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

For the month of November 2011

Commission File Number: 001-33178

 

MELCO CROWN ENTERTAINMENT LIMITED

 

36^th Floor, The Centrium
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

Explanatory Note
Signature
Exhibit 99.1 - Condensed Consolidated Financial Statements and Reconciliation

Explanatory Note

This 6-K serves to provide holders of MCE Finance Limited’s US$600,000,000 10.25% Senior Notes due 2018 (the “Senior Notes”) with copies of MCE Finance Limited’s unaudited condensed financial statements, on a consolidated basis, in respect of the third fiscal quarter of the fiscal year ended 2011, pursuant to the terms of the Indenture, dated as of May 17, 2010, in connection with the offering of the Senior Notes.

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.

Date: November 29, 2011

Exhibit 99.1

MCE Finance Limited
Index To Unaudited Quarterly Report
For the Nine Months Ended September 30, 2011

		Page(s)
Unaudited MCE Finance Limited Condensed Consolidated Financial Statements			2-4
Unaudited MCE Finance Limited — Restricted Subsidiaries Group Condensed Consolidated Financial Statements			5-7
Unaudited Reconciliation of Financial Condition and Results of Operations of MCE Finance Limited — Restricted Subsidiaries Group to MCE Finance Limited			8-9

MCE Finance Limited
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)

		September 30, 2011				December 31, 2010
		(Unaudited)				(Audited)(1)
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	930,468			$	410,767
Restricted cash			—				167,286
Accounts receivable, net			274,845				259,521
Amounts due from affiliated companies			204,464				183,881
Inventories			14,722				14,990
Prepaid expenses and other current assets			14,930				9,057
Total current assets			1,439,429				1,045,502
PROPERTY AND EQUIPMENT, NET			2,503,831				2,660,464
GAMING SUBCONCESSION, NET			613,814				656,742
INTANGIBLE ASSETS, NET			4,220				4,220
GOODWILL			81,915				81,915
LONG-TERM PREPAYMENT, DEPOSITS AND OTHER ASSETS			72,446				94,470
LOAN TO SHAREHOLDER			56,140				—
DEFERRED FINANCING COSTS			39,742				45,387
LAND USE RIGHTS, NET			413,511				428,155
TOTAL		$	5,225,048			$	5,016,855
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable		$	8,941			$	8,880
Accrued expenses and other current liabilities			575,911				449,912
Current portion of long-term debt			—				202,997
Amount due to shareholder			1,065,831				1,071,121
Amounts due to affiliated companies			40,187				38,373
Total current liabilities			1,690,870				1,771,283
LONG-TERM DEBT			1,607,707				1,521,251
OTHER LONG-TERM LIABILITIES			4,831				6,476
DEFERRED TAX LIABILITIES			17,046				17,818
LAND USE RIGHT PAYABLE			8,281				24,241
SHAREHOLDERS’ EQUITY
Ordinary shares			—				—
Additional paid-in capital			2,261,725				2,261,725
Accumulated other comprehensive income (losses)			2,635				(7,786	)
Accumulated losses			(368,047	)			(578,153	)
Total shareholders’ equity			1,896,313				1,675,786
TOTAL		$	5,225,048			$	5,016,855

(1)		The condensed consolidated financial statements for 2010 reflect certain reclassifications, which have no effect on previously reported net income (loss), to conform to the current period presentation.

