Table of Contents
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of August 2008
Commission File Number: 001-33178
MELCO CROWN ENTERTAINMENT LIMITED
36th Floor, The Centrium
60 Wyndham Street
Central
Hong Kong
(Address of principal executive offices)
60 Wyndham Street
Central
Hong Kong
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.
Form 20-F þ Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No þ
If “Yes” is marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3-2(b):
82- N/A
Table of Contents
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| MELCO CROWN ENTERTAINMENT LIMITED |
|||||
| By: | /s/ Simon Dewhurst | ||||
| Name: | Simon Dewhurst | ||||
| Title: | Executive Vice President and Chief Financial Officer | ||||
Date: August 14, 2008
Exhibit 99.1
MPEL Announces Second Quarter 2008 Earnings
New York, August 14, 2008 — Melco Crown Entertainment Limited (NASDAQ: MPEL) (“MPEL”), a developer
and owner of casino gaming and entertainment resort facilities, today reported its unaudited
financial results for the second quarter and six months ending June 30, 2008.
For the second quarter of 2008, net revenue was US$384.6 million, up from US$45.1 million for the
comparable period ending June 30, 2007. The revenue increase was primarily driven by a full
quarter of substantially improved operating performance at Crown Macau, which opened during the
second quarter 2007.
Adjusted EBITDA(1) was US$36.1 million for the second quarter of 2008, up from a loss of
US$14.9 million in the second quarter of 2007.
The Company recorded a net loss for the second quarter of 2008 of US$5.7 million, or US$0.01 per
ADS, compared to a net loss of US$69.2 million, or US$0.17 per ADS, in the second quarter of 2007.
Crown Macau 2Q Results
For the quarter ending June 30, 2008, net revenue at Crown Macau was US$361.1 million versus
US$26.0 million in the quarter ending June 30, 2007. Crown Macau generated adjusted EBITDA of
US$40.1 million in the second quarter of 2008 compared with a
loss of US$14.9 million in the second
quarter of 2007. Crown Macau’s adjusted EBITDA margin on net revenue for the second quarter of
2008 was 11%.
Page 1 of 9
Rolling chip volume totaled US$18.5 billion for the second quarter of 2008, up from US$1.0 billion
in the second quarter of 2007. The rolling chip table games hold percentage in the second quarter
of 2008 (calculated before discounts and commissions) was 2.7% versus 2.4% recorded in the second
quarter of 2007.
Going forward we are modifying our target rolling chip hold percentage from 2.7% to 2.85%, which
better reflects the life-to-date performance of our rolling chip operations since the commencement
of material rolling chip volumes at Crown Macau. Our decision to modify our target rolling chip
hold percentage going forward brings us in line with the third party
consensus view and we believe that this target rate will become the normalized rate for the
market as a whole in the future.
Lawrence Ho, Chief Executive Officer and Co-Chairman of MPEL, commented, “Competition for rolling
chip business in Macau during the second quarter became a lot more aggressive, with higher
commission rates and a significant expansion in the facilities being offered by concessionaires to
junket operators. Crown Macau, the first of our three property developments planned for Macau, is
strategically skewed towards the rolling chip segment of the market and has successfully held its
position as the highest volume rolling chip property in Macau during the second quarter of 2008.
Notwithstanding the increased competition for business in the market during the first half of 2008,
rolling chip volumes at the property have remained relatively stable throughout the first half of
2008 and on a theoretical hold basis, Crown Macau's second
quarter was almost exactly in line with the first quarter of 2008.
Page 2 of 9
“The sequential decrease in quarterly 2008 financial performance at Crown Macau is mostly
attributable to the hold rate of 2.7% which was much lower than the 3.1% recorded in the first
quarter 2008. We are optimistic that our profitability and competitive advantage in the market
will be enhanced with the junket operator commission cap currently being proposed by the Macau
government and targeted for implementation in the near future.
