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 May 2011
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
MELCO CROWN ENTERTAINMENT LIMITED
Form 6-K
TABLE OF CONTENTS
Form 6-K
TABLE OF CONTENTS
2
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, CFA | |||
| Title: | Chief Financial Officer | |||
Date: May 19, 2011
3
Exhibit 99.1
FOR IMMEDIATE RELEASE
Melco Crown Entertainment Announces First Quarter 2011 Earnings
NEW YORK, May 19, 2011 — 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 first quarter of 2011.
Net revenue for the first quarter of 2011 was US$806.6 million, representing an increase of
approximately 42% from US$567.6 million for the comparable period ended March 31, 2010. The
increase in net revenue resulted primarily from the continuing ramp up of the rolling chip, mass
market and hotel operations at City of Dreams, contribution from The House of Dancing Water, as
well as significant improvement in Altira Macau’s rolling chip volume.
Adjusted EBITDA<1> was US$121.3 million for the first quarter of 2011, as compared to
Adjusted EBITDA of US$86.9 million in the first quarter of 2010. The year-over-year increase in
Adjusted EBITDA in the first quarter of 2011 was attributable to the significant increase in gaming
volumes, combined with strict cost controls that drove operating leverage.
On a U.S. GAAP basis, Melco Crown Entertainment recorded net income for the first quarter of 2011
of US$7.2 million, or US$0.01 per ADS, compared with a net loss of US$12.5 million, or a loss of
US$0.02 per ADS, in the first quarter of 2010. The continuing year-on-year improvement in
bottom-line profitability was primarily driven by the significant improvement in both gaming and
non-gaming fundamental operating performance at City of Dreams and Altira Macau, partially offset
by increased depreciation and amortization expense primarily associated with the opening of 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.
Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment, commented,
“Our results from the first quarter of 2011 continue to illustrate our success in leveraging our
high quality portfolio of assets, with record gaming and non-gaming revenues, synergies from our
new management structure, and our focus on margin enhancement, which drive continuing improvement
in operating leverage.
“Our non-gaming entertainment amenities, including The House of Dancing Water and Cubic Nightclub,
which opened on April 1, 2011, continue to generate incremental visitation, consistent with our
objective of developing the highly profitable premium mass market operations at City of Dreams. We
also continue to make headway in the development of our customer database, allowing us to
strategically target profitable customers now and in the future.
“With the growth in our mass market operations, as well as our ability to capture the ongoing
strong growth in the rolling chip segment, our outlook remains positive, particularly as we focus
on various cost control initiatives, improving margins and bottom line results.”
City of Dreams 1Q Results
For the quarter ended March 31, 2011, net revenue at City of Dreams was US$500.3 million compared
to US$336.3 million in the first quarter of 2010. City of Dreams generated Adjusted EBITDA of
US$86.0 million in the first quarter of 2011 compared to US$70.9 million in the first quarter of
2010, an increase of 21%.
The year-over-year improvements were driven by significant increases in both rolling chip and mass
market (non rolling chip) volume, as well as improvements in non-gaming operations, including
contributions from hotel sales and The House of Dancing Water.
Rolling chip volume totaled US$18.8 billion for the first quarter of 2011, up 92% from US$9.8
billion in the first quarter of 2010, and the rolling chip hold percentage was 2.5% in the first
quarter of 2011 versus 3.0% in the first quarter of 2010. The expected rolling chip hold percentage
range is 2.7%-3.0%.
2
Mass market table games drop increased 35% to US$646.9 million compared with US$479.4 million in
the first quarter of 2010. The mass market win rate was 22.5% in the quarter under review, an
increase from 20.4% in the same period last year. At City of Dreams, we expect our mass market
table games hold percentage to range from 21.0%-23.0%.
Slot handle for the quarter ended March 31, 2011 was US$511.3 million, up 16% from US$441.0 million
generated in the quarter ended March 31, 2010.
Total non-gaming revenue at City of Dreams in the first quarter of 2011 was US$48.7 million, up
from US$29.4 million in the first quarter of 2010. Occupancy per available room in the first
quarter of 2011 was 87% versus 75% in the first quarter of 2010. The average daily rate (ADR) in
the first quarter of 2011 was US$171 per occupied room, which compares with US$152 in the first
quarter of 2010, an increase of 13%.
