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 February 2011
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/ Geoffrey Davis | |||
| Name: | Geoffrey Davis, CFA | |||
| Title: | Deputy Chief Financial Officer | |||
Date: February 22, 2011
3
Exhibit 99.1
FOR IMMEDIATE RELEASE
Melco Crown Entertainment Announces Fourth Quarter 2010 Earnings
New York, February 22, 2011 — Melco Crown Entertainment Limited (NASDAQ: MPEL), a developer and
owner of casino gaming and entertainment resort facilities focused on the Macau market, today
reported its unaudited financial results for the fourth quarter and year ended December 31, 2010.
Net revenue for the fourth quarter of 2010 was US$773.7 million, representing an increase of
approximately 93% from US$400.2 million reported in the quarter ended December 31, 2009. Adjusted
EBITDA‹1› was US$133.8 million for the fourth quarter of 2010, as compared to Adjusted
EBITDA of US$2.7 million in the fourth quarter of 2009. The year-over-year improvement in net
revenue and Adjusted EBITDA resulted primarily from significantly improved operating performance at
City of Dreams and Altira Macau.
On a U.S. GAAP basis, Melco Crown Entertainment recorded net income for the fourth quarter of 2010
of US$16.3 million, or US$0.03 per ADS, compared with a net loss of US$89.7 million, or a loss of
US$0.17 per ADS, in the fourth quarter of 2009. The improvement in bottom-line results was driven
by the year-over-year improvement in the operating performance at City of Dreams and Altira Macau,
partially offset by increased depreciation and amortization expense primarily associated with the
opening of The House of Dancing Water at City of Dreams and higher net interest expense related to
the refinancing of approximately US$600 million of bank debt through the issuance of a high yield
bond in May 2010.
Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment commented, “We
are pleased to report another solid quarter of operating results, driven by continued improvements
in the fundamentals of our business. Our fourth quarter results demonstrate our success in driving
operating leverage and in improving the profitability of our portfolio of assets.
“Our mass market table games business continues to grow and has set a new company record for table
drop and gross gaming revenue in the fourth quarter of 2010. Similarly, our rolling chip segment
remains strong with gaming volume in the fourth quarter of 2010 setting a new company record.
“The House of Dancing Water continues to sell out and drive incremental visitation and expenditures
at City of Dreams. We look forward to the continued success of this ground-breaking show, as well
as the opening of additional guest amenities in 2011.”
City of Dreams 4Q Results
For the quarter ended December 31, 2010, net revenue at City of Dreams was US$488.7 million
compared to US$237.6 million in the fourth quarter of 2009. City of Dreams generated Adjusted
EBITDA of US$97.7 million in the fourth quarter of 2010 compared to US$22.2 million in the fourth
quarter of 2009. The year-over-year improvements in both net revenue and Adjusted EBITDA were
driven by increased gaming volume and win rates in the fourth quarter of 2010, as compared with the
same measures in the fourth quarter of 2009.
Rolling chip volume totaled US$15.4 billion for the fourth quarter of 2010, up 65% from US$9.3
billion in the fourth quarter of 2009, and the rolling chip hold percentage was 2.9% in the fourth
quarter of 2010 versus 2.4% in the fourth quarter of 2009. The expected rolling chip hold
percentage range is 2.7%-3.0%.
Mass market (non rolling chip) table games drop increased 35% to US$572.5 million compared with
US$423.3 million in the fourth quarter of 2009. The mass market win rate was 22.0% in the quarter
under review and increased from 17.2% in the same period last year. At City of Dreams, we expect
our mass market table games hold percentage to range from 20%-22%.
Slot handle for the quarter ended December 31, 2010 was US$513.5 million, up 38% from US$372.8
million generated in the quarter ended December 31, 2009.
2
Total non-gaming revenue at City of Dreams in the fourth quarter of 2010 was US$47.6 million, up
from US$22.8 million in the fourth quarter of 2009. Occupancy per available room in the fourth
quarter of 2010 was 87% versus 79% in the fourth quarter of 2009.
The average daily rate (ADR) in the fourth quarter of 2010 was US$166 per occupied room, which
compares with US$152 in the fourth quarter of 2009.
