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 November 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
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-4, AS AMENDED (FILE NO. 333-168823) OF MCE
FINANCE LIMITED AND THE GUARANTORS (AS DEFINED THEREIN) 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ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS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/ Geoffrey Davis | |||
| Name: | Geoffrey Davis | |||
| Title: | Deputy Chief Financial Officer | |||
Date: November 2, 2010
Exhibit 99.1
FOR IMMEDIATE RELEASE
Melco Crown Entertainment Announces Third Quarter 2010 Earnings
New York, November 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 third quarter ended September 30, 2010.
Net revenue for the third quarter of 2010 was US$727.0 million, representing an increase of
approximately 45% from US$500.3 million reported in the quarter ended September 30, 2009. Adjusted
EBITDA‹1› was US$136.3 million for the third quarter of 2010, as compared to Adjusted
EBITDA of US$55.6 million in the third quarter of 2009. The year-over-year improvement in net
revenue and Adjusted EBITDA resulted primarily from a broad-based improvement in operating
performance at City of Dreams.
On a U.S. GAAP basis, Melco Crown Entertainment recorded net income for the third quarter of 2010
of US$15.8 million, or US$0.03 per ADS, compared with a net loss of US$39.5 million, or a
loss of US$0.08 per ADS, in the third quarter of 2009. The improvement in bottom line
results was driven by a significant year-over-year improvement in the operating performance at City
of Dreams, partially offset by increased depreciation and amortization expense associated with the
opening of the Grand Hyatt and The House of Dancing Water at City of Dreams and higher net interest
expense related to the refinancing of approximately US$600 million of bank debt through the
issuance of a high yield bond in May 2010.
Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment commented, “We
are pleased to report record net revenue and record Adjusted EBITDA during the third quarter of
2010. These milestones are driven by continued progress in expanding our mass market gaming
volumes and by further success in our already robust VIP business, along with a favorable rolling
chip hold percentage in the third quarter of 2010.
“We opened The House of Dancing Water in September and it has been well received by the market and
our guests. This is one of several new amenities that we plan to introduce into City of Dreams
over the coming months, including Cubic nightclub and Hard Rock
Cafe. We believe that these amenities, against a backdrop of
solid market growth, will continue to drive improving gaming volumes at City of Dreams.
“Though our new operating management structure has only been in place for approximately two months,
we are encouraged by its initial impact on our business and are already seeing tangible results
from its implementation. The focus of our management team continues to be on maximizing returns on
our portfolio of assets in Macau.”
City of Dreams 3Q Results
For the quarter ended September 30, 2010, net revenue at City of Dreams was US$504.0 million
compared to US$287.7 million in the third quarter of 2009. City of Dreams generated Adjusted
EBITDA of US$114.9 million in the third quarter of 2010 compared to US$46.6 million in the third
quarter of 2009. The year-over-year improvements in both net revenue and Adjusted EBITDA were
driven by increased rolling chip volume, an improved mass market win rate, and higher mass market
table games drop in the third quarter of 2010, as compared with the same measures in the third
quarter of 2009.
Rolling chip volume totaled US$14.4 billion for the third quarter of 2010, up 59% from US$9.0
billion in the third quarter of 2009, and the rolling chip hold percentage was 3.4% in the third
quarter of 2010 versus 3.3% in the third quarter of 2009. The expected rolling chip hold
percentage range is 2.7%-3.0%.
Mass market (non rolling chip) table games drop increased 35% to US$523.7 million compared with
US$389.6 million in the third quarter of 2009. The mass market win rate was 21.3% in the quarter
under review and increased from 15.3% in the same period last year. At City of Dreams, we expect
our mass market table games hold percentage to range from 20%-22%.
2
Slot handle for the quarter ended September 30, 2010 was US$437.3 million, up 54% from US$284.5
million generated in the quarter ended September 30, 2009.
Total non-gaming revenue at City of Dreams in the third quarter of 2010 was US$31.7 million, up
from US$18.0 million in the third quarter of 2009. Occupancy per available room in the third
quarter of 2010 was 77% versus 92% in the third quarter of 2009. The average daily rate (ADR) in
the third quarter of 2010 was US$158 per occupied room, which compares with US$166 in the third
quarter of 2009.