Altira Macau 1Q Results
For the quarter ended March 31, 2011, net revenue at Altira Macau was US$265.5 million versus
US$197.2 million in the quarter ended March 31, 2010. Altira Macau generated Adjusted EBITDA of
US$41.1 million in the first quarter of 2011 compared with Adjusted EBITDA of US$21.8 million in
the first quarter of 2010, an increase of 88%. The significant improvement in Adjusted EBITDA
performance was primarily driven by the increase in rolling chip revenues, as well as improvements
in operating margins through cost control initiatives.
Rolling chip volume totaled US$12.7 billion in the first quarter of 2011 versus US$9.9 billion in
the first quarter of 2010. In the first quarter of 2011, the rolling chip hold percentage was 2.8%,
in-line with the hold percentage for the same period a year ago. The expected rolling chip hold
percentage range is 2.7%-3.0%.
In the mass market table games segment, drop totaled US$139.6 million in the first quarter of 2011,
up 96% from US$71.1 million generated in the comparable period in 2010. The mass market win rate
was 17.7% in the first quarter of 2011 compared with 14.9% in the first quarter of last year. At
Altira Macau, we expect our mass market table games hold percentage to range from 15.0%-17.0%.
3
Total non-gaming revenue at Altira Macau in the first quarter of 2011 was US$7.6 million, up
slightly from US$7.4 million in the first quarter of 2010. Occupancy per available room in the
first quarter of 2011 was 97% compared to 92% in the first quarter of 2010. ADR was US$195 per
occupied room, compared to US$166 in the first quarter of 2010, an increase of 17%.
Mocha Clubs 1Q Results
Net revenue from Mocha Clubs totaled US$33.8 million in the first quarter of 2011, up from US$26.7
million in the first quarter of 2010. Mocha Clubs generated US$11.3 million of Adjusted EBITDA in
the first quarter of 2011, an increase of 74% when compared to Adjusted EBTDA of US$6.5 million in
the same period in 2010.
The number of gaming machines in operation at Mocha Clubs averaged approximately 1,600 in the first
quarters of 2011 and 2010. The net win per gaming machine per day was US$232 in the quarter ended
March 31, 2011, as compared with US$187 in the same period in 2010, an increase of 24%.
Other Factors Affecting Earnings
Total non-operating expense for the first quarter of 2011 was US$29.1 million, which included
US$26.6 million in net interest expense and other finance costs of US$4.2 million. There was no
capitalized interest during the first quarter of 2011. The year-on-year increase in non-operating
expenses of US$10.3 million primarily relates to increased net interest charges due to the US$600
million Senior Notes.
Depreciation and amortization costs of US$83.0 million were recorded in the first quarter of 2011,
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 House of Dancing
Water in the third quarter of 2010.
4
Financial Position and Capital Expenditure
Cash and cash equivalents as of March 31, 2011 totaled US$704.3 million, including US$145.5 million
of restricted cash. Total debt at the end of the first quarter of 2011 was
US$1.80 billion, and total net debt to shareholders’ equity as of March 31, 2011 was 43%.
Capital expenditures
for the first quarter of 2011 were US$7.3 million, primarily attributable to
various projects at City of Dreams and Altira Macau.
Conference Call Information
Melco Crown Entertainment will hold a conference call to discuss its first quarter 2011 financial
results on May 19, 2011 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
|
1 866 713 8562 | |||
US Toll/International
|
1 617 597 5310 | |||
HK Toll
|
852 3002 1672 | |||
HK Toll Free
|
800 96 3844 | |||
UK Toll Free
|
08082347616 | |||
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
|
25688553 |
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 April 1, 2011 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 others, share-based compensation, and other
non-operating income and expenses. “Adjusted property EBITDA” is earnings before interest,
taxes, depreciation, amortization, pre-opening costs, property charges and others,
share-based compensation, 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 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.
