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 August 2015
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
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: August 6, 2015
3
Table of Contents
| Exhibit No. |
Description | |||
| Exhibit 99.1 |
Unaudited Results for Second Quarter of 2015 and Quarterly Dividend Declaration | |||
Exhibit 99.1
FOR IMMEDIATE RELEASE
Melco Crown Entertainment Announces Unaudited Second Quarter 2015 Earnings and Declares Quarterly Dividend
Macau, Thursday, August 6, 2015 – Melco Crown Entertainment Limited (Nasdaq: MPEL) (“Melco Crown Entertainment” or the “Company” or “we”), a developer, owner and operator of casino gaming and entertainment resort facilities in Asia, today reported its unaudited financial results for the second quarter of 2015.
Net revenue for the second quarter of 2015 was US$916.8 million, representing a decrease of approximately 24% from US$1,199.5 million for the comparable period in 2014. The decline in net revenue was primarily attributable to lower rolling chip revenues and mass market table games revenues in Macau, partially offset by the net revenue generated by City of Dreams Manila, which started operations in December 2014.
Adjusted property EBITDA(1) was US$204.9 million for the second quarter of 2015, as compared to Adjusted property EBITDA of US$313.6 million in the second quarter of 2014. The 35% year-over-year decline in Adjusted property EBITDA was attributable to lower group-wide rolling chip volumes and rolling chip win rate, together with a lower contribution from the mass market table games segment.
On a U.S. GAAP basis, net income attributable to Melco Crown Entertainment for the second quarter of 2015 was US$24.3 million, or US$0.05 per ADS, compared with net income attributable to Melco Crown Entertainment of US$143.6 million, or US$0.26 per ADS, in the second quarter of 2014. The net loss attributable to noncontrolling interests during the second quarter of 2015 of US$30.0 million was related to Studio City and City of Dreams Manila.
Melco Crown Entertainment Limited
Incorporated in the Cayman Islands with limited liability
1
Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment, commented, “We delivered a solid operating and financial performance in the second quarter of 2015 in what continues to be a challenging environment for Macau.
“During the quarter, we maintained our company-wide cost control focus, including continuous strong discipline on marketing costs, player reinvestment and payroll costs. While we are focused on managing costs during this challenging demand environment, we remain fully committed to the long term development of our employees.
“As an employer of choice with a strong and deep heritage in Macau, we believe that our long term success is dependent on the hard work and dedication of our employees, and the development of Macau into a leading, multi-faceted leisure and tourism destination. The development of our employees and the ongoing support of the local community are evident in our market-leading training and community programs.
“The imminent opening of Studio City has created new and exciting employment opportunities for the community and our existing employees. We expect a meaningful number of our experienced colleagues to choose to take advantage of the new opportunities and new avenues to professional growth and development available at Studio City. Studio City will benefit from the sharing of the Company’s core values and community spirit, and the industry expertise necessary to deliver market-leading services upon its opening. The lateral movement of employees facilitates the rationalization of our work force and is expected to allow us to realize potential cost-savings across all the relevant businesses at the time of opening.
“We are very excited about Studio City as our subsidiary embarks on the next major stage of development, with the opening of the Hollywood-inspired integrated resort on October 27, 2015. This latest large-scale integrated resort is designed to introduce to Macau a more diversified mix of entertainment than ever before and set to become a catalyst to the market, and substantially enhance Macau’s appeal to an increasingly sophisticated Asian consumer who is continually seeking world-class, multi-faceted tourism experience.
“Studio City, on track to meet its design and construction budget of US$2.3 billion, will complement our already unique and innovative portfolio of assets including City of Dreams, which remains the leading premium-focused integrated resort in Macau.
“Macau is currently experiencing a difficult period. However, we believe that through the strong leadership from the Macau and Chinese governments, the ongoing build-out of significant local and regional infrastructure, together with an expanding and increasingly affluent Chinese middle-to-upper-class, Macau remains the world’s most important and exciting gaming market. We look forward to continuing our leadership role in the development of Macau into a truly diversified tourist destination.
“In Manila, City of Dreams continues to grow revenues across all business segments, with the rolling chip segment gaining meaningful traction last month. The property’s world-class array of gaming and non-gaming attractions enables City of Dreams Manila to enjoy market-leading visitation in Manila, positioning the property for long term success as the city develops into one of the leading tourism destinations in Asia.”