Altira Macau 3Q Results
For the quarter ended September 30, 2010, net revenue at Altira Macau was US$186.8 million versus
US$182.6 million in the quarter ended September 30, 2009. Altira Macau generated Adjusted EBITDA
of US$28.8 million in the third quarter of 2010 compared with Adjusted EBITDA of US$13.9 million in
the third quarter of 2009.
Rolling chip volume totaled US$9.5 billion in the third quarter of 2010 versus US$9.8 billion in
the third quarter of 2009. In the third quarter of 2010, the rolling chip hold percentage was
2.7%, which is essentially unchanged from that in the comparable quarter last year. The rolling
chip hold percentage in both periods was at the low end of the 2.7%-3.0% expected range.
In the mass market (non rolling chip) table games segment, drop totaled US$97.0 million in the
third quarter of 2010, up 72% from US$56.4 million generated in the comparable period in 2009. The
mass market win rate was 17.6% in the third quarter of 2010 compared with 18.6% in the third
quarter of last year. At Altira Macau, we expect our mass market table games hold percentage to
range from 15%-17%.
Total non-gaming revenue at Altira Macau in the third quarter of 2010 was US$7.1 million, down from
US$7.9 million in the third quarter of 2009. Occupancy per available room in the third quarter of
2010 was 95% and the ADR was US$161 per occupied room. This compares with occupancy and ADR of 93%
and US$215, respectively, in the third quarter of 2009.
3
Mocha Clubs 3Q Results
Net revenue from Mocha Clubs totaled US$27.8 million in the third quarter of 2010, up from US$24.4
million in the third quarter of 2009. Mocha Clubs generated US$7.6 million of Adjusted EBITDA in the third quarter of 2010, which
compares with US$6.3 million in the third quarter of 2009.
The number of gaming machines in operation at the Mocha Clubs averaged approximately 1,600 in the
third quarter of 2010, unchanged from that in the third quarter of 2009. The net win per gaming
machine per day was US$189 in the quarter ended September 30, 2010, as compared with US$168 in the
same period in 2009.
Other Factors Affecting Earnings
Total non-operating expense for the third quarter of 2010 was US$30.1 million, which included
US$28.3 million in net interest expense and other finance costs of US$3.8 million. Capitalized
interest during the third quarter of 2010 totaled US$3.6 million.
Depreciation and amortization costs of US$58.9 million were recorded in the third quarter of 2010,
of which US$14.3 million was related to the amortization of our gaming sub-concession and US$4.9
million was related to the amortization of land use rights. The year-over-year increase in
depreciation and amortization costs is primarily related to the opening of the Grand Hyatt in
September 2009 and the opening of The House of Dancing Water in the third quarter of 2010.
Financial Position and Capital Expenditure
Cash and cash equivalents as of September 30, 2010 totaled US$659.9 million, including US$164.6
million of restricted cash. Total debt at the end of the third quarter of 2010 was US$1.9
billion, and total net debt to shareholders’ equity as of September 30, 2010 was 51%.
Capital expenditures for the third quarter of 2010 were US$20.9 million, primarily attributable to
City of Dreams.
4
Nine Month Results
For the nine months ending September 30, 2010, Melco Crown Entertainment reported net revenue of
US$1.9 billion versus US$932.7 million in the nine months ending September 30, 2009. Adjusted
EBITDA for the first nine months of 2010 was US$296.6 million, as compared with Adjusted EBITDA of
US$53.1 million in the first nine months of 2009.
The year-over-year improvement in net revenue and Adjusted EBITDA were primarily attributable to
significantly improved operating results at both City of Dreams and Altira Macau, as well as from
the opening of City of Dreams in June of 2009 and its contribution to results for the entire nine
months of 2010.
Melco Crown Entertainment reported a net loss of US$26.8 million for the first nine months of 2010
compared to a net loss of US$218.8 million for the first nine months of 2009. The net loss per ADS
for the nine month period ending September 30, 2010 was US$0.05 compared to a net loss per ADS of
US$0.46 for the same period in 2009.