Altira Macau 4Q Results
For the quarter ended December 31, 2010, net revenue at Altira Macau was US$245.1 million versus
US$132.7 million in the quarter ended December 31, 2009. Altira Macau generated Adjusted EBITDA of
US$46.4 million in the fourth quarter of 2010 compared with an Adjusted EBITDA loss of US$14.0 million
in the fourth quarter of 2009. A year-over-year increase in gaming volume and a return to a
normal rolling chip hold percentage drove the improvements in net revenue and Adjusted EBITDA.
Rolling chip volume totaled US$11.4 billion in the fourth quarter of 2010 versus US$8.9 billion in
the fourth quarter of 2009. In the fourth quarter of 2010, the rolling chip hold percentage was
2.9%, as compared to 2.3% for the same period a year ago. The expected rolling chip hold
percentage range is 2.7%-3.0%.
In the mass market (non rolling chip) table games segment, drop totaled US$132.5 million in the
fourth quarter of 2010, up 98% from US$67.0 million generated in the comparable period in 2009.
The mass market win rate was 14.7% in the fourth quarter of 2010 compared with 18.8% in the fourth
quarter of last year. At Altira Macau, we expect our mass market table games hold percentage to
range from 15.0%-17.0%.
Total non-gaming revenue at Altira Macau in the fourth quarter of 2010 was US$7.6 million, down
slightly from US$7.7 million in the fourth quarter of 2009. Occupancy per available room in the
fourth quarter of 2010 was 97% and the ADR was US$170 per occupied room. This compares with
occupancy and ADR of 94% and US$196, respectively, in the fourth quarter of 2009.
Mocha Clubs 4Q Results
Net revenue from Mocha Clubs totaled US$30.6 million in the fourth quarter of 2010, up from US$25.0
million in the fourth quarter of 2009. Mocha Clubs generated US$8.6 million of Adjusted EBITDA in
the fourth quarter of 2010, which compares with US$6.2 million in the fourth quarter of 2009.
3
The number of gaming machines in operation at the Mocha Clubs averaged approximately 1,600 in the
fourth quarters of 2010 and 2009. The net win per gaming machine per day was US$208 in the quarter
ended December 31, 2010, as compared with US$174 in the same period in 2009.
Other Factors Affecting Earnings
Total non-operating expense for the fourth quarter of 2010 was US$29.9 million, which included
US$27.9 million in net interest expense and other finance costs of US$4.1 million. There was no
capitalized interest during the fourth quarter of 2010.
Depreciation and amortization costs of US$82.9 million were recorded in the fourth quarter of 2010,
of which US$14.3 million was related to the amortization of our gaming sub-concession and US$4.9
million was related to the amortization of land use rights. The year-over-year increase in
depreciation and amortization costs is primarily related to the opening of The House of Dancing Water in the third quarter of 2010.
Financial Position and Capital Expenditure
Cash and cash equivalents as of December 31, 2010 totaled US$609.2 million, including US$167.3
million of restricted cash. Total debt at the end of the fourth quarter of 2010 was US$1.84
billion, and total net debt to shareholders’ equity as of December 31, 2010 was 49%.
Capital expenditures for the fourth quarter of 2010 were US$34.2 million, primarily attributable to
various projects at City of Dreams and Altira Macau.
Full Year 2010 Results
For the twelve months ending December 31, 2010, Melco Crown Entertainment reported net revenue of
US$2.6 billion versus US$1.3 billion in the twelve months ending December 31, 2009. Adjusted
EBITDA for the twelve months of 2010 was US$430.4 million, as compared with Adjusted EBITDA of
US$55.8 million in the twelve months of 2009.
4
The year-over-year improvement in net revenue and Adjusted EBITDA were primarily attributable to
significantly improved operating results at both City of Dreams and Altira Macau, as well as from
the opening of City of Dreams in June of 2009 and its contribution to results for the entire twelve
months of 2010.
Melco Crown Entertainment reported a net loss of US$10.5 million for the twelve months of 2010
compared to a net loss of US$308.5 million for the twelve months of 2009. The net loss per ADS for
the twelve month period ending December 31, 2010 was US$0.02 compared to a net loss per ADS of
US$0.63 for the same period in 2009.
Conference Call Information
Melco Crown Entertainment will hold a conference call to discuss its fourth quarter 2010 financial
results on February 22, 2011 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 |
1 866 700 7441 | |||
US Toll/International |
1 617 213 8839 | |||
HK Toll |
852 3002 1672 | |||
HK Toll Free |
800 96 3844 | |||
UK Toll Free |
08082347616 | |||
Australia Toll Free |
1 800 002 971 | |||
Passcode |
MPEL | |||
An audio webcast will also be available at www.melco-crown.com.