“We remain firm in our view that Macau’s future as the gaming capital of Asia is assured. This
market is still in its infancy stage of development and one of the characteristics of a nascent
market is rapid-fire change. In this dynamic environment, we will continue to develop innovative
strategies to aggressively defend Crown Macau’s position as the market leader in the rolling chip
segment.”
In the mass market table games segment, drop (non rolling chip) totaled US$93.4 million in the
second quarter of 2008, up from US$54.0 million generated in the second quarter of 2007. The mass
market table games hold percentage was approximately 14.7% in the second quarter of 2008, below our
expected range for mass market table games hold percentage of 16% - 18%. The mass market table
games hold percentage for the second quarter of 2007 was 13.3%.
Gaming machine handle (volume) was US$50.3 million and gaming machine revenue was US$4.1 million in
the second quarter of 2008, up from US$1.8 million in the second quarter of 2007.
Total non-gaming revenue at Crown Macau in the second quarter of 2008 was US$9.7 million, up from
US$1.7 million in the second quarter of 2007. Occupancy per available room in the second quarter
of 2008 was 97% and the average daily rate was US$236 per occupied room; prior period room
statistics are not comparable.
Mocha Clubs 2Q Results
Page 3 of 9
Net operating revenue from Mocha Clubs totaled US$22.3 million in the second quarter of 2008, up
from US$19.1 million in the second quarter of 2007.
Mocha Clubs generated US$5.9 million of adjusted EBITDA in the second quarter of 2008, which
compares with US$4.5 million in the second quarter of 2007. The second quarter 2008 adjusted
EBITDA margin increased to 26.4% from 23.5% reported in the second quarter of 2007.
The number of gaming machines in operation at the Mocha Clubs averaged approximately 1,070 across
six locations in the second quarter of 2008. Average net win per gaming machine per day increased
to US$228 in this period from US$223, as compared with the same period in 2007.
Other Factors Affecting Earnings
Total non-operating expenses for the second quarter of 2008 were US$1.6 million, which included
US$0.8 million in interest income and US$0.5 million in net
foreign exchange gains, less other non-recurring finance costs of US$3.5 million. Capitalized interest during the second quarter of 2008 totaled
US$9.0 million. Pre-opening expenses related to the development of City of Dreams were US$3.7
million for the second quarter of 2008. Corporate expenses and other costs totaled US$9.9 million
in the second quarter of 2008, which included approximately US$4.0 million of non-recurring costs.
Total stock based compensation costs for MPEL were US$1.8 million in the current quarter.
Depreciation and amortization costs of US$34.7 million were booked in the second quarter of 2008,
of which US$14.3 million was related to the amortization of our gaming sub-concession and US$4.6
million was related to the amortization of land use rights.
Financial Position and Capital Expenditure
Page 4 of 9
The Company’s balance sheet remains strong. Cash and cash equivalents as of June 30, 2008, totaled
US$763.0 million. Total outstanding debts at the end of the second quarter were US$615.9 million,
consisting of US$500.2 million from the drawdown of the first tranche of our US$1.75 billion
banking facilities and US$115.6 million in loans from MPEL’s two major shareholders. Total debt to
shareholders’ equity ratio as of June 30, 2008 was 25%.
Capital expenditures for the second quarter of 2008 were US$307.5 million, essentially all of which
were attributable to the development of City of Dreams.
Six Month Results
For the six month period ending June 30, 2008, the Company reported revenue of US$867.5 million
versus US$65.4 million in the six month period ending June 30, 2007. The year over year revenue
increase was driven by improved operating performance at Crown Macau and a full quarter of
operations at Crown Macau, which opened in May 2007.
The Company reported net income of US$37.5 million for the first half of 2008, compared to a net
loss of US$96.4 million for the first half of 2007. Net income per ADS for the first half of 2008
was US$0.09, compared to a net loss per ADS of US$0.24 for the comparable period.
City of Dreams Update
We estimate that approximately 93% of the hard costs associated with phases one and two of the
project have now been let out to sub-contractors. All four hotel towers have topped out and
interior fit out work is well underway.
