Melco Crown Entertainment Limited Announces Declaration and Payment of Special Dividend and Amendment of Dividend Policy
January 12 2017 - 7:17AM
Melco Crown Entertainment Limited (Nasdaq:MPEL)
("
MCE" or the "
Company,"
"
we" or “
our”), a developer,
owner and operator of casino gaming and entertainment casino resort
facilities in Asia, today announced the following:
Declaration of Special
DividendMCE announced today that our Board has considered
and approved the declaration and payment of a special dividend of
approximately US$650 million (representing US$0.4404 per share and
US$1.3212 per ADS) (the “Special
Dividend”), highlighting our Company’s strong cash
position and cash flow generating ability which has enabled us to
return surplus capital to shareholders while still investing in our
business.
The Special Dividend will be paid on or about
February 10, 2017 to our shareholders whose names appear on the
register of members of the Company at the close of business on
January 23, 2017, being the record date for determination of
entitlements to the Special Dividend.
Amendment of Dividend PolicyTo
reaffirm MCE’s commitment to returning surplus capital to
shareholders, MCE announced today that our Board, after evaluating
the Company’s current liquidity position and future expected
capital needs, has amended our quarterly dividend policy from one
based on approximately 30% of consolidated net income attributable
to the Company to one targeting a quarterly cash dividend payment
of US$0.03 per ordinary share (equivalent to US$0.09 per American
depositary share (“ADS”), each representing three
ordinary shares) of the Company, providing a larger, stable and
more predictable ordinary dividend payout to shareholders.
Lawrence Ho, our Chairman and Chief
Executive Officer commented, “We want to make certain that
we efficiently utilize investor capital. We currently have a
significant level of free cash and more than US$1.2 billion
available credit lines. MCE also continues to generate very
significant operating cash flow. Given these factors, we
believe that we can return a meaningful amount of capital to
investors now, and in the future, while still retaining significant
flexibility to pursue value accretive opportunities.”
The new dividend policy will take effect
beginning with any dividends declared by our Board for the fourth
quarter of 2016 and continue until amended or otherwise determined
by our Board. Distribution of dividends under this new dividend
policy is subject to the Company’s accumulated and future earnings,
cash availability and future commitments.
Our Board will continue to review from time to
time our Dividend Policy as part of our commitment to maximizing
shareholder value, taking into consideration our financial
performance and market conditions.
Safe Harbor StatementThis 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.
About Melco Crown Entertainment
LimitedMelco 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 is strongly supported
by its single largest shareholder, Melco International Development
Limited, a company listed on the Main Board of The Stock Exchange
of Hong Kong Limited and is substantially owned and led by Mr.
Lawrence Ho, who is the Chairman, Executive Director and Chief
Executive Officer 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 enquiries,
please contact:Maggie MaChief Corporate Communications and
Corporate Affairs OfficerTel: +853 8868 3767 or +852 3151
3767Email: maggiema@melco-crown.com
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