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
For the month of May 2012
Commission File Number: 001-33178
MELCO CROWN ENTERTAINMENT LIMITED
36th Floor, The Centrium
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 x Form 40-F ¨
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): ¨
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): ¨
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 ¨ No x
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
MELCO CROWN ENTERTAINMENT LIMITED
Form 6–K
TABLE OF CONTENTS
| Exhibit 99.1 – Press Release | ||
Table of Contents
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: | Chief Financial Officer | |
Date: May 9, 2012
Exhibit 99.1
FOR IMMEDIATE RELEASE
Melco Crown Entertainment Announces Unaudited First Quarter 2012 Earnings
Macau, May 9, 2012 – Melco Crown Entertainment Limited (“Melco Crown Entertainment” or “the Company”) (SEHK: 6883) (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 first quarter of 2012.
Net revenue for the first quarter of 2012 was US$1,026.9 million, representing an increase of approximately 27% from US$806.6 million for the comparable period in 2011. The increase in net revenue was primarily attributable to improvements in the mass market table games segment, as well as improvements in rolling chip and non-gaming revenues at City of Dreams.
Adjusted EBITDA(1) was US$242.5 million for the first quarter of 2012, as compared to Adjusted EBITDA of US$121.3 million in the first quarter of 2011. The 100% year-over-year increase in Adjusted EBITDA in the first quarter of 2012 was attributable to an improved group-wide rolling chip win rate, as well as substantial growth in the mass market table games segment, particularly at City of Dreams which, combined with a strict company-wide cost control culture, drove operating leverage and profitability.
On a U.S. GAAP basis, net income attributable to Melco Crown Entertainment for the first quarter of 2012 was US$122.1 million, or US$0.22 per ADS, compared with net income attributable to Melco Crown Entertainment of US$7.2 million, or US$0.01 per ADS, in the first quarter of 2011. The year-over-year improvement in net income was primarily a result of the enhanced gaming and non-gaming operating performance at City of Dreams, reduced non-operating expenses, including lower net interest costs, partially offset by the amortization of land use right at Studio City and higher fixed asset depreciation across all operating assets. The net loss attributable to non-controlling interests during the first quarter of 2012 of US$3.6 million was related to Studio City.
1
Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment, commented, “These results highlight our continued success in developing our mass market business, particularly at the premium end, where we have further strengthened our diversified range of products, services and amenities to address Macau’s fastest growing gaming segment.
“We continue to optimize our current portfolio of assets, with a strong focus on improving table yields across City of Dreams and Altira Macau and leveraging our hotel and other non-gaming amenities to drive company-wide operating performance, while at the same time maintaining our strict control over our cost structure.
“Our strong performance in the mass market table games segment in the first quarter of 2012 resulted in us capturing meaningful market share in this increasingly important and profitable gaming segment, driving Adjusted EBITDA to a record US$242.5 million. The importance of this gaming segment is clearly evident in the improvements in profitability and operating cash flow during the quarter, where we achieved year-over-year EBITDA growth of 100%, on revenue growth of 27%, highlighting significant operating leverage and improved margins.
“Our current portfolio of assets demonstrates our contribution to the diversification of Macau’s leisure and tourism industry, with our internationally recognized and acclaimed entertainment propositions, such as The House of Dancing Water, the Dragon’s Treasure show and Club Cubic, delivering a unique and world-class experience to this broadening, and increasingly discerning, customer base.
“Altira Macau recently celebrated its fifth year of delivering to Macau a premium hotel and gaming experience. In recognition of its continued commitment to excellence, Altira Macau has been awarded Forbes Five Star ratings for lodging and spa for the past three years, in addition to numerous other hotel and industry accolades.
“We believe Studio City will further enhance the experiences available for visitors to Macau with its expected range of unique entertainment offerings and interactive attractions. We continue to work with the Macau Government to bring this project to realization, moving forward with the remaining approvals required to restart construction on this exciting project.”
2
City of Dreams 1Q Results
For the quarter ended March 31, 2012, net revenue at City of Dreams was US$716.8 million compared to US$500.3 million in the first quarter of 2011. City of Dreams generated Adjusted EBITDA of US$198.0 million in the first quarter of 2012 compared to US$86.0 million in the first quarter of 2011, an increase of 130%.