On August 13, 2008, the Macau SAR formally granted a land concession to the Company’s subsidiary
Melco Crown (COD) Developments Limited for a 25 year period, renewable pursuant to applicable law
for successive periods of 10 years, for a plot of land of 113,325 square meters (28 acres) in Cotai
where City of
Page 5 of 9
Dreams is being developed. Pursuant to the terms and conditions of the land concession, the
grantee has to pay a premium in the amount of MOP842.1 million (US$105.1 million) (of which a first
installment of MOP300.0 million (US$37.4 million) was paid on February 11, 2008 upon final
acceptance of the terms and conditions thereof). The remaining balance of the premium shall have
to be paid in nine successive biannual installments in the amount of MOP68.0 million (US$8.5
million) each, which includes accrued interest of 5% per annum. The annual rent due under the
terms of the land concession is MOP3.4 million (US$0.4 million) during the construction period and
MOP7.2 million (US$0.9 million) upon completion of the development.
Drawdowns under our US$1.75 billion senior debt facilities will continue to be subject to
satisfaction of various conditions precedent.
Lawrence Ho commented, “As our vision for City of Dreams is further realized in Cotai, we remain
confident that we are developing the market-leading, must-see integrated urban casino resort in
Macau. We believe that City of Dreams will help to further drive the development of the emerging
multi-night stay market in Macau and we believe it will deliver attractive returns for our
investors.
“We have successfully accelerated the monthly rate of capital expenditure on City of Dreams through
the second quarter of 2008. The first phase of the development remains on schedule to open during
the first half of 2009.”
Upon completion, City of Dreams will feature a 420,000 square foot casino, numerous restaurants,
retail boutiques, nightclubs, an iconic audio visual attraction, a spectacular Dragone show in a
purpose-built theater, as well as the Crown Towers, Hard Rock and twin-towered Grand Hyatt hotels
plus an apartment hotel complex which, in aggregate, will deliver a diverse mix of approximately
2,200 guest rooms, suites and villas.
Macau Peninsula Project Update
Page 6 of 9
MPEL has recently negotiated an extension to its agreement to purchase its Macau Peninsula site.
This extension provides additional flexibility in the timing for the closing of the transaction and
preserves the Company’s ability to complete the transaction through July 2009, subject to various
closing conditions. Other than the extension of the completion deadline, all other provisions of
the agreement remain in force. There were no fees associated with this extension.
The Company continues to review and develop its plans for the development of the Macau Peninsula
project. Those plans are subject to completing the acquisition of the site and certain conditions
including meeting applicable Macau regulatory requirements. We believe that the Macau government’s
recent policy announcements will not affect this project.
Conference Call Information
MPEL will hold a conference call to discuss its second quarter 2008 financial results on Thursday,
August 14, 2008, at 8:30 a.m. Eastern Daylight Time (or 8:30 p.m. Hong Kong time). To join the
conference call, please use the dial-in details below:
US Toll Free Number:
|
1.866.770.7146 | |||
US Toll Number (for international callers):
|
1.617.213.8068 | |||
Hong Kong Toll Number:
|
852.3002.1672 | |||
Australia Toll Free Number:
|
1.800.002.971 | |||
UK Toll Free Number:
|
00.800.280.02002 | |||
Passcode:
|
MPEL |
An audio webcast will also be available at http://www.melco-crown.com.
A replay of the call will be available on the same day at 10:30 a.m. Eastern Daylight Time (or
10:30 p.m. Hong Kong Time) until August 21, 2008. To listen to the replay, please use the dial-in
details below:
US Toll Free Number:
|
1.888.286.8010 | |||
US Toll Number (for international callers):
|
1.617.801.6888 | |||
Passcode:
|
72654621 |
Page 7 of 9
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. 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. MPEL may also make written or oral
forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission,
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 MPEL’s beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those contained in any forward-looking
statement, including but not limited to the following: growth of the gaming market and visitation
in Macau; finalization of credit facilities to finance construction of projects; the completion of
the construction of our hotel casino resort projects; our acquisition and development of the Macau
Peninsula site; increased competition and other planned casino hotel and resort projects in Macau
and elsewhere in Asia; the completion of infrastructure projects in Macau; government regulation of
the casino industry; our ability to raise additional financing; the formal grant of a land
concession for the City of Dreams site on terms that are acceptable to us and obtaining approval
from the Macau government for an increase in the developable gross floor area of the City of Dreams
site; the formal grant of an occupancy permit for City of Dreams; our anticipated growth
strategies; and our future business development, results of operations and financial condition.