MCE Finance Limited
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands of U.S. dollars)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2011				2010(1)				2011				2010(1)
OPERATING REVENUES
Casino		$	1,017,780			$	706,876			$	2,710,141			$	1,811,715
Rooms			27,038				20,708				76,870				60,608
Food and beverage			15,557				12,799				45,865				40,684
Entertainment, retail and others			22,996				7,033				70,265				18,256
Gross revenues			1,083,371				747,416				2,903,141				1,931,263
Less: promotional allowances			(25,712	)			(19,520	)			(70,931	)			(60,346	)
Net revenues			1,057,659				727,896				2,832,210				1,870,917
OPERATING COSTS AND EXPENSES
Casino			(733,333	)			(521,195	)			(2,007,096	)			(1,387,025	)
Rooms			(4,857	)			(3,778	)			(13,881	)			(10,545	)
Food and beverage			(8,470	)			(11,224	)			(25,013	)			(26,554	)
Entertainment, retail and others			(14,378	)			(5,098	)			(43,536	)			(9,241	)
General and administrative			(56,678	)			(50,769	)			(166,126	)			(142,922	)
Pre-opening costs			(207	)			(9,217	)			(1,492	)			(16,199	)
Amortization of gaming subconcession			(14,309	)			(14,309	)			(42,928	)			(42,928	)
Amortization of land use rights			(4,881	)			(4,881	)			(14,644	)			(14,641	)
Depreciation and amortization			(64,653	)			(58,393	)			(191,884	)			(171,172	)
Property charges and others			—				(125	)			(25	)			(91	)
Total operating costs and expenses			(901,766	)			(678,989	)			(2,506,625	)			(1,821,318	)
OPERATING INCOME			155,893				48,907				325,585				49,599
NON-OPERATING EXPENSES
Interest expenses, net			(25,719	)			(28,209	)			(77,370	)			(64,899	)
Other finance costs			(2,574	)			(3,821	)			(10,684	)			(6,441	)
Reclassification of accumulated losses of interest rate swap agreements from accumulated other comprehensive losses			—				—				(4,310	)			—
Change in fair value of interest rate swap agreements			3,294				—				3,294				—
Foreign exchange (loss) gain, net			(2,280	)			436				(1,987	)			642
Loss on extinguishment of debt			—				—				(25,193	)			—
Costs associated with debt modification			—				—				—				(3,156	)
Total non-operating expenses			(27,279	)			(31,594	)			(116,250	)			(73,854	)
INCOME (LOSS) BEFORE INCOME TAX			128,614				17,313				209,335				(24,255	)
INCOME TAX CREDIT			194				234				771				745
NET INCOME (LOSS)		$	128,808			$	17,547			$	210,106			$	(23,510	)

(1)		The condensed consolidated financial statements for 2010 reflect certain reclassifications, which have no effect on previously reported net income (loss), to conform to the current period presentation.

