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 second quarter of
2016.
Net revenue for the second quarter of 2016 was US$1,070.4
million, representing an increase of approximately 17% from
US$916.8 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 the
increase in casino revenues at City of Dreams Manila, partially
offset by lower casino revenues at City of Dreams and Altira
Macau.
On a U.S. GAAP basis, operating income for the second quarter of
2016 was US$72.4 million compared with operating income of US$22.0
million in the second quarter of 2015, representing an increase of
230%.
Adjusted property EBITDA(1) was US$245.3 million for the second
quarter of 2016, as compared to Adjusted property EBITDA of
US$204.9 million in the second quarter of 2015, representing an
increase of 20%. The 20% year-over-year improvement in Adjusted
property EBITDA was mainly attributable to 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 second quarter of 2016 was US$30.8 million,
or US$0.06 per ADS, compared with net income attributable to Melco
Crown Entertainment of US$24.3 million, or US$0.05 per ADS, in the
second quarter of 2015. The net loss attributable to noncontrolling
interests during the second quarter of 2016 of US$28.8 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 20% year-over-year
increase in Adjusted property EBITDA during the second quarter of
2016 as a result of our commitment to controlling costs and
increased exposure to the higher margin mass market segment in
Macau, together with a strong performance at our integrated resort
in Manila.”
“Studio City, our second integrated resort in Cotai, Macau,
which opened in late 2015, is still in its ramp-up phrase and
positioned for further increased revenues and profitability in the
future as the property builds a strong customer database through
its unique entertainment offerings which attract an increasingly
Cotai-based mass market customer.
“Macau continues to face challenges in gaming demand. However,
we believe that revenue trends, particularly in the mass market
segments, will improve as Macau further evolves in to a
multi-faceted, mass market-focused destination, deserving the
accolade of being the most exciting gaming and entertainment
destination in Asia.
“Our Company is well positioned to cater to these evolving
trends in Macau, with a unique array of non-gaming, mass
market-focused amenities across multiple properties that provide an
ideal platform to deliver a compelling lodging, entertainment and
retail offering to our customers.
“In Manila, City of Dreams delivered impressive improvements in
all gaming segments which, together with a strong focus on managing
reinvestment costs and other operating expenses, resulted in an
increase in Adjusted property EBITDA of approximately 190% on
a year-over-year basis. City of Dreams Manila provides us with a
strong and diversified earnings stream to complement our operations
in Macau.
“We believe that the Philippines gaming market will continue to
show robust growth as the country’s economy rapidly expands,
infrastructure continues to improve and the Government retains its
strong commitment to supporting domestic and international
tourism.”
City of Dreams Second
Quarter Results
For the quarter ended June 30, 2016, net revenue at City of
Dreams was US$629.9 million compared to US$654.2 million in the
second quarter of 2015. City of Dreams generated Adjusted EBITDA of
US$177.7 million in the second quarter of 2016, broadly flat as
compared to US$179.0 million in the comparable period of 2015.
Rolling chip volume totaled US$9.9 billion for the second
quarter of 2016 versus US$11.1 billion in the second quarter of
2015. The rolling chip win rate was 3.0% in the second quarter of
2016 versus 2.7% in the second quarter of 2015. The expected
rolling chip win rate range is 2.7%-3.0%.
Mass market table games drop decreased to US$1,027.7 million
compared with US$1,198.8 million in the second quarter of 2015. The
mass market table games hold percentage was 35.7% in the second
quarter of 2016 compared to 32.4% in the second quarter of
2015.
Gaming machine handle for the second quarter of 2016 was
US$1,003.5 million, compared with US$1,116.7 million in the second
quarter of 2015. The gaming machine win rate was 3.2% in the second
quarter of 2016 versus 4.1% in the second quarter of 2015.
Total non-gaming revenue at City of Dreams in the second quarter
of 2016 was US$62.8 million, compared with US$63.8 million in the
second quarter of 2015.
Altira Macau Second
Quarter Results
For the quarter ended June 30, 2016, net revenue at Altira Macau
was US$98.7 million compared to US$143.9 million in the second
quarter of 2015. Altira Macau generated Adjusted EBITDA of US$1.7
million in the second quarter of 2016 compared with Adjusted EBITDA
of US$6.5 million in the second quarter of 2015. The year-over-year
decrease in Adjusted EBITDA was primarily a result of lower rolling
chip revenues.
Rolling chip volume totaled US$4.2 billion in the second quarter
of 2016 versus US$6.5 billion in the second quarter of 2015. The
rolling chip win rate was 2.7% in both quarters ended June 30, 2016
and 2015. The expected rolling chip win rate range is
2.7%-3.0%.
In the mass market table games segment, drop totaled US$124.2
million in the second quarter of 2016, a decrease from US$166.7
million generated in the comparable period in 2015. The mass market
table games hold percentage was 18.5% in the second quarter of 2016
compared with 15.9% in the second quarter of 2015.
Gaming machine handle for the second quarter of 2016 was US$7.3
million, compared with US$7.7 million in the second quarter of
2015. The gaming machine win rate was 6.5% in the second quarter of
2016 versus 5.9% in the second quarter of 2015.
Total non-gaming revenue at Altira Macau in the second quarter
of 2016 was US$6.8 million compared with US$8.2 million in the
second quarter of 2015.
Mocha Clubs Second Quarter
Results
Net revenue from Mocha Clubs totaled US$28.0 million in the
second quarter of 2016 as compared to US$33.2 million in the second
quarter of 2015. Mocha Clubs generated US$4.8 million of Adjusted
EBITDA in the second quarter of 2016 compared with US$7.1 million
in the same period in 2015.
