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 fourth quarter and
full year ended December 31, 2016.
Net revenue for the fourth quarter of 2016 was US$1,192.9
million, representing an increase of approximately 13% from
US$1,058.0 million for the comparable period in 2015. The increase
in net revenue was primarily attributable to the net revenue
generated by a fully-operating Studio City, which started
operations in October 2015, and the increase in casino revenues at
City of Dreams Manila, partially offset by lower casino revenues at
City of Dreams in Macau and Altira Macau.
On a U.S. GAAP basis, operating income for the fourth quarter of
2016 was US$116.0 million, compared with operating loss of US$17.8
million in the fourth quarter of 2015.
Adjusted property EBITDA(1) was US$304.3 million for the fourth
quarter of 2016, as compared to Adjusted property EBITDA of
US$236.4 million in the fourth quarter of 2015, representing an
increase of 29%. This year-on-year improvement in Adjusted property
EBITDA was mainly attributable to the contribution from a
fully-operating Studio City and increase in casino revenues at City
of Dreams Manila, partially offset by lower contribution from
Altira Macau.
On a U.S. GAAP basis, net income attributable to Melco Crown
Entertainment for the fourth quarter of 2016 was US$43.3 million,
or US$0.09 per ADS, compared with a net loss attributable to Melco
Crown Entertainment of US$12.3 million, or US$0.02 per ADS, in the
fourth quarter of 2015. The net loss attributable to noncontrolling
interests during the fourth quarter of 2016 of US$26.8 million was
related to Studio City and City of Dreams Manila.
Mr. Lawrence Ho, Chairman and Chief Executive Officer of
Melco Crown Entertainment, commented, “We delivered a
strong set of results in the fourth quarter of 2016, highlighted by
record mass table gross gaming revenues in Macau and a 29%
year-on-year increase in group-wide Adjusted property EBITDA.
“Our Flagship property in Macau, City of Dreams, generated
Adjusted property EBITDA of approximately US$190 million, an
increase of over 10% compared to the prior quarter, despite an
increase in supply in Macau, highlighting the property’s ongoing
position as a leader in the premium gaming segments in Macau.
“Studio City’s mass table games revenues continued to expand,
increasing almost 10% from the prior quarter which, combined with
the rolling chip operations that began in November 2016, delivered
a strong improvement in underlying earnings. While the recently
opened rolling chip operations broaden the property’s gaming
proposition, Studio City’s core focus remains on its mass market
offerings which are ideally aligned to the demand landscape in
Macau.
“Macau continues to show signs of a broader recovery, with
January 2017 representing the sixth month in a row of year-on-year
increases in Macau’s gross gaming revenues. We believe that Macau’s
long term success relies on its ability to cater to the rapidly
evolving demands of leisure and entertainment seekers from around
the region, most notably from Mainland China. Our world-class
portfolio of properties in Macau gives us a unique ability to cater
to a wider spectrum of gaming customers, including mainstream mass,
premium mass, junket and direct VIP customers, while also offering
tourists a vast non-gaming and entertainment proposition which is
unrivalled in Macau.
“City of Dreams Manila, our integrated resort in the fast
growing gaming market of the Philippines, continues to increase its
gaming market share by delivering another strong quarter fueled by
revenue growth across all gaming segments. The improvement in
gaming operations together with cost efficiencies identified
through our company-wide focus on managing reinvestment and other
operating expenses, resulted in our Adjusted property EBITDA in
Manila increasing by 224% on a year-on-year basis.
“As previously announced, we have changed our ordinary
dividend policy 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. In addition, we recently announced and
paid an approximately US$650 million special dividend to
shareholders, highlighting our continued commitment to returning
surplus capital to shareholders, while retaining significant
financial flexibility to pursue other value-accretive development
opportunities.
“Our Company has undergone an exciting transformation over the
past several months. Melco International Development Limited, a
company of which I am Chairman and Chief Executive Officer, has
completed the acquisition of an additional 13.4% of the shares of
Melco Crown Entertainment earlier today, increasing its
ownership in the Company to approximately 51.3%. This transaction
highlights the steadfast confidence and commitment I have in the
markets where we operate, the development and expansion
opportunities that are available to our Company, the positioning of
our world-class properties and, most importantly, our tremendous
employees and current management team that continue to deliver a
level of service and experience which underpins our Company’s
success.”
City
of Dreams Fourth Quarter Results
For the quarter ended December 31, 2016, net revenue at City of
Dreams was US$661.1 million compared to US$669.0 million in the
fourth quarter of 2015. City of Dreams generated Adjusted EBITDA of
US$188.7 million in the fourth quarter of 2016, representing a
decrease of 2% compared to US$192.2 million in the comparable
period of 2015. The decline in Adjusted EBITDA was primarily a
result of lower mass market table games revenues and rolling chip
revenues, partially offset by an increase in non-gaming revenue
mainly driven by the opening of the new retail precinct in
2016.
Rolling chip volume totaled US$11.1 billion for the fourth
quarter of 2016 versus US$10.2 billion in the fourth quarter of
2015. The rolling chip win rate was 2.6% in the fourth quarter of
2016 versus 2.8% in the fourth quarter of 2015. The expected
rolling chip win rate range is 2.7%-3.0%.
Mass market table games drop decreased to US$1,109.9 million
compared with US$1,124.9 million in the fourth quarter of 2015. The
mass market table games hold percentage was 36.3% in the fourth
quarter of 2016 compared to 37.1% in the fourth quarter of
2015.
Gaming machine handle for the fourth quarter of 2016 was
US$1,051.8 million, compared with US$1,071.1 million in the fourth
quarter of 2015. The gaming machine win rate was 3.9% in the fourth
quarter of 2016 versus 3.4% in the fourth quarter of 2015.
Total non-gaming revenue at City of Dreams in the fourth quarter
of 2016 was US$79.2 million, compared with US$67.6 million in the
fourth quarter of 2015.