Conference Call Information
Melco Crown Entertainment will hold a conference call to discuss its third quarter 2010 financial
results on November 2, 2010 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
|
1 800 356 4441 | |
US Toll / International
|
1 617 597 5396 | |
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
|
10088386 |
5
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; 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; 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, 2010 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 Measures
| (1) | “Adjusted EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening
costs, property charges and other, share-based compensation costs, and other non-operating
income and expenses. “Adjusted property EBITDA” is earnings before interest, taxes,
depreciation, amortization, pre-opening costs, property charges and other, share-based
compensation costs, corporate and other expenses and other non-operating income and expenses.
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
|
6
principles
(“GAAP”). However, adjusted EBITDA and adjusted property EBITDA should not be considered as alternatives to
operating income as indicators of the Company’s performance, as alternatives to cash flows from
operating activities as measures of liquidity, or as alternatives to any other measure
determined in accordance with GAAP. Unlike net income, adjusted EBITDA and adjusted property
EBITDA do not include depreciation and amortization or interest expense and therefore do not
reflect current or future capital expenditures or the cost of capital. The Company compensates
for these limitations by using adjusted EBITDA and adjusted property EBITDA as only two of
several comparative tools, together with GAAP measurements, to assist in the evaluation of
operating performance. Such GAAP measurements include operating income (loss), net income
(loss), cash flows from operations and cash flow data. The Company has significant uses of cash
flows, including capital expenditures, interest payments, debt principal repayments, taxes and
other non-recurring charges, which are not reflected in adjusted EBITDA or adjusted property
EBITDA. Also, the Company’s calculation of adjusted EBITDA and adjusted property EBITDA may be
different from the calculation methods used by other companies and, therefore, comparability
may be limited. Reconciliations of adjusted EBITDA and adjusted property EBITDA with the most
comparable financial measures calculated and presented in accordance with GAAP are provided
herein immediately following the financial statements included in this press release.
|
| (2) | “Adjusted net (loss) income” is net (loss) income before pre-opening costs, property
charges and other. Adjusted net (loss) income and adjusted net (loss) 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 (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. |
7
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 1,600 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-50 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.
Investment Community please contact:
Geoffrey Davis, CFA
Deputy CFO and Treasurer
Tel: +1 212 671 1936
Email: geoffreydavis@melco-crown.com
For media enquiry, please contact:
Maggie Ma
Mead of Corporate Communications