Gaming machine handle for the second quarter of 2016 was
US$595.8 million, compared with US$720.6 million in the second
quarter of 2015. The gaming machine win rate was 4.6% in the second
quarter of 2016 versus 4.5% in the second quarter of 2015.
Studio City Second
Quarter
Results
Studio City started operations on October 27, 2015. For the
quarter ended June 30, 2016, net revenue at Studio City was
US$183.8 million. Studio City generated Adjusted EBITDA of US$24.6
million in the second quarter of 2016. This Adjusted EBITDA for
Studio City operations is different from “Consolidated EBITDA” as
defined in the US$1.4 billion Studio City senior secured facility
agreement (“Studio City Loan Agreement”) for financial covenant
testing purposes. For the first quarter of 2016, the Adjusted
EBITDA for Studio City operations was US$22.1 million and the
Consolidated EBITDA (as defined the Studio City loan agreement) was
US$18.0 million.
The Studio City Loan Agreement requires compliance with various
minimum financial condition requirements, all of which are based on
the Consolidated EBITDA or Cashflow (both as defined in the Studio
City Loan Agreement). The first period for which compliance
with these minimum financial conditions will be tested is the
twelve-month period ending on March 31, 2017. In order for
Studio City Company Limited, the borrower under the Studio City
Loan Agreement, to meet such financial condition requirements for
the twelve-month period ending on March 31, 2017, the ramp-up of
Studio City operations must be significantly accelerated by March
31, 2017. The Company is not a guarantor under the Studio City Loan
Agreement or the 8.50% senior notes due 2020 issued by Studio City
Finance Limited.
Mass market table games drop was US$592.2 million and the mass
market table games hold percentage was 22.8% in the second quarter
of 2016.
Gaming machine handle was US$485.3 million and the gaming
machine win rate was 3.6% in the second quarter of 2016.
Total non-gaming revenue at Studio City in the second quarter of
2016 was US$51.1 million.
City of Dreams Manila
Second Quarter Results
For the quarter ended June 30, 2016, net revenue at City of
Dreams Manila was US$120.2 million compared to US$75.0 million in
the second quarter of 2015. City of Dreams Manila generated
Adjusted EBITDA of US$36.5 million in the second quarter of 2016
compared to US$12.6 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$1.7 billion for the second
quarter of 2016 versus US$495.8 million in the second quarter of
2015. The rolling chip win rate was 3.4% in the second quarter of
2016 versus 2.4% in the second quarter of 2015. The expected
rolling chip win rate range is 2.7%-3.0%.
Mass market table games drop increased to US$134.3 million
compared with US$116.6 million in the second quarter of 2015. The
mass market table games hold percentage was 29.9% in the second
quarter of 2016 compared to 25.4% in the second quarter of
2015.
Gaming machine handle for the second quarter of 2016 was
US$515.4 million, compared with US$465.1 million in the second
quarter of 2015. The gaming machine win rate was 5.8% in the second
quarter of 2016 versus 6.1% in the second quarter of 2015.
Total non-gaming revenue at City of Dreams Manila in the second
quarter of 2016 was US$26.2 million, compared with US$28.6 million
in the second quarter of 2015.
Other Factors Affecting
Earnings
Total net non-operating expenses for the second quarter of 2016
were US$69.0 million, which mainly included interest expenses, net
of capitalized interest, of US$58.5 million and US$14.1 million of
other finance costs. We recorded US$4.3 million of capitalized
interest during the second quarter of 2016, primarily relating to
the development of the fifth hotel tower at City of Dreams.
The year-on-year increase of US$41.1 million in net
non-operating expenses was primarily due to lower capitalized
interest in the current quarter.
Depreciation and amortization costs of US$137.7 million were
recorded in the second 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 June 30, 2016 totaled US$1.6
billion, including US$49.4 million of bank deposits with original
maturity over three months and US$212.0 million of restricted cash,
primarily related to Studio City. Total debt, net of deferred
financing costs, at the end of the second quarter of 2016 was
US$3.8 billion.
Capital expenditures for the second quarter of 2016 were
US$116.8 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
second 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 August 4, 2016, our Board considered and approved the
declaration and payment of a quarterly dividend of US$0.0063 per
share (equivalent to US$0.0189 per ADS) for the second quarter of
2016 (the “Quarterly Dividend”). The Quarterly
Dividend will be paid on or about Wednesday, August 31, 2016 to our
shareholders whose names appear on the register of members of the
Company at the close of business on Tuesday, August 16, 2016, being
the record date for determination of entitlements to the Quarterly
Dividend.
Other Information
We previously reported that, in October 2015, the prosecutor
appealed the Taipei District Court’s not guilty judgment in favour
of our subsidiary’s Taiwan branch office and its employees. In
mid-June 2016, the Taiwan High Court dismissed the prosecutor’s
appeal, and affirmed the not guilty verdict in favor of the Taiwan
branch office and its employees. Following the Taiwan High
Court’s decision, the prosecutor has not filed a further appeal,
and we understand that the deadline for such appeal has since
lapsed under the relevant local statute.