MCE Finance Limited
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands of U.S. dollars)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2011				2010(1)				2011				2010(1)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)		$	128,808			$	17,547			$	210,106			$	(23,510	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			83,843				77,583				249,456				228,741
Amortization of deferred financing costs			2,098				3,564				9,747				10,508
Amortization of discount on senior notes payable			182				166				535				248
Loss on disposal of property and equipment			48				76				51				178
Allowance for doubtful debts and direct write off			7,071				4,431				27,301				22,342
Loss on extinguishment of debt			—				—				25,193				—
Written off deferred financing costs on modification of debt			—				—				—				1,992
Reclassification of accumulated losses of interest rate swap
agreements from accumulated other comprehensive losses			—				—				4,310				—
Change in fair value of interest rate swap agreements			(3,294	)			—				(3,294	)			—
Changes in operating assets and liabilities:
Accounts receivable			(39,282	)			26,987				(25,281	)			(29,488	)
Amounts due from affiliated companies			(7,972	)			(8,147	)			(20,583	)			(27,414	)
Inventories			(530	)			(253	)			268				(1,329	)
Prepaid expenses and other current assets			(5	)			(967	)			(5,873	)			(437	)
Long-term prepayment, deposits and other assets			(1,211	)			317				(856	)			568
Accounts payable			(735	)			1,364				61				1,918
Accrued expenses and other current liabilities			132,844				87,373				139,861				79,483
Amounts due to affiliated companies			2,829				3,024				1,813				14,763
Other long-term liabilities			335				171				633				124
Deferred tax liabilities			(195	)			(234	)			(772	)			(746	)
Net cash provided by operating activities			304,834				213,002				612,676				277,941
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment			(11,658	)			(31,611	)			(34,493	)			(149,103	)
Deposits for acquisition of property and equipment			(1,971	)			(28	)			(3,864	)			(863	)
Payment for entertainment production costs			(70	)			(9,891	)			(70	)			(27,048	)
Changes in restricted cash			12,499				29,706				167,286				68,517
Payment for land use right			(7,689	)			(7,340	)			(15,271	)			(39,458	)
Loan to shareholder			(56,140	)			—				(56,140	)			—
Proceeds from sale of property and equipment			1				56				114				57
Net cash (used in) provided by investing activities			(65,028	)			(19,108	)			57,562				(147,898	)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of deferred financing costs			(866	)			(329	)			(28,171	)			(21,523	)
Amount due to shareholder			56,455				2,870				(5,290	)			22,620
Principal payments on long-term debt			—				—				(117,076	)			(444,066	)
Proceeds from long-term debt			—				—				—				592,026
Net cash provided by (used in) financing activities			55,589				2,541				(150,537	)			149,057
NET INCREASE IN CASH AND CASH EQUIVALENTS			295,395				196,435				519,701				279,100
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD			635,073				259,958				410,767				177,293
CASH AND CASH EQUIVALENTS AT END OF PERIOD		$	930,468			$	456,393			$	930,468			$	456,393
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS
Cash paid for interest (net of capitalized interest)		$	(11,236	)		$	(13,679	)		$	(64,772	)		$	(43,531	)
Cash paid for tax (net of refunds)		$	(2	)		$	—			$	(2	)		$	—
NON-CASH INVESTING AND FINANCING ACTIVITIES
Construction costs and property and equipment funded through accrued expenses and other current liabilities		$	1,973			$	(9,549	)		$	3,750			$	28,157
Costs of property and equipment funded through amounts due to affiliated companies and shareholder		$	(91	)		$	(1,144	)		$	1			$	—
Deferred financing cost funded through accrued expenses and other current liabilities		$	787			$	(329	)		$	1,290			$	1,305

MCE Finance Limited — Restricted Subsidiaries Group
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands of U.S. dollars)

		September 30, 2011				December 31, 2010(1)
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	930,468			$	410,767
Restricted cash			—				167,286
Accounts receivable, net			274,845				259,521
Amounts due from affiliated companies			204,464				183,881
Amounts due from unconsolidated subsidiaries			2				2
Inventories			14,722				14,990
Prepaid expenses and other current assets			14,930				9,057
Total current assets			1,439,431				1,045,504
PROPERTY AND EQUIPMENT, NET			2,503,831				2,660,464
GAMING SUBCONCESSION, NET			613,814				656,742
INTANGIBLE ASSETS, NET			4,220				4,220
GOODWILL			81,915				81,915
LONG-TERM PREPAYMENT, DEPOSITS AND OTHER ASSETS			72,446				94,470
INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES			56,146				6
DEFERRED FINANCING COSTS			39,742				45,387
LAND USE RIGHTS, NET			413,511				428,155
TOTAL		$	5,225,056			$	5,016,863
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable		$	8,941			$	8,880
Accrued expenses and other current liabilities			575,911				449,912
Current portion of long-term debt			—				202,997
Amount due to shareholder			1,065,825				1,071,117
Amounts due to affiliated companies			40,187				38,371
Total current liabilities			1,690,864				1,771,277
LONG-TERM DEBT			1,607,707				1,521,251
OTHER LONG-TERM LIABILITIES			4,831				6,476
DEFERRED TAX LIABILITIES			17,046				17,818
LAND USE RIGHT PAYABLE			8,281				24,241
SHAREHOLDERS’ EQUITY
Ordinary shares			—				—
Additional paid-in capital			2,261,725				2,261,725
Accumulated other comprehensive income (losses)			2,635				(7,786	)
Accumulated losses			(368,033	)			(578,139	)
Total shareholders’ equity			1,896,327				1,675,800
TOTAL		$	5,225,056			$	5,016,863