The significant year-over-year improvement in Adjusted EBITDA was driven by strong growth in mass market volumes as well as a substantial improvement in the mass market table games hold percentage and rolling chip win rate, together with improvements in non-gaming operations, including growing contributions from hotel sales and The House of Dancing Water.
Rolling chip volume totaled US$19.2 billion for the first quarter of 2012, up 2% from US$18.8 billion in the first quarter of 2011, and the rolling chip win rate was 3.0% in the first quarter of 2012 versus 2.5% in the first quarter of 2011. The expected rolling chip win rate range is 2.7%-3.0%.
Mass market table games drop increased 34% to US$865.3 million compared with US$646.9 million in the first quarter of 2011. The mass market table games hold percentage was 28.8% in the first quarter of 2012, an increase from 22.5% in the same period last year. At City of Dreams, we expect our mass market table games hold percentage to range from 25%- 30%.
Slot handle for the quarter ended March 31, 2012 was US$685.0 million, up 34% from US$511.3 million generated in the quarter ended March 31, 2011.
Total non-gaming revenue at City of Dreams in the first quarter of 2012 was US$58.6 million, up from US$48.7 million in the first quarter of 2011. Occupancy per available room in the first quarter of 2012 was 91% versus 87% in the first quarter of 2011. The average daily rate (ADR) in the first quarter of 2012 was US$189 per occupied room, which compares with US$171 in the first quarter of 2011, an increase of 11%.
3
Altira Macau 1Q Results
For the quarter ended March 31, 2012, net revenue at Altira Macau was US$260.9 million versus US$265.5 million in the quarter ended March 31, 2011. Altira Macau generated Adjusted EBITDA of US$55.1 million in the first quarter of 2012 compared with Adjusted EBITDA of US$41.1 million in the first quarter of 2011, an increase of 34%. The improvement in Adjusted EBITDA was primarily driven by an increase in the rolling chip win rate and in mass market table game volumes, as well as improvements in operating margins through cost control initiatives, partially offset by lower volumes in the rolling chip segment.
Rolling chip volume totaled US$10.9 billion in the first quarter of 2012 versus US$12.7 billion in the first quarter of 2011. In the first quarter of 2012, the rolling chip win rate was 3.1%, as compared to 2.8% for the same period a year ago. The expected rolling chip win rate range is 2.7%-3.0%.
In the mass market table games segment, drop totaled US$150.4 million in the first quarter of 2012, an increase of 8% from US$139.6 million generated in the comparable period in 2011. The mass market table games hold percentage was 17.1% in the first quarter of 2012 compared with 17.7% in the first quarter of last year. At Altira Macau, we expect our mass market table games hold percentage to range from 15%- 17%.
Total non-gaming revenue at Altira Macau in the first quarter of 2012 was US$8.4 million, up from US$7.6 million in the first quarter of 2011. Occupancy per available room in the first quarter of 2012 was 97%, in-line with the comparable period in 2011. ADR was US$225 per occupied room, compared to US$195 in the first quarter of 2011, an increase of 15%.
Mocha Clubs 1Q Results
Net revenue from Mocha Clubs totaled US$37.3 million in the first quarter of 2012, up from US$33.8 million in the first quarter of 2011. Mocha Clubs generated US$9.6 million of Adjusted EBITDA in the first quarter of 2012, a decrease of 15% when compared to Adjusted EBITDA of US$11.3 million in the same period in 2011.
4
The number of gaming machines in operation at Mocha Clubs averaged approximately 2,100 in the first quarter of 2012, compared to approximately 1,600 in the comparable period in 2011. The net win per gaming machine per day was US$194 in the quarter ended March 31, 2012, as compared with US$232 in the same period in 2011, a decrease of 16%.
Other Factors Affecting Earnings
Total non-operating expense for the first quarter of 2012 was US$23.8 million, which included US$23.3 million in net interest expense and other finance costs of US$3.5 million. Such non-operating expense was partially offset by foreign exchange gains of US$2.1 million. There was US$2.1 million of capitalized interest during the first quarter of 2012. The year-on-year decrease in non-operating expenses of US$5.3 million was predominantly due to lower credit and swap interest charges, increased interest income resulting from larger cash deposits, partially offset by interest costs associated with the RMB denominated Bonds.