Conference Call
Information
Melco Crown Entertainment will hold a conference call to discuss
its second quarter 2016 financial results on Thursday, August 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 |
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1 866 519 4004 |
US Toll /
International |
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1 845 675 0437 |
HK Toll |
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852 3018 6771 |
HK Toll Free |
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800 906 601 |
UK Toll Free |
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080 8234 6646 |
Australia Toll |
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61 290 833 212 |
Australia Toll
Free |
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1 800 411 623 |
Philippines Toll
Free |
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1 800 1651 0607 |
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Passcode |
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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 |
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1 855 452 5696 |
US Toll /
International |
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1 646 254 3697 |
HK Toll Free |
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800 963 117 |
Philippines Toll
Free |
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1 800 1612 0166 |
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Conference ID |
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52173375 |
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, 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 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 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. 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 is strongly supported by its single
largest shareholder, Melco International Development Limited
(“Melco”) and its other major shareholder, 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 the Chairman, Executive Director and Chief Executive Officer of
Melco Crown Entertainment. Crown is a top-100 company listed on the
Australian Securities Exchange and led by Mr. James Packer, who is
the Deputy 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 enquires, 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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Melco Crown Entertainment Limited and
Subsidiaries |
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Condensed Consolidated Statements of
Operations |
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(In thousands of U.S. dollars, except share
and per share data) |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
|
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2016 |
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2015 |
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2016 |
|
2015 |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
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OPERATING REVENUES |
|
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Casino |
$ |
994,530 |
|
|
$ |
|
874,460 |
|
|
$ |
|
2,016,788 |
|
|
$ |
|
1,885,702 |
|
|
Rooms |
|
64,417 |
|
|
|
|
48,451 |
|
|
|
|
127,869 |
|
|
|
|
93,014 |
|
|
Food and beverage |
|
41,387 |
|
|
|
|
29,382 |
|
|
|
|
82,371 |
|
|
|
|
58,889 |
|
|
Entertainment, retail
and others |
|
42,853 |
|
|
|
|
24,486 |
|
|
|
|
91,055 |
|
|
|
|
47,703 |
|
|
Gross revenues |
|
1,143,187 |
|
|
|
|
976,779 |
|
|
|
|
2,318,083 |
|
|
|
|
2,085,308 |
|
|
Less: promotional
allowances |
|
(72,789 |
) |
|
|
|
(59,991 |
) |
|
|
|
(144,118 |
) |
|
|
|
(114,268 |
) |
|
Net revenues |
|
1,070,398 |
|
|
|
|
916,788 |
|
|
|
|
2,173,965 |
|
|
|
|
1,971,040 |
|
|
|
|
|
|
|
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OPERATING COSTS AND
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
(696,444 |
) |
|
|
|
(624,027 |
) |
|
|
|
(1,420,027 |
) |
|
|
|
(1,340,821 |
) |
|
Rooms |
|
(7,885 |
) |
|
|
|
(4,611 |
) |
|
|
|
(16,421 |
) |
|
|
|
(9,866 |
) |
|
Food and beverage |
|
(16,422 |
) |
|
|
|
(7,684 |
) |
|
|
|
(34,495 |
) |
|
|
|
(15,685 |
) |
|
Entertainment, retail
and others |
|
(25,551 |
) |
|
|
|
(18,169 |
) |
|
|
|
(54,626 |
) |
|
|
|
(33,291 |
) |
|
General and
administrative |
|
(103,697 |
) |
|
|
|
(88,930 |
) |
|
|
|
(214,016 |
) |
|
|
|
(182,360 |
) |
|
Payments to the
Philippine Parties |
|
(8,249 |
) |
|
|
|
(4,137 |
) |
|
|
|
(15,409 |
) |
|
|
|
(7,273 |
) |
|
Pre-opening costs |
|