Further information regarding these and other risks is included in our Annual Report on Form 20-F
filed on April 9, 2008 and other documents filed with the Securities and Exchange Commission. MPEL
does not undertake any obligation to update any forward-looking statement, except as required under
applicable law. All information provided in this press release is as of the date of this release,
and MPEL undertakes no duty to update such information, except as required under applicable law.
Non-GAAP Financial Measure
(1) “Adjusted EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening
costs, stock-based compensation costs, and other non-operating income and expenses. Adjusted
EBITDA is presented exclusively as a supplemental disclosure because management believes that it is
widely used to measure the performance, and as a basis for valuation, of gaming companies.
Management uses adjusted EBITDA as a measure of the operating performance of its segments and to
compare the operating performance of its properties with those of its competitors. MPEL also
presents adjusted EBITDA because it is used by some investors as a way to measure a company’s
ability to incur and service debt, make capital expenditures, and meet working capital
Page 8 of 9
requirements. Gaming companies have historically reported adjusted EBITDA as a supplement to
financial measures in accordance with U.S. generally accepted accounting principles (“GAAP”).
However, adjusted EBITDA should not be considered as an alternative to operating income as an
indicator of MPEL’s performance, as an alternative to cash flows from operating activities as a
measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP.
Unlike net income, adjusted EBITDA does not include depreciation and amortization or interest
expense and therefore does not reflect current or future capital expenditure or the cost of
capital. MPEL compensates for these limitations by using adjusted EBITDA as only one of several
comparative tools, together with GAAP measurements, to assist in the evaluation of operating
performance. Such GAAP measurements include operating income (loss), net income (loss), cash flows
from operations and cash flow data. MPEL has significant uses of cash flows, including capital
expenditures, interest payments, debt principal repayments, taxes and other non-recurring charges,
which are not reflected in adjusted EBITDA. Also, MPEL’s calculation of adjusted EBITDA may be
different from the calculation methods used by other companies and, therefore, comparability may be
limited.
About Melco Crown Entertainment Limited
MPEL is a developer, owner and, through its sub-concession holding company, an operator of casino
gaming and entertainment casino resort facilities in Macau. Its first property, Crown Macau
(www.crown-macau.com), opened in 2007. Other development projects include City of Dreams, an
integrated urban casino resort located in Cotai, Macau. MPEL’s business also includes the Mocha
Clubs (www.mochaclubs.com), which feature a total of approximately 1,100 gaming machines in seven
locations and comprise the largest non-casino based operations of electronic gaming machines in
Macau. MPEL has entered into an agreement, subject to certain conditions, to acquire a third
development site on the Macau Peninsula. For more information about MPEL, please visit
www.melco-crown.com.
MPEL has strong support from both of its major shareholders, Melco International Development
Limited (“Melco”) and Crown Limited (“Crown”). Melco is a listed company on the Hong Kong Stock
Exchange and is substantially owned and led by Mr. Lawrence Ho, who is Co-Chairman and the CEO of
MPEL. Crown is a top-50 company listed on the Australian Stock Exchange and led by Executive
Chairman James Packer, who is also Co-Chairman and a Director of MPEL.