To access the replay, please use the dial-in details below:
US Toll Free |
1 888 286 8010 | |||
US Toll/International |
1 617 801 6888 | |||
Passcode |
82415411 | |||
5
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. Melco Crown Entertainment Limited (the “Company”)
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 the Company’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; 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 occupancy permits
for areas of City of Dreams undergoing construction and/or development; 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 March 31, 2010 and other documents filed with the Securities and Exchange Commission. The
Company 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 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, property charges and other, share-based compensation costs, and other
non-operating income and expenses. “Adjusted property EBITDA” is earnings before interest,
taxes, depreciation, amortization, pre-opening costs, property charges and other,
share-based compensation costs, corporate and other 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. generally
accepted accounting principles (“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 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, |
6
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. The Company 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 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 GAAP are provided herein immediately following the financial statements included in
this press release.
| (2) | “Adjusted net (loss) income” is net (loss) income before pre-opening costs, property
charges and other. Adjusted net (loss) income and adjusted net (loss) income 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 GAAP, as an additional basis for
assessing period-to-period results of our business. Adjusted net (loss) income may be
different from the calculation methods used by other companies and, therefore,
comparability may be limited. Reconciliations of adjusted net (loss) income with the most
comparable financial measures calculated and presented in accordance with GAAP are
provided herein immediately following the financial statements included in this press
release. |
About Melco Crown Entertainment Limited
Melco Crown Entertainment Limited (the “Company”), is a developer, owner and through a Macau
subsidiary which holds a gaming sub-concession, an operator of casino gaming and entertainment
casino resort facilities. The Company currently operates Altira Macau (www.altiramacau.com)
(formerly Crown Macau), a casino hotel located at Taipa, Macau and City of Dreams
(www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. The
Company’s business also includes the Mocha Clubs (www.mochaclubs.com), which feature a total of
approximately 1,600 gaming machines in eight locations and comprise the largest non-casino based
operations of electronic gaming machines in Macau. For more information about the Company, please
visit www.melco-crown.com.
The Company 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, a Director and
the CEO of the Company. Crown is a top-50 company listed on the Australian Stock Exchange and led
by Executive Chairman Mr. James Packer, who is also Co-Chairman and a Director of the Company.
7
Investment Community, please contact:
Geoffrey Davis, CFA
Deputy CFO and Treasurer
Tel: +1 212 671 1936 or +852 2598 3601
Email: geoffreydavis@melco-crown.com
Deputy CFO and Treasurer
Tel: +1 212 671 1936 or +852 2598 3601