(88 |
) |
|
|
|
(28,005 |
) |
|
|
|
(723 |
) |
|
|
|
(69,283 |
) |
|
Development costs |
|
(1 |
) |
|
|
|
(1 |
) |
|
|
|
(7 |
) |
|
|
|
(21 |
) |
|
Amortization of gaming
subconcession |
|
(14,310 |
) |
|
|
|
(14,310 |
) |
|
|
|
(28,619 |
) |
|
|
|
(28,619 |
) |
|
Amortization of land
use rights |
|
(5,704 |
) |
|
|
|
(16,118 |
) |
|
|
|
(11,408 |
) |
|
|
|
(32,236 |
) |
|
Depreciation and
amortization |
|
(117,674 |
) |
|
|
|
(85,290 |
) |
|
|
|
(237,645 |
) |
|
|
|
(165,567 |
) |
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Property charges and
others |
|
(1,954 |
) |
|
|
|
(3,538 |
) |
|
|
|
(2,358 |
) |
|
|
|
(3,839 |
) |
|
Total operating costs
and expenses |
|
(997,979 |
) |
|
|
|
(894,820 |
) |
|
|
|
(2,035,754 |
) |
|
|
|
(1,888,861 |
) |
|
OPERATING INCOME |
|
72,419 |
|
|
|
|
21,968 |
|
|
|
|
138,211 |
|
|
|
|
82,179 |
|
|
NON-OPERATING INCOME
(EXPENSES) |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
199 |
|
|
|
|
4,714 |
|
|
|
|
3,003 |
|
|
|
|
6,534 |
|
|
Interest expenses, net
of capitalized interest |
|
(58,529 |
) |
|
|
|
(23,931 |
) |
|
|
|
(111,019 |
) |
|
|
|
(50,970 |
) |
|
Other finance
costs |
|
(14,065 |
) |
|
|
|
(9,910 |
) |
|
|
|
(27,903 |
) |
|
|
|
(22,292 |
) |
|
Foreign exchange gain,
net |
|
2,474 |
|
|
|
|
1,665 |
|
|
|
|
5,030 |
|
|
|
|
2,919 |
|
|
Other income, net |
|
877 |
|
|
|
|
533 |
|
|
|
|
1,719 |
|
|
|
|
1,081 |
|
|
Loss on extinguishment
of debt |
|
- |
|
|
|
|
(481 |
) |
|
|
|
- |
|
|
|
|
(481 |
) |
|
Costs associated with
debt modification |
|
- |
|
|
|
|
(545 |
) |
|
|
|
- |
|
|
|
|
(545 |
) |
|
Total non-operating
expenses, net |
|
(69,044 |
) |
|
|
|
(27,955 |
) |
|
|
|
(129,170 |
) |
|
|
|
(63,754 |
) |
|
INCOME (LOSS) BEFORE
INCOME TAX |
|
3,375 |
|
|
|
|
(5,987 |
) |
|
|
|
9,041 |
|
|
|
|
18,425 |
|
|
INCOME TAX (EXPENSE)
CREDIT |
|
(1,416 |
) |
|
|
|
196 |
|
|
|
|
(2,354 |
) |
|
|
|
(378 |
) |
|
NET INCOME (LOSS) |
|
1,959 |
|
|
|
|
(5,791 |
) |
|
|
|
6,687 |
|
|
|
|
18,047 |
|
|
NET LOSS ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
NONCONTROLLING INTERESTS |
|
28,832 |
|
|
|
|
30,045 |
|
|
|
|
63,900 |
|
|
|
|
66,836 |
|
|
NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT
LIMITED |
$ |
30,791 |
|
|
$ |
|
24,254 |
|
|
$ |
|
70,587 |
|
|
$ |
|
84,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN
ENTERTAINMENT LIMITED PER SHARE: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.020 |
|
|
$ |
|
0.015 |
|
|
$ |
|
0.045 |
|
|
$ |
|
0.053 |
|
|
Diluted |
$ |
0.020 |
|
|
$ |
|
0.015 |
|
|
$ |
|
0.045 |
|
|
$ |
|
0.052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE
TO |
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN
ENTERTAINMENT LIMITED PER ADS: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.061 |
|
|
$ |
|
0.045 |
|
|
$ |
|
0.135 |
|
|
$ |
|
0.158 |
|
|
Diluted |
$ |
0.060 |
|
|
$ |
|
0.045 |
|
|
$ |
|
0.134 |
|
|
$ |
|
0.156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
USED IN |
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT
LIMITED |
|
|
|
|
|
|
|
|
|
|
|
PER SHARE CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,522,898,329 |
|
|
|
|
1,617,144,022 |
|
|
|
|
1,570,457,116 |
|
|
|
|
1,616,590,943 |
|
|
Diluted |
|
1,531,076,031 |
|
|
|
|
1,627,148,496 |
|
|
|
|
1,578,594,809 |
|
|
|
|
1,627,319,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
|
Condensed Consolidated Balance
Sheets |
|
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2016 |
|
2015 |
|
|
|
(Unaudited) |
|
|
(Note) |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
|
1,291,398 |
|
|
$ |
|
1,611,026 |
|
|
Bank deposits with
original maturity over three months |
|
|
49,357 |
|
|
|
|
724,736 |
|
|
Restricted cash |
|
|
211,979 |
|
|
|
|
317,118 |
|
|
Accounts receivable,
net |
|
|
223,732 |
|
|
|
|
271,627 |
|
|
Amounts due from
affiliated companies |
|
|
1,421 |
|
|
|
|
1,175 |
|
|
Deferred tax
assets |
|
|
- |
|
|
|
|
19 |
|
|
Income tax
receivable |
|
|
- |
|
|
|
|
62 |
|
|
Inventories |
|
|
33,227 |
|
|
|
|
33,074 |
|
|
Prepaid expenses and
other current assets |
|
|
75,589 |
|
|
|
|
61,324 |
|
|
Total current
assets |
|
|
1,886,703 |
|
|
|
|
3,020,161 |
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT,
NET |
|
|
5,734,096 |
|
|
|
|
5,760,229 |
|
|
GAMING SUBCONCESSION,
NET |
|
|
341,938 |
|
|
|
|
370,557 |
|
|
INTANGIBLE ASSETS |
|
|
4,220 |
|
|
|
|
4,220 |
|
|
GOODWILL |
|
|
81,915 |
|
|
|
|
81,915 |
|
|
LONG-TERM PREPAYMENTS,
DEPOSITS AND OTHER ASSETS |
|
|
173,140 |
|
|
|
|
192,012 |
|
|
DEFERRED TAX