2
City of Dreams Second Quarter Results
For the quarter ended June 30, 2015, net revenue at City of Dreams was US$654.2 million compared to US$967.5 million in the second quarter of 2014. City of Dreams generated Adjusted EBITDA of US$179.0 million in the second quarter of 2015, representing a decrease of 38% compared to US$290.2 million in the comparable period of 2014. The decline in Adjusted EBITDA was primarily a result of lower rolling chip revenues and mass market table games revenues.
Rolling chip volume totaled US$11.1 billion for the second quarter of 2015 versus US$22.1 billion in the second quarter of 2014. The rolling chip win rate was 2.7% in both quarters ended June 30, 2015 and 2014. The expected rolling chip win rate range is 2.7%–3.0%.
Mass market table games drop decreased to US$1,198.8 million compared with US$1,330.8 million in the second quarter of 2014. The mass market table games hold percentage was 32.4% in the second quarter of 2015 compared to 37.4% in the second quarter of 2014.
Gaming machine handle for the second quarter of 2015 was US$1,116.7 million, compared with US$1,511.4 million in the second quarter of 2014.
Total non-gaming revenue at City of Dreams in the second quarter of 2015 was US$63.8 million, compared with US$67.2 million in the second quarter of 2014.
Altira Macau Second Quarter Results
For the quarter ended June 30, 2015, net revenue at Altira Macau was US$143.9 million compared to US$181.6 million in the second quarter of 2014. Altira Macau generated Adjusted EBITDA of US$6.5 million in the second quarter of 2015 compared with Adjusted EBITDA of US$15.6 million in the second quarter of 2014. The year-over-year decrease in Adjusted EBITDA was primarily a result of lower rolling chip revenues.
Rolling chip volume totaled US$6.5 billion in the second quarter of 2015 versus US$8.3 billion in the second quarter of 2014. The rolling chip win rate was 2.7% in both quarters ended June 30, 2015 and 2014. The expected rolling chip win rate range is 2.7%–3.0%.
In the mass market table games segment, drop totaled US$166.7 million in the second quarter of 2015, a decrease from US$196.8 million generated in the comparable period in 2014. The mass market table games hold percentage was 15.9% in both quarters ended June 30, 2015 and 2014.
Gaming machine handle for the second quarter of 2015 was US$7.7 million.
Total non-gaming revenue at Altira Macau in the second quarter of 2015 was US$8.2 million compared with US$9.1 million in the second quarter of 2014.
3
Mocha Clubs Second Quarter Results
Net revenue from Mocha Clubs totaled US$33.2 million in the second quarter of 2015 as compared to US$36.5 million in the second quarter of 2014. Mocha Clubs generated US$7.1 million of Adjusted EBITDA in the second quarter of 2015 compared with US$8.6 million in the same period in 2014.
The number of gaming machines in operation at Mocha Clubs averaged approximately 1,200 in both quarters ended June 30, 2015 and 2014. The net win per gaming machine per day was US$299 in the second quarter of 2015, as compared with US$331 in the comparable period in 2014.
City of Dreams Manila Second Quarter Results
For the second quarter of 2015, net revenue at City of Dreams Manila was US$75.0 million. City of Dreams Manila generated Adjusted EBITDA of US$12.6 million in the second quarter of 2015.
Rolling chip volume totaled US$495.8 million for the second quarter of 2015. The rolling chip win rate was 2.4% in the second quarter of 2015. The expected rolling chip win rate range is 2.7%–3.0%.
Mass market table games drop was US$116.6 million and the mass market table games hold percentage was 25.4% in the second quarter of 2015.
Gaming machine handle for the second quarter of 2015 was US$465.1 million. The number of gaming machines in operation at City of Dreams Manila averaged approximately 1,700 in the second quarter of 2015. The net win per gaming machine per day was US$183 for the second quarter of 2015.
Total non-gaming revenue at City of Dreams Manila in the second quarter of 2015 was US$28.6 million.
4
Other Factors Affecting Earnings
Total net non-operating expenses for the second quarter of 2015 were US$28.0 million, which mainly included interest income of US$4.7 million and interest expenses, net of capitalized interest, of US$23.9 million and US$9.9 million of other finance costs. We recorded US$39.1 million of capitalized interest during the second quarter of 2015, primarily relating to Studio City and the fifth hotel tower at City of Dreams.
The year-on-year decrease of US$7.9 million in net non-operating expenses was primarily due to higher capitalized interest in the current quarter and lower loan commitment fees after the drawdown of the Studio City US$1.3 billion term loan facility, partially offset by higher interest expenses resulted from the drawdown of the Studio City US$1.3 billion term loan facility.