|
6
| (2) | “Adjusted net
income (loss)” is net income (loss) before pre-opening costs and property
charges and others. 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 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 (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:
Ross Dunwoody
Vice President, Investor Relations
Tel: +853 8868 8833 or +852 2598 3689
Email: rossdunwoody@melco-crown.com
Ross Dunwoody
Vice President, Investor Relations
Tel: +853 8868 8833 or +852 2598 3689
Email: rossdunwoody@melco-crown.com
For media enquiry, please contact:
Maggie Ma
Head of Corporate Communications
Tel: +852 3151 3767
Email: maggiema@melco-crown.com
Head of Corporate Communications
Tel: +852 3151 3767
Email: maggiema@melco-crown.com
7
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 | ||||||||
| March 31, | ||||||||
| 2011 | 2010 | |||||||
| (Unaudited) | (Unaudited) | |||||||
OPERATING REVENUES |
||||||||
Casino |
$ | 770,873 | $ | 549,268 | ||||
Rooms |
23,982 | 19,010 | ||||||
Food and beverage |
14,843 | 13,205 | ||||||
Entertainment, retail and others |
18,225 | 5,370 | ||||||
Gross revenues |
827,923 | 586,853 | ||||||
Less: promotional allowances |
(21,336 | ) | (19,248 | ) | ||||
Net revenues |
806,587 | 567,605 | ||||||
OPERATING COSTS AND EXPENSES |
||||||||
Casino |
(611,169 | ) | (422,905 | ) | ||||
Rooms |
(4,585 | ) | (3,312 | ) | ||||
Food and beverage |
(9,007 | ) | (9,489 | ) | ||||
Entertainment, retail and others |
(13,034 | ) | (2,096 | ) | ||||
General and administrative |
(48,756 | ) | (43,972 | ) | ||||
Pre-opening costs |
(603 | ) | (4,072 | ) | ||||
Amortization of gaming subconcession |
(14,309 | ) | (14,309 | ) | ||||
Amortization of land use rights |
(4,881 | ) | (4,880 | ) | ||||
Depreciation and amortization |
(63,773 | ) | (56,909 | ) | ||||
Property charges and others |
(25 | ) | 508 | |||||
Total operating costs and expenses |
(770,142 | ) | (561,436 | ) | ||||
OPERATING INCOME |
36,445 | 6,169 | ||||||
NON-OPERATING EXPENSES |
||||||||
Interest expenses, net |
(26,606 | ) | (15,483 | ) | ||||
Other finance costs |
(4,156 | ) | (3,400 | ) | ||||
Foreign exchange gain (loss), net |
156 | (411 | ) | |||||
Other income, net |
1,464 | 490 | ||||||
Total non-operating expenses |
(29,142 | ) | (18,804 | ) | ||||
INCOME (LOSS) BEFORE INCOME TAX |
7,303 | (12,635 | ) | |||||
INCOME TAX (EXPENSE) CREDIT |
(151 | ) | 161 | |||||
NET INCOME (LOSS) |
$ | 7,152 | $ | (12,474 | ) | |||
INCOME (LOSS) PER SHARE: |
||||||||
Basic |
$ | 0.004 | $ | (0.008 | ) | |||
Diluted |
$ | 0.004 | $ | (0.008 | ) | |||
INCOME (LOSS) PER ADS: |
||||||||
Basic |
$ | 0.013 | $ | (0.023 | ) | |||
Diluted |
$ | 0.013 | $ | (0.023 | ) | |||
WEIGHTED AVERAGE SHARES USED IN INCOME
(LOSS) PER SHARE CALCULATION: |
||||||||
Basic |
1,598,421,886 | 1,595,175,859 | ||||||
Diluted |
1,608,280,976 | 1,595,175,859 | ||||||
8
Melco Crown Entertainment Limited
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)
| March 31, | December 31, | |||||||
| 2011 | 2010 | |||||||
| (Unaudited) | (Audited)(3) | |||||||
ASSETS |
||||||||
CURRENT ASSETS |
||||||||
Cash and cash equivalents |
$ | 558,837 | $ | 441,923 | ||||
Restricted cash |
145,498 | 167,286 | ||||||
Accounts receivable, net |
250,898 | 259,521 | ||||||
Amounts due from affiliated companies |