ASSETS |
|
|
70 |
|
|
|
|
83 |
|
|
LAND USE RIGHTS,
NET |
|
|
821,724 |
|
|
|
|
833,132 |
|
|
TOTAL ASSETS |
$ |
|
9,043,806 |
|
|
$ |
|
10,262,309 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Accounts payable |
$ |
|
15,191 |
|
|
$ |
|
15,588 |
|
|
Accrued expenses and
other current liabilities |
|
|
940,329 |
|
|
|
|
1,056,850 |
|
|
Income tax payable |
|
|
3,595 |
|
|
|
|
3,487 |
|
|
Capital lease
obligations, due within one year |
|
|
31,217 |
|
|
|
|
29,792 |
|
|
Current portion of
long-term debt, net |
|
|
201,163 |
|
|
|
|
102,836 |
|
|
Amounts due to
affiliated companies |
|
|
2,544 |
|
|
|
|
2,464 |
|
|
Total current
liabilities |
|
|
1,194,039 |
|
|
|
|
1,211,017 |
|
|
|
|
|
|
|
|
|
LONG-TERM DEBT,
NET |
|
|
3,633,381 |
|
|
|
|
3,712,396 |
|
|
OTHER LONG-TERM
LIABILITIES |
|
|
100,735 |
|
|
|
|
80,962 |
|
|
DEFERRED TAX
LIABILITIES |
|
|
54,912 |
|
|
|
|
55,598 |
|
|
CAPITAL LEASE
OBLIGATIONS, DUE AFTER ONE YEAR |
|
|
274,798 |
|
|
|
|
270,477 |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Ordinary shares |
|
|
14,759 |
|
|
|
|
16,309 |
|
|
Treasury shares |
|
|
(125 |
) |
|
|
|
(275 |
) |
|
Additional paid-in
capital |
|
|
2,771,923 |
|
|
|
|
3,075,459 |
|
|
Accumulated other
comprehensive losses |
|
|
(21,617 |
) |
|
|
|
(21,934 |
) |
|
Retained earnings |
|
|
493,267 |
|
|
|
|
1,270,074 |
|
|
Total Melco Crown
Entertainment Limited shareholders’ equity |
|
|
3,258,207 |
|
|
|
|
4,339,633 |
|
|
Noncontrolling
interests |
|
|
527,734 |
|
|
|
|
592,226 |
|
|
Total equity |
|
|
3,785,941 |
|
|
|
|
4,931,859 |
|
|
TOTAL LIABILITIES AND
EQUITY |
$ |
|
9,043,806 |
|
|
$ |
|
10,262,309 |
|
|
|
|
|
|
|
|
|
Note: The
Company adopted the new guidance on simplifying the presentation of
debt issuance costs issued by Financial Accounting Standards Board
on a retrospective basis. As a result, debt issuance costs of
$143,804 related to the Company’s non-current portion of
long-term debt (excluding revolving credit facilities) were
reclassified from deferred financing costs, net to a direct
reduction of the long-term debt, net; debt issuance costs of
$3,669 related to the Company’s current portion of long-term
debt (excluding revolving credit facilities) were reclassified from
deferred financing costs, net to a direct reduction of the current
portion of long-term debt, net; and debt issuance costs of
$32,335 related to the Company’s revolving credit facilities
were reclassified from deferred financing costs, net to long-term
prepayments, deposits and other assets in the accompanying
condensed consolidated balance sheet as of December 31, 2015. |
|
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 |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable
to |
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment
Limited |
$ |
|
30,791 |
|
|
$ |
24,254 |
|
$ |
|
70,587 |
|
|
$ |
84,883 |
|
Net Gain on Disposal of Property
and Equipment to Belle Corporation, Net |
|
|
(5,908 |
) |
|
|
- |
|
|
|
(5,908 |
) |
|
|
- |
|
Pre-opening Costs, Net |
|
|
146 |
|
|
|
15,417 |
|
|
|
442 |
|
|
|
41,574 |
|
Development Costs, Net |
|
|
1 |
|
|
|
1 |
|
|
|
7 |
|
|
|
21 |
|
Property Charges and Others,
Net |
|
|
1,534 |
|
|
|
3,538 |
|
|
|
1,938 |
|
|
|
3,839 |
|
Loss on Extinguishment of Debt,
Net |
|
|
- |
|
|
|
481 |
|
|
|
- |
|
|
|
481 |
|
Costs Associated with Debt
Modification, Net |
|
|
- |
|
|
|
545 |
|
|
|
- |
|
|
|
545 |
|
Adjusted Net Income
Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment
Limited |
$ |
|
26,564 |
|
|
$ |
44,236 |
|
$ |
|
67,066 |
|
|
$ |
131,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT LIMITED
PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
0.017 |
|
|
$ |
0.027 |
|
$ |
|
0.043 |
|
|
$ |
0.081 |
|
Diluted |
$ |
|
0.017 |
|
|
$ |
0.027 |
|
$ |
|
0.042 |
|
|
$ |
0.081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT LIMITED
PER ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
0.052 |
|
|
$ |
0.082 |
|
$ |
|
0.128 |
|
|
$ |
0.244 |
|
Diluted |
$ |
|
0.052 |
|
|
$ |
0.082 |
|
$ |
|
0.127 |
|
|
$ |
0.242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
USED IN |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME
ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
|
|
|
|
MELCO CROWN ENTERTAINMENT
LIMITED |
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE CALCULATION: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
1,522,898,329 |
|
|
|
1,617,144,022 |
|
|
|
1,570,457,116 |
|
|
|
1,616,590,943 |
|
Diluted |
|
|
1,531,076,031 |
|
|
|