Depreciation and amortization costs of US$95.1 million were recorded in the first quarter of 2012, of which US$14.3 million was related to the amortization of our gaming sub-concession and US$14.0 million was related to the amortization of land use rights. The year-over-year increase in depreciation and amortization costs is a result of increased amortization of Studio City’s land use rights.
Financial Position and Capital Expenditure
Cash and cash equivalents as of March 31, 2012 totaled US$1.8 billion, including US$364.7 million of restricted cash. Total debt at the end of the first quarter of 2012 was US$2.3 billion, and total net debt to shareholders’ equity as of March 31, 2012 was 15%.
Capital expenditures for the first quarter of 2012 were US$48.4 million, which primarily related to various projects at City of Dreams and Altira Macau as well as design and preliminary costs associated with Studio City.
5
Conference Call Information
Melco Crown Entertainment will hold a conference call to discuss its first quarter 2012 financial results on May 9, 2012 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 |
1 866 519 4004 | |
| US Toll / International |
1 718 354 1231 | |
| HK Toll |
852 2475 0994 | |
| HK Toll Free |
800 930 346 | |
| UK Toll Free |
080 823 46646 | |
| Australia Toll Free |
1 800 457 076 | |
| 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 |
1 866 214 5335 | |
| US Toll / International |
1 718 354 1232 | |
| HK Toll Free |
800 901 596 | |
| Passcode |
77194321 | |
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. 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, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, and (v) 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 announcement is as of the date of this release, and the Company undertakes no duty to update such information, except as required under applicable law.
6
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, other non-operating income and expenses and net loss attributable to non-controlling interests. “Adjusted property EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and others, share-based compensation, corporate and other expenses, other non-operating income and expenses and net loss attributable to non-controlling interests. 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, 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. |
7
| (2) | “Adjusted net income” is net income before pre-opening costs, property charges and others and change in fair value of interest rate swap agreements. Adjusted net income and adjusted net 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 income may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net 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, with its shares listed on the Main Board of The Stock Exchange of Hong Kong Limited (SEHK: 6883) and its American depositary shares listed on the NASDAQ Global Select Market (NASDAQ: MPEL), 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 focused on the Macau market. Melco Crown Entertainment 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. Melco Crown Entertainment’s business also includes the Mocha Clubs (www.mochaclubs.com), which feature a total of approximately 2,100 gaming machines in ten locations and comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company is also developing the planned Studio City Project, a large integrated entertainment, retail and gaming resort in Cotai, Macau. For more information about Melco Crown Entertainment, please visit www.melco-crown.com.
Melco Crown Entertainment 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, an Executive Director and the CEO of Melco Crown Entertainment. Crown is a top-50 company listed on the Australian Securities Exchange and led by Executive Chairman Mr. James Packer, who is also
Co-Chairman and a Non-executive
Director of Melco Crown Entertainment.
Investment Community, please contact:
