Table of Contents
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
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
| Exhibit 99.1 – Condensed Consolidated Financial Statements and Reconciliation |
||
Table of Contents
This 6-K serves to provide holders of MCE Finance Limited’s US$600,000,000 10.25% senior notes due 2018 (the “Senior Notes”) with MCE Finance Limited’s unaudited condensed financial statements, on a consolidated basis, in respect of the first fiscal quarter of the fiscal year ending 2012, pursuant to the terms of the indenture, dated May 17, 2010, in connection with the offering of the Senior Notes. MCE Finance Limited is a wholly-owned subsidiary of Melco Crown Entertainment Limited.
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 30, 2012
MCE Finance Limited
Index To Unaudited Quarterly Report
For the Three Months Ended March 31, 2012
| Page(s) | ||||
| Unaudited MCE Finance Limited Condensed Consolidated Financial Statements |
2-4 | |||
| Unaudited MCE Finance Limited — Restricted Subsidiaries Group Condensed Consolidated Financial Statements |
5-7 | |||
| Unaudited Reconciliation of Financial Condition and Results of Operations of MCE Finance Limited — Restricted Subsidiaries Group to MCE Finance Limited |
8-9 | |||
MCE Finance Limited
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 |
$ | 1,178,311 | $ | 1,014,033 | ||||
| Accounts receivable, net |
255,368 | 306,500 | ||||||
| Amounts due from affiliated companies |
218,104 | 211,989 | ||||||
| Inventories |
15,074 | 15,258 | ||||||
| Prepaid expenses and other current assets |
20,070 | 15,070 | ||||||
|
|
|
|
|
|||||
| Total current assets |
1,686,927 | 1,562,850 | ||||||
|
|
|
|
|
|||||
| PROPERTY AND EQUIPMENT, NET |
2,447,640 | 2,481,571 | ||||||
| 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 |
71,744 | 71,742 | ||||||
| DEFERRED FINANCING COSTS |
35,358 | 37,579 | ||||||
| LAND USE RIGHTS, NET |
406,159 | 408,630 | ||||||
|
|
|
|
|
|||||
| TOTAL |
$ | 5,319,159 | $ | 5,248,012 | ||||
|
|
|
|
|
|||||
| LIABILITIES AND SHAREHOLDER'S EQUITY |
||||||||
| CURRENT LIABILITIES |
||||||||
| Accounts payable |
$ | 11,016 | $ | 12,023 | ||||
| Accrued expenses and other current liabilities |
559,948 | 527,164 | ||||||
| Amount due to shareholder |
16,749 | 16,649 | ||||||
| Amounts due to affiliated companies |
9,139 | 47,844 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
596,852 | 603,680 | ||||||
|
|
|
|
|
|||||
| LONG-TERM DEBT |
1,608,088 | 1,607,895 | ||||||
| OTHER LONG-TERM LIABILITIES |
5,138 | 4,986 | ||||||
| DEFERRED TAX LIABILITIES |
16,790 | 16,900 | ||||||
| LAND USE RIGHT PAYABLE |
— | 8,281 | ||||||
| ADVANCE FROM SHAREHOLDER |
940,716 | 988,052 | ||||||
| SHAREHOLDER'S EQUITY |
||||||||
| Ordinary shares |
— | — | ||||||
| Additional paid-in capital |
2,261,725 | 2,261,725 | ||||||
| Accumulated other comprehensive income |
2,635 | 2,635 | ||||||
| Accumulated losses |
(112,785 | ) | (246,142 | ) | ||||
|
|
|
|
|
|||||
| Total shareholder's equity |
2,151,575 | 2,018,218 | ||||||
|
|
|
|
|
|||||
| TOTAL |
$ | 5,319,159 | $ | 5,248,012 | ||||
|
|
|
|
|
|||||
2
MCE Finance Limited
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands of U.S. dollars)
| Three Months Ended March 31, | ||||||||
| 2012 | 2011 | |||||||
| OPERATING REVENUES |
||||||||
| Casino |
$ | 990,872 | $ | 770,873 | ||||