1,627,148,496 |
|
|
|
1,578,594,809 |
|
|
|
1,627,319,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30, 2016 |
|
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Corporate and Others |
|
Total |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss)
Income |
|
$ |
|
(4,064 |
) |
|
$ |
1,792 |
|
$ |
133,876 |
|
$ |
|
(21,056 |
) |
|
$ |
|
11,127 |
|
|
$ |
|
(49,256 |
) |
|
$ |
72,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine
Parties |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
8,249 |
|
|
|
|
- |
|
|
|
8,249 |
|
|
Land Rent to Belle Corporation |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
846 |
|
|
|
|
- |
|
|
|
846 |
|
|
Net Gain on Disposal of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and Equipment to Belle
Corporation |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
(8,134 |
) |
|
|
|
- |
|
|
|
(8,134 |
) |
|
Pre-opening Costs |
|
|
|
- |
|
|
|
- |
|
|
225 |
|
|
|
(137 |
) |
|
|
|
- |
|
|
|
|
- |
|
|
|
88 |
|
|
Development Costs |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1 |
|
|
|
1 |
|
|
Depreciation and Amortization |
|
|
|
5,754 |
|
|
|
3,007 |
|
|
42,982 |
|
|
|
44,758 |
|
|
|
|
23,633 |
|
|
|
|
17,554 |
|
|
|
137,688 |
|
|
Share-based Compensation |
|
|
|
52 |
|
|
|
48 |
|
|
568 |
|
|
|
318 |
|
|
|
|
256 |
|
|
|
|
3,505 |
|
|
|
4,747 |
|
|
Property Charges and Others |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
682 |
|
|
|
|
534 |
|
|
|
|
738 |
|
|
|
1,954 |
|
|
Adjusted EBITDA |
|
|
|
1,742 |
|
|
|
4,847 |
|
|
177,651 |
|
|
|
24,565 |
|
|
|
|
36,511 |
|
|
|
|
(27,458 |
) |
|
|
217,858 |
|
|
Corporate and Others Expenses |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
27,458 |
|
|
|
27,458 |
|
|
Adjusted Property
EBITDA |
|
$ |
|
1,742 |
|
|
$ |
4,847 |
|
$ |
177,651 |
|
$ |
|
24,565 |
|
|
$ |
|
36,511 |
|
|
$ |
|
- |
|
|
$ |
245,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2015 |
|
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Corporate and Others |
|
Total |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss)
Income |
|
$ |
|
(1,287 |
) |
|
$ |
3,923 |
|
$ |
126,774 |
|
$ |
|
(32,781 |
) |
|
$ |
|
(21,334 |
) |
|
$ |
|
(53,327 |
) |
|
$ |
21,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine
Parties |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
4,137 |
|
|
|
|
- |
|
|
|
4,137 |
|
|
Land Rent to Belle Corporation |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
886 |
|
|
|
|
- |
|
|
|
886 |
|
|
Pre-opening Costs |
|
|
|
- |
|
|
|
- |
|
|
18 |
|
|
|
21,556 |
|
|
|
|
1,851 |
|
|
|
|
4,580 |
|
|
|
28,005 |
|
|
Development Costs |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1 |
|
|
|
1 |
|
|
Depreciation and Amortization |
|
|
|
7,726 |
|
|
|
3,144 |
|
|
51,585 |
|
|
|
10,899 |
|
|
|
|
25,415 |
|
|
|
|
16,949 |
|
|
|
115,718 |
|
|
Share-based Compensation |
|
|
|
29 |
|
|
|
21 |
|
|
606 |
|
|
|
73 |
|
|
|
|
1,681 |
|
|
|
|
2,560 |
|
|
|
4,970 |
|
|
Property Charges and Others |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
3,538 |
|
|
|
3,538 |
|
|
Adjusted EBITDA |
|
|
|
6,468 |
|
|
|
7,088 |
|
|
178,983 |
|
|
|
(253 |
) |
|
|
|
12,636 |
|
|
|
|
(25,699 |
) |
|
|
179,223 |
|
|
Corporate and Others Expenses |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
25,699 |
|
|
|
25,699 |
|
|
Adjusted Property
EBITDA |
|
$ |
|
6,468 |
|
|
$ |
7,088 |
|
$ |
178,983 |
|
$ |
|
(253 |
) |
|
$ |
|
12,636 |
|
|
$ |
|
- |
|
|
$ |
204,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
June 30, |
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA |
|
|
|
|
|
|
$ |
|
245,316 |
|
|
$ |
|
204,922 |
|
Corporate and Others Expenses |
|
|
|
|
|
|
|
|
(27,458 |
) |
|
|
|
(25,699 |
) |
Adjusted EBITDA |
|
|
|
|
|
|
|
|
217,858 |
|
|
|
|
179,223 |
|
Payments to the Philippine
Parties |
|
|
|
|
|
|
|
|
(8,249 |
) |
|
|
|
(4,137 |
) |
Land Rent to Belle Corporation |
|
|
|
|
|
|
|
|
(846 |
) |
|
|
|
(886 |
) |
Net Gain on Disposal of Property
and Equipment to Belle Corporation |
|
|
|
|
|
|
|
|
8,134 |
|
|
|
|
- |
|
Pre-opening Costs |
|
|
|
|
|
|
|
|
(88 |
) |
|
|
|
(28,005 |
) |
Development Costs |
|
|
|
|
|
|
|
|
(1 |
) |
|
|
|
(1 |
) |
Depreciation and Amortization |
|
|
|
|
|
|
|
|
(137,688 |
) |
|
|
|
(115,718 |
) |
Share-based Compensation |
|
|
|
|
|
|
|
|
(4,747 |
) |
|
|
|
(4,970 |
) |
Property Charges and Others |
|
|
|
|
|
|
|
|
(1,954 |
) |
|
|
|
(3,538 |
) |
Interest and Other Non-Operating
Expenses, Net |
|
|
|
|
|
|
|
|
(69,044 |
) |
|
|
|
(27,955 |
) |
Income Tax (Expense) Credit |