Email: geoffreydavis@melco-crown.com
For media enquiry, please contact:
Maggie Ma
Head of Corporate Communications
Tel: +852 3151 3767
Email: maggiema@melco-crown.com
Head of Corporate Communications
Tel: +852 3151 3767
Email: maggiema@melco-crown.com
8
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 | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |||||||||||||
OPERATING REVENUES |
||||||||||||||||
Casino |
$ | 738,827 | $ | 388,977 | $ | 2,550,542 | $ | 1,304,634 | ||||||||
Rooms |
23,971 | 16,358 | 83,718 | 41,215 | ||||||||||||
Food and beverage |
16,726 | 10,946 | 56,679 | 28,180 | ||||||||||||
Entertainment, retail and others |
15,227 | 3,653 | 32,679 | 11,877 | ||||||||||||
Gross revenues |
794,751 | 419,934 | 2,723,618 | 1,385,906 | ||||||||||||
Less: promotional allowances |
(21,002 | ) | (19,717 | ) | (81,642 | ) | (53,033 | ) | ||||||||
Net revenues |
773,749 | 400,217 | 2,641,976 | 1,332,873 | ||||||||||||
OPERATING COSTS AND EXPENSES |
||||||||||||||||
Casino |
(561,999 | ) | (350,231 | ) | (1,949,024 | ) | (1,130,302 | ) | ||||||||
Rooms |
(5,587 | ) | (2,103 | ) | (16,132 | ) | (6,357 | ) | ||||||||
Food and beverage |
(6,344 | ) | (4,564 | ) | (32,898 | ) | (16,853 | ) | ||||||||
Entertainment, retail and others |
(10,535 | ) | (582 | ) | (19,776 | ) | (4,004 | ) | ||||||||
General and administrative |
(56,679 | ) | (42,406 | ) | (199,830 | ) | (130,986 | ) | ||||||||
Pre-opening costs |
(2,449 | ) | 242 | (18,648 | ) | (91,882 | ) | |||||||||
Amortization of gaming subconcession |
(14,309 | ) | (14,309 | ) | (57,237 | ) | (57,237 | ) | ||||||||
Amortization of land use rights |
(4,881 | ) | (4,767 | ) | (19,522 | ) | (18,395 | ) | ||||||||
Depreciation and amortization |
(63,713 | ) | (52,139 | ) | (236,306 | ) | (141,864 | ) | ||||||||
Property charges and others |
— | (2,894 | ) | (91 | ) | (7,040 | ) | |||||||||
Total operating costs and expenses |
(726,496 | ) | (473,753 | ) | (2,549,464 | ) | (1,604,920 | ) | ||||||||
OPERATING INCOME (LOSS) |
47,253 | (73,536 | ) | 92,512 | (272,047 | ) | ||||||||||
NON-OPERATING EXPENSES |
||||||||||||||||
Interest expenses, net |
(27,905 | ) | (15,366 | ) | (92,953 | ) | (31,326 | ) | ||||||||
Other finance costs |
(4,050 | ) | (2,568 | ) | (10,491 | ) | (8,227 | ) | ||||||||
Foreign exchange gain, net |
2,760 | 605 | 3,563 | 491 | ||||||||||||
Other (expense) income, net |
(519 | ) | 658 | 1,074 | 2,516 | |||||||||||
Costs associated with debt modification |
(154 | ) | — | (3,310 | ) | — | ||||||||||
Total non-operating expenses |
(29,868 | ) | (16,671 | ) | (102,117 | ) | (36,546 | ) | ||||||||
INCOME (LOSS) BEFORE INCOME TAX |
17,385 | (90,207 | ) | (9,605 | ) | (308,593 | ) | |||||||||
INCOME TAX (EXPENSE) CREDIT |
(1,113 | ) | 518 | (920 | ) | 132 | ||||||||||
NET INCOME (LOSS) |
$ | 16,272 | $ | (89,689 | ) | $ | (10,525 | ) | $ | (308,461 | ) | |||||
INCOME (LOSS) PER SHARE: |
||||||||||||||||
Basic |
$ | 0.010 | $ | (0.056 | ) | $ | (0.007 | ) | $ | (0.210 | ) | |||||
Diluted |
$ | 0.010 | $ | (0.056 | ) | $ | (0.007 | ) | $ | (0.210 | ) | |||||
INCOME (LOSS) PER ADS: |
||||||||||||||||
Basic |
$ | 0.031 | $ | (0.169 | ) | $ | (0.020 | ) | $ | (0.631 | ) | |||||
Diluted |
$ | 0.030 | $ | (0.169 | ) | $ | (0.020 | ) | $ | (0.631 | ) | |||||
WEIGHTED AVERAGE SHARES USED IN
INCOME (LOSS) PER SHARE
CALCULATION: |
||||||||||||||||
Basic |
1,596,247,553 | 1,593,360,060 | 1,595,552,022 | 1,465,974,019 | ||||||||||||
Diluted |
1,605,102,993 | 1,593,360,060 | 1,595,552,022 | 1,465,974,019 | ||||||||||||
9
Melco Crown Entertainment Limited