Tel: +852 3151 3767
Email: maggiema@melco-crown.com
Geoffrey Davis, CFA
Deputy CFO and Treasurer
Tel: +1 212 671 1936
Email: geoffreydavis@melco-crown.com
For media enquiry, please contact:
Maggie Ma
Mead of Corporate Communications
Tel: +852 3151 3767
Email: maggiema@melco-crown.com
8
Melco Crown Entertainment Limited
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, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
OPERATING REVENUES |
||||||||||||||||
Casino |
$ | 706,876 | $ | 491,248 | $ | 1,811,715 | $ | 915,657 | ||||||||
Rooms |
20,412 | 13,409 | 59,747 | 24,857 | ||||||||||||
Food and beverage |
12,547 | 8,843 | 39,953 | 17,234 | ||||||||||||
Entertainment, retail and others |
6,691 | 4,393 | 17,452 | 8,224 | ||||||||||||
Gross revenues |
746,526 | 517,893 | 1,928,867 | 965,972 | ||||||||||||
Less: promotional allowances |
(19,544 | ) | (17,565 | ) | (60,640 | ) | (33,316 | ) | ||||||||
Net revenues |
726,982 | 500,328 | 1,868,227 | 932,656 | ||||||||||||
OPERATING COSTS AND EXPENSES |
||||||||||||||||
Casino |
(521,195 | ) | (396,944 | ) | (1,387,025 | ) | (780,071 | ) | ||||||||
Rooms |
(3,778 | ) | (2,194 | ) | (10,545 | ) | (4,254 | ) | ||||||||
Food and beverage |
(11,224 | ) | (5,777 | ) | (26,554 | ) | (12,289 | ) | ||||||||
Entertainment, retail and others |
(5,098 | ) | (2,408 | ) | (9,241 | ) | (3,422 | ) | ||||||||
General and administrative |
(51,802 | ) | (40,228 | ) | (143,151 | ) | (88,580 | ) | ||||||||
Pre-opening costs |
(9,217 | ) | (12,561 | ) | (16,199 | ) | (92,124 | ) | ||||||||
Amortization of gaming subconcession |
(14,309 | ) | (14,309 | ) | (42,928 | ) | (42,928 | ) | ||||||||
Amortization of land use rights |
(4,881 | ) | (4,543 | ) | (14,641 | ) | (13,628 | ) | ||||||||
Depreciation and amortization |
(58,860 | ) | (45,888 | ) | (172,593 | ) | (89,725 | ) | ||||||||
Property charges and others |
(125 | ) | (12 | ) | (91 | ) | (4,146 | ) | ||||||||
Total operating costs and expenses |
(680,489 | ) | (524,864 | ) | (1,822,968 | ) | (1,131,167 | ) | ||||||||
OPERATING INCOME (LOSS) |
46,493 | (24,536 | ) | 45,259 | (198,511 | ) | ||||||||||
NON-OPERATING EXPENSES |
||||||||||||||||
Interest expenses, net |
(28,282 | ) | (12,230 | ) | (65,048 | ) | (15,960 | ) | ||||||||
Other finance costs |
(3,821 | ) | (3,039 | ) | (6,441 | ) | (5,659 | ) | ||||||||
Foreign exchange gain (loss), net |
786 | (289 | ) | 803 | (114 | ) | ||||||||||
Other income, net |
552 | 858 | 1,593 | 1,858 | ||||||||||||
Costs associated with debt modification |
— | — | (3,156 | ) | — | |||||||||||
Total non-operating expenses |
(30,765 | ) | (14,700 | ) | (72,249 | ) | (19,875 | ) | ||||||||
INCOME (LOSS) BEFORE INCOME TAX |
15,728 | (39,236 | ) | (26,990 | ) | (218,386 | ) | |||||||||
INCOME TAX CREDIT (EXPENSE) |
50 | (252 | ) | 193 | (386 | ) | ||||||||||
NET INCOME (LOSS) |
$ | 15,778 | $ | (39,488 | ) | $ | (26,797 | ) | $ | (218,772 | ) | |||||
INCOME (LOSS) PER SHARE: |
||||||||||||||||
Basic |
$ | 0.010 | $ | (0.026 | ) | $ | (0.017 | ) | $ | (0.154 | ) | |||||
Diluted |
$ | 0.010 | $ | (0.026 | ) | $ | (0.017 | ) | $ | (0.154 | ) | |||||
INCOME (LOSS) PER ADS: |
||||||||||||||||
Basic |
$ | 0.030 | $ | (0.078 | ) | $ | (0.050 | ) | $ | (0.461 | ) | |||||
Diluted |
$ | 0.029 | $ | (0.078 | ) | $ | (0.050 | ) | $ | (0.461 | ) | |||||
WEIGHTED AVERAGE SHARES USED IN INCOME (LOSS) PER SHARE CALCULATION: |