| Rooms |
29,790 | 24,162 | ||||||
| Food and beverage |
17,416 | 15,353 | ||||||
| Entertainment, retail and others |
30,708 | 23,460 | ||||||
|
|
|
|
|
|||||
| Gross revenues |
1,068,786 | 833,848 | ||||||
| Less: promotional allowances |
(31,869 | ) | (21,336 | ) | ||||
|
|
|
|
|
|||||
| Net revenues |
1,036,917 | 812,512 | ||||||
|
|
|
|
|
|||||
| OPERATING COSTS AND EXPENSES |
||||||||
| Casino |
(702,930 | ) | (611,169 | ) | ||||
| Rooms |
(4,130 | ) | (4,585 | ) | ||||
| Food and beverage |
(8,152 | ) | (9,007 | ) | ||||
| Entertainment, retail and others |
(14,348 | ) | (13,034 | ) | ||||
| General and administrative |
(64,615 | ) | (54,138 | ) | ||||
| Pre-opening costs |
(527 | ) | (603 | ) | ||||
| Amortization of gaming subconcession |
(14,309 | ) | (14,309 | ) | ||||
| Amortization of land use rights |
(4,913 | ) | (4,881 | ) | ||||
| Depreciation and amortization |
(66,331 | ) | (63,322 | ) | ||||
| Property charges and others |
(3,169 | ) | (25 | ) | ||||
|
|
|
|
|
|||||
| Total operating costs and expenses |
(883,424 | ) | (775,073 | ) | ||||
|
|
|
|
|
|||||
| OPERATING INCOME |
153,493 | 37,439 | ||||||
|
|
|
|
|
|||||
| NON-OPERATING EXPENSES |
||||||||
| Interest expenses, net |
(20,137 | ) | (26,538 | ) | ||||
| Other finance costs |
(2,550 | ) | (4,156 | ) | ||||
| Change in fair value of interest rate swap agreements |
363 | — | ||||||
| Foreign exchange gain, net |
2,078 | 392 | ||||||
|
|
|
|
|
|||||
| Total non-operating expenses |
(20,246 | ) | (30,302 | ) | ||||
|
|
|
|
|
|||||
| INCOME BEFORE INCOME TAX |
133,247 | 7,137 | ||||||
| INCOME TAX CREDIT |
110 | 195 | ||||||
|
|
|
|
|
|||||
| NET INCOME |
$ | 133,357 | $ | 7,332 | ||||
|
|
|
|
|
|||||
3
MCE Finance Limited
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands of U.S. dollars)
| Three Months Ended March 31, | ||||||||
| 2012 | 2011(1) | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
| Net income |
$ | 133,357 | $ | 7,332 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization |
85,553 | 82,512 | ||||||
| Amortization of deferred financing costs |
2,221 | 3,905 | ||||||
| Amortization of discount on senior notes payable |
193 | 174 | ||||||
| Gain on disposal of property and equipment |
(2 | ) | (15 | ) | ||||
| Allowance for doubtful debts and direct write off |
10,416 | 9,479 | ||||||
| Change in fair value of interest rate swap agreements |
(363 | ) | — | |||||
| Changes in operating assets and liabilities: |
||||||||
| Accounts receivable |
41,383 | (566 | ) | |||||
| Amounts due from affiliated companies |
(6,115 | ) | 7,058 | |||||
| Inventories |
184 | (339 | ) | |||||
| Prepaid expenses and other current assets |
(5,000 | ) | (5,169 | ) | ||||
| Long-term prepayment, deposits and other assets |
(810 | ) | 586 | |||||
| Accounts payable |
(1,007 | ) | (77 | ) | ||||
| Accrued expenses and other current liabilities |
23,880 | 57,790 | ||||||
| Amounts due to affiliated companies |
(38,714 | ) | (5,449 | ) | ||||
| Other long-term liabilities |
152 | 205 | ||||||
| Deferred tax liabilities |
(110 | ) | (195 | ) | ||||
|
|
|
|
|
|||||
| Net cash provided by operating activities |
245,218 | 157,231 | ||||||
|
|
|
|
|
|||||
| CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
| Advance to shareholder |
(50,000 | ) | — | |||||
| Acquisition of property and equipment |
(22,174 | ) | (14,336 | ) | ||||
