Melco Crown Entertainment Limited (Nasdaq:MPEL) (“
Melco
Crown Entertainment” or the “
Company” or
“
we”), a developer, owner and operator of casino
gaming and entertainment casino resort facilities in Asia, today
reported its unaudited financial results for the first quarter of
2016.
Net revenue for the first quarter of 2016 was
US$1,103.6 million, representing an increase of approximately 5%
from US$1,054.3 million for the comparable period in 2015. The
increase in net revenue was primarily attributable to the net
revenue generated by Studio City, which started operations in
October 2015 and City of Dreams Manila, which commenced rolling
chip operations in February 2015, partially offset by lower rolling
chip revenues and mass market table games revenues at City of
Dreams and Altira Macau.
Adjusted property EBITDA(1) was US$248.8 million
for the first quarter of 2016, as compared to Adjusted property
EBITDA of US$253.3 million in the first quarter of 2015. The 2%
year-over-year decline in Adjusted property EBITDA was mainly
attributable to lower contribution from the group-wide rolling chip
segment, partially offset by the contribution from newly-opened
Studio City and fully-operating City of Dreams Manila.
On a U.S. GAAP basis, net income attributable to
Melco Crown Entertainment for the first quarter of 2016 was US$39.8
million, or US$0.07 per ADS, compared with net income attributable
to Melco Crown Entertainment of US$60.6 million, or US$0.11 per
ADS, in the first quarter of 2015. The net loss attributable to
noncontrolling interests during the first quarter of 2016 of
US$35.1 million was related to Studio City and City of Dreams
Manila.
Mr. Lawrence Ho, Co-Chairman and Chief Executive
Officer of Melco Crown Entertainment, commented, “Our results in
the first quarter of 2016 demonstrated the resilient nature of the
mass market segments in Macau, improving trends at City of Dreams
Manila and our ongoing commitment to streamlining costs which have
enabled us to deliver group-wide Adjusted EBITDA which was flat
compared to the first quarter of 2015, despite a declining revenue
environment in Macau.
“With the successful opening of our second
integrated resort in Cotai, Studio City, we have further expanded
our mass market offerings in Macau, including world-class
entertainment, hotel, and other non-gaming amenities, together with
innovative and immersive gaming offerings, which deliver an array
of amenities that allow us to target a greater depth of customers
as highlighted by the approximately 18% year-over-year increase in
mass table gross gaming revenue we delivered during the first
quarter of 2016 in Macau.
“To ensure that City of Dreams in Macau remains
the undisputed leader in the premium mass segment in Macau, we
continue to make exciting enhancements to the property, including a
meaningful retail upgrade which is due to begin opening in the
middle of this year, together with the fifth hotel tower which will
create a new landmark for Macau and the region when it opens in
2018.
“The operating environment continues to
stabilize in Macau, particularly in the mass market gaming segments
which represents the primary driver of our Company’s profitability
in Macau. We remain resolute in our belief that Macau remains the
most important and exciting gaming destination in Asia. With
ongoing improvements in infrastructure, including the Hong Kong –
Zhuhai – Macau Bridge, the Taipa ferry terminal and the Macau light
rail system, together with the rapid expansion of Hengqin Island,
Macau is uniquely positioned to cater towards the burgeoning and
increasingly consumer-focused, middle-to-upper-class in China and
around the region.
“In the Philippines, City of Dreams Manila has
delivered improved performance across all gaming and non-gaming
metrics which, together with a strong commitment to managing costs,
has enabled the property to deliver an approximately tenfold
increase in Adjusted property EBITDA compared to the first quarter
of 2015.
City
of Dreams First Quarter Results
For the quarter ended March 31, 2016, net
revenue at City of Dreams was US$678.6 million compared to US$805.9
million in the first quarter of 2015. City of Dreams generated
Adjusted EBITDA of US$205.6 million in the first quarter of 2016,
representing a decrease of 13% compared to US$235.8 million in the
comparable period of 2015. The decline in Adjusted EBITDA was
primarily a result of lower rolling chip revenues and mass market
table games revenues.
Rolling chip volume totaled US$9.8 billion for
the first quarter of 2016 versus US$13.5 billion in the first
quarter of 2015. The rolling chip win rate was 3.2% for both
quarters ended March 31, 2016 and 2015. The expected rolling chip
win rate range is 2.7%-3.0%.
Mass market table games drop decreased to
US$1,073.5 million compared with US$1,199.0 million in the first
quarter of 2015. The mass market table games hold percentage was
36.7% in the first quarter of 2016 compared to 35.9% in the first
quarter of 2015.