Altira Macau Fourth
Quarter Results
For the quarter ended December 31, 2016, net revenue at Altira
Macau was US$103.3 million compared to US$142.0 million in the
fourth quarter of 2015. Altira Macau generated Adjusted EBITDA of
US$3.3 million in the fourth quarter of 2016 compared with Adjusted
EBITDA of US$9.7 million in the fourth quarter of 2015. The
year-on-year decrease in Adjusted EBITDA was primarily a result of
lower rolling chip revenues.
Rolling chip volume totaled US$4.4 billion in the fourth quarter
of 2016 versus US$4.8 billion in the fourth quarter of 2015. The
rolling chip win rate was 2.7% in the fourth quarter of 2016 versus
3.3% in the fourth 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$112.8
million in the fourth quarter of 2016, a decrease from US$133.4
million generated in the comparable period in 2015. The mass market
table games hold percentage was 19.2% in the fourth quarter of 2016
compared with 19.4% in the fourth quarter of 2015.
Gaming machine handle for the fourth quarter of 2016 was US$7.9
million, compared with US$7.7 million in the fourth quarter of
2015. The gaming machine win rate was 6.8% in the fourth quarter of
2016 versus 5.8% in the fourth quarter of 2015.
Total non-gaming revenue at Altira Macau in the fourth quarter
of 2016 was US$7.1 million compared with US$7.6 million in the
fourth quarter of 2015.
Mocha Clubs Fourth Quarter
Results
Net revenue from Mocha Clubs totaled US$28.9 million in the
fourth quarter of 2016 as compared to US$32.0 million in the fourth
quarter of 2015. Mocha Clubs generated US$5.4 million of Adjusted
EBITDA in the fourth quarter of 2016 compared with US$6.4 million
in the same period in 2015.
Gaming machine handle for the fourth quarter of 2016 was
US$614.4 million, compared with US$669.6 million in the fourth
quarter of 2015. The gaming machine win rate was 4.6% in the fourth
quarter of 2016 versus 4.7% in the fourth quarter of 2015.
Studio City Fourth
Quarter Results
For the quarter ended December 31, 2016, net revenue at Studio
City was US$246.2 million compared to US$123.2 million in the
fourth quarter of 2015. Studio City generated Adjusted EBITDA of
US$56.7 million in the fourth quarter of 2016 compared with
Adjusted EBITDA of US$12.6 million in the fourth quarter of 2015.
The year-on-year improvement in Adjusted EBITDA was primarily a
result of having full operations in the fourth quarter of 2016,
since Studio City started operations on October 27, 2015 and began
rolling chip operations in November 2016.
Rolling chip volume totaled US$1.3 billion for the fourth
quarter of 2016. The rolling chip win rate was 1.4% in the fourth
quarter of 2016. The expected rolling chip win rate range is
2.7%-3.0%.
Mass market table games drop increased to US$683.2 million
compared with US$365.3 million in the fourth quarter of 2015. The
mass market table games hold percentage was 26.9% in the fourth
quarter of 2016 compared to 22.4% in the fourth quarter of
2015.
Gaming machine handle for the fourth quarter of 2016 was
US$519.3 million, compared with US$264.9 million in the fourth
quarter of 2015. The gaming machine win rate was 3.9% in the fourth
quarter of 2016 versus 4.9% in the fourth quarter of 2015.
Total non-gaming revenue at Studio City in the fourth quarter of
2016 was US$53.3 million, compared with US$37.8 million in the
fourth quarter of 2015.
City of Dreams Manila
Fourth Quarter Results
For the quarter ended December 31, 2016, net revenue at City of
Dreams Manila was US$144.7 million compared to US$80.9 million in
the fourth quarter of 2015. City of Dreams Manila generated
Adjusted EBITDA of US$50.2 million in the fourth quarter of 2016
compared to US$15.5 million in the comparable period of 2015. The
year-on-year improvement in Adjusted EBITDA was primarily a result
of increased casino revenues.
Rolling chip volume totaled US$2.1 billion for the fourth
quarter of 2016 versus US$1.3 billion in the fourth quarter of
2015. The rolling chip win rate was 3.5% in the fourth quarter of
2016 versus 2.1% in the fourth quarter of 2015. The expected
rolling chip win rate range is 2.7%-3.0%.
Mass market table games drop increased to US$149.0 million for
the fourth quarter of 2016, compared with US$106.3 million in the
fourth quarter of 2015. The mass market table games hold percentage
was 27.8% in the fourth quarter of 2016 compared to 27.5% in the
fourth quarter of 2015.
Gaming machine handle for the fourth quarter of 2016 was
US$671.3 million, compared with US$420.9 million in the fourth
quarter of 2015. The gaming machine win rate was 5.9% in the fourth
quarter of 2016 versus 6.2% in the fourth quarter of 2015.
Total non-gaming revenue at City of Dreams Manila in the fourth
quarter of 2016 was US$28.1 million, compared with US$25.0 million
in the fourth quarter of 2015.
Other Factors Affecting
Earnings
Total net non-operating expenses for the fourth quarter of 2016
were US$95.3 million, which mainly included interest expenses, net
of capitalized interest, of US$56.2 million, loss on extinguishment
of debt of US$17.4 million, other finance costs of US$13.3 million
and costs associated with debt modification of US$8.1 million. We
recorded US$7.7 million of capitalized interest during the fourth
quarter of 2016, primarily relating to the development of Morpheus
at City of Dreams.
The year-on-year increase of US$35.4 million in net
non-operating expenses was primarily a result of loss on
extinguishment of debt arising from the refinancing of the Studio
City project facility and lower capitalized interest in the current
quarter.
Depreciation and amortization costs of US$137.5 million were
recorded in the fourth 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 December 31, 2016 totaled
US$2.0 billion, including US$210.8 million of bank deposits with
original maturities over three months and US$39.3 million of
restricted cash, primarily related to Studio City. Total debt, net
of unamortized deferred financing costs at the end of the fourth
quarter of 2016 was US$3.7 billion.