| Payment for land use right |
(7,882 | ) | (7,582 | ) | ||||
| Deposits for acquisition of property and equipment |
(3,582 | ) | (1,006 | ) | ||||
| Payment for entertainment production costs |
(10 | ) | — | |||||
| Proceeds from sale of property and equipment |
79 | 113 | ||||||
| Changes in restricted cash |
— | 21,788 | ||||||
|
|
|
|
|
|||||
| Net cash used in investing activities |
(83,569 | ) | (1,023 | ) | ||||
|
|
|
|
|
|||||
| CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
| Payment of deferred financing costs |
(18 | ) | (166 | ) | ||||
| Advance from shareholder |
2,547 | 1,603 | ||||||
| Amount due to shareholder |
100 | 246 | ||||||
| Principal payments on long-term debt |
— | (35,618 | ) | |||||
|
|
|
|
|
|||||
| Net cash provided by (used in) financing activities |
2,629 | (33,935 | ) | |||||
|
|
|
|
|
|||||
| NET INCREASE IN CASH AND CASH EQUIVALENTS |
164,278 | 122,273 | ||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
1,014,033 | 410,767 | ||||||
|
|
|
|
|
|||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ | 1,178,311 | $ | 533,040 | ||||
|
|
|
|
|
|||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOWS |
||||||||
| Cash paid for interest (net of capitalized interest) |
$ | (6,236 | ) | $ | (11,717 | ) | ||
| NON-CASH INVESTING ACTIVITIES |
||||||||
| Construction costs and property and equipment funded through accrued expenses and |
$ | 11,491 | $ | 308 | ||||
| Land use right cost funded through accrued expenses and other current liabilities |
$ | 2,442 | $ | — | ||||
| Costs of property and equipment funded through advance from (to) shareholder |
$ | 117 | $ | — | ||||
|
|
|
|
|
|||||
| (1) | The condensed consolidated financial statements for 2011 reflect certain reclassifications, which have no effect on previously reported net income, to conform to the current period presentation. |
4
MCE Finance Limited - Restricted Subsidiaries Group
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands of U.S. dollars)
| March 31, 2012 | December 31, 2011 | |||||||
| ASSETS |
||||||||
| CURRENT ASSETS |
||||||||
| Cash and cash equivalents |
$ | 1,178,311 | $ | 1,014,033 | ||||
| Accounts receivable, net |
255,368 | 306,500 | ||||||
| Amounts due from affiliated companies |
218,104 | 211,989 | ||||||
| Amounts due from unconsolidated subsidiaries |
2 | 2 | ||||||
| Inventories |
15,074 | 15,258 | ||||||
| Prepaid expenses and other current assets |
20,070 | 15,070 | ||||||
|
|
|
|
|
|||||
| Total current assets |
1,686,929 | 1,562,852 | ||||||
|
|
|
|
|
|||||
| PROPERTY AND EQUIPMENT, NET |
2,447,640 | 2,481,571 | ||||||
| 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 |
71,744 | 71,742 | ||||||
| INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES |
106,147 | 56,146 | ||||||
| DEFERRED FINANCING COSTS |
35,358 | 37,579 | ||||||
| LAND USE RIGHTS, NET |
406,159 | 408,630 | ||||||
|
|
|
|
|
|||||
| TOTAL |
$ | 5,425,308 | $ | 5,304,160 | ||||
|
|
|
|
|
|||||
| LIABILITIES AND SHAREHOLDER'S EQUITY |
||||||||
| CURRENT LIABILITIES |
||||||||
| Accounts payable |
$ | 11,016 | $ | 12,023 | ||||
| Accrued expenses and other current liabilities |
559,948 | 527,164 | ||||||
| Amount due to shareholder |
16,743 | 16,643 | ||||||
| Amounts due to affiliated companies |
9,139 | 47,844 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