Gaming machine handle for the first quarter of
2016 was US$1,044.5 million, compared with US$1,242.0 million in
the first quarter of 2015. The gaming machine win rate was 3.4% in
the first quarter of 2016 versus 3.5% in the first quarter of
2015.
Total non-gaming revenue at City of Dreams in
the first quarter of 2016 was US$62.0 million, compared with
US$66.7 million in the first quarter of 2015.
Altira
Macau First Quarter Results
For the quarter ended March 31, 2016, net
revenue at Altira Macau was US$108.4 million compared to US$148.7
million in the first quarter of 2015. Altira Macau generated
negative Adjusted EBITDA of US$14.0 million in the first quarter of
2016 compared with Adjusted EBITDA of US$6.8 million in the first
quarter of 2015. The year-over-year decrease in Adjusted EBITDA was
primarily a result of lower rolling chip revenues and higher
provision for doubtful debt.
Rolling chip volume totaled US$4.6 billion in
the first quarter of 2016 versus US$7.4 billion in the first
quarter of 2015. The rolling chip win rate was 2.8% in the first
quarter of 2016 versus 2.5% in the first quarter of 2015. The
expected rolling chip win rate range is 2.7%-3.0%.
In the mass market table games segment, drop
totaled US$135.2 million in the first quarter of 2016, a decrease
from US$159.3 million generated in the comparable period in 2015.
The mass market table games hold percentage was 17.0% in the first
quarter of 2016 compared with 17.2% in the first quarter of
2015.
Gaming machine handle for the first quarter of
2016 was US$8.7 million, compared with US$7.2 million in the first
quarter of 2015. The gaming machine win rate was 5.9% in the first
quarter of 2016 versus 6.1% in the first quarter of 2015.
Total non-gaming revenue at Altira Macau in the
first quarter of 2016 was US$6.9 million compared with US$8.5
million in the first quarter of 2015.
Mocha Clubs First
Quarter Results
Net revenue from Mocha Clubs totaled US$31.8
million in the first quarter of 2016 as compared to US$34.9 million
in the first quarter of 2015. Mocha Clubs generated US$6.5 million
of Adjusted EBITDA in the first quarter of 2016 compared with
US$8.3 million in the same period in 2015.
Gaming machine handle for the first quarter of
2016 was US$670.7 million, compared with US$757.4 million in the
first quarter of 2015. The gaming machine win rate was 4.6% in the
first quarter of 2016 versus 4.5% in the first quarter of 2015.
Studio City
First
Quarter
Results
Studio City started operations on October 27,
2015. For the quarter ended March 31, 2016, net revenue at Studio
City was US$178.7 million. Studio City generated Adjusted EBITDA of
US$22.1 million in the first quarter of 2016.
Mass market table games drop was US$547.0
million and the mass market table games hold percentage was 22.8%
in the first quarter of 2016.
Gaming machine handle was US$409.7 million and
the gaming machine win rate was 3.6% in the first quarter of
2016.
Total non-gaming revenue at Studio City in the
first quarter of 2016 was US$58.2 million.
City
of Dreams Manila First Quarter Results
For the quarter ended March 31, 2016, net
revenue at City of Dreams Manila was US$95.4 million compared to
US$52.7 million in the first quarter of 2015. City of Dreams Manila
generated Adjusted EBITDA of US$28.6 million in the first quarter
of 2016 compared to US$2.9 million in the comparable period of
2015. The year-over-year improvement in Adjusted EBITDA was
primarily a result of increased casino revenues, including
from the junket operations which began in the middle of 2015.
Rolling chip volume totaled US$1.5 billion for
the first quarter of 2016 versus US$185.5 million in the first
quarter of 2015. The rolling chip win rate was 2.8% in the first
quarter of 2016 versus negative 0.8% in the first quarter of 2015.
The expected rolling chip win rate range is 2.7%-3.0%.
Mass market table games drop increased to
US$120.4 million compared with US$101.8 million in the first
quarter of 2015. The mass market table games hold percentage was
27.5% in the first quarter of 2016 compared to 25.2% in the first
quarter of 2015.
Gaming machine handle for the first quarter of
2016 was US$451.4 million, compared with US$385.7 million in the
first quarter of 2015. The gaming machine win rate was 6.1% in the
first quarter of 2016 versus 5.9% in the first quarter of 2015.
Total non-gaming revenue at City of Dreams
Manila in the first quarter of 2016 was US$24.1 million, compared
with US$20.2 million in the first quarter of 2015.