Capital expenditures for the fourth quarter of 2016 were US$78.9
million, which predominantly related to various projects at City of
Dreams, including Morpheus.
Full Year
Results
For the year ended December 31, 2016, Melco Crown Entertainment
reported net revenue of US$4.5 billion versus US$4.0 billion in the
prior year. The year-on-year increase in net revenue was primarily
attributable to the net revenue generated by a fully-operating
Studio City and the increase in casino revenues at City of Dreams
Manila, partially offset by lower casino revenues at City of Dreams
in Macau and Altira Macau.
On a U.S. GAAP basis, operating income for 2016 was US$363.1
million, compared with operating income of US$98.4 million for
2015.
Adjusted property EBITDA for the year ended December 31, 2016
was US$1,087.5 million, as compared with Adjusted property EBITDA
of US$932.0 million in 2015. The 17% year-on-year improvement in
Adjusted property EBITDA was mainly attributable to the
contribution from a fully-operating Studio City and increase in
casino revenues at City of Dreams Manila, partially offset by lower
contribution from City of Dreams in Macau and Altira
Macau.
On a U.S. GAAP basis, net income attributable to Melco Crown
Entertainment for 2016 was US$175.9 million, or US$0.35 per ADS,
compared with a net income attributable to Melco Crown
Entertainment of US$105.7 million, or US$0.20 per ADS, for 2015.
The net loss attributable to noncontrolling interests for 2016 of
US$109.0 million was related to Studio City and City of Dream
Manila.
Shareholders and potential investors in Melco Crown
Entertainment are advised not to place undue reliance on the
unaudited earnings and financial information of the Company for the
fourth quarter and year ended December 31, 2016. Shareholders and
potential investors of the Company are advised to exercise caution
in dealing in the securities of the Company.
Dividend
Declaration
On February 16, 2017, our Board considered and
approved the declaration and payment of a quarterly dividend of
US$0.03 per share (equivalent to US$0.09 per ADS) for the fourth
quarter of 2016 (the “Quarterly Dividend”). The
Quarterly Dividend will be paid on or about Wednesday, March 15,
2017 to our shareholders whose names appear on the register of
members of the Company at the close of business on Monday, February
27, 2017, 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 fourth quarter 2016 financial results on Thursday, February 16,
2017 at 8:30 a.m. Eastern Time (9:30 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 |
|
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Conference ID |
|
69738317 |
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 markets and visitations 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, net gain on disposal of property and equipment 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, net gain on
disposal of property and equipment to Belle Corporation, Corporate
and Others expenses and other non-operating income and expenses.
Adjusted EBITDA and adjusted property EBITDA are presented
exclusively as supplemental disclosures because management believes
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 net gain on
disposal of property and equipment to Belle Corporation,
pre-opening costs, development costs, property charges and
others, loss on extinguishment of debt and costs associated with
debt modification, net of noncontrolling interests and taxes
calculated using specific tax treatments applicable to the
adjustments based on their respective jurisdictions. 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 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 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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Melco Crown Entertainment Limited and
Subsidiaries |
|
Condensed Consolidated Statements of
Operations |
|
(In thousands of U.S. dollars, except share
and per share data) |
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Three Months Ended |
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Year Ended |
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December 31, |
|
December 31, |
|
|
2016 |
|
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2015 |
|
|
2016 |
|
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2015 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Audited) |
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ |
1,099,844 |
|
|
$ |
981,121 |
|
|
$ |
4,176,667 |
