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. 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 | For The Years Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| (Unaudited) | (Unaudited)(3) | (Unaudited) | (Unaudited)(3) | |||||||||||||
OPERATING REVENUES |
||||||||||||||||
Casino |
$ | 388,977 | $ | 251,408 | $ | 1,304,634 | $ | 1,405,932 | ||||||||
Rooms |
16,358 | 4,343 | 41,215 | 17,084 | ||||||||||||
Food and beverage |
10,946 | 3,320 | 28,180 | 16,107 | ||||||||||||
Entertainment, retail and others |
3,653 | 1,309 | 11,877 | 5,396 | ||||||||||||
Gross revenues |
419,934 | 260,380 | 1,385,906 | 1,444,519 | ||||||||||||
Less: promotional allowances |
(19,717 | ) | (6,885 | ) | (53,033 | ) | (28,385 | ) | ||||||||
Net revenues |
400,217 | 253,495 | 1,332,873 | 1,416,134 | ||||||||||||
OPERATING COSTS AND EXPENSES |
||||||||||||||||
Casino |
(350,231 | ) | (200,929 | ) | (1,130,302 | ) | (1,159,930 | ) | ||||||||
Rooms |
(2,103 | ) | (96 | ) | (6,357 | ) | (1,342 | ) | ||||||||
Food and beverage |
(4,564 | ) | (2,858 | ) | (16,853 | ) | (12,745 | ) | ||||||||
Entertainment, retail and others |
(582 | ) | (334 | ) | (4,004 | ) | (1,240 | ) | ||||||||
General and administrative |
(42,406 | ) | (28,704 | ) | (130,986 | ) | (90,707 | ) | ||||||||
Pre-opening costs |
242 | (9,391 | ) | (91,882 | ) | (21,821 | ) | |||||||||
Amortization of gaming subconcession |
(14,309 | ) | (14,309 | ) | (57,237 | ) | (57,237 | ) | ||||||||
Amortization of land use rights |
(4,767 | ) | (4,502 | ) | (18,395 | ) | (18,269 | ) | ||||||||
Depreciation and amortization |
(52,139 | ) | (9,171 | ) | (141,864 | ) | (51,379 | ) | ||||||||
Property charges and others |
(2,894 | ) | — | (7,040 | ) | (290 | ) | |||||||||
Total operating costs and expenses |
(473,753 | ) | (270,294 | ) | (1,604,920 | ) | (1,414,960 | ) | ||||||||
OPERATING (LOSS) INCOME |
(73,536 | ) | (16,799 | ) | (272,047 | ) | 1,174 | |||||||||
NON-OPERATING EXPENSES |
||||||||||||||||
Interest (expenses) income, net |
(15,366 | ) | 1,947 | (31,326 | ) | 8,215 | ||||||||||
Other finance costs |
(2,568 | ) | (5,445 | ) | (8,227 | ) | (15,730 | ) | ||||||||
Foreign exchange gain, net |
605 | 934 | 491 | 1,436 | ||||||||||||
Other income, net |
658 | 24 | 2,516 | 972 | ||||||||||||
Total non-operating expenses |
(16,671 | ) | (2,540 | ) | (36,546 | ) | (5,107 | ) | ||||||||
LOSS BEFORE INCOME TAX |
(90,207 | ) | (19,339 | ) | (308,593 | ) | (3,933 | ) | ||||||||
INCOME TAX CREDIT |
518 | 454 | 132 | 1,470 | ||||||||||||
NET LOSS |
$ | (89,689 | ) | $ | (18,885 | ) | $ | (308,461 | ) | $ | (2,463 | ) | ||||
LOSS PER SHARE: |
||||||||||||||||
Basic and diluted |
$ | (0.056 | ) | $ | (0.014 | ) | $ | (0.210 | ) | $ | (0.002 | ) | ||||
LOSS PER ADS: |
||||||||||||||||
Basic and diluted |
$ | (0.169 | ) | $ | (0.043 | ) | $ | (0.631 | ) | $ | (0.006 | ) | ||||
WEIGHTED AVERAGE SHARES USED IN
LOSS PER SHARE CALCULATION: |
||||||||||||||||
Basic and diluted |