Investor Inquiries:
Geoffrey Davis, CFA
Senior Vice President, Corporate Finance
Tel: +1 212 671 1936
Email: geoffreydavis@melco-crown.com
Tel: +1 212 671 1936
Email: geoffreydavis@melco-crown.com
Page 9 of 9
Melco Crown Entertainment Limited
Condensed Consolidated Statements of Operations
(In Thousands of U.S. dollars, except share and per share data)
Condensed Consolidated Statements of Operations
(In Thousands of U.S. dollars, except share and per share data)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| (Unaudited) | (Unaudited)(2) | (Unaudited) | (Unaudited)(2) | |||||||||||||
OPERATING REVENUES |
||||||||||||||||
Casino |
382,357 | 44,136 | 862,047 | 64,261 | ||||||||||||
Rooms |
4,160 | 102 | 8,241 | 102 | ||||||||||||
Food and beverage |
4,347 | 1,776 | 8,821 | 2,045 | ||||||||||||
Entertainment, retail and others |
1,349 | 159 | 2,626 | 159 | ||||||||||||
Gross revenues |
392,213 | 46,173 | 881,735 | 66,567 | ||||||||||||
Less: promotional allowances |
(7,599 | ) | (1,050 | ) | (14,253 | ) | (1,152 | ) | ||||||||
Net revenues |
384,614 | 45,123 | 867,482 | 65,415 | ||||||||||||
OPERATING COSTS AND EXPENSES |
||||||||||||||||
Casino |
(319,534 | ) | (35,918 | ) | (695,164 | ) | (47,123 | ) | ||||||||
Rooms |
(191 | ) | (102 | ) | (698 | ) | (102 | ) | ||||||||
Food and beverage |
(3,459 | ) | (3,074 | ) | (6,815 | ) | (3,274 | ) | ||||||||
Entertainment, retail and others |
(302 | ) | (22 | ) | (597 | ) | (22 | ) | ||||||||
General and administrative |
(26,858 | ) | (34,064 | ) | (53,776 | ) | (42,969 | ) | ||||||||
Pre-opening costs |
(3,735 | ) | (21,036 | ) | (5,709 | ) | (35,276 | ) | ||||||||
Amortization of gaming sub-concession |
(14,310 | ) | (14,285 | ) | (28,619 | ) | (28,594 | ) | ||||||||
Amortization of land use rights |
(4,573 | ) | (4,248 | ) | (9,174 | ) | (8,503 | ) | ||||||||
Depreciation and amortization |
(15,798 | ) | (8,965 | ) | (28,982 | ) | (11,992 | ) | ||||||||
Total operating costs and expenses |
(388,760 | ) | (121,714 | ) | (829,534 | ) | (177,855 | ) | ||||||||
OPERATING (LOSS) INCOME |
(4,146 | ) | (76,591 | ) | 37,948 | (112,440 | ) | |||||||||
NON-OPERATING (EXPENSES) INCOME |
||||||||||||||||
Interest income, net |
769 | 4,176 | 5,058 | 11,616 | ||||||||||||
Other finance costs |
(3,475 | ) | — | (6,951 | ) | — | ||||||||||
Foreign exchange gain, net |
493 | 1,616 | 308 | 2,508 | ||||||||||||
Other, net |
598 | 85 | 613 | 147 | ||||||||||||
Total non-operating (expenses) income |
(1,615 | ) | 5,877 | (972 | ) | 14,271 | ||||||||||
(LOSS) INCOME BEFORE INCOME TAX |
(5,761 | ) | (70,714 | ) | 36,976 | (98,169 | ) | |||||||||
INCOME TAX CREDIT |
75 | 1,497 | 571 | 1,760 | ||||||||||||
NET (LOSS) INCOME |
$ | (5,686 | ) | $ | (69,217 | ) | $ | 37,547 | $ | (96,409 | ) | |||||
(LOSS) EARNINGS PER SHARE: |
||||||||||||||||
Basic |
$ | (0.004 | ) | $ | (0.057 | ) | $ | 0.028 | $ | (0.080 | ) | |||||
Diluted |
$ | (0.004 | ) | $ | (0.057 | ) | $ | 0.028 | $ | (0.080 | ) | |||||
(LOSS) EARNINGS PER ADS: |
||||||||||||||||