|
|
$ |
3,767,291 |
|
|
Rooms |
|
69,338 |
|
|
|
61,136 |
|
|
|
265,289 |
|
|
|
199,727 |
|
|
Food and beverage |
|
47,904 |
|
|
|
37,635 |
|
|
|
177,515 |
|
|
|
126,848 |
|
|
Entertainment, retail
and others |
|
51,893 |
|
|
|
41,480 |
|
|
|
197,011 |
|
|
|
117,543 |
|
|
Gross revenues |
|
1,268,979 |
|
|
|
1,121,372 |
|
|
|
4,816,482 |
|
|
|
4,211,409 |
|
|
Less: promotional
allowances |
|
(76,101 |
) |
|
|
(63,342 |
) |
|
|
(297,086 |
) |
|
|
(236,609 |
) |
|
Net revenues |
|
1,192,878 |
|
|
|
1,058,030 |
|
|
|
4,519,396 |
|
|
|
3,974,800 |
|
|
OPERATING COSTS AND
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
(750,898 |
) |
|
|
(692,606 |
) |
|
|
(2,904,922 |
) |
|
|
(2,654,760 |
) |
|
Rooms |
|
(8,260 |
) |
|
|
(8,078 |
) |
|
|
(33,218 |
) |
|
|
(23,419 |
) |
|
Food and beverage |
|
(18,212 |
) |
|
|
(19,271 |
) |
|
|
(65,781 |
) |
|
|
(43,295 |
) |
|
Entertainment, retail
and others |
|
(27,326 |
) |
|
|
(25,978 |
) |
|
|
(109,817 |
) |
|
|
(77,506 |
) |
|
General and
administrative |
|
(120,510 |
) |
|
|
(110,141 |
) |
|
|
(446,591 |
) |
|
|
(383,874 |
) |
|
Payments to the
Philippine Parties |
|
(9,928 |
) |
|
|
(4,553 |
) |
|
|
(34,403 |
) |
|
|
(16,547 |
) |
|
Pre-opening costs |
|
(1,671 |
) |
|
|
(52,501 |
) |
|
|
(3,883 |
) |
|
|
(168,172 |
) |
|
Development costs |
|
(88 |
) |
|
|
(53 |
) |
|
|
(95 |
) |
|
|
(110 |
) |
|
Amortization of gaming
subconcession |
|
(14,309 |
) |
|
|
(14,309 |
) |
|
|
(57,237 |
) |
|
|
(57,237 |
) |
|
Amortization of land
use rights |
|
(5,704 |
) |
|
|
(5,703 |
) |
|
|
(22,816 |
) |
|
|
(54,056 |
) |
|
Depreciation and
amortization |
|
(117,515 |
) |
|
|
(109,941 |
) |
|
|
(472,219 |
) |
|
|
(359,341 |
) |
|
Property charges and
others |
|
(2,489 |
) |
|
|
(32,729 |
) |
|
|
(5,298 |
) |
|
|
(38,068 |
) |
|
Total operating costs
and expenses |
|
(1,076,910 |
) |
|
|
(1,075,863 |
) |
|
|
(4,156,280 |
) |
|
|
(3,876,385 |
) |
|
OPERATING INCOME
(LOSS) |
|
115,968 |
|
|
|
(17,833 |
) |
|
|
363,116 |
|
|
|
98,415 |
|
|
NON-OPERATING INCOME
(EXPENSES) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
1,738 |
|
|
|
3,129 |
|
|
|
5,951 |
|
|
|
13,900 |
|
|
Interest expenses, net
of capitalized interest |
|
(56,170 |
) |
|
|
(44,116 |
) |
|
|
(223,567 |
) |
|
|
(118,330 |
) |
|
Other finance
costs |
|
(13,344 |
) |
|
|
(14,000 |
) |
|
|
(55,796 |
) |
|
|
(45,839 |
) |
|
Foreign exchange (loss)
gain, net |
|
(2,919 |
) |
|
|
1,381 |
|
|
|
7,356 |
|
|
|
(2,156 |
) |
|
Other income, net |
|
936 |
|
|
|
735 |
|
|
|
3,572 |
|
|
|
2,317 |
|
|
Loss on extinguishment
of debt |
|
(17,435 |
) |
|
|
- |
|
|
|
(17,435 |
) |
|
|
(481 |
) |
|
Costs associated with
debt modification |
|
(8,101 |
) |
|
|
(7,011 |
) |
|
|
(8,101 |
) |
|
|
(7,603 |
) |
|
Total non-operating
expenses, net |
|
(95,295 |
) |
|
|
(59,882 |
) |
|
|
(288,020 |
) |
|
|
(158,192 |
) |
|
INCOME (LOSS) BEFORE
INCOME TAX |
|
20,673 |
|
|
|
(77,715 |
) |
|
|
75,096 |
|
|
|
(59,777 |
) |
|
INCOME TAX EXPENSE |
|
(4,162 |
) |
|
|
(266 |
) |
|
|
(8,178 |
) |
|
|
(1,031 |
) |
|
NET INCOME (LOSS) |
|
16,511 |
|
|
|
(77,981 |
) |
|
|
66,918 |
|
|
|
(60,808 |
) |
|
NET LOSS ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
|
NONCONTROLLING
INTERESTS |
|
26,765 |
|
|
|
65,642 |
|
|
|
108,988 |
|
|
|
166,555 |
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN
ENTERTAINMENT LIMITED |
$ |
43,276 |
|
|
$ |
(12,339 |
) |
|
$ |
175,906 |
|
|
$ |
105,747 |
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.030 |
|
|
$ |
(0.008 |
) |
|
$ |
0.116 |
|
|
$ |
0.065 |
|
|
Diluted |
$ |
0.029 |
|
|
$ |
(0.008 |
) |
|
$ |
0.115 |
|
|
$ |
0.065 |
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.089 |
|
|
$ |
(0.023 |
) |
|
$ |
0.348 |
|
|
$ |
0.196 |
|
|
Diluted |
$ |
0.088 |
|
|
$ |
(0.023 |
) |
|
$ |
0.346 |
|
|
$ |
0.195 |
|
|
WEIGHTED AVERAGE SHARES
USED IN |
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS) ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT LIMITED |
|
|
|
|
|
|
|
|
|
|
|
PER SHARE
CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,463,660,679 |
|
|
|
1,617,943,012 |
|
|
|
1,516,714,277 |
|
|
|
1,617,263,041 |
|
|
Diluted |
|
1,473,600,609 |
|
|
|
1,617,943,012 |
|
|
|
1,525,284,272 |
|
|
|
1,627,108,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
|
|
Condensed Consolidated Balance
Sheets |
|
|
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
2016 |
|
2015 |
|
|
|
(Unaudited) |
|
(Audited)(1) |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
1,702,310 |
|
|
$ |
1,611,026 |
|
|
|