Ross Dunwoody
Vice President, Investor Relations
Tel: +853 8868 7575 or +852 2598 3689
Email: rossdunwoody@melco-crown.com
For media enquiry, please contact:
Maggie Ma
Head of Corporate Communications
Tel: +853 8868 3767 or +852 3151 3767
Email: maggiema@melco-crown.com
8
Melco Crown Entertainment Limited and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands of U.S. dollars, except share and per share data)
| Three Months Ended March 31, |
||||||||
| 2012 | 2011 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| OPERATING REVENUES |
||||||||
| Casino |
$ | 990,872 | $ | 770,873 | ||||
| Rooms |
29,428 | 23,982 | ||||||
| Food and beverage |
16,964 | 14,843 | ||||||
| Entertainment, retail and others |
21,648 | 18,225 | ||||||
|
|
|
|
|
|||||
| Gross revenues |
1,058,912 | 827,923 | ||||||
| Less: promotional allowances |
(32,054 | ) | (21,336 | ) | ||||
|
|
|
|
|
|||||
| Net revenues |
1,026,858 | 806,587 | ||||||
|
|
|
|
|
|||||
| OPERATING COSTS AND EXPENSES |
||||||||
| Casino |
(703,076 | ) | (611,169 | ) | ||||
| Rooms |
(4,130 | ) | (4,585 | ) | ||||
| Food and beverage |
(8,006 | ) | (9,007 | ) | ||||
| Entertainment, retail and others |
(14,348 | ) | (13,034 | ) | ||||
| General and administrative |
(56,409 | ) | (48,756 | ) | ||||
| Pre-opening costs |
(1,085 | ) | (603 | ) | ||||
| Amortization of gaming subconcession |
(14,309 | ) | (14,309 | ) | ||||
| Amortization of land use rights |
(13,983 | ) | (4,881 | ) | ||||
| Depreciation and amortization |
(66,785 | ) | (63,773 | ) | ||||
| Property charges and others |
(3,169 | ) | (25 | ) | ||||
|
|
|
|
|
|||||
| Total operating costs and expenses |
(885,300 | ) | (770,142 | ) | ||||
|
|
|
|
|
|||||
| OPERATING INCOME |
141,558 | 36,445 | ||||||
|
|
|
|
|
|||||
| NON-OPERATING EXPENSES |
||||||||
| Interest expenses, net |
(23,273 | ) | (26,606 | ) | ||||
| Other finance costs |
(3,494 | ) | (4,156 | ) | ||||
| Change in fair value of interest rate swap agreements |
363 | — | ||||||
| Foreign exchange gain, net |
2,074 | 156 | ||||||
| Other income, net |
510 | 1,464 | ||||||
|
|
|
|
|
|||||
| Total non-operating expenses |
(23,820 | ) | (29,142 | ) | ||||
|
|
|
|
|
|||||
| INCOME BEFORE INCOME TAX |
117,738 | 7,303 | ||||||
| INCOME TAX CREDIT (EXPENSE) |
761 | (151 | ) | |||||
|
|
|
|
|
|||||
| NET INCOME |
118,499 | 7,152 | ||||||
| NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
3,592 | — | ||||||
|
|
|
|
|
|||||
| NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED |
$ | 122,091 | $ | 7,152 | ||||
|
|
|
|
|
|||||
| NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE: |
||||||||
| Basic |
$ | 0.074 | $ | 0.004 | ||||
|
|
|
|
|
|||||
| Diluted |
$ | 0.074 | $ | 0.004 | ||||
|
|
|
|
|
|||||
| NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER ADS: |
||||||||
| Basic |
$ | 0.223 | $ | 0.013 | ||||
|
|
|
|
|
|||||
| Diluted |
$ | 0.221 | $ | 0.013 | ||||
|
|
|
|
|
|||||
| WEIGHTED AVERAGE SHARES USED IN NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE CALCULATION: |
||||||||
| Basic |
1,643,105,645 | 1,598,421,886 | ||||||
|
|
|
|
|
|||||
| Diluted |
1,657,414,245 | 1,608,280,976 | ||||||
|
|
|
|
|
|||||
9
Melco Crown Entertainment Limited and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)
| March 31, 2012 |
December 31, 2011 |
|||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS |
||||||||
| CURRENT ASSETS |
||||||||
| Cash and cash equivalents |
$ | 1,451,321 | $ | 1,158,024 | ||||
| Accounts receivable, net |
255,368 | 306,500 | ||||||
| Amounts due from affiliated companies |
1,341 | 1,846 | ||||||
| Amount due from a shareholder |
6 | 6 | ||||||
| Inventories |
15,074 | 15,258 | ||||||
| Prepaid expenses and other current assets |
33,369 | 23,882 | ||||||
|
|
|
|
|
|||||
| Total current assets |
1,756,479 | 1,505,516 | ||||||
|
|
|
|
|
|||||
| PROPERTY AND EQUIPMENT, NET |
2,638,697 | 2,655,429 | ||||||
| GAMING SUBCONCESSION, NET |
585,196 | 599,505 | ||||||