Basic |
$ | (0.013 | ) | $ | (0.172 | ) | $ | 0.085 | $ | (0.240 | ) | |||||
Diluted |
$ | (0.013 | ) | $ | (0.172 | ) | $ | 0.085 | $ | (0.239 | ) | |||||
| WEIGHTED AVERAGE SHARES USED IN (LOSS) EARNINGS PER SHARE CALCULATION: | ||||||||||||||||
Basic |
1,320,938,904 | 1,208,043,646 | 1,320,938,904 | 1,206,995,096 | ||||||||||||
Diluted |
1,323,518,313 | 1,210,583,556 | 1,323,269,450 | 1,209,535,006 | ||||||||||||
| (2) | The unaudited condensed consolidated financial statements for 2007 reflect certain reclassifications, which have no effect on previously reported net loss, to conform to current period presentation. |
Melco Crown Entertainment Limited
Condensed Consolidated Balance Sheet
(In Thousands of U.S. dollars)
Condensed Consolidated Balance Sheet
(In Thousands of U.S. dollars)
| June 30, | December 31, | |||||||
| 2008 | 2007 | |||||||
| (Unaudited) | (Audited) | |||||||
ASSETS |
||||||||
CURRENT ASSETS |
||||||||
Cash and cash equivalents |
$ | 763,037 | $ | 835,419 | ||||
Restricted cash |
— | 298,983 | ||||||
Accounts receivable, net |
39,930 | 49,390 | ||||||
Amounts due from affiliated companies |
2,785 | — | ||||||
Inventories |
1,905 | 1,484 | ||||||
Prepaid expenses and other current assets |
25,360 | 15,715 | ||||||
Total current assets |
833,017 | 1,200,991 | ||||||
PROPERTY AND EQUIPMENT, NET |
1,444,640 | 980,241 | ||||||
GAMING SUB-CONCESSION |
799,835 | 828,453 | ||||||
INTANGIBLE ASSETS, NET |
4,220 | 4,220 | ||||||
GOODWILL |
81,915 | 81,915 | ||||||
LONG-TERM PREPAYMENT, DEPOSITS AND OTHER ASSETS |
19,440 | 15,832 | ||||||
DEFERRED FINANCING COST |
44,239 | 48,295 | ||||||
DEPOSIT FOR ACQUISITION OF LAND INTEREST |
12,853 | 12,853 | ||||||
LAND USE RIGHTS, NET |
438,295 | 447,468 | ||||||
TOTAL |
$ | 3,678,454 | $ | 3,620,268 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
CURRENT LIABILITIES |
||||||||
Accounts payable |
$ | 5,000 | $ | 5,736 | ||||
Accrued expenses and other current liabilities |
492,076 | 468,236 | ||||||
Income tax payable |
1,874 | 1,560 | ||||||
Amounts due to affiliated companies |
1,779 | 6,602 | ||||||
Amounts due to shareholders |
283 | 1,551 | ||||||
Total current liabilities |
501,012 | 483,685 | ||||||
LONG-TERM DEBT |
500,209 | 500,209 | ||||||
OTHER LONG-TERM LIABILITIES |
9,741 | 11,074 | ||||||
DEFERRED TAX LIABILITIES |
20,143 | 21,286 | ||||||
LOANS FROM SHAREHOLDERS |
115,647 | 114,616 | ||||||
LAND USE RIGHTS PAYABLE |
60,857 | 60,857 | ||||||
SHAREHOLDERS’ EQUITY |
||||||||
Ordinary shares |
13,209 | 13,209 | ||||||
Additional paid-in capital |
2,685,349 | 2,682,125 | ||||||
Accumulated other comprehensive losses |
(9,543 | ) | (11,076 | ) | ||||
Accumulated losses |
(218,170 | ) | (255,717 | ) | ||||
Total shareholders’ equity |
2,470,845 | 2,428,541 | ||||||
TOTAL |
$ | 3,678,454 | $ | 3,620,268 | ||||
Melco Crown Entertainment Limited
Reconciliation of Operating Income (Loss) to Adjusted EBITDA
(In Thousands of U.S. dollars)
Reconciliation of Operating Income (Loss) to Adjusted EBITDA