Bank deposits with
original maturities over three months |
|
210,840 |
|
|
|
724,736 |
|
|
|
Restricted cash |
|
39,152 |
|
|
|
317,118 |
|
|
|
Accounts receivable,
net |
|
225,438 |
|
|
|
271,627 |
|
|
|
Amounts due from
affiliated companies |
|
1,103 |
|
|
|
1,175 |
|
|
|
Deferred tax
assets |
|
- |
|
|
|
19 |
|
|
|
Income tax
receivable |
|
52 |
|
|
|
62 |
|
|
|
Inventories |
|
32,600 |
|
|
|
33,074 |
|
|
|
Prepaid expenses and
other current assets |
|
68,059 |
|
|
|
61,324 |
|
|
|
Total current
assets |
|
2,279,554 |
|
|
|
3,020,161 |
|
|
|
PROPERTY AND EQUIPMENT,
NET |
|
5,655,823 |
|
|
|
5,760,229 |
|
|
|
GAMING SUBCONCESSION,
NET |
|
313,320 |
|
|
|
370,557 |
|
|
|
INTANGIBLE ASSETS |
|
4,220 |
|
|
|
4,220 |
|
|
|
GOODWILL |
|
81,915 |
|
|
|
81,915 |
|
|
|
LONG-TERM PREPAYMENTS,
DEPOSITS AND OTHER ASSETS |
|
194,911 |
|
|
|
192,012 |
|
|
|
RESTRICTED CASH |
|
130 |
|
|
|
- |
|
|
|
DEFERRED TAX
ASSETS |
|
152 |
|
|
|
83 |
|
|
|
LAND USE RIGHTS,
NET |
|
810,316 |
|
|
|
833,132 |
|
|
|
TOTAL ASSETS |
$ |
9,340,341 |
|
|
$ |
10,262,309 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
Accounts payable |
$ |
17,434 |
|
|
$ |
15,588 |
|
|
|
Accrued expenses and
other current liabilities |
|
1,369,943 |
|
|
|
1,056,850 |
|
|
|
Income tax payable |
|
7,422 |
|
|
|
3,487 |
|
|
|
Capital lease
obligations, due within one year |
|
30,730 |
|
|
|
29,792 |
|
|
|
Current portion of
long-term debt, net |
|
50,583 |
|
|
|
102,836 |
|
|
|
Amounts due to
affiliated companies |
|
3,028 |
|
|
|
2,464 |
|
|
|
Total current
liabilities |
|
1,479,140 |
|
|
|
1,211,017 |
|
|
|
LONG-TERM DEBT,
NET |
|
3,669,692 |
|
|
|
3,712,396 |
|
|
|
OTHER LONG-TERM
LIABILITIES |
|
49,287 |
|
|
|
80,962 |
|
|
|
DEFERRED TAX
LIABILITIES |
|
56,451 |
|
|
|
55,598 |
|
|
|
CAPITAL LEASE
OBLIGATIONS, DUE AFTER ONE YEAR |
|
262,357 |
|
|
|
270,477 |
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
Ordinary shares |
|
14,759 |
|
|
|
16,309 |
|
|
|
Treasury shares |
|
(108 |
) |
|
|
(275 |
) |
|
|
Additional paid-in
capital |
|
2,783,062 |
|
|
|
3,075,459 |
|
|
|
Accumulated other
comprehensive losses |
|
(24,768 |
) |
|
|
(21,934 |
) |
|
|
Retained earnings |
|
570,925 |
|
|
|
1,270,074 |
|
|
|
Total Melco Crown
Entertainment Limited shareholders’ equity |
|
3,343,870 |
|
|
|
4,339,633 |
|
|
|
Noncontrolling
interests |
|
479,544 |
|
|
|
592,226 |
|
|
|
Total equity |
|
3,823,414 |
|
|
|
4,931,859 |
|
|
|
TOTAL LIABILITIES AND
EQUITY |
$ |
9,340,341 |
|
|
$ |
10,262,309 |
|
|
|
|
|
|
|
|
|
|
|
(1) The condensed consolidated balance sheets as of
December 31, 2015 have been adjusted for the retrospective
application of the authoritative guidance on the presentation of
debt issuance costs which was adopted by the Company in 2016. The
consolidated financial statements as of December 31, 2014 and 2015
and for the years ended December 31, 2013, 2014 and 2015,
retrospectively adjusted to reflect retrospective adoption of such
new guidance was included in the form 6-K furnished to the SEC on
December 14, 2016. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
|
Reconciliation of Net Income (Loss)
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 |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
Net Income (Loss)
Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown
Entertainment Limited |
$ |
43,276 |
|
|
$ |
(12,339 |
) |
|
$ |
175,906 |
|
|
$ |
105,747 |
|
|
Net Gain
on Disposal of Property and Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
to
Belle Corporation |
|
- |
|
|
|
- |
|
|
|
(8,134 |
) |
|
|
- |
|
|
Pre-opening Costs |
|
1,671 |
|
|
|
52,501 |
|
|
|
3,883 |
|
|
|
168,172 |
|
|
Development
Costs |
|
88 |
|
|
|
53 |
|
|
|
95 |
|
|
|
110 |
|
|
Property
Charges and Others |
|
2,489 |
|
|
|
32,729 |
|
|
|
5,298 |
|
|
|
38,068 |
|
|
Loss on
Extinguishment of Debt |
|
17,435 |
|
|
|
- |
|
|
|
17,435 |
|
|
|
481 |
|
|
Costs Associated
with Debt Modification |
|
8,101 |
|
|
|
7,011 |
|
|
|
8,101 |
|
|
|
7,603 |
|
|
Income Tax
Impact on Adjustments |
|
392 |
|
|
|
(4 |
) |
|
|
378 |
|
|
|
(254 |
) |
|
Noncontrolling Interests Impact on Adjustments |
|
(10,291 |
) |
|
|
(33,269 |
) |
|
|
(9,947 |
) |
|
|
(82,143 |
) |
|
Adjusted Net Income
Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown
Entertainment Limited |
$ |
63,161 |
|
|
$ |
46,682 |
|
|
$ |
193,015 |
|
|
$ |
237,784 |
|
|
ADJUSTED NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN
ENTERTAINMENT |
|
|
|
|
|
|
|
|
|
|
|
|
LIMITED PER
SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.043 |