1,593,360,060 | 1,320,970,882 | 1,465,974,019 | 1,320,946,941 | ||||||||||||
| (3) | The unaudited condensed consolidated financial statements for 2008 reflect certain reclassifications, which have no effect on previously reported
net loss, 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)
| December 31, | December 31, | |||||||
| 2009 | 2008 | |||||||
| (Unaudited) | (Audited) | |||||||
ASSETS |
||||||||
CURRENT ASSETS |
||||||||
Cash and cash equivalents |
$ | 212,598 | $ | 815,144 | ||||
Restricted cash |
236,119 | 67,977 | ||||||
Accounts receivable, net |
299,700 | 72,755 | ||||||
Amounts due from affiliated companies |
1 | 650 | ||||||
Inventories |
6,534 | 2,170 | ||||||
Prepaid expenses and other current assets |
19,768 | 17,556 | ||||||
Total current assets |
774,720 | 976,252 | ||||||
PROPERTY AND EQUIPMENT, NET |
2,786,646 | 2,107,722 | ||||||
GAMING SUBCONCESSION, NET |
713,978 | 771,216 | ||||||
INTANGIBLE ASSETS, NET |
4,220 | 4,220 | ||||||
GOODWILL |
81,915 | 81,915 | ||||||
LONG-TERM PREPAYMENT AND DEPOSITS |
52,366 | 60,894 | ||||||
DEFERRED TAX ASSETS |
— | 28 | ||||||
DEFERRED FINANCING COST |
38,948 | 49,336 | ||||||
DEPOSIT FOR ACQUISITION OF LAND INTEREST |
— | 12,853 | ||||||
LAND USE RIGHTS, NET |
447,576 | 433,853 | ||||||
TOTAL |
$ | 4,900,369 | $ | 4,498,289 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
CURRENT LIABILITIES |
||||||||
Accounts payable |
$ | 8,719 | $ | 2,494 | ||||
Accrued expenses and other current liabilities |
497,767 | 442,671 | ||||||
Income tax payable |
768 | 1,954 | ||||||
Current portion of long-term debt |
44,504 | — | ||||||
Amounts due to affiliated companies |
7,384 | 1,985 | ||||||
Amounts due to shareholders |
25 | 1,032 | ||||||
Total current liabilities |
559,167 | 450,136 | ||||||
LONG-TERM DEBT |
1,638,703 | 1,412,516 | ||||||
OTHER LONG-TERM LIABILITIES |
20,619 | 38,304 | ||||||
DEFERRED TAX LIABILITIES |
17,757 | 19,191 | ||||||
LOANS FROM SHAREHOLDERS |
115,647 | 115,647 | ||||||
LAND USE RIGHT PAYABLE |
39,432 | 53,891 | ||||||
SHAREHOLDERS’ EQUITY |
||||||||
Ordinary shares |
15,956 | 13,216 | ||||||
Treasury shares |
(5 | ) | (4 | ) | ||||
Additional paid-in capital |
3,088,768 | 2,689,257 | ||||||
Accumulated other comprehensive losses |
(29,034 | ) | (35,685 | ) | ||||
Accumulated losses |
(566,641 | ) | (258,180 | ) | ||||
Total shareholders’ equity |
2,509,044 | 2,408,604 | ||||||
TOTAL |
$ | 4,900,369 | $ | 4,498,289 | ||||
Melco Crown Entertainment Limited
Reconciliation of Net Loss to Adjusted Net (Loss) Income
(In Thousands of U.S. dollars)
Reconciliation of Net Loss to Adjusted Net (Loss) Income
(In Thousands of U.S. dollars)
| Three Months Ended | For The Years Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Net Loss |
$ | (89,689 | ) | $ | (18,885 | ) | $ | (308,461 | ) | $ | (2,463 | ) | ||||
Pre-opening Costs |
(242 | ) | 9,391 | 91,882 | 21,821 | |||||||||||
Property Charges and Others |