Other Factors Affecting
Earnings
Total net non-operating expenses for the first
quarter of 2016 were US$60.1 million, which mainly included
interest income of US$2.8 million and interest expenses, net of
capitalized interest, of US$52.5 million and US$13.8 million of
other finance costs. We recorded US$10.5 million of capitalized
interest during the first quarter of 2016, primarily relating to
the development of the fifth hotel tower at City of Dreams.
The year-on-year increase of US$24.3 million in
net non-operating expenses was primarily due to lower capitalized
interest in the current quarter.
Depreciation and amortization costs of US$140.0
million were recorded in the first quarter of 2016, of which
US$14.3 million was related to the amortization of our gaming
subconcession and US$5.7 million was related to the amortization of
land use rights.
Financial Position and Capital
Expenditure
Total cash and bank balances as of March 31,
2016 totaled US$2.3 billion, including US$0.3 billion of bank
deposits with original maturity over three months and US$0.2
billion of restricted cash, primarily related to Studio City. Total
debt at the end of the first quarter of 2016 was US$4.0
billion.
Capital expenditure for the first quarter of
2016 were US$118.1 million, which predominantly related to various
projects at City of Dreams, including the fifth hotel tower
development.
The shareholders and potential investors of
Melco Crown Entertainment are advised not to place undue reliance
on the unaudited earnings and financial information of the Company
for the first quarter of 2016. The shareholders and potential
investors of the Company are advised to exercise caution in dealing
in the securities of the Company.
Dividend
Declaration
On May 4, 2016, our Board considered and
approved the declaration and payment of a quarterly dividend of
US$0.0073 per share (equivalent to US$0.0219 per ADS) for the first
quarter of 2016 (the “Quarterly Dividend”). The
Quarterly Dividend will be paid on or about Tuesday, May 31, 2016
to our shareholders whose names appear on the register of members
of the Company at the close of business on Tuesday, May 17, 2016,
being the record date for determination of entitlements to the
Quarterly Dividend.
Conference Call
Information
Melco Crown Entertainment will hold a conference
call to discuss its first quarter 2016 financial results on
Wednesday, May 4, 2016 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 |
|
1 866 519
4004 |
US Toll /
International |
|
1 845 675
0437 |
HK
Toll |
|
852 3018
6771 |
HK Toll
Free |
|
800 906
601 |
UK Toll
Free |
|
080 8234
6646 |
Australia
Toll |
|
61 290 833
212 |
Australia
Toll Free |
|
1 800 411
623 |
Philippines
Toll Free |
|
1 800 1651
0607 |
|
|
|
Passcode |
|
MPEL |
|
|
|
An audio webcast will also be available
at http://www.melco-crown.com. |
|
|
|
To access the replay, please use the dial-in details
below: |
|
|
|
US Toll
Free |
|
1 855 452
5696 |
US Toll /
International |
|
1 646 254
3697 |
HK Toll
Free |
|
800 963
117 |
Philippines
Toll Free |
|
1 800 1612
0166 |
|
|
|
Conference
ID |
|
92703192 |
|
|
|
Safe Harbor Statement
This press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. The Company may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission (the “SEC”), 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, and a number
of factors could cause actual results to differ materially from
those contained in any forward-looking statement. These factors
include, but are not limited to, (i) growth of the gaming market
and visitation in Macau and the Philippines, (ii) capital and
credit market volatility, (iii) local and global economic
conditions, (iv) our anticipated growth strategies, (v) gaming
authority and other governmental approvals and regulations, and
(vi) our future business development, results of operations and
financial condition. 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. Further information regarding these and other
risks, uncertainties or factors is included in the Company’s
filings with the SEC. All information provided in this press
release is as of the date of this press 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, development costs,
property charges and others, share-based compensation, payments to
the Philippine parties under the cooperative arrangement (the
“Philippine Parties”), land rent to Belle
Corporation and other non-operating income and expenses. "Adjusted
property EBITDA" is earnings before interest, taxes, depreciation,
amortization, pre-opening costs, development costs, property
charges and others, share-based compensation, payments to the
Philippine Parties, land rent to Belle Corporation, Corporate and
Others 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. 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
U.S. 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 U.S.
GAAP measurements, to assist in the evaluation of operating
performance.
Such U.S. GAAP measurements include operating
income, net income, 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 recurring and nonrecurring 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 U.S. GAAP are provided herein
immediately following the financial statements included in this
press release.
(2) “Adjusted net income” is net income before pre-opening
costs, development costs and property charges and others. Adjusted
net income attributable to Melco Crown Entertainment and adjusted
net income attributable to Melco Crown Entertainment 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 U.S. GAAP, as an additional basis for assessing
period-to-period results of our business. Adjusted net income
attributable to Melco Crown Entertainment and adjusted net income
attributable to Melco Crown Entertainment per share may be
different from the calculation methods used by other companies and,
therefore, comparability may be limited. Reconciliations of
adjusted net income attributable to Melco Crown Entertainment with
the most comparable financial measures calculated and presented in
accordance with U.S. GAAP are provided herein immediately following
the financial statements included in this press release.