596,846 | 603,674 | ||||||
|
|
|
|
|
|||||
| LONG-TERM DEBT |
1,608,088 | 1,607,895 | ||||||
| OTHER LONG-TERM LIABILITIES |
5,138 | 4,986 | ||||||
| DEFERRED TAX LIABILITIES |
16,790 | 16,900 | ||||||
| LAND USE RIGHT PAYABLE |
— | 8,281 | ||||||
| ADVANCE FROM SHAREHOLDER |
1,046,856 | 1,044,192 | ||||||
| SHAREHOLDER'S EQUITY |
||||||||
| Ordinary shares |
— | — | ||||||
| Additional paid-in capital |
2,261,725 | 2,261,725 | ||||||
| Accumulated other comprehensive income |
2,635 | 2,635 | ||||||
| Accumulated losses |
(112,770 | ) | (246,128 | ) | ||||
|
|
|
|
|
|||||
| Total shareholder's equity |
2,151,590 | 2,018,232 | ||||||
|
|
|
|
|
|||||
| TOTAL |
$ | 5,425,308 | $ | 5,304,160 | ||||
|
|
|
|
|
|||||
5
MCE Finance Limited - Restricted Subsidiaries Group
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands of U.S. dollars)
| Three Months Ended March 31, | ||||||||
| 2012 | 2011 | |||||||
| OPERATING REVENUES |
||||||||
| Casino |
$ | 990,872 | $ | 770,873 | ||||
| Rooms |
29,790 | 24,162 | ||||||
| Food and beverage |
17,416 | 15,353 | ||||||
| Entertainment, retail and others |
30,708 | 23,460 | ||||||
|
|
|
|
|
|||||
| Gross revenues |
1,068,786 | 833,848 | ||||||
| Less: promotional allowances |
(31,869 | ) | (21,336 | ) | ||||
|
|
|
|
|
|||||
| Net revenues |
1,036,917 | 812,512 | ||||||
|
|
|
|
|
|||||
| OPERATING COSTS AND EXPENSES |
||||||||
| Casino |
(702,930 | ) | (611,169 | ) | ||||
| Rooms |
(4,130 | ) | (4,585 | ) | ||||
| Food and beverage |
(8,152 | ) | (9,007 | ) | ||||
| Entertainment, retail and others |
(14,348 | ) | (13,034 | ) | ||||
| General and administrative |
(64,615 | ) | (54,138 | ) | ||||
| Pre-opening costs |
(527 | ) | (603 | ) | ||||
| Amortization of gaming subconcession |
(14,309 | ) | (14,309 | ) | ||||
| Amortization of land use rights |
(4,913 | ) | (4,881 | ) | ||||
| Depreciation and amortization |
(66,331 | ) | (63,322 | ) | ||||
| Property charges and others |
(3,169 | ) | (25 | ) | ||||
|
|
|
|
|
|||||
| Total operating costs and expenses |
(883,424 | ) | (775,073 | ) | ||||
|
|
|
|
|
|||||
| OPERATING INCOME |
153,493 | 37,439 | ||||||
|
|
|
|
|
|||||
| NON-OPERATING EXPENSES |
||||||||
| Interest expenses, net |
(20,137 | ) | (26,538 | ) | ||||
| Other finance costs |
(2,550 | ) | (4,156 | ) | ||||
| Change in fair value of interest rate swap agreements |
363 | — | ||||||
| Foreign exchange gain, net |
2,078 | 392 | ||||||
|
|
|
|
|
|||||
| Total non-operating expenses |
(20,246 | ) | (30,302 | ) | ||||
|
|
|
|
|
|||||
| INCOME BEFORE INCOME TAX |
133,247 | 7,137 | ||||||
| INCOME TAX CREDIT |
110 | 195 | ||||||
|
|
|
|
|
|||||
| NET INCOME |
$ | 133,357 | $ | 7,332 | ||||
|
|
|
|
|
|||||
6
MCE Finance Limited - Restricted Subsidiaries Group
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands of U.S. dollars)
| Three Months Ended March 31, | ||||||||
| 2012 | 2011(1) | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
| Net income |
$ | 133,357 | $ | 7,332 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization |
85,553 | 82,512 | ||||||
| Amortization of deferred financing costs |
2,221 | 3,905 | ||||||
| Amortization of discount on senior notes payable |
193 | 174 | ||||||
| Gain on disposal of property and equipment |
(2 | ) | (15 | ) | ||||
| Allowance for doubtful debts and direct write off |
10,416 | 9,479 | ||||||