2,894 | — | 7,040 | 290 | ||||||||||||
Adjusted Net (Loss) Income |
$ | (87,037 | ) | $ | (9,494 | ) | $ | (209,539 | ) | $ | 19,648 | |||||
ADJUSTED NET (LOSS) INCOME PER ADS: |
||||||||||||||||
Basic |
$ | (0.164 | ) | $ | (0.022 | ) | $ | (0.429 | ) | $ | 0.045 | |||||
Diluted |
$ | (0.164 | ) | $ | (0.022 | ) | $ | (0.429 | ) | $ | 0.045 | |||||
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)
| Three Months Ended December 31, 2009 | ||||||||||||||||||||
| Corporate | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating (Loss) Income |
$ | (27,325 | ) | $ | 1,982 | $ | (19,058 | ) | $ | (29,135 | ) | $ | (73,536 | ) | ||||||
Pre-opening Costs |
— | — | (287 | ) | 45 | (242 | ) | |||||||||||||
Depreciation and Amortization |
10,413 | 4,212 | 41,197 | 15,393 | 71,215 | |||||||||||||||
Stock-based Compensation |
53 | 47 | 349 | 1,889 | 2,338 | |||||||||||||||
Property Charges and Others |
2,890 | — | — | 4 | 2,894 | |||||||||||||||
Adjusted EBITDA |
$ | (13,969 | ) | $ | 6,241 | $ | 22,201 | $ | (11,804 | ) | $ | 2,669 | ||||||||
| Three Months Ended December 31, 2008 | ||||||||||||||||||||
| Corporate | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating Income (Loss) |
$ | 14,708 | $ | 4,456 | $ | (9,064 | ) | $ | (26,899 | ) | $ | (16,799 | ) | |||||||
Pre-opening Costs |
— | — | 9,390 | 1 | 9,391 | |||||||||||||||
Depreciation and Amortization |
10,998 | 2,245 | (205 | ) | 14,944 | 27,982 | ||||||||||||||
Stock-based Compensation |
(7 | ) | 17 | 254 | 1,604 | 1,868 | ||||||||||||||
Property Charges and Others |
— | — | — | — | — | |||||||||||||||
Adjusted EBITDA |
$ | 25,699 | $ | 6,718 | $ | 375 | $ | (10,350 | ) | $ | 22,442 | |||||||||
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 | ||||||||
| December 31, | ||||||||
| 2009 | 2008 | |||||||
| (Unaudited) | (Unaudited) | |||||||
Adjusted EBITDA |
$ | 2,669 | $ | 22,442 | ||||
Pre-opening Costs |
242 | (9,391 | ) | |||||
Depreciation and Amortization |
(71,215 | ) | (27,982 | ) | ||||
Stock-based Compensation |
(2,338 | ) | (1,868 | ) | ||||
Property Charges and Others |
(2,894 | ) | — | |||||
Interest and Other Non-Operating Expenses, Net |
(16,671 | ) | (2,540 | ) | ||||
Income Tax Credit |
518 | 454 | ||||||
Net Loss |
$ | (89,689 | ) | $ | (18,885 | ) | ||
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)
| For The Year Ended December 31, 2009 | ||||||||||||||||||||
| Corporate | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating (Loss) Income |
$ | (33,064 | ) | $ | 8,610 | $ | (133,320 | ) | $ | (114,273 | ) | $ | (272,047 | ) | ||||||
Pre-opening Costs |
— | — | 90,122 | 1,760 | 91,882 | |||||||||||||||
Depreciation and Amortization |
41,981 | 16,490 | 97,708 | 61,317 | 217,496 | |||||||||||||||
Stock-based Compensation |
616 | 316 | 2,156 | 8,297 | 11,385 | |||||||||||||||
Property Charges and Others |
4,169 | — | — | 2,871 | 7,040 | |||||||||||||||
Adjusted EBITDA |