About
Melco Crown Entertainment Limited
Melco Crown Entertainment, with its American
depositary shares listed on the NASDAQ Global Select Market
(NASDAQ: MPEL), is a developer, owner and operator of casino gaming
and entertainment casino resort facilities in Asia. Melco Crown
Entertainment currently operates Altira Macau
(www.altiramacau.com), a casino hotel located at Taipa, Macau and
City of Dreams (www.cityofdreamsmacau.com), an integrated urban
casino resort located in Cotai, Macau. Melco Crown Entertainment’s
business also includes the Mocha Clubs (www.mochaclubs.com), which
comprise the largest non-casino based operations of electronic
gaming machines in Macau. The Company also majority owns and
operates Studio City (www.studiocity-macau.com), a
cinematically-themed integrated entertainment, retail and gaming
resort in Cotai, Macau. In the Philippines, Melco Crown
(Philippines) Resorts Corporation’s subsidiary, MCE Leisure
(Philippines) Corporation, currently operates and manages City of
Dreams Manila (www.cityofdreams.com.ph), a casino, hotel, retail
and entertainment integrated resort in the Entertainment City
complex in Manila. For more information about Melco Crown
Entertainment, please visit www.melco-crown.com.
Melco Crown Entertainment has strong support
from both of its major shareholders, Melco International
Development Limited (“Melco”) and Crown Resorts
Limited (“Crown”). Melco is a listed company
on the Main Board of The Stock Exchange of Hong Kong Limited and is
substantially owned and led by Mr. Lawrence Ho, who is Co-Chairman,
an Executive Director and the Chief Executive Officer of Melco
Crown Entertainment. Crown is a top-50 company listed on the
Australian Securities Exchange and led by Mr. James Packer, who is
also Co-Chairman and a Non-executive Director of Melco Crown
Entertainment.
For investment community, please
contact: Ross DunwoodyVice President, Investor
RelationsTel: +853 8868 7575 or +852 2598 3689Email:
rossdunwoody@melco-crown.com
For media enquiry,
please contact:Maggie MaSenior Vice President, Corporate
Communications and Public RelationsTel: +853 8868 3767 or +852 3151
3767Email: maggiema@melco-crown.com
|
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|
|
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|
Melco Crown Entertainment Limited and
Subsidiaries |
|
Condensed Consolidated Statements of
Operations |
|
(In thousands of U.S. dollars, except share
and per share data) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2016 |
|
2015 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
Casino |
$ |
|
1,022,258 |
|
|
$ |
|
1,011,242 |
|
|
Rooms |
|
|
63,452 |
|
|
|
|
44,563 |
|
|
Food and beverage |
|
|
40,984 |
|
|
|
|
29,507 |
|
|
Entertainment, retail
and others |
|
|
48,202 |
|
|
|
|
23,217 |
|
|
Gross revenues |
|
|
1,174,896 |
|
|
|
|
1,108,529 |
|
|
Less: promotional
allowances |
|
|
(71,329 |
) |
|
|
|
(54,277 |
) |
|
Net revenues |
|
|
1,103,567 |
|
|
|
|
1,054,252 |
|
|
|
|
|
|
|
|
|
OPERATING COSTS AND
EXPENSES |
|
|
|
|
|
|
Casino |
|
|
(723,583 |
) |
|
|
|
(716,794 |
) |
|
Rooms |
|
|
(8,536 |
) |
|
|
|
(5,255 |
) |
|
Food and beverage |
|
|
(18,073 |
) |
|
|
|
(8,001 |
) |
|
Entertainment, retail
and others |
|
|
(29,075 |
) |
|
|
|
(15,122 |
) |
|
General and
administrative |
|
|
(110,319 |
) |
|
|
|
(93,430 |
) |
|
Payments to the
Philippine Parties |
|
|
(7,160 |
) |
|
|
|
(3,136 |
) |
|
Pre-opening costs |
|
|
(635 |
) |
|
|
|
(41,278 |
) |
|
Development costs |
|
|
(6 |
) |
|
|
|
(20 |
) |
|
Amortization of gaming
subconcession |
|
|
(14,309 |
) |
|
|
|
(14,309 |
) |
|
Amortization of land
use rights |
|
|
(5,704 |
) |
|
|
|
(16,118 |
) |
|
Depreciation and
amortization |
|
|
(119,971 |
) |
|
|
|
(80,277 |
) |
|
Property charges and
others |
|
|
(404 |
) |
|
|
|
(301 |
) |
|
Total operating costs
and expenses |
|
|
(1,037,775 |
) |
|