||||||||||||||||
Basic |
1,595,395,720 | 1,525,550,917 | 1,595,319,936 | 1,423,045,390 | ||||||||||||
Diluted |
1,605,818,041 | 1,525,550,917 | 1,595,319,936 | 1,423,045,390 | ||||||||||||
9
Melco Crown Entertainment Limited
Condensed Consolidated Balance Sheets
(In Thousands of U.S. dollars)
| September 30, | December 31, | |||||||
| 2010 | 2009 | |||||||
| (Unaudited) | (Audited) | |||||||
ASSETS |
||||||||
CURRENT ASSETS |
||||||||
Cash and cash equivalents |
$ | 495,345 | $ | 212,598 | ||||
Restricted cash |
164,568 | 236,119 | ||||||
Accounts receivable, net |
276,233 | 299,700 | ||||||
Amounts due from affiliated companies |
1,377 | 1 | ||||||
Inventories |
7,596 | 6,534 | ||||||
Prepaid expenses and other current assets |
19,860 | 19,768 | ||||||
Total current assets |
964,979 | 774,720 | ||||||
PROPERTY AND EQUIPMENT, NET |
2,698,522 | 2,786,646 | ||||||
GAMING SUBCONCESSION, NET |
671,051 | 713,979 | ||||||
INTANGIBLE ASSETS, NET |
4,220 | 4,220 | ||||||
GOODWILL |
81,915 | 81,915 | ||||||
LONG-TERM PREPAYMENT, DEPOSITS AND OTHER ASSETS |
92,511 | 52,365 | ||||||
DEFERRED TAX ASSETS |
98 | — | ||||||
DEFERRED FINANCING COSTS |
48,825 | 38,948 | ||||||
LAND USE RIGHTS, NET |
433,036 | 447,576 | ||||||
TOTAL |
$ | 4,995,157 | $ | 4,900,369 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
CURRENT LIABILITIES |
||||||||
Accounts payable |
$ | 10,734 | $ | 8,719 | ||||
Accrued expenses and other current liabilities |
484,235 | 497,767 | ||||||
Income tax payable |
1,147 | 768 | ||||||
Current portion of long-term debt |
190,360 | 44,504 | ||||||
Amounts due to affiliated companies |
1,284 | 7,384 | ||||||
Amounts due to shareholders |
19 | 25 | ||||||
Total current liabilities |
687,779 | 559,167 | ||||||
LONG-TERM DEBT |
1,641,055 | 1,638,703 | ||||||
OTHER LONG-TERM LIABILITIES |
7,291 | 20,619 | ||||||
DEFERRED TAX LIABILITIES |
17,145 | 17,757 | ||||||
LOANS FROM SHAREHOLDERS |
115,647 | 115,647 | ||||||
LAND USE RIGHT PAYABLE |
24,241 | 39,432 | ||||||
SHAREHOLDERS’ EQUITY |
||||||||
Ordinary shares |
15,968 | 15,956 | ||||||
Treasury shares |
(11 | ) | (5 | ) | ||||
Additional paid-in capital |
3,093,657 | 3,088,768 | ||||||
Accumulated other comprehensive losses |
(14,177 | ) | (29,034 | ) | ||||
Accumulated losses |
(593,438 | ) | (566,641 | ) | ||||
Total shareholders’ equity |
2,501,999 | 2,509,044 | ||||||
TOTAL |
$ | 4,995,157 | $ | 4,900,369 | ||||
10
Melco Crown Entertainment Limited
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)
(In Thousands of U.S. dollars, except share and per share data)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| Septermber 30, | Septermber 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Net Income (Loss) |
$ | 15,778 | $ | (39,488 | ) | $ | (26,797 | ) | $ | (218,772 | ) | |||||
Pre-opening Costs |
9,217 | 12,561 | 16,199 | 92,124 | ||||||||||||
Property Charges and Others |
125 | 12 | 91 | 4,146 | ||||||||||||
Adjusted Net Income (Loss) |
$ | 25,120 | $ | (26,915 | ) | $ | (10,507 | ) | $ | (122,502 | ) | |||||
ADJUSTED NET INCOME (LOSS) PER ADS: |
||||||||||||||||
Basic |
$ | 0.047 | $ | (0.053 | ) | $ | (0.020 | ) | $ | (0.258 | ) | |||||
Diluted |
$ | 0.047 | $ | (0.053 | ) | $ | (0.020 | ) | $ | (0.258 | ) | |||||
11
Melco Crown Entertainment Limited