|
|
|
|
|
|
|
|
(1,416 |
) |
|
|
|
196 |
|
Net Income (Loss) |
|
|
|
|
|
|
|
|
1,959 |
|
|
|
|
(5,791 |
) |
Net Loss Attributable
to Noncontrolling Interests |
|
|
|
|
|
|
|
|
28,832 |
|
|
|
|
30,045 |
|
Net Income
Attributable to Melco Crown Entertainment Limited |
|
|
|
|
|
$ |
|
30,791 |
|
|
$ |
|
24,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
|
Reconciliation of Operating Income (Loss) to
Adjusted EBITDA and Adjusted Property EBITDA |
|
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, 2016 |
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Corporate and Others |
|
Total |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss)
Income |
$ |
|
(23,965 |
) |
|
$ |
5,153 |
|
$ |
294,438 |
|
$ |
|
(44,385 |
) |
|
$ |
|
5,690 |
|
|
$ |
|
(98,720 |
) |
|
$ |
138,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine
Parties |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
15,409 |
|
|
|
|
- |
|
|
|
15,409 |
|
|
Land Rent to Belle Corporation |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
1,686 |
|
|
|
|
- |
|
|
|
1,686 |
|
|
Net Gain on Disposal of Property
and Equipment to Belle Corporation |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
(8,134 |
) |
|
|
|
- |
|
|
|
(8,134 |
) |
|
Pre-opening Costs |
|
|
- |
|
|
|
- |
|
|
302 |
|
|
|
421 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
723 |
|
|
Development Costs |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
7 |
|
|
|
7 |
|
|
Depreciation and Amortization |
|
|
11,580 |
|
|
|
6,086 |
|
|
87,283 |
|
|
|
89,465 |
|
|
|
|
47,908 |
|
|
|
|
35,350 |
|
|
|
277,672 |
|
|
Share-based Compensation |
|
|
(30 |
) |
|
|
82 |
|
|
1,041 |
|
|
|
442 |
|
|
|
|
2,031 |
|
|
|
|
6,718 |
|
|
|
10,284 |
|
|
Property Charges and Others |
|
|
197 |
|
|
|
- |
|
|
191 |
|
|
|
682 |
|
|
|
|
534 |
|
|
|
|
754 |
|
|
|
2,358 |
|
|
Adjusted EBITDA |
|
|
(12,218 |
) |
|
|
11,321 |
|
|
383,255 |
|
|
|
46,625 |
|
|
|
|
65,124 |
|
|
|
|
(55,891 |
) |
|
|
438,216 |
|
|
Corporate and Others Expenses |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
55,891 |
|
|
|
55,891 |
|
|
Adjusted Property
EBITDA |
$ |
|
(12,218 |
) |
|
$ |
11,321 |
|
$ |
383,255 |
|
$ |
|
46,625 |
|
|
$ |
|
65,124 |
|
|
$ |
|
- |
|
|
$ |
494,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, 2015 |
|
|
Altira Macau |
|
Mocha |
|
City of Dreams |
|
Studio City |
|
City of Dreams Manila |
|
Corporate and Others |
|
|
Total |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss)
Income |
$ |
|
(1,346 |
) |
|
$ |
9,051 |
|
$ |
309,493 |
|
$ |
|
(56,499 |
) |
|
$ |
|
(71,697 |
) |
|
$ |
|
(106,823 |
) |
|
$ |
82,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to the Philippine
Parties |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
7,273 |
|
|
|
|
- |
|
|
|
7,273 |
|
|
Land Rent to Belle Corporation |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
1,780 |
|
|
|
|
- |
|
|
|
1,780 |
|
|
Pre-opening Costs |
|
|
- |
|
|
|
- |
|
|
379 |
|
|
|
33,890 |
|
|
|
|
28,052 |
|
|
|
|
6,962 |
|
|
|
69,283 |
|
|
Development Costs |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
21 |
|
|
|
21 |
|
|
Depreciation and Amortization |
|
|
14,588 |
|
|
|
6,276 |
|
|
103,741 |
|
|
|
21,792 |
|
|
|
|
46,720 |
|
|
|
|
33,305 |
|
|
|
226,422 |
|
|
Share-based Compensation |
|
|
59 |
|
|
|
42 |
|
|
868 |
|
|
|
102 |
|
|
|
|
3,384 |
|
|
|
|
5,326 |
|
|
|
9,781 |
|
|
Property Charges and Others |
|
|
- |
|
|
|
- |
|
|
301 |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
3,538 |
|
|
|
3,839 |
|
|
Adjusted EBITDA |
|
|
13,301 |
|
|
|
15,369 |
|
|
414,782 |
|
|
|
(715 |
) |
|
|
|
15,512 |
|
|
|
|
(57,671 |
) |
|
|
400,578 |
|
|
Corporate and Others Expenses |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
57,671 |
|
|
|
57,671 |
|
|
Adjusted Property
EBITDA |
$ |
|
13,301 |
|
|
$ |
15,369 |
|
$ |
414,782 |
|
$ |
|
(715 |
) |
|
$ |
|
15,512 |
|
|
$ |
|
- |
|
|
$ |
458,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
June 30, |
|
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA |
|
|
|
|
|
|
$ |
|
494,107 |
|
|
$ |
|
458,249 |
|
|
Corporate and Others Expenses |
|
|
|
|
|
|
|
|
(55,891 |
) |
|
|
|
(57,671 |
) |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
438,216 |
|
|
|
|
400,578 |
|
|
Payments to the Philippine
Parties |
|
|
|
|
|
|
|
|
(15,409 |
) |
|
|
|
(7,273 |
) |
|
Land Rent to Belle Corporation |
|
|
|
|
|
|
|
|
(1,686 |
) |
|
|
|
(1,780 |
) |
|
Net Gain on Disposal of Property
and Equipment to Belle Corporation |
|
|
|
|
|
|
|
|