|
|
$ |
0.029 |
|
|
$ |
0.127 |
|
|
$ |
0.147 |
|
|
Diluted |
$ |
0.043 |
|
|
$ |
0.029 |
|
|
$ |
0.127 |
|
|
$ |
0.146 |
|
|
ADJUSTED NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN
ENTERTAINMENT |
|
|
|
|
|
|
|
|
|
|
|
|
LIMITED PER
ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.129 |
|
|
$ |
0.087 |
|
|
$ |
0.382 |
|
|
$ |
0.441 |
|
|
Diluted |
$ |
0.129 |
|
|
$ |
0.086 |
|
|
$ |
0.380 |
|
|
$ |
0.438 |
|
|
WEIGHTED AVERAGE SHARES
USED IN |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET
INCOME ATTRIBUTABLE |
|
|
|
|
|
|
|
|
|
|
|
|
TO MELCO CROWN
ENTERTAINMENT |
|
|
|
|
|
|
|
|
|
|
|
|
LIMITED PER
SHARE CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,463,660,679 |
|
|
|
1,617,943,012 |
|
|
|
1,516,714,277 |
|
|
|
1,617,263,041 |
|
|
Diluted |
|
1,473,600,609 |
|
|
|
1,626,677,872 |
|
|
|
1,525,284,272 |
|
|
|
1,627,108,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31,
2016 |
|
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
StudioCity |
|
City ofDreamsManila |
|
Corporateand Others |
|
Total |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
Operating (Loss)
Income |
$ |
(2,410 |
) |
|
$ |
2,593 |
|
$ |
139,279 |
|
$ |
9,373 |
|
|
$ |
19,917 |
|
|
$ |
(52,784 |
) |
|
$ |
115,968 |
|
|
Payments to the
Philippine Parties |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
9,928 |
|
|
|
- |
|
|
|
9,928 |
|
|
Land Rent to
Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
803 |
|
|
|
- |
|
|
|
803 |
|
|
Pre-opening
Costs |
|
- |
|
|
|
- |
|
|
1,047 |
|
|
624 |
|
|
|
- |
|
|
|
- |
|
|
|
1,671 |
|
|
Development
Costs |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
88 |
|
|
|
88 |
|
|
Depreciation and
Amortization |
|
5,652 |
|
|
|
2,797 |
|
|
44,505 |
|
|
45,646 |
|
|
|
21,443 |
|
|
|
17,485 |
|
|
|
137,528 |
|
|
Share-based
Compensation |
|
45 |
|
|
|
45 |
|
|
601 |
|
|
80 |
|
|
|
117 |
|
|
|
2,851 |
|
|
|
3,739 |
|
|
Property Charges
and Others |
|
- |
|
|
|
- |
|
|
3,245 |
|
|
931 |
|
|
|
(2,008 |
) |
|
|
321 |
|
|
|
2,489 |
|
|
Adjusted EBITDA |
|
3,287 |
|
|
|
5,435 |
|
|
188,677 |
|
|
56,654 |
|
|
|
50,200 |
|
|
|
(32,039 |
) |
|
|
272,214 |
|
|
Corporate and
Others Expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
32,039 |
|
|
|
32,039 |
|
|
Adjusted Property
EBITDA |
$ |
3,287 |
|
|
$ |
5,435 |
|
$ |
188,677 |
|
$ |
56,654 |
|
|
$ |
50,200 |
|
|
$ |
- |
|
|
$ |
304,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2015 |
|
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
StudioCity |
|
City ofDreamsManila |
|
Corporateand Others |
|
Total |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
Operating Income
(Loss) |
$ |
3,569 |
|
|
$ |
3,361 |
|
$ |
146,393 |
|
$ |
(73,381 |
) |
|
$ |
(47,534 |
) |
|
$ |
(50,241 |
) |
|
$ |
(17,833 |
) |
|
Payments to the
Philippine Parties |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
4,553 |
|
|
|
- |
|
|
|
4,553 |
|
|
Land Rent to
Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
842 |
|
|
|
- |
|
|
|
842 |
|
|
Pre-opening
Costs |
|
- |
|
|
|
- |
|
|
7 |
|
|
52,036 |
|
|
|
458 |
|
|
|
- |
|
|
|
52,501 |
|
|
Development
Costs |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
53 |
|
|
|
53 |
|
|
Depreciation and
Amortization |
|
6,020 |
|
|
|
3,025 |
|
|
45,141 |
|
|
33,765 |
|
|
|
24,128 |
|
|
|
17,874 |
|
|
|
129,953 |
|
|
Share-based
Compensation |
|
29 |
|
|
|
23 |
|
|
447 |
|
|
90 |
|
|
|
1,816 |
|
|
|
2,798 |
|
|
|
5,203 |
|
|
Property Charges
and Others |
|
51 |
|
|
|
- |
|
|
244 |
|
|
126 |
|
|
|
31,217 |
|
|
|
1,091 |
|
|
|
32,729 |
|
|
Adjusted EBITDA |
|
9,669 |
|
|
|
6,409 |
|
|
192,232 |
|
|
12,636 |
|
|
|
15,480 |
|
|
|
(28,425 |
) |
|
|
208,001 |
|
|
Corporate and
Others Expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
28,425 |
|
|
|
28,425 |
|
|
Adjusted Property
EBITDA |
$ |
9,669 |
|
|
$ |
6,409 |
|
$ |
192,232 |
|
$ |
12,636 |
|
|
$ |
15,480 |
|
|
$ |
- |
|
|
$ |
236,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
|
Reconciliation of Adjusted EBITDA and Adjusted
Property EBITDA to |
|
Net Income (Loss) Attributable to Melco Crown
Entertainment Limited |
|
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
December 31, |
|
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
Adjusted Property
EBITDA |
|
|
|
|
|
|
$ |
304,253 |
|
|
$ |
236,426 |
|
|
Corporate
and Others Expenses |
|
|
|
|
|
|
|
(32,039 |
) |
|
|
(28,425 |
) |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
272,214 |
|
|
|
208,001 |
|
|
Payments
to the Philippine Parties |
|