1,663 | 1,528 | ||||||
Income tax receivable |
74 | 198 | ||||||
Inventories |
15,329 | 14,990 | ||||||
Prepaid expenses and other current assets |
21,029 | 15,026 | ||||||
Total current assets |
993,328 | 900,472 | ||||||
PROPERTY AND EQUIPMENT, NET |
2,617,067 | 2,671,895 | ||||||
GAMING SUBCONCESSION, NET |
642,433 | 656,742 | ||||||
INTANGIBLE ASSETS, NET |
4,220 | 4,220 | ||||||
GOODWILL |
81,915 | 81,915 | ||||||
LONG-TERM PREPAYMENT, DEPOSITS AND OTHER ASSETS |
91,839 | 95,629 | ||||||
DEFERRED TAX ASSETS |
— | 25 | ||||||
DEFERRED FINANCING COSTS |
41,482 | 45,387 | ||||||
LAND USE RIGHTS, NET |
423,274 | 428,155 | ||||||
TOTAL |
$ | 4,895,558 | $ | 4,884,440 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
CURRENT LIABILITIES |
||||||||
Accounts payable |
$ | 8,803 | $ | 8,880 | ||||
Accrued expenses and other current liabilities |
504,652 | 462,084 | ||||||
Income tax payable |
1,057 | 934 | ||||||
Current portion of long-term debt |
238,884 | 202,997 | ||||||
Amounts due to affiliated companies |
523 | 673 | ||||||
Amounts due to shareholders |
28 | 36 | ||||||
Total current liabilities |
753,947 | 675,604 | ||||||
LONG-TERM DEBT |
1,449,920 | 1,521,251 | ||||||
OTHER LONG-TERM LIABILITIES |
4,419 | 6,496 | ||||||
DEFERRED TAX LIABILITIES |
17,761 | 18,010 | ||||||
LOANS FROM SHAREHOLDERS |
115,647 | 115,647 | ||||||
LAND USE RIGHT PAYABLE |
16,359 | 24,241 | ||||||
SHAREHOLDERS’ EQUITY |
||||||||
Ordinary shares |
16,069 | 16,056 | ||||||
Treasury shares |
(63 | ) | (84 | ) | ||||
Additional paid-in capital |
3,099,980 | 3,095,730 | ||||||
Accumulated other comprehensive losses |
(8,467 | ) | (11,345 | ) | ||||
Accumulated losses |
(570,014 | ) | (577,166 | ) | ||||
Total shareholders’ equity |
2,537,505 | 2,523,191 | ||||||
TOTAL |
$ | 4,895,558 | $ | 4,884,440 | ||||
| (3) | The condensed consolidated financial statements for 2010 reflect certain reclassifications,
which have no effect on previously reported net loss, to conform to the current period
presentation. |
9
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)
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 | ||||||||
| March 31, | ||||||||
| 2011 | 2010 | |||||||
| (Unaudited) | (Unaudited) | |||||||
Net Income (Loss) |
$ | 7,152 | $ | (12,474 | ) | |||
Pre-opening Costs |
603 | 4,072 | ||||||
Property Charges and Others |
25 | (508 | ) | |||||
Adjusted Net Income (Loss) |
$ | 7,780 | $ | (8,910 | ) | |||
ADJUSTED NET INCOME (LOSS) PER SHARE: |
||||||||
Basic |
$ | 0.005 | $ | (0.006 | ) | |||
Diluted |
$ | 0.005 | $ | (0.006 | ) | |||
ADJUSTED NET INCOME (LOSS) PER ADS: |
||||||||
Basic |
$ | 0.015 | $ | (0.017 | ) | |||
Diluted |
$ | 0.015 | $ | (0.017 | ) | |||
WEIGHTED AVERAGE SHARES USED IN ADJUSTED
NET INCOME (LOSS) PER SHARE CALCULATION: |
||||||||
Basic |
1,598,421,886 | 1,595,175,859 | ||||||
Diluted |
1,608,280,976 | 1,595,175,859 | ||||||
10
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)
| Three Months Ended March 31, 2011 | ||||||||||||||||||||
| Corporate | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating Income (Loss) |
$ | 31,386 | $ | 8,445 | $ | 30,214 | $ | (33,600 | ) | $ | 36,445 | |||||||||
Pre-opening Costs |
35 | — | 568 | — | 603 | |||||||||||||||
Depreciation and Amortization |