$ | 13,702 | $ | 25,416 | $ | 56,666 | $ | (40,028 | ) | $ | 55,756 | |||||||||
| For The Year Ended December 31, 2008 | ||||||||||||||||||||
| Corporate | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating Income (Loss) |
$ | 118,367 | $ | 12,981 | $ | (33,075 | ) | $ | (97,099 | ) | $ | 1,174 | ||||||||
Pre-opening Costs |
— | — | 21,819 | 2 | 21,821 | |||||||||||||||
Depreciation and Amortization |
44,304 | 12,698 | 10,712 | 59,171 | 126,885 | |||||||||||||||
Stock-based Compensation |
298 | 126 | 521 | 5,910 | 6,855 | |||||||||||||||
Property Charges and Others |
(482 | ) | — | — | 772 | 290 | ||||||||||||||
Adjusted EBITDA |
$ | 162,487 | $ | 25,805 | $ | (23 | ) | $ | (31,244 | ) | $ | 157,025 | ||||||||
| Melco Crown Entertainment Limited | ||||||||||
| Reconciliation of Adjusted EBITDA to Net Loss | ||||||||||
| (In Thousands of U.S. dollars) |
| For The Years Ended | ||||||||
| December 31, | ||||||||
| 2009 | 2008 | |||||||
| (Unaudited) | (Unaudited) | |||||||
Adjusted EBITDA |
$ | 55,756 | $ | 157,025 | ||||
Pre-opening Costs |
(91,882 | ) | (21,821 | ) | ||||
Depreciation and Amortization |
(217,496 | ) | (126,885 | ) | ||||
Stock-based Compensation |
(11,385 | ) | (6,855 | ) | ||||
Property Charges and Others |
(7,040 | ) | (290 | ) | ||||
Interest and Other Non-Operating Expense, Net |
(36,546 | ) | (5,107 | ) | ||||
Income Tax Credit |
132 | 1,470 | ||||||
Net Loss |
$ | (308,461 | ) | $ | (2,463 | ) | ||
Melco Crown Entertainment Limited
Supplemental Data Schedule
Supplemental Data Schedule
| Three Months Ended | For the Years Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
Room Statistics: |
||||||||||||||||
Altira Macau |
||||||||||||||||
Average daily rate (4) |
$ | 196 | $ | 238 | $ | 219 | $ | 236 | ||||||||
Occupancy per available room |
94 | % | 92 | % | 92 | % | 94 | % | ||||||||
Revenue per available room (5) |
$ | 184 | $ | 218 | $ | 201 | $ | 222 | ||||||||
City of Dreams |
||||||||||||||||
Average daily rate (4) |
$ | 152 | $ | — | $ | 159 | $ | — | ||||||||
Occupancy per available room |
79 | % | 0 | % | 84 | % | 0 | % | ||||||||
Revenue per available room (5) |
$ | 120 | $ | — | $ | 133 | $ | — | ||||||||
Other Information: |
||||||||||||||||
Altira Macau |
||||||||||||||||
Average number of table games |
235 | 250 | 248 | 250 | ||||||||||||
Average number of gaming machines |
— | 112 | — | 178 | ||||||||||||
Table games win per unit per day (6) |
$ | 9,970 | $ | 13,412 | $ | 11,052 | $ | 20,009 | ||||||||
Gaming machines win per unit per day (7) |
$ | — | $ | 173 | $ | — | $ | 205 | ||||||||
City of Dreams |
||||||||||||||||
Average number of table games |
445 | — | 463 | — | ||||||||||||
Average number of gaming machines |
1,255 | — | 1,280 | — | ||||||||||||
Table games win per unit per day (6) |
$ | 7,276 | $ | — | $ | 6,935 | $ | — | ||||||||
Gaming machines win per unit per day (7) |
$ | 174 | $ | — | $ | 137 | $ | — | ||||||||
| (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 |