MCE Finance Limited — Restricted Subsidiaries Group

		Three Months Ended September 30,								Nine Months Ended September 30,
		2011				2010(1)				2011				2010(1)
OPERATING REVENUES
Casino		$	1,017,780			$	706,876			$	2,710,141			$	1,811,715
Rooms			27,038				20,708				76,870				60,608
Food and beverage			15,557				12,799				45,865				40,684
Entertainment, retail and others			22,996				7,033				70,265				18,256
Gross revenues			1,083,371				747,416				2,903,141				1,931,263
Less: promotional allowances			(25,712	)			(19,520	)			(70,931	)			(60,346	)
Net revenues			1,057,659				727,896				2,832,210				1,870,917
OPERATING COSTS AND EXPENSES
Casino			(733,333	)			(521,195	)			(2,007,096	)			(1,387,025	)
Rooms			(4,857	)			(3,778	)			(13,881	)			(10,545	)
Food and beverage			(8,470	)			(11,224	)			(25,013	)			(26,554	)
Entertainment, retail and others			(14,378	)			(5,098	)			(43,536	)			(9,241	)
General and administrative			(56,678	)			(50,769	)			(166,126	)			(142,922	)
Pre-opening costs			(207	)			(9,217	)			(1,492	)			(16,199	)
Amortization of gaming subconcession			(14,309	)			(14,309	)			(42,928	)			(42,928	)
Amortization of land use rights			(4,881	)			(4,881	)			(14,644	)			(14,641	)
Depreciation and amortization			(64,653	)			(58,393	)			(191,884	)			(171,172	)
Property charges and others			—				(125	)			(25	)			(91	)
Total operating costs and expenses			(901,766	)			(678,989	)			(2,506,625	)			(1,821,318	)
OPERATING INCOME			155,893				48,907				325,585				49,599
NON-OPERATING EXPENSES
Interest expenses, net			(25,719	)			(28,209	)			(77,370	)			(64,899	)
Other finance costs			(2,574	)			(3,821	)			(10,684	)			(6,441	)
Reclassification of accumulated losses of interest rate swap agreements from accumulated other comprehensive losses			—				—				(4,310	)			—
Change in fair value of interest rate swap agreements			3,294				—				3,294				—
Foreign exchange (loss) gain, net			(2,280	)			436				(1,987	)			642
Loss on extinguishment of debt			—				—				(25,193	)			—
Costs associated with debt modification			—				—				—				(3,156	)
Total non-operating expenses			(27,279	)			(31,594	)			(116,250	)			(73,854	)
INCOME (LOSS) BEFORE INCOME TAX			128,614				17,313				209,335				(24,255	)
INCOME TAX CREDIT			194				234				771				745
NET INCOME (LOSS)		$	128,808			$	17,547			$	210,106			$	(23,510	)