| Change in fair value of interest rate swap agreements |
(363 | ) | — | |||||
| Changes in operating assets and liabilities: |
||||||||
| Accounts receivable |
41,383 | (566 | ) | |||||
| Amounts due from affiliated companies |
(6,115 | ) | 7,058 | |||||
| Inventories |
184 | (339 | ) | |||||
| Prepaid expenses and other current assets |
(5,000 | ) | (5,169 | ) | ||||
| Long-term prepayment, deposits and other assets |
(810 | ) | 586 | |||||
| Accounts payable |
(1,007 | ) | (77 | ) | ||||
| Accrued expenses and other current liabilities |
23,880 | 57,790 | ||||||
| Amounts due to affiliated companies |
(38,714 | ) | (5,449 | ) | ||||
| Other long-term liabilities |
152 | 205 | ||||||
| Deferred tax liabilities |
(110 | ) | (195 | ) | ||||
|
|
|
|
|
|||||
| Net cash provided by operating activities |
245,218 | 157,231 | ||||||
|
|
|
|
|
|||||
| CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
| Advance to unconsolidated subsidiary |
(50,000 | ) | — | |||||
| Acquisition of property and equipment |
(22,174 | ) | (14,336 | ) | ||||
| Payment for land use right |
(7,882 | ) | (7,582 | ) | ||||
| Deposits for acquisition of property and equipment |
(3,582 | ) | (1,006 | ) | ||||
| Payment for entertainment production costs |
(10 | ) | — | |||||
| Proceeds from sale of property and equipment |
79 | 113 | ||||||
| Changes in restricted cash |
— | 21,788 | ||||||
|
|
|
|
|
|||||
| Net cash used in investing activities |
(83,569 | ) | (1,023 | ) | ||||
|
|
|
|
|
|||||
| CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
| Payment of deferred financing costs |
(18 | ) | (166 | ) | ||||
| Advance from shareholder |
2,547 | 1,603 | ||||||
| Amount due to shareholder |
100 | 246 | ||||||
| Principal payments on long-term debt |
— | (35,618 | ) | |||||
|
|
|
|
|
|||||
| Net cash provided by (used in) financing activities |
2,629 | (33,935 | ) | |||||
|
|
|
|
|
|||||
| NET INCREASE IN CASH AND CASH EQUIVALENTS |
164,278 | 122,273 | ||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
1,014,033 | 410,767 | ||||||
|
|
|
|
|
|||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ | 1,178,311 | $ | 533,040 | ||||
|
|
|
|
|
|||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOWS |
||||||||
| Cash paid for interest (net of capitalized interest) |
$ | (6,236 | ) | $ | (11,717 | ) | ||
| NON-CASH INVESTING ACTIVITIES |
||||||||
| Construction costs and property and equipment funded through accrued expenses and |
$ | 11,491 | $ | 308 | ||||
| Land use right cost funded through accrued expenses and other current liabilities |
$ | 2,442 | $ | — | ||||
| Costs of property and equipment funded through advance from (to) shareholder |
$ | 117 | $ | — | ||||
|
|
|
|
|
|||||
| (1) | The condensed consolidated financial statements for 2011 reflect certain reclassifications, which have no effect on previously reported net income, to conform to the current period presentation. |
7
MCE Finance Limited
Unaudited Reconciliation of Financial Condition and Results of Operations
of MCE Finance Limited – Restricted Subsidiaries Group to MCE Finance Limited
For the Three Months Ended March 31, 2012
(In thousands of U.S. dollars)
| Unrestricted Subsidiaries | ||||||||||||||||||||||||
| Consolidated Total for MCE Finance Limited–Restricted Subsidiaries Group |
MPEL (Delaware) LLC |
Melco Crown (Macau Peninsula) Hotel Limited |