|
|
|
|
|
|
(9,928 |
) |
|
|
(4,553 |
) |
|
Land Rent
to Belle Corporation |
|
|
|
|
|
|
|
(803 |
) |
|
|
(842 |
) |
|
Pre-opening Costs |
|
|
|
|
|
|
|
(1,671 |
) |
|
|
(52,501 |
) |
|
Development Costs |
|
|
|
|
|
|
|
(88 |
) |
|
|
(53 |
) |
|
Depreciation and Amortization |
|
|
|
|
|
|
|
(137,528 |
) |
|
|
(129,953 |
) |
|
Share-based Compensation |
|
|
|
|
|
|
|
(3,739 |
) |
|
|
(5,203 |
) |
|
Property
Charges and Others |
|
|
|
|
|
|
|
(2,489 |
) |
|
|
(32,729 |
) |
|
Interest
and Other Non-Operating Expenses, Net |
|
|
|
|
|
|
|
(95,295 |
) |
|
|
(59,882 |
) |
|
Income
Tax Expense |
|
|
|
|
|
|
|
(4,162 |
) |
|
|
(266 |
) |
|
Net Income (Loss) |
|
|
|
|
|
|
|
16,511 |
|
|
|
(77,981 |
) |
|
Net Loss Attributable
to Noncontrolling Interests |
|
|
|
|
|
|
|
26,765 |
|
|
|
65,642 |
|
|
Net Income
(Loss) Attributable to Melco Crown Entertainment Limited |
|
|
|
|
$ |
43,276 |
|
|
$ |
(12,339 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
Reconciliation of Operating Income (Loss)
to |
Adjusted EBITDA and Adjusted Property
EBITDA |
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
2016 |
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
StudioCity |
|
City of Dreams Manila |
|
Corporateand Others |
|
Total |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Operating (Loss)
Income |
$ |
(18,091 |
) |
|
$ |
11,694 |
|
$ |
559,470 |
|
$ |
(29,099 |
) |
|
$ |
38,705 |
|
|
$ |
(199,563 |
) |
|
$ |
363,116 |
|
Payments to the
Philippine Parties |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
34,403 |
|
|
|
- |
|
|
|
34,403 |
|
Land Rent to
Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
3,327 |
|
|
|
- |
|
|
|
3,327 |
|
Net
Gain on Disposal of Property and Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to Belle
Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
(8,134 |
) |
|
|
- |
|
|
|
(8,134 |
) |
Pre-opening
Costs |
|
- |
|
|
|
- |
|
|
1,355 |
|
|
2,528 |
|
|
|
- |
|
|
|
- |
|
|
|
3,883 |
|
Development
Costs |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
95 |
|
|
|
95 |
|
Depreciation and
Amortization |
|
22,950 |
|
|
|
11,921 |
|
|
175,676 |
|
|
179,905 |
|
|
|
91,389 |
|
|
|
70,431 |
|
|
|
552,272 |
|
Share-based
Compensation |
|
60 |
|
|
|
174 |
|
|
2,354 |
|
|
826 |
|
|
|
2,087 |
|
|
|
12,986 |
|
|
|
18,487 |
|
Property Charges
and Others |
|
197 |
|
|
|
- |
|
|
3,436 |
|
|
1,825 |
|
|
|
(1,441 |
) |
|
|
1,281 |
|
|
|
5,298 |
|
Adjusted EBITDA |
|
5,116 |
|
|
|
23,789 |
|
|
742,291 |
|
|
155,985 |
|
|
|
160,336 |
|
|
|
(114,770 |
) |
|
|
972,747 |
|
Corporate and
Others Expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
114,770 |
|
|
|
114,770 |
|
Adjusted Property
EBITDA |
$ |
5,116 |
|
|
$ |
23,789 |
|
$ |
742,291 |
|
$ |
155,985 |
|
|
$ |
160,336 |
|
|
$ |
- |
|
|
$ |
1,087,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
2015 |
|
AltiraMacau |
|
Mocha |
|
City ofDreams |
|
StudioCity |
|
City ofDreamsManila |
|
Corporate and Others |
|
Total |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Operating Income
(Loss) |
$ |
7,877 |
|
|
$ |
17,835 |
|
$ |
595,330 |
|
$ |
(187,665 |
) |
|
$ |
(126,360 |
) |
|
$ |
(208,602 |
) |
|
$ |
98,415 |
|
Payments to the
Philippine Parties |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
16,547 |
|
|
|
- |
|
|
|
16,547 |
|
Land Rent to
Belle Corporation |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
3,476 |
|
|
|
- |
|
|
|
3,476 |
|
Pre-opening
Costs |
|
- |
|
|
|
- |
|
|
395 |
|
|
131,321 |
|
|
|
28,365 |
|
|
|
8,091 |
|
|
|
168,172 |
|
Development
Costs |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
110 |
|
|
|
110 |
|
Depreciation and
Amortization |
|
28,216 |
|
|
|
12,337 |
|
|
200,373 |
|
|
66,503 |
|
|
|
95,021 |
|
|
|
68,184 |
|
|
|
470,634 |
|
Share-based
Compensation |
|
117 |
|
|
|
87 |
|
|
1,861 |
|
|
293 |
|
|
|
7,100 |
|
|
|
11,369 |
|
|
|
20,827 |
|
Property Charges
and Others |
|
51 |
|
|
|
- |
|
|
545 |
|
|
1,142 |
|
|
|
31,217 |
|
|
|
5,113 |
|
|
|
38,068 |
|
Adjusted EBITDA |
|
36,261 |
|
|
|
30,259 |
|
|
798,504 |
|
|
11,594 |
|
|
|
55,366 |
|
|
|
(115,735 |
) |
|
|
816,249 |
|
Corporate and
Others Expenses |
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
115,735 |
|
|
|
115,735 |
|
Adjusted Property
EBITDA |
$ |
36,261 |
|
|
$ |
30,259 |
|
$ |
798,504 |
|
$ |
11,594 |
|
|
$ |
55,366 |
|
|
$ |
- |
|
|
$ |
931,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
December 31, |
|
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
Adjusted Property
EBITDA |
|
|
|
|
|
|
$ |
1,087,517 |