|
|
(994,041 |
) |
|
OPERATING INCOME |
|
|
65,792 |
|
|
|
|
60,211 |
|
|
NON-OPERATING INCOME
(EXPENSES) |
|
|
|
|
|
|
Interest income |
|
|
2,804 |
|
|
|
|
1,820 |
|
|
Interest expenses, net
of capitalized interest |
|
|
(52,490 |
) |
|
|
|
(27,039 |
) |
|
Other finance
costs |
|
|
(13,838 |
) |
|
|
|
(12,382 |
) |
|
Foreign exchange gain,
net |
|
|
2,556 |
|
|
|
|
1,254 |
|
|
Other income, net |
|
|
842 |
|
|
|
|
548 |
|
|
Total non-operating
expenses, net |
|
|
(60,126 |
) |
|
|
|
(35,799 |
) |
|
INCOME BEFORE INCOME
TAX |
|
|
5,666 |
|
|
|
|
24,412 |
|
|
INCOME TAX EXPENSE |
|
|
(938 |
) |
|
|
|
(574 |
) |
|
NET INCOME |
|
|
4,728 |
|
|
|
|
23,838 |
|
|
NET LOSS ATTRIBUTABLE TO NONCONTROLLING
INTERESTS |
|
|
35,068 |
|
|
|
|
36,791 |
|
|
NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT
LIMITED |
$ |
|
39,796 |
|
|
$ |
|
60,629 |
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
MELCO CROWN
ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
|
Basic |
$ |
|
0.025 |
|
|
$ |
|
0.038 |
|
|
Diluted |
$ |
|
0.024 |
|
|
$ |
|
0.037 |
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
MELCO CROWN
ENTERTAINMENT LIMITED PER ADS: |
|
|
|
|
Basic |
$ |
|
0.074 |
|
|
$ |
|
0.113 |
|
|
Diluted |
$ |
|
0.073 |
|
|
$ |
|
0.112 |
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
USED IN |
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
MELCO CROWN
ENTERTAINMENT LIMITED |
|
|
|
|
|
PER SHARE CALCULATION: |
|
|
|
|
|
|
Basic |
|
|
1,618,015,902 |
|
|
|
|
1,616,031,719 |
|
|
Diluted |
|
|
1,626,113,586 |
|
|
|
|
1,627,484,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
|
|
Condensed Consolidated Balance
Sheets |
|
|
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
2016 |
|
2015 |
|
|
|
|
(Unaudited) |
|
|
(Audited) |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
|
1,715,244 |
|
|
$ |
|
1,611,026 |
|
|
|
Bank deposits with
original maturity over three months |
|
|
320,493 |
|
|
|
|
724,736 |
|
|
|
Restricted cash |
|
|
236,956 |
|
|
|
|
317,118 |
|
|
|
Accounts receivable,
net |
|
|
248,536 |
|
|
|
|
271,627 |
|
|
|
Amounts due from
affiliated companies |
|
|
989 |
|
|
|
|
1,175 |
|
|
|
Deferred tax
assets |
|
|
- |
|
|
|
|
19 |
|
|
|
Income tax
receivable |
|
|
- |
|
|
|
|
62 |
|
|
|
Inventories |
|
|
33,665 |
|
|
|
|
33,074 |
|
|
|
Prepaid expenses and
other current assets |
|
|
62,862 |
|
|
|
|
61,324 |
|
|
|
Total current
assets |
|
|
2,618,745 |
|
|
|
|
3,020,161 |
|
|
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT,
NET |
|
|
5,764,173 |
|
|
|
|
5,760,229 |
|
|
|
GAMING SUBCONCESSION,
NET |
|
|
356,248 |
|
|
|
|
370,557 |
|
|
|
INTANGIBLE ASSETS |
|
|
4,220 |
|
|
|
|
4,220 |
|
|
|
GOODWILL |
|
|
81,915 |
|
|
|
|
81,915 |
|
|
|
LONG-TERM PREPAYMENTS,
DEPOSITS AND OTHER ASSETS |
|
|
155,226 |
|
|
|
|
159,677 |
|
|
|
DEFERRED TAX
ASSETS |
|
|
43 |
|
|
|
|
83 |
|
|
|
DEFERRED FINANCING
COSTS, NET |
|
|
168,035 |
|
|
|
|
179,808 |
|
|
|
LAND USE RIGHTS,
NET |
|
|
827,428 |
|
|
|
|
833,132 |
|
|
|
TOTAL ASSETS |
$ |
|
9,976,033 |
|
|
$ |
|
10,409,782 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
Accounts payable |
$ |
|
14,690 |
|
|
$ |
|
15,588 |
|
|
|
Accrued expenses and
other current liabilities |
|
|
936,300 |
|
|
|
|
1,056,850 |
|
|
|
Income tax payable |
|
|
2,063 |
|
|
|
|
3,487 |
|
|
|
Capital lease
obligations, due within one year |
|
|
31,117 |
|
|
|
|
29,792 |
|
|
|
Current portion of
long-term debt |
|
|
156,661 |
|
|
|
|
106,505 |
|
|
|
Amounts due to
affiliated companies |
|
|
2,630 |
|
|
|
|
2,464 |
|
|
|
Amount due to a
shareholder |
|
|
434 |
|
|
|
|
- |
|
|
|
Total current
liabilities |
|
|
1,143,895 |
|
|
|
|
1,214,686 |
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM DEBT |
|
|
3,811,823 |
|
|
|
|
3,856,200 |
|
|
|
OTHER LONG-TERM
LIABILITIES |
|
|
90,554 |
|
|
|
|
80,962 |
|
|
|
DEFERRED TAX
LIABILITIES |
|
|
55,018 |
|
|
|
|
55,598 |