Melco Crown (Macau Peninsula) Developments Limited |
Elimination | Consolidated Total for MCE Finance Limited |
|||||||||||||||||||
| Condensed Consolidated Balance Sheets (Unaudited) |
||||||||||||||||||||||||
| As of March 31, 2012 |
||||||||||||||||||||||||
| ASSETS |
||||||||||||||||||||||||
| CURRENT ASSETS |
||||||||||||||||||||||||
| Cash and cash equivalents |
$ | 1,178,311 | $ | $ | $ | $ | $ | 1,178,311 | ||||||||||||||||
| Accounts receivable, net |
255,368 | 255,368 | ||||||||||||||||||||||
| Amounts due from affiliated companies |
218,104 | 218,104 | ||||||||||||||||||||||
| Amounts due from (to) group companies |
— | (1 | ) | (1 | ) | 2 | — | |||||||||||||||||
| Amounts due from unconsolidated subsidiaries |
2 | (2 | ) | — | ||||||||||||||||||||
| Inventories |
15,074 | 15,074 | ||||||||||||||||||||||
| Prepaid expenses and other current assets |
20,070 | 20,070 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total current assets |
1,686,929 | — | (1 | ) | (1 | ) | — | 1,686,927 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| PROPERTY AND EQUIPMENT, NET |
2,447,640 | 2,447,640 | ||||||||||||||||||||||
| GAMING SUBCONCESSION, NET |
585,196 | 585,196 | ||||||||||||||||||||||
| INTANGIBLE ASSETS, NET |
4,220 | 4,220 | ||||||||||||||||||||||
| GOODWILL |
81,915 | 81,915 | ||||||||||||||||||||||
| LONG-TERM PREPAYMENT, DEPOSITS AND OTHER ASSETS |
71,744 | 71,744 | ||||||||||||||||||||||
| INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES |
106,147 | (106,147 | ) | — | ||||||||||||||||||||
| DEFERRED FINANCING COSTS |
35,358 | 35,358 | ||||||||||||||||||||||
| LAND USE RIGHTS, NET |
406,159 | 406,159 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| TOTAL |
$ | 5,425,308 | $ | — | $ | (1 | ) | $ | (1 | ) | $ | (106,147 | ) | $ | 5,319,159 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| LIABILITIES AND SHAREHOLDER'S EQUITY |
||||||||||||||||||||||||
| CURRENT LIABILITIES |
|
|||||||||||||||||||||||
| Accounts payable |
$ | 11,016 | $ | $ | $ | $ | $ | 11,016 | ||||||||||||||||
| Accrued expenses and other current liabilities |
559,948 | 559,948 | ||||||||||||||||||||||
| Amount due to shareholder |
16,743 | 3 | 3 | 16,749 | ||||||||||||||||||||
| Amounts due to affiliated companies |
9,139 | 9,139 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total current liabilities |
596,846 | — | 3 | 3 | — | 596,852 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| LONG-TERM DEBT |
1,608,088 | 1,608,088 | ||||||||||||||||||||||
| OTHER LONG-TERM LIABILITIES |
5,138 | 5,138 | ||||||||||||||||||||||
| ADVANCE FROM (TO) GROUP COMPANIES |
— | 106,140 | (106,140 | ) | — | |||||||||||||||||||
| DEFERRED TAX LIABILITIES |
16,790 | 16,790 | ||||||||||||||||||||||
| ADVANCE FROM SHAREHOLDER |
1,046,856 | (106,140 | ) | 940,716 | ||||||||||||||||||||
| SHAREHOLDER'S EQUITY |
||||||||||||||||||||||||
| Ordinary shares |
— | 1 | 3 | 3 | (7 | ) | — | |||||||||||||||||
| Additional paid-in capital |
2,261,725 | 2,261,725 | ||||||||||||||||||||||
| Accumulated other comprehensive income |
2,635 | 2,635 | ||||||||||||||||||||||
| Accumulated losses |
(112,770 | ) | (1 | ) | (7 | ) | (7 | ) | (112,785 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total shareholder's equity |
2,151,590 | — | (4 | ) | (4 | ) | (7 | ) | 2,151,575 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| TOTAL |