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)
| December 31, | December 31, | |||||||
| 2010 | 2009 | |||||||
| (Unaudited) | (Audited)(1) | |||||||
ASSETS |
||||||||
CURRENT ASSETS |
||||||||
Cash and cash equivalents |
$ | 441,923 | $ | 212,598 | ||||
Restricted cash |
167,286 | 236,119 | ||||||
Accounts receivable, net |
259,521 | 262,176 | ||||||
Amounts due from affiliated companies |
1,528 | 1 | ||||||
Income tax receivable |
198 | — | ||||||
Inventories |
10,228 | 6,534 | ||||||
Prepaid expenses and other current assets |
19,788 | 19,768 | ||||||
Total current assets |
900,472 | 737,196 | ||||||
PROPERTY AND EQUIPMENT, NET |
2,671,895 | 2,786,646 | ||||||
GAMING SUBCONCESSION, NET |
656,742 | 713,979 | ||||||
INTANGIBLE ASSETS, NET |
4,220 | 4,220 | ||||||
GOODWILL |
81,915 | 81,915 | ||||||
LONG-TERM PREPAYMENT, DEPOSITS AND OTHER ASSETS |
95,629 | 52,365 | ||||||
DEFERRED TAX ASSETS |
25 | — | ||||||
DEFERRED FINANCING COSTS |
45,387 | 38,948 | ||||||
LAND USE RIGHTS, NET |
428,155 | 447,576 | ||||||
TOTAL |
$ | 4,884,440 | $ | 4,862,845 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
CURRENT LIABILITIES |
||||||||
Accounts payable |
$ | 8,880 | $ | 8,719 | ||||
Accrued expenses and other current liabilities |
462,084 | 460,243 | ||||||
Income tax payable |
934 | 768 | ||||||
Current portion of long-term debt |
202,997 | 44,504 | ||||||
Amounts due to affiliated companies |
673 | 7,384 | ||||||
Amounts due to shareholders |
36 | 25 | ||||||
Total current liabilities |
675,604 | 521,643 | ||||||
LONG-TERM DEBT |
1,521,251 | 1,638,703 | ||||||
OTHER LONG-TERM LIABILITIES |
6,496 | 20,619 | ||||||
DEFERRED TAX LIABILITIES |
18,010 | 17,757 | ||||||
LOANS FROM SHAREHOLDERS |
115,647 | 115,647 | ||||||
LAND USE RIGHT PAYABLE |
24,241 | 39,432 | ||||||
SHAREHOLDERS’ EQUITY |
||||||||
Ordinary shares |
16,056 | 15,956 | ||||||
Treasury shares |
(84 | ) | (5 | ) | ||||
Additional paid-in capital |
3,095,730 | 3,088,768 | ||||||
Accumulated other comprehensive losses |
(11,345 | ) | (29,034 | ) | ||||
Accumulated losses |
(577,166 | ) | (566,641 | ) | ||||
Total shareholders’ equity |
2,523,191 | 2,509,044 | ||||||
TOTAL |
$ | 4,884,440 | $ | 4,862,845 | ||||
| (1) | The condensed consolidated financial statements for 2009 reflect certain reclassifications,
which have no effect on previously reported net loss, to conform to the current year
presentation. |
10
Melco Crown Entertainment Limited
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)
(In thousands of U.S. dollars, except share and per share data)
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)
(In thousands of U.S. dollars, except share and per share data)
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Net Income (Loss) |
$ | 16,272 | $ | (89,689 | ) | $ | (10,525 | ) | $ | (308,461 | ) | |||||
Pre-opening Costs |
2,449 | (242 | ) | 18,648 | 91,882 | |||||||||||
Property Charges and Others |
— | 2,894 | 91 | 7,040 | ||||||||||||
Adjusted Net Income (Loss) |
$ | 18,721 | $ | (87,037 | ) | $ | 8,214 | $ | (209,539 | ) | ||||||
ADJUSTED NET INCOME (LOSS) PER ADS: |
||||||||||||||||
Basic |
$ | 0.035 | $ | (0.164 | ) | $ | 0.015 | $ | (0.429 | ) | ||||||
Diluted |
$ | 0.035 | $ | (0.164 | ) | $ | 0.015 | $ | (0.429 | ) | ||||||
WEIGHTED AVERAGE SHARES USED IN ADJUSTED
NET INCOME (LOSS) PER SHARE CALCULATION: |
||||||||||||||||
Basic |
1,596,247,553 | 1,593,360,060 | 1,595,552,022 | 1,465,974,019 | ||||||||||||
Diluted |
1,605,102,993 | 1,593,360,060 | 1,604,929,531 | 1,465,974,019 | ||||||||||||
11
Melco Crown Entertainment Limited