| INTANGIBLE ASSETS, NET |
4,220 | 4,220 | ||||||
| GOODWILL |
81,915 | 81,915 | ||||||
| LONG-TERM PREPAYMENT, DEPOSITS AND OTHER ASSETS |
72,819 | 72,858 | ||||||
| RESTRICTED CASH |
364,659 | 364,807 | ||||||
| DEFERRED TAX ASSETS |
72 | 24 | ||||||
| DEFERRED FINANCING COSTS |
39,573 | 42,738 | ||||||
| LAND USE RIGHTS, NET |
931,427 | 942,968 | ||||||
|
|
|
|
|
|||||
| TOTAL |
$ | 6,475,057 | $ | 6,269,980 | ||||
|
|
|
|
|
|||||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
| CURRENT LIABILITIES |
||||||||
| Accounts payable |
$ | 11,016 | $ | 12,023 | ||||
| Accrued expenses and other current liabilities |
621,601 | 588,719 | ||||||
| Income tax payable |
1,555 | 1,240 | ||||||
| Amounts due to affiliated companies |
739 | 1,137 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
634,911 | 603,119 | ||||||
|
|
|
|
|
|||||
| LONG-TERM DEBT |
2,326,025 | 2,325,980 | ||||||
| OTHER LONG-TERM LIABILITIES |
28,416 | 27,900 | ||||||
| DEFERRED TAX LIABILITIES |
68,866 | 70,028 | ||||||
| LAND USE RIGHTS PAYABLE |
47,020 | 55,301 | ||||||
| SHAREHOLDERS' EQUITY |
||||||||
| Ordinary shares |
16,571 | 16,531 | ||||||
| Treasury shares |
(118 | ) | (106 | ) | ||||
| Additional paid-in capital |
3,226,869 | 3,223,274 | ||||||
| Accumulated other comprehensive losses |
(989 | ) | (1,034 | ) | ||||
| Accumulated losses |
(160,419 | ) | (282,510 | ) | ||||
|
|
|
|
|
|||||
| Total Melco Crown Entertainment Limited shareholders’ equity |
3,081,914 | 2,956,155 | ||||||
| Noncontrolling interests |
287,905 | 231,497 | ||||||
|
|
|
|
|
|||||
| Total equity |
3,369,819 | 3,187,652 | ||||||
|
|
|
|
|
|||||
| TOTAL |
$ | 6,475,057 | $ | 6,269,980 | ||||
|
|
|
|
|
|||||
10
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 March 31, |
||||||||
| 2012 | 2011 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Net Income Attributable to Melco Crown Entertainment Limited |
$ | 122,091 | $ | 7,152 | ||||
| Pre-opening Costs |
1,085 | 603 | ||||||
| Property Charges and Others |
3,169 | 25 | ||||||
| Change in fair value of interest rate swap agreements |
(363 | ) | — | |||||
|
|
|
|
|
|||||
| Adjusted Net Income Attributable to Melco Crown Entertainment Limited |
$ | 125,982 | $ | 7,780 | ||||
|
|
|
|
|
|||||
| ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE: |
||||||||
| Basic |
$ | 0.077 | $ | 0.005 | ||||
|
|
|
|
|
|||||
| Diluted |
$ | 0.076 | $ | 0.005 | ||||
|
|
|
|
|
|||||
| ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER ADS: |
||||||||
| Basic |
$ | 0.230 | $ | 0.015 | ||||
|
|
|
|
|
|||||
| Diluted |
$ | 0.228 | $ | 0.015 | ||||
|
|
|
|
|
|||||
| WEIGHTED AVERAGE SHARES USED IN ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE CALCULATION: |
||||||||
| Basic |
1,643,105,645 | 1,598,421,886 | ||||||
|
|
|
|
|
|||||
| Diluted |
1,657,414,245 | 1,608,280,976 | ||||||
|
|
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11
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 March 31, 2012 | ||||||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | Studio City | Corporate
and Other |
Total | |||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||
| Operating Income (Loss) |
$ | 45,337 | $ | 6,258 | $ | 139,179 | $ | (9,807 | ) | $ | (39,409 | ) | $ | 141,558 | ||||||||||
| Pre-opening Costs |
— | 16 | 510 | 559 | — | 1,085 | ||||||||||||||||||
| Depreciation and Amortization |
9,715 | 3,266 | 57,492 | 9,070 | 15,534 | 95,077 | ||||||||||||||||||
| Share-based Compensation |
25 | 25 | 79 | — | 1,493 | 1,622 | ||||||||||||||||||
| Property Charges and Others |
— | — | 755 | — | 2,414 | 3,169 | ||||||||||||||||||
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| Adjusted EBITDA |
55,077 | 9,565 | 198,015 | (178 | ) | (19,968 | ) | 242,511 | ||||||||||||||||
| Corporate and Other Expenses |
— | — | — | — | 19,968 | 19,968 | ||||||||||||||||||
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| Adjusted Property EBITDA |