|
|
$ |
931,984 |
|
|
Corporate
and Others Expenses |
|
|
|
|
|
|
|
(114,770 |
) |
|
|
(115,735 |
) |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
972,747 |
|
|
|
816,249 |
|
|
Payments
to the Philippine Parties |
|
|
|
|
|
|
|
(34,403 |
) |
|
|
(16,547 |
) |
|
Land Rent
to Belle Corporation |
|
|
|
|
|
|
|
(3,327 |
) |
|
|
(3,476 |
) |
|
Net Gain
on Disposal of Property and Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
to
Belle Corporation |
|
|
|
|
|
|
|
8,134 |
|
|
|
- |
|
|
Pre-opening Costs |
|
|
|
|
|
|
|
(3,883 |
) |
|
|
(168,172 |
) |
|
Development Costs |
|
|
|
|
|
|
|
(95 |
) |
|
|
(110 |
) |
|
Depreciation and Amortization |
|
|
|
|
|
|
|
(552,272 |
) |
|
|
(470,634 |
) |
|
Share-based Compensation |
|
|
|
|
|
|
|
(18,487 |
) |
|
|
(20,827 |
) |
|
Property
Charges and Others |
|
|
|
|
|
|
|
(5,298 |
) |
|
|
(38,068 |
) |
|
Interest
and Other Non-Operating Expenses, Net |
|
|
|
|
|
|
|
(288,020 |
) |
|
|
(158,192 |
) |
|
Income
Tax Expense |
|
|
|
|
|
|
|
(8,178 |
) |
|
|
(1,031 |
) |
|
Net Income (Loss) |
|
|
|
|
|
|
|
66,918 |
|
|
|
(60,808 |
) |
|
Net Loss Attributable
to Noncontrolling Interests |
|
|
|
|
|
|
|
108,988 |
|
|
|
166,555 |
|
|
Net Income
Attributable to Melco Crown Entertainment Limited |
|
|
|
|
|
$ |
175,906 |
|
|
$ |
105,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
|
|
Supplemental Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
Room Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
|
$ |
210 |
|
|
$ |
213 |
|
|
$ |
205 |
|
|
$ |
212 |
|
|
|
|
Occupancy per available room |
|
|
|
94 |
% |
|
|
97 |
% |
|
|
94 |
% |
|
|
98 |
% |
|
|
|
Revenue per available room (4) |
|
|
$ |
197 |
|
|
$ |
206 |
|
|
$ |
193 |
|
|
$ |
209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
|
$ |
205 |
|
|
$ |
205 |
|
|
$ |
200 |
|
|
$ |
201 |
|
|
|
|
Occupancy per available room |
|
|
|
98 |
% |
|
|
97 |
% |
|
|
96 |
% |
|
|
99 |
% |
|
|
|
Revenue per available room (4) |
|
|
$ |
199 |
|
|
$ |
200 |
|
|
$ |
192 |
|
|
$ |
198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
|
$ |
138 |
|
|
$ |
136 |
|
|
$ |
136 |
|
|
$ |
136 |
|
|
|
|
Occupancy per available room |
|
|
|
99 |
% |
|
|
98 |
% |
|
|
98 |
% |
|
|
98 |
% |
|
|
|
Revenue per available room (4) |
|
|
$ |
137 |
|
|
$ |
133 |
|
|
$ |
133 |
|
|
$ |
133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate (3) |
|
|
$ |
156 |
|
|
$ |
168 |
|
|
$ |
159 |
|
|
$ |
191 |
|
|
|
|
Occupancy per available room |
|
|
|
96 |
% |
|
|
88 |
% |
|
|
91 |
% |
|
|
86 |
% |
|
|
|
Revenue per available room (4) |
|
|
$ |
149 |
|
|
$ |
148 |
|
|
$ |
145 |
|
|
$ |
164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information: |
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
114 |
|
|
|
131 |
|
|
|
121 |
|
|
|
126 |
|
|
|
|
Average number of gaming machines |
|
|
62 |
|
|
|
55 |
|
|
|
62 |
|
|
|
56 |
|
|
|
|
Table games win per unit per day (5) |
|
$ |
13,447 |
|
|
$ |
15,374 |
|
|
$ |
13,448 |
|
|
$ |
17,079 |
|
|
|
|
Gaming machines win per unit per day (6) |
|
$ |
94 |
|
|
$ |
89 |
|
|
$ |
93 |
|
|
$ |
98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
488 |
|
|
|
494 |
|
|
|
494 |
|
|
|
497 |
|
|
|
|
Average number of gaming machines |
|
|
956 |
|
|
|
1,090 |
|
|
|
1,029 |
|
|
|
1,146 |
|
|
|
|
Table games win per unit per day (5) |
|
$ |
15,319 |
|
|
$ |
15,435 |
|
|
$ |
15,027 |
|
|
$ |
16,176 |
|
|
|
|
Gaming machines win per unit per day (6) |
|
$ |
466 |
|
|
$ |
363 |
|
|
$ |
381 |
|
|
$ |
404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
266 |
|
|
|
196 |
|
|
|
251 |
|
|
|
196 |
|
|
|
|
Average number of gaming machines |
|
|
1,103 |
|
|
|
1,165 |
|
|
|
1,097 |
|
|
|
1,165 |
|
|
|
|
Table games win per unit per day (5) |
|
$ |
8,282 |
|
|
$ |
6,326 |
|
|
$ |
6,871 |
|
|
$ |
6,326 |
|
|
|
|
Gaming machines win per unit per day (6) |
|
$ |
200 |
|
|
$ |
168 |
|
|
$ |
189 |
|
|
$ |
168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams Manila |
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
|
|
272 |
|
|
|
276 |
|
|
|
270 |
|
|
|
263 |
|
|
|
|
Average number of gaming machines |
|
|
1,686 |
|
|
|
1,660 |
|
|
|
1,656 |
|
|
|
1,709 |
|
|
|
|
Table games win per unit per day (5) |
|
$ |
4,576 |
|
|
$ |
2,268 |
|
|
$ |
3,939 |
|
|
$ |
2,033 |
|
|
|
|
Gaming machines win per unit per day (6) |
|
$ |
255 |
|
|
$ |
170 |
|
|
$ |
217 |
|
|
$ |
170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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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