MCE Finance Limited — Restricted Subsidiaries Group

		Three Months Ended September 30,								Nine Months Ended September 30,
		2011				2010(1)				2011				2010(1)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)		$	128,808			$	17,547			$	210,106			$	(23,510	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			83,843				77,583				249,456				228,741
Amortization of deferred financing costs			2,098				3,564				9,747				10,508
Amortization of discount on senior notes payable			182				166				535				248
Loss on disposal of property and equipment			48				76				51				178
Allowance for doubtful debts and direct write off			7,071				4,431				27,301				22,342
Loss on extinguishment of debt			—				—				25,193				—
Written off deferred financing costs on modification of debt			—				—				—				1,992
Reclassification of accumulated losses of interest rate swap agreements from accumulated other comprehensive losses			—				—				4,310				—
Change in fair value of interest rate swap agreements			(3,294	)			—				(3,294	)			—
Changes in operating assets and liabilities:
Accounts receivable			(39,282	)			26,987				(25,281	)			(29,488	)
Amounts due from affiliated companies			(7,972	)			(8,147	)			(20,583	)			(27,414	)
Inventories			(530	)			(253	)			268				(1,329	)
Prepaid expenses and other current assets			(5	)			(967	)			(5,873	)			(437	)
Long-term prepayment, deposits and other assets			(1,211	)			317				(856	)			568
Accounts payable			(735	)			1,364				61				1,918
Accrued expenses and other current liabilities			132,844				87,373				139,861				79,483
Amounts due to affiliated companies			2,829				3,024				1,815				14,763
Other long-term liabilities			335				171				633				124
Deferred tax liabilities			(195	)			(234	)			(772	)			(746	)
Net cash provided by operating activities			304,834				213,002				612,678				277,941
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment			(11,658	)			(31,611	)			(34,493	)			(149,103	)
Deposits for acquisition of property and equipment			(1,971	)			(28	)			(3,864	)			(863	)
Payment for entertainment production costs			(70	)			(9,891	)			(70	)			(27,048	)
Changes in restricted cash			12,499				29,706				167,286				68,517
Payment for land use right			(7,689	)			(7,340	)			(15,271	)			(39,458	)
Loan to unconsolidated subsidiary			(56,140	)			—				(56,140	)			—
Proceeds from sale of property and equipment			1				56				114				57
Net cash (used in) provided by investing activities			(65,028	)			(19,108	)			57,562				(147,898	)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of deferred financing costs			(866	)			(329	)			(28,171	)			(21,523	)
Amount due to shareholder			56,455				2,870				(5,292	)			22,620
Principal payments on long-term debt			—				—				(117,076	)			(444,066	)
Proceeds from long-term debt			—				—				—				592,026
Net cash provided by (used in) financing activities			55,589				2,541				(150,539	)			149,057
NET INCREASE IN CASH AND CASH EQUIVALENTS			295,395				196,435				519,701				279,100
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD			635,073				259,958				410,767				177,293
CASH AND CASH EQUIVALENTS AT END OF PERIOD		$	930,468			$	456,393			$	930,468			$	456,393
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS
Cash paid for interest (net of capitalized interest)		$	(11,236	)		$	(13,679	)		$	(64,772	)		$	(43,531	)
Cash paid for tax (net of refunds)		$	(2	)		$	—			$	(2	)		$	—
NON-CASH INVESTING AND FINANCING ACTIVITIES
Construction costs and property and equipment funded through accrued expenses and other current liabilities		$	1,973			$	(9,549	)		$	3,750			$	28,157
Costs of property and equipment funded through amounts due to affiliated companies and shareholder		$	(91	)		$	(1,144	)		$	1			$	—
Deferred financing cost funded through accrued expenses and other current liabilities		$	787			$	(329	)		$	1,290			$	1,305

MCE Finance Limited

of MCE Finance Limited — Restricted Subsidiaries Group to MCE Finance Limited
For the Nine Months Ended September 30, 2011
(In thousands of U.S. dollars)