$ | 55,077 | $ | 9,565 | $ | 198,015 | $ | (178 | ) | $ | — | $ | 262,479 | |||||||||||
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| Three Months Ended March 31, 2011 | ||||||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams | Studio City | Corporate and Other |
Total | |||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||
| Operating Income (Loss) |
$ | 31,386 | $ | 8,445 | $ | 30,214 | $ | — | $ | (33,600 | ) | $ | 36,445 | |||||||||||
| Pre-opening Costs |
35 | — | 568 | — | — | 603 | ||||||||||||||||||
| Depreciation and Amortization |
9,604 | 2,756 | 55,057 | — | 15,546 | 82,963 | ||||||||||||||||||
| Share-based Compensation |
40 | 30 | 186 | — | 964 | 1,220 | ||||||||||||||||||
| Property Charges and Others |
— | 25 | — | — | — | 25 | ||||||||||||||||||
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| Adjusted EBITDA |
41,065 | 11,256 | 86,025 | — | (17,090 | ) | 121,256 | |||||||||||||||||
| Corporate and Other Expenses |
— | — | — | — | 17,090 | 17,090 | ||||||||||||||||||
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| Adjusted Property EBITDA |
$ | 41,065 | $ | 11,256 | $ | 86,025 | $ | — | $ | — | $ | 138,346 | ||||||||||||
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12
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 March 31, |
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| 2012 | 2011 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Adjusted Property EBITDA |
$ | 262,479 | $ | 138,346 | ||||
| Corporate and Other Expenses |
(19,968 | ) | (17,090 | ) | ||||
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| Adjusted EBITDA |
242,511 | 121,256 | ||||||
| Pre-opening Costs |
(1,085 | ) | (603 | ) | ||||
| Depreciation and Amortization |
(95,077 | ) | (82,963 | ) | ||||
| Share-based Compensation |
(1,622 | ) | (1,220 | ) | ||||
| Property Charges and Others |
(3,169 | ) | (25 | ) | ||||
| Interest and Other Non-Operating Expenses, Net |
(23,820 | ) | (29,142 | ) | ||||
| Income Tax Credit (Expense) |
761 | (151 | ) | |||||
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| Net Income |
118,499 | 7,152 | ||||||
| Net Loss Attributable to Noncontrolling Interests |
3,592 | — | ||||||
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| Net Income Attributable to Melco Crown Entertainment Limited |
$ | 122,091 | $ | 7,152 | ||||
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13
Melco Crown Entertainment Limited and Subsidiaries
Supplemental Data Schedule
| Three Months Ended March 31, |
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| 2012 | 2011 | |||||||
| Room Statistics: |
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| Altira Macau |
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| Average daily rate (3) |
$ | 225 | $ | 195 | ||||
| Occupancy per available room |
97 | % | 97 | % | ||||
| Revenue per available room (4) |
$ | 219 | $ | 189 | ||||
| City of Dreams |
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| Average daily rate (3) |
$ | 189 | $ | 171 | ||||
| Occupancy per available room |
91 | % | 87 | % | ||||
| Revenue per available room (4) |
$ | 172 | $ | 149 | ||||
| Other Information: |
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| Altira Macau |
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| Average number of table games |
190 | 207 | ||||||
| Table games win per unit per day (5) |
$ | 20,732 | $ | 20,652 | ||||
| City of Dreams |
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| Average number of table games |
436 | 414 | ||||||
| Average number of gaming machines |
1,374 | 1,294 | ||||||
| Table games win per unit per day (5) |
$ | 21,016 | $ | 16,666 | ||||
| Gaming machines win per unit per day (6) |
$ | 319 | $ | 275 | ||||
| (3) | Average daily rate is calculated by dividing total room revenue by total occupied rooms |
| (4) | Revenue per available room is calculated by dividing total room revenue 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 |
14