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA
(In Thousands of U.S. dollars)
| Three Months Ended September 30, 2010 | ||||||||||||||||||||
| Corporate | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating Income (Loss) |
$ | 19,255 | $ | 4,178 | $ | 55,622 | $ | (32,562 | ) | $ | 46,493 | |||||||||
Pre-opening Costs |
— | — | 9,217 | — | 9,217 | |||||||||||||||
Depreciation and Amortization |
9,512 | 3,396 | 49,846 | 15,296 | 78,050 | |||||||||||||||
Stock-based Compensation |
46 | 31 | 181 | 2,132 | 2,390 | |||||||||||||||
Property Charges and Others |
— | — | — | 125 | 125 | |||||||||||||||
Adjusted EBITDA |
28,813 | 7,605 | 114,866 | (15,009 | ) | 136,275 | ||||||||||||||
Corporate and Other Expenses |
— | — | — | 15,009 | 15,009 | |||||||||||||||
Adjusted Property EBITDA |
$ | 28,813 | $ | 7,605 | $ | 114,866 | $ | — | $ | 151,284 | ||||||||||
| Three Months Ended September 30, 2009 | ||||||||||||||||||||
| Corporate | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating Income (Loss) |
$ | 3,672 | $ | 2,109 | $ | (941 | ) | $ | (29,376 | ) | $ | (24,536 | ) | |||||||
Pre-opening Costs |
— | — | 12,026 | 535 | 12,561 | |||||||||||||||
Depreciation and Amortization |
10,097 | 4,090 | 35,133 | 15,420 | 64,740 | |||||||||||||||
Stock-based Compensation |
106 | 83 | 426 | 2,232 | 2,847 | |||||||||||||||
Property Charges and Others |
— | — | — | 12 | 12 | |||||||||||||||
Adjusted EBITDA |
13,875 | 6,282 | 46,644 | (11,177 | ) | 55,624 | ||||||||||||||
Corporate and Other Expenses |
— | — | — | 11,177 | 11,177 | |||||||||||||||
Adjusted Property EBITDA |
$ | 13,875 | $ | 6,282 | $ | 46,644 | $ | — | $ | 66,801 | ||||||||||
12
Melco Crown Entertainment Limited
Reconciliation of Adjusted EBITDA and Adjusted Property EBITDA to Net Income (Loss)
(In Thousands of U.S. dollars)
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2010 | 2009 | |||||||
| (Unaudited) | (Unaudited) | |||||||
Adjusted Property EBITDA |
$ | 151,284 | $ | 66,801 | ||||
Corporate and Other Expenses |
(15,009 | ) | (11,177 | ) | ||||
Adjusted EBITDA |
136,275 | 55,624 | ||||||
Pre-opening Costs |
(9,217 | ) | (12,561 | ) | ||||
Depreciation and Amortization |
(78,050 | ) | (64,740 | ) | ||||
Stock-based Compensation |
(2,390 | ) | (2,847 | ) | ||||
Property Charges and Others |
(125 | ) | (12 | ) | ||||
Interest and Other Non-Operating Expenses, Net |
(30,765 | ) | (14,700 | ) | ||||
Income Tax Credit (Expense) |
50 | (252 | ) | |||||
Net Income (Loss) |
$ | 15,778 | $ | (39,488 | ) | |||
13
Melco Crown Entertainment Limited
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA
(In Thousands of U.S. dollars)
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA
(In Thousands of U.S. dollars)
| Nine Months Ended September 30, 2010 | ||||||||||||||||||||
| Corporate | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating Income (Loss) |
$ | 58,197 | $ | 9,754 | $ | 68,360 | $ | (91,052 | ) | $ | 45,259 | |||||||||
Pre-opening Costs |
— | — | 16,199 | — | 16,199 | |||||||||||||||
Depreciation and Amortization |
29,616 | 11,364 | 143,260 | 45,922 | 230,162 | |||||||||||||||
Stock-based Compensation |
(25 | ) | 91 | 530 | 4,297 | 4,893 | ||||||||||||||
Property Charges and Others |
(474 | ) | 12 | 324 | 229 | 91 | ||||||||||||||
Adjusted EBITDA |
87,314 | 21,221 | 228,673 | (40,604 | ) | 296,604 | ||||||||||||||