|
|
|
CAPITAL LEASE
OBLIGATIONS, DUE AFTER ONE YEAR |
|
|
278,156 |
|
|
|
|
270,477 |
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
Ordinary shares |
|
|
16,309 |
|
|
|
|
16,309 |
|
|
|
Treasury shares |
|
|
(273 |
) |
|
|
|
(275 |
) |
|
|
Additional paid-in
capital |
|
|
2,971,674 |
|
|
|
|
3,075,459 |
|
|
|
Accumulated other
comprehensive losses |
|
|
(20,466 |
) |
|
|
|
(21,934 |
) |
|
|
Retained earnings |
|
|
1,071,284 |
|
|
|
|
1,270,074 |
|
|
|
Total Melco Crown
Entertainment Limited shareholders’ equity |
|
|
4,038,528 |
|
|
|
|
4,339,633 |
|
|
|
Noncontrolling
interests |
|
|
558,059 |
|
|
|
|
592,226 |
|
|
|
Total equity |
|
|
4,596,587 |
|
|
|
|
4,931,859 |
|
|
|
TOTAL LIABILITIES AND
EQUITY |
$ |
|
9,976,033 |
|
|
$ |
|
10,409,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
|
Reconciliation of Net Income Attributable to
Melco Crown Entertainment Limited
to |
|
Adjusted Net Income Attributable to Melco Crown
Entertainment Limited |
|
(In thousands of U.S. dollars, except share and
per share data) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2016 |
|
2015 |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Net Income Attributable
to |
|
|
|
|
|
|
Melco Crown Entertainment
Limited |
$ |
39,796 |
|
$ |
60,629 |
|
Pre-opening Costs, Net |
|
296 |
|
|
26,157 |
|
Development Costs, Net |
|
6 |
|
|
20 |
|
Property Charges and Others,
Net |
|
404 |
|
|
301 |
|
Adjusted Net Income
Attributable to |
|
|
|
|
|
|
Melco Crown Entertainment
Limited |
$ |
40,502 |
|
$ |
87,107 |
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT LIMITED
PER SHARE: |
|
|
|
|
|
|
Basic |
$ |
0.025 |
|
$ |
0.054 |
|
Diluted |
$ |
0.025 |
|
$ |
0.054 |
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT LIMITED
PER ADS: |
|
|
|
|
|
|
Basic |
$ |
0.075 |
|
$ |
0.162 |
|
Diluted |
$ |
0.075 |
|
$ |
0.161 |
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
USED IN ADJUSTED |
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT
LIMITED |
|
|
|
|
|
|
PER SHARE CALCULATION: |
|
|
|
|
|
|
Basic |
|
1,618,015,902 |
|
|
1,616,031,719 |
|
Diluted |
|
1,626,113,586 |
|
|
1,627,484,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
|
Reconciliation of Operating Income (Loss) to
Adjusted EBITDA and Adjusted Property EBITDA |
|
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
2016 |
|
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
StudioCity |
|
City ofDreamsManila |
|
Corporateand Others |
|
Total |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss)
Income |
$ |
|
(19,901 |
) |
|
$ |
3,361 |
|
$ |
160,562 |
|
$ |
|
(23,329 |
) |
|
$ |
|
(5,437 |
) |
|
$ |
|
(49,464 |
) |
|
$ |
65,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine
Parties |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
7,160 |
|
|
|
|
- |
|
|
|
7,160 |
|
Land Rent to Belle Corporation |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
840 |
|
|
|
|
- |
|
|
|
840 |
|
Pre-opening Costs |
|
|
- |
|
|
|
- |
|
|
77 |
|
|
|
558 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
635 |
|
Development Costs |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
6 |
|
|
|
6 |
|
Depreciation and Amortization |
|
|
5,826 |
|
|
|
3,079 |
|
|
44,301 |
|
|
|
44,707 |
|
|
|
|
24,275 |
|
|
|
|
17,796 |
|
|
|
139,984 |
|
Share-based Compensation |
|
|
(82 |
) |
|
|
34 |
|
|
473 |
|
|
|
124 |
|
|
|
|
1,775 |
|
|
|
|
3,213 |
|
|
|
5,537 |
|
Property Charges and Others |
|
|
197 |
|
|
|
- |
|
|
191 |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
16 |
|
|
|
404 |
|
Adjusted EBITDA |
|
|
(13,960 |
) |
|
|
6,474 |
|
|
205,604 |
|
|
|
22,060 |
|
|
|
|
28,613 |
|
|
|
|
(28,433 |
) |
|
|
220,358 |
|
Corporate and Others Expenses |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
28,433 |
|
|
|
28,433 |
|
Adjusted Property
EBITDA |
$ |
|
(13,960 |
) |
|
$ |
6,474 |
|
$ |
205,604 |
|
$ |
|
22,060 |
|
|
$ |
|
28,613 |
|
|
$ |