(In Thousands of U.S. dollars)
| Three Months Ended June 30, 2008 | ||||||||||||||||
| Corporate | ||||||||||||||||
| Crown | Mocha | and Other | Total | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Operating Income (Loss) |
$ | 27,807 | $ | 2,197 | $ | (34,150 | ) | $ | (4,146 | ) | ||||||
Pre-opening Costs |
— | — | 3,735 | 3,735 | ||||||||||||
Depreciation and Amortization |
12,203 | 3,634 | 18,844 | 34,681 | ||||||||||||
Stock-based Compensation |
86 | 34 | 1,679 | 1,799 | ||||||||||||
Marketing Expense Relating to Crown Macau Opening |
— | — | — | — | ||||||||||||
Adjusted EBITDA |
$ | 40,096 | $ | 5,865 | $ | (9,892 | ) | $ | 36,069 | |||||||
| Three Months Ended June 30, 2007 | ||||||||||||||||
| Corporate | ||||||||||||||||
| Crown | Mocha | and Other | Total | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Operating (Loss) Income |
$ | (44,748 | ) | $ | 1,730 | $ | (33,573 | ) | $ | (76,591 | ) | |||||
Pre-opening Costs |
20,764 | — | 272 | 21,036 | ||||||||||||
Depreciation and Amortization |
6,511 | 2,732 | 18,255 | 27,498 | ||||||||||||
Stock-based Compensation |
— | — | 1,533 | 1,533 | ||||||||||||
Marketing Expense Relating to Crown Macau Opening |
2,500 | (3) | — | 9,081 | 11,581 | |||||||||||
Adjusted EBITDA |
$ | (14,973 | ) | $ | 4,462 | $ | (4,432 | ) | $ | (14,943 | ) | |||||
| (3) | Marketing expenses related to the Crown Macau opening are allocated to Crown Macau in accordance with the property budget as set at the end of 2006 |
Melco Crown Entertainment Limited
Reconciliation of Adjusted EBITDA to Net Loss
(In Thousands of U.S. dollars)
Reconciliation of Adjusted EBITDA to Net Loss
(In Thousands of U.S. dollars)
| Three Months Ended | ||||||||
| June 30, | ||||||||
| 2008 | 2007 | |||||||
| (Unaudited) | (Unaudited) | |||||||
Adjusted EBITDA |
$ | 36,069 | $ | (14,943 | ) | |||
Pre-opening Costs |
(3,735 | ) | (21,036 | ) | ||||
Depreciation and Amortization |
(34,681 | ) | (27,498 | ) | ||||
Stock-based Compensation |
(1,799 | ) | (1,533 | ) | ||||
Marketing Expense Relating to
Crown Macau Opening |
— | (11,581 | ) | |||||
Interest and Other Non-Operating
(Expense) Income, Net |
(1,615 | ) | 5,877 | |||||
Income Tax Credit |
75 | 1,497 | ||||||
Net Loss |
$ | (5,686 | ) | $ | (69,217 | ) | ||
Melco Crown Entertainment Limited
Reconciliation of Operating Income (Loss) to Adjusted EBITDA
(In Thousands of U.S. dollars)
Reconciliation of Operating Income (Loss) to Adjusted EBITDA
(In Thousands of U.S. dollars)
| Six Months Ended June 30, 2008 | ||||||||||||||||
| Corporate | ||||||||||||||||
| Crown | Mocha | and Other | Total | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Operating Income (Loss) |
$ | 94,146 | $ | 5,395 | $ | (61,593 | ) | $ | 37,948 | |||||||
Pre-opening Costs |
— | — | 5,709 | 5,709 | ||||||||||||
Depreciation and Amortization |
22,474 | 6,890 | 37,411 | 66,775 | ||||||||||||
Stock-based Compensation |
166 | 65 | 2,826 | 3,057 | ||||||||||||
Marketing Expense Relating to Crown Macau Opening |
— | — | — | — | ||||||||||||