9,604 | 2,756 | 55,057 | 15,546 | 82,963 | |||||||||||||||
Share-based Compensation |
40 | 30 | 186 | 964 | 1,220 | |||||||||||||||
Property Charges and Others |
— | 25 | — | — | 25 | |||||||||||||||
Adjusted EBITDA |
41,065 | 11,256 | 86,025 | (17,090 | ) | 121,256 | ||||||||||||||
Corporate and Other Expenses |
— | — | — | 17,090 | 17,090 | |||||||||||||||
Adjusted Property EBITDA |
$ | 41,065 | $ | 11,256 | $ | 86,025 | $ | — | $ | 138,346 | ||||||||||
| Three Months Ended March 31, 2010 | ||||||||||||||||||||
| Corporate | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating Income (Loss) |
$ | 12,197 | $ | 2,314 | $ | 20,269 | $ | (28,611 | ) | $ | 6,169 | |||||||||
Pre-opening Costs |
— | — | 4,072 | — | 4,072 | |||||||||||||||
Depreciation and Amortization |
10,223 | 4,130 | 46,399 | 15,346 | 76,098 | |||||||||||||||
Share-based Compensation |
(86 | ) | 29 | 158 | 1,005 | 1,106 | ||||||||||||||
Property Charges and Others |
(508 | ) | — | — | — | (508 | ) | |||||||||||||
Adjusted EBITDA |
21,826 | 6,473 | 70,898 | (12,260 | ) | 86,937 | ||||||||||||||
Corporate and Other Expenses |
— | — | — | 12,260 | 12,260 | |||||||||||||||
Adjusted Property EBITDA |
$ | 21,826 | $ | 6,473 | $ | 70,898 | $ | — | $ | 99,197 | ||||||||||
11
Melco Crown Entertainment Limited
Reconciliation of Adjusted EBITDA and Adjusted Property EBITDA to Net Income (Loss)
(In thousands of U.S. dollars)
Reconciliation of Adjusted EBITDA and Adjusted Property EBITDA to Net Income (Loss)
(In thousands of U.S. dollars)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2011 | 2010 | |||||||
| (Unaudited) | (Unaudited) | |||||||
Adjusted Property EBITDA |
$ | 138,346 | $ | 99,197 | ||||
Corporate and Other Expenses |
(17,090 | ) | (12,260 | ) | ||||
Adjusted EBITDA |
121,256 | 86,937 | ||||||
Pre-opening Costs |
(603 | ) | (4,072 | ) | ||||
Depreciation and Amortization |
(82,963 | ) | (76,098 | ) | ||||
Share-based Compensation |
(1,220 | ) | (1,106 | ) | ||||
Property Charges and Others |
(25 | ) | 508 | |||||
Interest and Other Non-Operating Expenses, Net |
(29,142 | ) | (18,804 | ) | ||||
Income Tax (Expense) Credit |
(151 | ) | 161 | |||||
Net Income (Loss) |
$ | 7,152 | $ | (12,474 | ) | |||
12
Melco Crown Entertainment Limited
Supplemental Data Schedule
Supplemental Data Schedule
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2011 | 2010 | |||||||
Room Statistics: |
||||||||
Altira Macau |
||||||||
Average daily rate (4) |
$ | 195 | $ | 166 | ||||
Occupancy per available room |
97 | % | 92 | % | ||||
Revenue per available room (5) |
$ | 189 | $ | 153 | ||||
City of Dreams |
||||||||
Average daily rate (4) |
$ | 171 | $ | 152 | ||||
Occupancy per available room |
87 | % | 75 | % | ||||
Revenue per available room (5) |
$ | 149 | $ | 114 | ||||
Other Information: |
||||||||
Altira Macau |
||||||||
Average number of table games |
207 | 217 | ||||||
Table games win per unit per day (6) |
$ | 20,652 | $ | 14,715 | ||||
City of Dreams |
||||||||
Average number of table games |
414 | 408 | ||||||
Average number of gaming machines |
1,294 | 1,304 | ||||||
Table games win per unit per day (6) |
$ | 16,666 | $ | 10,764 | ||||
Gaming machines win per unit per day (7) |
$ | 275 | $ | 187 | ||||
| (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 |
13