$ | 5,425,308 | $ | — | $ | (1 | ) | $ | (1 | ) | $ | (106,147 | ) | $ | 5,319,159 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
8
MCE Finance Limited
Unaudited Reconciliation of Financial Condition and Results of Operations
of MCE Finance Limited – Restricted Subsidiaries Group to MCE Finance Limited
For the Three Months Ended March 31, 2012
(In thousands of U.S. dollars)
| Unrestricted Subsidiaries | ||||||||||||||||||||||||
| Consolidated Total for MCE Finance Limited–Restricted Subsidiaries Group |
MPEL (Delaware) LLC |
Melco Crown (Macau Peninsula) Hotel Limited |
Melco Crown (Macau Peninsula) Developments Limited |
Elimination | Consolidated Total for MCE Finance Limited |
|||||||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) |
||||||||||||||||||||||||
| For the Three Months Ended March 31, 2012 |
||||||||||||||||||||||||
| OPERATING REVENUES |
||||||||||||||||||||||||
| Casino |
$ | 990,872 | $ | $ | $ | $ | $ | 990,872 | ||||||||||||||||
| Rooms |
29,790 | 29,790 | ||||||||||||||||||||||
| Food and beverage |
17,416 | 17,416 | ||||||||||||||||||||||
| Entertainment, retail and others |
30,708 | 30,708 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Gross revenues |
1,068,786 | — | — | — | — | 1,068,786 | ||||||||||||||||||
| Less: promotional allowances |
(31,869 | ) | (31,869 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net revenues |
1,036,917 | — | — | — | — | 1,036,917 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| OPERATING COSTS AND EXPENSES |
||||||||||||||||||||||||
| Casino |
(702,930 | ) | (702,930 | ) | ||||||||||||||||||||
| Rooms |
(4,130 | ) | (4,130 | ) | ||||||||||||||||||||
| Food and beverage |
(8,152 | ) | (8,152 | ) | ||||||||||||||||||||
| Entertainment, retail and others |
(14,348 | ) | (14,348 | ) | ||||||||||||||||||||
| General and administrative |
(64,615 | ) | (64,615 | ) | ||||||||||||||||||||
| Pre-opening costs |
(527 | ) | (527 | ) | ||||||||||||||||||||
| Amortization of gaming subconcession |
(14,309 | ) | (14,309 | ) | ||||||||||||||||||||
| Amortization of land use rights |
(4,913 | ) | (4,913 | ) | ||||||||||||||||||||
| Depreciation and amortization |
(66,331 | ) | (66,331 | ) | ||||||||||||||||||||
| Property charges and others |
(3,169 | ) | (3,169 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total operating costs and expenses |
(883,424 | ) | — | — | — | — | (883,424 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| OPERATING INCOME |
153,493 | — | — | — | — | 153,493 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| NON-OPERATING EXPENSES |
||||||||||||||||||||||||
| Interest expenses, net |
(20,137 | ) | (20,137 | ) | ||||||||||||||||||||
| Other finance costs |
(2,550 | ) | (2,550 | ) | ||||||||||||||||||||
| Change in fair value of interest rate swap agreements |
363 | 363 | ||||||||||||||||||||||
| Foreign exchange gain, net |
2,078 | 2,078 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total non-operating expenses |
(20,246 | ) | — | — | — | — | (20,246 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| INCOME BEFORE INCOME TAX |
133,247 | — | — | — | — | 133,247 | ||||||||||||||||||
| INCOME TAX CREDIT |
110 | 110 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| NET INCOME |
$ | 133,357 | $ | — | $ | — | $ | — | $ | — | $ | 133,357 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
9