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA
(In thousands of U.S. dollars)
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA
(In thousands of U.S. dollars)
| Three Months Ended December 31, 2010 | ||||||||||||||||||||
| Corporate | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating Income (Loss) |
$ | 36,930 | $ | 5,318 | $ | 40,278 | $ | (35,273 | ) | $ | 47,253 | |||||||||
Pre-opening Costs |
— | — | 2,449 | — | 2,449 | |||||||||||||||
Depreciation and Amortization |
9,390 | 3,261 | 54,866 | 15,386 | 82,903 | |||||||||||||||
Share-based Compensation |
45 | 31 | 72 | 1,002 | 1,150 | |||||||||||||||
Property Charges and Others |
— | — | — | — | — | |||||||||||||||
Adjusted EBITDA |
46,365 | 8,610 | 97,665 | (18,885 | ) | 133,755 | ||||||||||||||
Corporate and Other Expenses |
— | — | — | 18,885 | 18,885 | |||||||||||||||
Adjusted Property EBITDA |
$ | 46,365 | $ | 8,610 | $ | 97,665 | $ | — | $ | 152,640 | ||||||||||
| Three Months Ended December 31, 2009 | ||||||||||||||||||||
| Corporate | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating (Loss) Income |
$ | (27,325 | ) | $ | 1,982 | $ | (19,058 | ) | $ | (29,135 | ) | $ | (73,536 | ) | ||||||
Pre-opening Costs |
— | — | (287 | ) | 45 | (242 | ) | |||||||||||||
Depreciation and Amortization |
10,413 | 4,212 | 41,197 | 15,393 | 71,215 | |||||||||||||||
Share-based Compensation |
53 | 47 | 349 | 1,889 | 2,338 | |||||||||||||||
Property Charges and Others |
2,890 | — | — | 4 | 2,894 | |||||||||||||||
Adjusted EBITDA |
(13,969 | ) | 6,241 | 22,201 | (11,804 | ) | 2,669 | |||||||||||||
Corporate and Other Expenses |
— | — | — | 11,804 | 11,804 | |||||||||||||||
Adjusted Property EBITDA |
$ | (13,969 | ) | $ | 6,241 | $ | 22,201 | $ | — | $ | 14,473 | |||||||||
12
Melco Crown Entertainment Limited
Reconciliation of Adjusted EBITDA and Adjusted Property EBITDA to Net Income (Loss)
(In thousands of U.S. dollars)
Reconciliation of Adjusted EBITDA and Adjusted Property EBITDA to Net Income (Loss)
(In thousands of U.S. dollars)
| Three Months Ended | ||||||||
| December 31, | ||||||||
| 2010 | 2009 | |||||||
| (Unaudited) | (Unaudited) | |||||||
Adjusted Property EBITDA |
$ | 152,640 | $ | 14,473 | ||||
Corporate and Other Expenses |
(18,885 | ) | (11,804 | ) | ||||
Adjusted EBITDA |
133,755 | 2,669 | ||||||
Pre-opening Costs |
(2,449 | ) | 242 | |||||
Depreciation and Amortization |
(82,903 | ) | (71,215 | ) | ||||
Share-based Compensation |
(1,150 | ) | (2,338 | ) | ||||
Property Charges and Others |
— | (2,894 | ) | |||||
Interest and Other Non-Operating Expenses, Net |
(29,868 | ) | (16,671 | ) | ||||
Income Tax (Expense) Credit |
(1,113 | ) | 518 | |||||
Net Income (Loss) |
$ | 16,272 | $ | (89,689 | ) | |||
13
Melco Crown Entertainment Limited
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA
(In thousands of U.S. dollars)
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA
(In thousands of U.S. dollars)
| Year Ended December 31, 2010 | ||||||||||||||||||||
| Corporate | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating Income (Loss) |
$ | 95,127 | $ | 15,072 | $ | 108,638 | $ | (126,325 | ) | $ | 92,512 | |||||||||
Pre-opening Costs |
— | — | 18,648 | — | 18,648 | |||||||||||||||
Depreciation and Amortization |
39,006 | 14,625 | 198,126 | 61,308 | 313,065 | |||||||||||||||
Share-based Compensation |
20 | 122 | 602 | 5,299 | 6,043 | |||||||||||||||
Property Charges and Others |
(474 | ) | 12 | 324 | 229 | 91 | ||||||||||||||
Adjusted EBITDA |
133,679 | 29,831 | 326,338 | (59,489 | ) | 430,359 | ||||||||||||||
Corporate and Other Expenses |