Corporate and Other Expenses |
— | — | — | 40,604 | 40,604 | |||||||||||||||
Adjusted Property EBITDA |
$ | 87,314 | $ | 21,221 | $ | 228,673 | $ | — | $ | 337,208 | ||||||||||
| Nine Months Ended September 30, 2009 | ||||||||||||||||||||
| Corporate | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating (Loss) Income |
$ | (5,739 | ) | $ | 6,628 | $ | (114,262 | ) | $ | (85,138 | ) | $ | (198,511 | ) | ||||||
Pre-opening Costs |
— | — | 90,409 | 1,715 | 92,124 | |||||||||||||||
Depreciation and Amortization |
31,568 | 12,278 | 56,511 | 45,924 | 146,281 | |||||||||||||||
Stock-based Compensation |
563 | 269 | 1,807 | 6,408 | 9,047 | |||||||||||||||
Property Charges and Others |
1,279 | — | — | 2,867 | 4,146 | |||||||||||||||
Adjusted EBITDA |
27,671 | 19,175 | 34,465 | (28,224 | ) | 53,087 | ||||||||||||||
Corporate and Other Expenses |
— | — | — | 28,224 | 28,224 | |||||||||||||||
Adjusted Property EBITDA |
$ | 27,671 | $ | 19,175 | $ | 34,465 | $ | — | $ | 81,311 | ||||||||||
14
Melco Crown Entertainment Limited
Reconciliation of Adjusted EBITDA and Adjusted Property EBITDA to Net Loss
(In Thousands of U.S. dollars)
Reconciliation of Adjusted EBITDA and Adjusted Property EBITDA to Net Loss
(In Thousands of U.S. dollars)
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2010 | 2009 | |||||||
| (Unaudited) | (Unaudited) | |||||||
Adjusted Property EBITDA |
$ | 337,208 | $ | 81,311 | ||||
Corporate and Other Expenses |
(40,604 | ) | (28,224 | ) | ||||
Adjusted EBITDA |
296,604 | 53,087 | ||||||
Pre-opening Costs |
(16,199 | ) | (92,124 | ) | ||||
Depreciation and Amortization |
(230,162 | ) | (146,281 | ) | ||||
Stock-based Compensation |
(4,893 | ) | (9,047 | ) | ||||
Property Charges and Others |
(91 | ) | (4,146 | ) | ||||
Interest and Other Non-Operating Expense, Net |
(72,249 | ) | (19,875 | ) | ||||
Income Tax Credit (Expense) |
193 | (386 | ) | |||||
Net Loss |
$ | (26,797 | ) | $ | (218,772 | ) | ||
15
Melco Crown Entertainment Limited
Supplemental Data Schedule
Supplemental Data Schedule
| Three Months Ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
Room Statistics: |
||||||||||||||||
Altira Macau |
||||||||||||||||
Average daily rate (4) |
$ | 161 | $ | 215 | $ | 164 | $ | 227 | ||||||||
Occupancy per available room |
95 | % | 93 | % | 93 | % | 91 | % | ||||||||
Revenue per available room (5) |
$ | 152 | $ | 201 | $ | 153 | $ | 206 | ||||||||
City of Dreams |
||||||||||||||||
Average daily rate (4) |
$ | 158 | $ | 166 | $ | 154 | $ | 167 | ||||||||
Occupancy per available room |
77 | % | 92 | % | 78 | % | 89 | % | ||||||||
Revenue per available room (5) |
$ | 121 | $ | 154 | $ | 119 | $ | 149 | ||||||||
Other Information: |
||||||||||||||||
Altira Macau |
||||||||||||||||
Average number of table games |
209 | 251 | 213 | 252 | ||||||||||||
Table games win per unit per day (6) |
$ | 14,248 | $ | 11,806 | $ | 15,183 | $ | 11,391 | ||||||||
City of Dreams |
||||||||||||||||
Average number of table games |
405 | 467 | 408 | 476 | ||||||||||||
Average number of gaming machines |
1,283 | 1,293 | 1,301 | 1,300 | ||||||||||||
Table games win per unit per day (6) |
$ | 16,150 | $ | 8,311 | $ | 12,356 | $ | 6,694 | ||||||||
Gaming machines win per unit per day (7) |
$ | 216 | $ | 108 | $ | 209 | $ | 110 | ||||||||
| (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 |
16