|
- |
|
|
$ |
248,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
2015 |
|
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
StudioCity |
|
City ofDreamsManila |
|
Corporateand Others |
|
Total |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss)
Income |
$ |
|
(59 |
) |
|
$ |
5,128 |
|
$ |
182,719 |
|
$ |
|
(23,718 |
) |
|
$ |
|
(50,363 |
) |
|
$ |
|
(53,496 |
) |
|
$ |
60,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine
Parties |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
3,136 |
|
|
|
|
- |
|
|
|
3,136 |
|
Land Rent to Belle Corporation |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
894 |
|
|
|
|
- |
|
|
|
894 |
|
Pre-opening Costs |
|
|
- |
|
|
|
- |
|
|
361 |
|
|
|
12,334 |
|
|
|
|
26,201 |
|
|
|
|
2,382 |
|
|
|
41,278 |
|
Development Costs |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
20 |
|
|
|
20 |
|
Depreciation and Amortization |
|
|
6,862 |
|
|
|
3,132 |
|
|
52,156 |
|
|
|
10,893 |
|
|
|
|
21,305 |
|
|
|
|
16,356 |
|
|
|
110,704 |
|
Share-based Compensation |
|
|
30 |
|
|
|
21 |
|
|
262 |
|
|
|
29 |
|
|
|
|
1,703 |
|
|
|
|
2,766 |
|
|
|
4,811 |
|
Property Charges and Others |
|
|
- |
|
|
|
- |
|
|
301 |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
301 |
|
Adjusted EBITDA |
|
|
6,833 |
|
|
|
8,281 |
|
|
235,799 |
|
|
|
(462 |
) |
|
|
|
2,876 |
|
|
|
|
(31,972 |
) |
|
|
221,355 |
|
Corporate and Others Expenses |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
31,972 |
|
|
|
31,972 |
|
Adjusted Property
EBITDA |
$ |
|
6,833 |
|
|
$ |
8,281 |
|
$ |
235,799 |
|
$ |
|
(462 |
) |
|
$ |
|
2,876 |
|
|
$ |
|
- |
|
|
$ |
253,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
|
Reconciliation of Adjusted EBITDA and Adjusted
Property EBITDA to |
|
Net Income Attributable to Melco Crown
Entertainment Limited |
|
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA |
|
|
|
|
|
|
$ |
|
248,791 |
|
|
$ |
|
253,327 |
|
|
Corporate and Others Expenses |
|
|
|
|
|
|
|
|
(28,433 |
) |
|
|
|
(31,972 |
) |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
220,358 |
|
|
|
|
221,355 |
|
|
Payments to the Philippine
Parties |
|
|
|
|
|
|
|
|
(7,160 |
) |
|
|
|
(3,136 |
) |
|
Land Rent to Belle Corporation |
|
|
|
|
|
|
|
|
(840 |
) |
|
|
|
(894 |
) |
|
Pre-opening Costs |
|
|
|
|
|
|
|
|
(635 |
) |
|
|
|
(41,278 |
) |
|
Development Costs |
|
|
|
|
|
|
|
|
(6 |
) |
|
|
|
(20 |
) |
|
Depreciation and Amortization |
|
|
|
|
|
|
|
|
(139,984 |
) |
|
|
|
(110,704 |
) |
|
Share-based Compensation |
|
|
|
|
|
|
|
|
(5,537 |
) |
|
|
|
(4,811 |
) |
|
Property Charges and Others |
|
|
|
|
|
|
|
|
(404 |
) |
|
|
|
(301 |
) |
|
Interest and Other Non-Operating
Expenses, Net |
|
|
|
|
|
|
|
|
(60,126 |
) |
|
|
|
(35,799 |
) |
|
Income Tax Expense |
|
|
|
|
|
|
|
|
(938 |
) |
|
|
|
(574 |
) |
|
Net Income |
|
|
|
|
|
|
|
|
4,728 |
|
|
|
|
23,838 |
|
|
Net Loss Attributable
to Noncontrolling Interests |
|
|
|
|
|
|
|
|
35,068 |
|
|
|
|
36,791 |
|
|
Net Income
Attributable to Melco Crown Entertainment Limited |
|
|
|
|
|
$ |
|
39,796 |
|
|
$ |
|
60,629 |
|
|
|
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Melco Crown Entertainment Limited and
Subsidiaries |
|
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|
Supplemental Data Schedule |
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|
Three Months Ended |
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|
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|
|
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|
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|
March 31, |
|
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|
2016 |
|
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|
2015 |
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|
Room Statistics: |
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|
|
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|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