Adjusted EBITDA |
$ | 116,786 | $ | 12,350 | $ | (15,647 | ) | $ | 113,489 | |||||||
| Six Months Ended June 30, 2007 | ||||||||||||||||
| Corporate | ||||||||||||||||
| Crown | Mocha | and Other | Total | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Operating (Loss) Income |
$ | (61,423 | ) | $ | 5,983 | $ | (57,000 | ) | $ | (112,440 | ) | |||||
Pre-opening Costs |
34,589 | — | 687 | 35,276 | ||||||||||||
Depreciation and Amortization |
8,085 | 5,388 | 35,616 | 49,089 | ||||||||||||
Stock-based Compensation |
— | — | 3,183 | 3,183 | ||||||||||||
Marketing Expense Relating to Crown Macau Opening |
2,500 | (3) | — | 9,081 | 11,581 | |||||||||||
Adjusted EBITDA |
$ | (16,249 | ) | $ | 11,371 | $ | (8,433 | ) | $ | (13,311 | ) | |||||
| (3) | Marketing expenses related to the Crown Macau opening are allocated to Crown Macau in accordance with the property budget as set at the end of 2006 |
Melco Crown Entertainment Limited
Reconciliation of Adjusted EBITDA to Net Income (Loss)
(In Thousands of U.S. dollars)
Reconciliation of Adjusted EBITDA to Net Income (Loss)
(In Thousands of U.S. dollars)
| Six Months Ended | ||||||||
| June 30, | ||||||||
| 2008 | 2007 | |||||||
| (Unaudited) | (Unaudited) | |||||||
Adjusted EBITDA |
$ | 113,489 | $ | (13,311 | ) | |||
Pre-opening Costs |
(5,709 | ) | (35,276 | ) | ||||
Depreciation and Amortization |
(66,775 | ) | (49,089 | ) | ||||
Stock-based Compensation |
(3,057 | ) | (3,183 | ) | ||||
Marketing Expense Relating
to Crown Macau Opening |
— | (11,581 | ) | |||||
Interest and Other
Non-Operating (Expense)
Income, Net |
(972 | ) | 14,271 | |||||
Income Tax Credit |
571 | 1,760 | ||||||
Net Income (Loss) |
$ | 37,547 | $ | (96,409 | ) | |||
Melco Crown Entertainment Limited
Supplemental Data Schedule
Supplemental Data Schedule
| Three months ended | Six months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
Crown Macau |
||||||||||||||||
Average number of table games |
250 | 184 | 246 | 184 | ||||||||||||
Average number of gaming machines |
187 | 518 | 214 | 518 | ||||||||||||
Period end number of table games |
253 | 219 | 253 | 219 | ||||||||||||
Period end number of gaming machines |
166 | 538 | 166 | 538 | ||||||||||||
Table games win per unit per day (2) |
$ | 22,662 | $ | 3,418 | $ | 25,314 | $ | 3,418 | ||||||||
Gaming machines win per unit per day (3) |
$ | 240 | $ | 70 | $ | 203 | $ | 70 | ||||||||
Average daily rate (4) |
$ | 236 | $ | 177 | $ | 234 | $ | 177 | ||||||||
Occupancy per available room |
97 | % | 33 | % | 94 | % | 33 | % | ||||||||
Revenue per available room (5) |
$ | 229 | $ | 64 | $ | 221 | $ | 64 | ||||||||
| (2) | table games win per unit per day is shown before discounts and commissions | |
| (3) | gaming machines win per unit per day is shown before deducting cost for slot points | |
| (4) | Average daily rate is calculated by dividing total room revenue by total occupied rooms | |
| (5) | Revenue per available room is calculated by dividing total room revenue by total rooms available |