		Consolidated				Unrestricted Subsidiaries
		Total for MCE								Melco Crown
		Finance Limited -				Melco Crown				(Macau
		Restricted				(Macau				Peninsula)								Consolidated
		Subsidiaries				Peninsula) Hotel				Developments								Total for MCE
		Group				Limited				Limited				Elimination				Finance Limited
Condensed Consolidated Balance Sheets (Unaudited) As of September 30, 2011
ASSETS
CURRENT ASSETS
Cash and cash equivalents			930,468																930,468
Accounts receivable, net			274,845																274,845
Amounts due from affiliated companies			204,464																204,464
Amounts due from (to) group companies			—				(1	)			(1	)			2				—
Amounts due from unconsolidated subsidiaries			2												(2	)			—
Inventories			14,722																14,722
Prepaid expenses and other current assets			14,930																14,930
Total current assets			1,439,431				(1	)			(1	)			—				1,439,429
PROPERTY AND EQUIPMENT, NET			2,503,831																2,503,831
GAMING SUBCONCESSION, NET			613,814																613,814
INTANGIBLE ASSETS, NET			4,220																4,220
GOODWILL			81,915																81,915
LONG-TERM PREPAYMENT, DEPOSITS AND OTHER ASSETS			72,446																72,446
LOAN TO SHAREHOLDER			—								56,140								56,140
INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES			56,146												(56,146	)			—
DEFERRED FINANCING COSTS			39,742																39,742
LAND USE RIGHTS, NET			413,511																413,511
TOTAL			5,225,056				(1	)			56,139				(56,146	)			5,225,048
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable			8,941																8,941
Accrued expenses and other current liabilities			575,911																575,911
Amount due to shareholder			1,065,825				3				3								1,065,831
Amounts due to affiliated companies			40,187																40,187
Total current liabilities			1,690,864				3				3				—				1,690,870
LONG-TERM DEBT			1,607,707																1,607,707
OTHER LONG-TERM LIABILITIES			4,831																4,831
LOAN FROM (TO) GROUP COMPANIES			—								56,140				(56,140	)			—
DEFERRED TAX LIABILITIES			17,046																17,046
LAND USE RIGHT PAYABLE			8,281																8,281
SHAREHOLDERS’ EQUITY
Ordinary shares			—				3				3				(6	)			—
Additional paid-in capital			2,261,725																2,261,725
Accumulated other comprehensive income			2,635																2,635
Accumulated losses			(368,033	)			(7	)			(7	)							(368,047	)
Total shareholders’ equity			1,896,327				(4	)			(4	)			(6	)			1,896,313
TOTAL			5,225,056				(1	)			56,139				(56,146	)			5,225,048

MCE Finance Limited
Unaudited Reconciliation of Financial Condition and Results of Operations
of MCE Finance Limited — Restricted Subsidiaries Group to MCE Finance Limited
For the Nine Months Ended September 30, 2011
(In thousands of U.S. dollars)

		Consolidated				Unrestricted Subsidiaries
		Total for MCE								Melco Crown
		Finance Limited -				Melco Crown				(Macau
		Restricted				(Macau				Peninsula)								Consolidated
		Subsidiaries				Peninsula) Hotel				Developments								Total for MCE
		Group				Limited				Limited				Elimination				Finance Limited
Condensed Consolidated Statements of Operations   (Unaudited) For the Nine Months Ended September 30, 2011
OPERATING REVENUES
Casino			2,710,141																2,710,141
Rooms			76,870																76,870
Food and beverage			45,865																45,865
Entertainment, retail and others			70,265																70,265
Gross revenues			2,903,141				—				—				—				2,903,141
Less: promotional allowances			(70,931	)															(70,931	)
Net revenues			2,832,210				—				—				—				2,832,210
OPERATING COSTS AND EXPENSES
Casino			(2,007,096	)															(2,007,096	)
Rooms			(13,881	)															(13,881	)
Food and beverage			(25,013	)															(25,013	)
Entertainment, retail and others			(43,536	)															(43,536	)
General and administrative			(166,126	)															(166,126	)
Pre-opening costs			(1,492	)															(1,492	)
Amortization of gaming subconcession			(42,928	)															(42,928	)
Amortization of land use rights			(14,644	)															(14,644	)
Depreciation and amortization			(191,884	)															(191,884	)
Property charges and others			(25	)															(25	)
Total operating costs and expenses			(2,506,625	)			—				—				—				(2,506,625	)
OPERATING INCOME			325,585				—				—				—				325,585
NON-OPERATING EXPENSES
Interest expenses, net			(77,370	)															(77,370	)
Other finance costs			(10,684	)															(10,684	)
Reclassification of accumulated losses of interest rate swap agreements from accumulated other comprehensive losses			(4,310	)															(4,310	)
Change in fair value of interest rate swap agreements			3,294																3,294
Foreign exchange loss, net			(1,987	)															(1,987	)
Loss on extinguishment of debt			(25,193	)															(25,193	)
Total non-operating expenses			(116,250	)			—				—				—				(116,250	)
INCOME BEFORE INCOME TAX			209,335				—				—				—				209,335
INCOME TAX CREDIT			771																771
NET INCOME			210,106				—				—				—				210,106