8,134 |
|
|
|
|
- |
|
|
Pre-opening Costs |
|
|
|
|
|
|
|
|
(723 |
) |
|
|
|
(69,283 |
) |
|
Development Costs |
|
|
|
|
|
|
|
|
(7 |
) |
|
|
|
(21 |
) |
|
Depreciation and Amortization |
|
|
|
|
|
|
|
|
(277,672 |
) |
|
|
|
(226,422 |
) |
|
Share-based Compensation |
|
|
|
|
|
|
|
|
(10,284 |
) |
|
|
|
(9,781 |
) |
|
Property Charges and Others |
|
|
|
|
|
|
|
|
(2,358 |
) |
|
|
|
(3,839 |
) |
|
Interest and Other Non-Operating
Expenses, Net |
|
|
|
|
|
|
|
|
(129,170 |
) |
|
|
|
(63,754 |
) |
|
Income Tax Expense |
|
|
|
|
|
|
|
|
(2,354 |
) |
|
|
|
(378 |
) |
|
Net Income |
|
|
|
|
|
|
|
|
6,687 |
|
|
|
|
18,047 |
|
|
Net Loss Attributable
to Noncontrolling Interests |
|
|
|
|
|
|
|
|
63,900 |
|
|
|
|
66,836 |
|
|
Net Income
Attributable to Melco Crown Entertainment Limited |
|
|
|
|
|
$ |
|
70,587 |
|
|
$ |
|
84,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Melco Crown Entertainment Limited and
Subsidiaries |
|
|
|
|
|
Supplemental Data Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Room
Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate
(3) |
|
|
$ |
203 |
|
|
$ |
208 |
|
|
$ |
206 |
|
|
$ |
218 |
|
|
|
|
|
|
Occupancy per available
room |
|
|
|
92 |
% |
|
|
99 |
% |
|
|
93 |
% |
|
|
99 |
% |
|
|
|
|
|
Revenue per available
room (4) |
|
|
$ |
187 |
|
|
$ |
206 |
|
|
$ |
192 |
|
|
$ |
215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of
Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate
(3) |
|
|
$ |
200 |
|
|
$ |
198 |
|
|
$ |
198 |
|
|
$ |
202 |
|
|
|
|
|
|
Occupancy per available
room |
|
|
|
94 |
% |
|
|
99 |
% |
|
|
94 |
% |
|
|
99 |
% |
|
|
|
|
|
Revenue per available
room (4) |
|
|
$ |
189 |
|
|
$ |
196 |
|
|
$ |
187 |
|
|
$ |
200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate
(3) |
|
|
$ |
133 |
|
|
|
N/A |
|
|
$ |
135 |
|
|
|
N/A |
|
|
|
|
|
|
Occupancy per available
room |
|
|
|
96 |
% |
|
|
N/A |
|
|
|
96 |
% |
|
|
N/A |
|
|
|
|
|
|
Revenue per available
room (4) |
|
|
$ |
127 |
|
|
|
N/A |
|
|
$ |
129 |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams
Manila |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate
(3) |
|
|
$ |
167 |
|
|
$ |
215 |
|
|
$ |
162 |
|
|
$ |
219 |
|
|
|
|
|
|
Occupancy per available
room |
|
|
|
91 |
% |
|
|
89 |
% |
|
|
88 |
% |
|
|
83 |
% |
|
|
|
|
|
Revenue per available
room (4) |
|
|
$ |
152 |
|
|
$ |
191 |
|
|
$ |
143 |
|
|
$ |
183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altira Macau |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table
games |
|
|
126 |
|
|
|
123 |
|
|
|
127 |
|
|
|
122 |
|
|
|
|
|
|
Average number of
gaming machines |
|
|
62 |
|
|
|
56 |
|
|
|
62 |
|
|
|
58 |
|
|
|
|
|
|
Table games win per
unit per day (5) |
|
$ |
11,918 |
|
|
$ |
17,915 |
|
|
$ |
12,374 |
|
|
$ |
18,682 |
|
|
|
|
|
|
Gaming machines win per
unit per day (6) |
|
$ |
84 |
|
|
$ |
89 |
|
|
$ |
88 |
|
|
|
85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of
Dreams |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table
games |
|
|
498 |
|
|
|
496 |
|
|
|
499 |
|
|
|
501 |
|
|
|
|
|
|
Average number of
gaming machines |
|
|
1,053 |
|
|
|
1,082 |
|
|
|
1,062 |
|
|
|
1,173 |
|
|
|
|
|
|
Table games win per
unit per day (5) |
|
$ |
14,667 |
|
|
$ |
15,192 |
|
|
$ |
15,158 |
|
|
$ |
17,117 |
|
|
|
|
|
|
Gaming machines win per
unit per day (6) |
|
$ |
338 |
|
|
$ |
460 |
|
|
$ |
351 |
|
|
$ |
417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Studio City |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table
games |
|
|
245 |
|
|
|
N/A |
|
|
|
246 |
|
|
|
N/A |
|
|
|
|
|
|
Average number of
gaming machines |
|
|
1,073 |
|
|
|
N/A |
|
|
|
1,093 |
|
|
|
N/A |
|
|
|
|
|
|
Table games win per
unit per day (5) |
|
$ |
6,059 |
|
|
|
N/A |
|
|
$ |
5,809 |
|
|
|
N/A |
|
|
|
|
|
|
Gaming machines win per
unit per day (6) |
|
$ |
181 |
|
|
|
N/A |
|
|
$ |
164 |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City of Dreams
Manila |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table
games |
|
|
268 |
|
|
|
258 |
|
|
|
273 |
|
|
|
247 |
|
|
|
|
|
|
Average number of
gaming machines |
|
|
1,626 |
|
|
|
1,713 |
|
|
|
1,641 |
|
|
|
1,729 |
|
|
|
|
|
|
Table games win per
unit per day (5) |
|
$ |
4,006 |
|
|
$ |
1,773 |
|
|
$ |
3,473 |
|
|
$ |
1,532 |
|
|
|
|
|
|
Gaming machines win per
unit per day (6) |
|
$ |
202 |
|
|
$ |
183 |
|
|
$ |
192 |
|
|
$ |
164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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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