— | — | — | 59,489 | 59,489 | |||||||||||||||
Adjusted Property EBITDA |
$ | 133,679 | $ | 29,831 | $ | 326,338 | $ | — | $ | 489,848 | ||||||||||
| Year Ended December 31, 2009 | ||||||||||||||||||||
| Corporate | ||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | and Other | Total | ||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Operating (Loss) Income |
$ | (33,064 | ) | $ | 8,610 | $ | (133,320 | ) | $ | (114,273 | ) | $ | (272,047 | ) | ||||||
Pre-opening Costs |
— | — | 90,122 | 1,760 | 91,882 | |||||||||||||||
Depreciation and Amortization |
41,981 | 16,490 | 97,708 | 61,317 | 217,496 | |||||||||||||||
Share-based Compensation |
616 | 316 | 2,156 | 8,297 | 11,385 | |||||||||||||||
Property Charges and Others |
4,169 | — | — | 2,871 | 7,040 | |||||||||||||||
Adjusted EBITDA |
13,702 | 25,416 | 56,666 | (40,028 | ) | 55,756 | ||||||||||||||
Corporate and Other Expenses |
— | — | — | 40,028 | 40,028 | |||||||||||||||
Adjusted Property EBITDA |
$ | 13,702 | $ | 25,416 | $ | 56,666 | $ | — | $ | 95,784 | ||||||||||
14
Melco Crown Entertainment Limited
Reconciliation of Adjusted EBITDA and Adjusted Property EBITDA to Net Loss
(In thousands of U.S. dollars)
Reconciliation of Adjusted EBITDA and Adjusted Property EBITDA to Net Loss
(In thousands of U.S. dollars)
| Year Ended | ||||||||
| December 31, | ||||||||
| 2010 | 2009 | |||||||
| (Unaudited) | (Unaudited) | |||||||
Adjusted Property EBITDA |
$ | 489,848 | $ | 95,784 | ||||
Corporate and Other Expenses |
(59,489 | ) | (40,028 | ) | ||||
Adjusted EBITDA |
430,359 | 55,756 | ||||||
Pre-opening Costs |
(18,648 | ) | (91,882 | ) | ||||
Depreciation and Amortization |
(313,065 | ) | (217,496 | ) | ||||
Share-based Compensation |
(6,043 | ) | (11,385 | ) | ||||
Property Charges and Others |
(91 | ) | (7,040 | ) | ||||
Interest and Other Non-Operating Expense,
Net |
(102,117 | ) | (36,546 | ) | ||||
Income Tax (Expense) Credit |
(920 | ) | 132 | |||||
Net Loss |
$ | (10,525 | ) | $ | (308,461 | ) | ||
15
Melco Crown Entertainment Limited
Supplemental Data Schedule
Supplemental Data Schedule
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
Room Statistics: |
||||||||||||||||
Altira Macau |
||||||||||||||||
Average daily rate (4) |
$ | 170 | $ | 196 | $ | 166 | $ | 219 | ||||||||
Occupancy per available room |
97 | % | 94 | % | 94 | % | 92 | % | ||||||||
Revenue per available room (5) |
$ | 164 | $ | 184 | $ | 156 | $ | 201 | ||||||||
City of Dreams |
||||||||||||||||
Average daily rate (4) |
$ | 166 | $ | 152 | $ | 157 | $ | 159 | ||||||||
Occupancy per available room |
87 | % | 79 | % | 80 | % | 84 | % | ||||||||
Revenue per available room (5) |
$ | 145 | $ | 120 | $ | 126 | $ | 133 | ||||||||
Other Information: |
||||||||||||||||
Altira Macau |
||||||||||||||||
Average number of table games |
212 | 235 | 212 | 248 | ||||||||||||
Table games win per unit per day (6) |
$ | 18,017 | $ | 9,970 | $ | 15,896 | $ | 11,052 | ||||||||
City of Dreams |
||||||||||||||||
Average number of table games |
406 | 445 | 408 | 463 | ||||||||||||
Average number of gaming machines |
1,300 | 1,255 | 1,301 | 1,280 | ||||||||||||
Table games win per unit per day (6) |
$ | 15,481 | $ | 7,276 | $ | 13,139 | $ | 6,935 | ||||||||
Gaming machines win per unit per day (7) |
$ | 250 | $ | 174 | $ | 219 | $ | 137 | ||||||||
| (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 |
|
| (6) | Table games win per unit per day is shown before discounts and commissions |
|
| (7) | Gaming machines win per unit per day is shown before deducting cost for slot points |
16