|
$ |
208 |
|
|
$ |
228 |
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
|
95 |
% |
|
|
99 |
% |
|
|
|
|
|
|
|
|
|
|
Revenue per available room (4) |
|
|
$ |
197 |
|
|
$ |
225 |
|
|
|
|
|
|
|
|
|
|
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|
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|
|
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|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
|
$ |
197 |
|
|
$ |
206 |
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
|
94 |
% |
|
|
99 |
% |
|
|
|
|
|
|
|
|
|
|
Revenue per available room (4) |
|
|
$ |
185 |
|
|
$ |
203 |
|
|
|
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|
|
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|
Studio City |
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|
Average daily rate (3) |
|
|
$ |
137 |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
|
96 |
% |
|
N/A |
|
|
|
|
|
|
|
|
|
|
Revenue per available room (4) |
|
|
$ |
131 |
|
|
N/A |
|
|
|
|
|
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|
City of Dreams Manila |
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|
Average daily rate (3) |
|
|
$ |
157 |
|
|
$ |
227 |
|
|
|
|
|
|
|
|
|
|
|
Occupancy per available room |
|
|
|
86 |
% |
|
|
76 |
% |
|
|
|
|
|
|
|
|
|
|
Revenue per available room (4) |
|
|
$ |
135 |
|
|
$ |
173 |
|
|
|
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|
|
|
|
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|
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|
Other Information: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
127 |
|
|
|
121 |
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
62 |
|
|
|
59 |
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (5) |
|
$ |
12,823 |
|
|
$ |
19,470 |
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (6) |
|
$ |
91 |
|
|
$ |
81 |
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|
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|
City of Dreams |
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|
|
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|
|
|
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|
|
Average number of table games |
|
|
500 |
|
|
|
506 |
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
1,072 |
|
|
|
1,265 |
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (5) |
|
$ |
15,648 |
|
|
$ |
19,021 |
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (6) |
|
$ |
364 |
|
|
$ |
380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
246 |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
1,113 |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (5) |
|
$ |
5,561 |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (6) |
|
$ |
146 |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
277 |
|
|
|
231 |
|
|
|
|
|
|
|
|
|
|
|
Average number of gaming machines |
|
|
1,656 |
|
|
|
1,745 |
|
|
|
|
|
|
|
|
|
|
|
Table games win per unit per day (5) |
|
$ |
2,959 |
|
|
$ |
1,241 |
|
|
|
|
|
|
|
|
|
|
|
Gaming machines win per unit per day (6) |
|
$ |
183 |
|
|
$ |
145 |
|
|
|
|
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|
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|
(3) Average daily rate is calculated by dividing total room
revenue including the retail value of promotional allowances by
total occupied rooms including complimentary rooms |
|
|
(4) Revenue per available room is calculated by dividing total
room revenue including the retail value of promotional allowances
by total rooms available |
|
|
|
|
(5) Table games win per unit per day is shown before discounts
and commissions |
|
|
|
|
|
|
|
|
|
|
(6) Gaming machines win per unit per day is shown before
deducting cost for slot points |
|
|
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|
|
|
|
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