Depreciation and amortization costs of US$115.7 million were recorded in the second quarter of 2015, of which US$14.3 million was related to the amortization of our gaming subconcession and US$16.1 million was related to the amortization of land use rights.
Financial Position and Capital Expenditure
Total cash and bank balances as of June 30, 2015 totaled US$3.0 billion, including US$0.3 billion of bank deposits with original maturity over three months and US$1.2 billion of restricted cash, primarily related to Studio City. Total debt at the end of the second quarter of 2015 was US$4.0 billion.
Capital expenditures for the second quarter of 2015 were US$400.8 million, which predominantly related to Studio City, various projects at City of Dreams, including the fifth hotel tower, and City of Dreams Manila.
Dividend Declaration
On August 6, 2015, our Board considered and approved the declaration and payment of a quarterly dividend of US$0.0134 per our ADS for the second quarter of 2015 (the “Quarterly Dividend”). The Quarterly Dividend will be paid on or about Friday, September 4, 2015 to our shareholders whose names appear on the register of members of the Company at the close of business on Monday, August 17, 2015, being the record date for determination of entitlements to the Quarterly Dividend.
5
Community Support and Investment
As an employer of choice with a strong and deep heritage in Macau, we have always maintained a steadfast commitment to the long term development of our employees and support of the local community. This is highlighted by the following initiatives we have recently instituted or expanded:
| • | Whole Person Development is about creating a foundation of knowledge, enhancing this through experience and exposure in a multitude of learning ways beyond the classroom. While promotion of individuals is the likely outcome of talent development, the development of individuals is about making them better in their roles and enabling them to grow and expand their horizons professionally and personally. |
| • | To share with the community the pride of Macau and further demonstrate our strength in unique entertainment offerings, we are offering 100 tickets to The House of Dancing Water show every day to the Macau community, with priority given to the youth, elderly and other underprivileged segments of the community. |
| • | To showcase the extensive career choices The House of Dancing Water show offer to local Macau people and to inspire insights on the curriculum preparation to meet the demands of Macau’s creative and entertainment industry. We recently invited over 80 educators from local universities and educational institutes, as well as representatives of labor unions, to a backstage journey for an up-close encounter with this world-class production. |
| • | Life-long learning is a journey, regardless of where we are in our careers or age. We wanted to create a culture of learning. We recently announced the in-house Diploma in Casino Management for our local employees. It has been brought in-house to the MCE Learning Academy as part of our commitment to developing local talents. The collaboration with the University of Macau on this program enables our own employees both convenience and access to learning. |
| • | Our “Back-to-School” program, which started in 2010 in partnership with the Department of Education, has seen the second class of graduates this year. Six employees from Table Games Department completed their high school diploma after three years of perseverance. The program was Macau’s first in-house high school diploma program, giving our employees a chance to complete high school education. |
| • | Our “Dare to Dream” series, which began in 2012, offers Macau locals once-in-a-lifetime opportunities to study with international artists and experts. This year, a local Macau student won an internship at the headquarters of Zaha Hadid Architects in London at the Dare to Dreams Zaha Hadid Design Contest. |
| • | To share with the community the pride of Macau and further demonstrate our strength in unique entertainment offerings, we are offering 100 tickets to The House of Dancing Water show every day to the Macau community, with priority given to the youth, elderly and other underprivileged segments of the community. |
6
Scheduled Opening of Studio City
As we, being the majority shareholder, are preparing for the opening of Studio City, we continue to monitor news reports and Macau government’s policies relating to gaming table allocations in Macau. We understand that a Macau gaming operator received an allocation of only 150 tables in May 2015. We are mindful that the operational and financial performance of Studio City will depend to a large extent on the number of gaming tables allocated by the Macau government and we remain concerned about receiving materially fewer tables than we intend to request for Studio City. Notwithstanding this concern, we believe Studio City’s unique and diversified offerings will make it a unique asset built consistent with the Macau government’s objective of delivering world class entertainment.
7
Studio City – Asia’s Entertainment Capital
Situated in the heart of Cotai and adjacent to the Lotus Bridge Immigration Point and directly connected to the light rail system, Studio City combines Macau’s most diversified mix of entertainment with an exciting array of accommodation, regional and international dining and designer brand shopping, as well as a spacious and contemporary casino.
Entertainment:
| • | Golden Reel – This world’s highest ‘Figure-8’ Ferris wheel raises some 130 meters high, between Studio City’s stunning, Art Deco-inspired twin hotel towers. |
| • | Batman Dark Flight – In collaboration with Warner Bros. and DC Entertainment, ‘Batman Dark Flight’ is the world’s first flight simulation ride based on the “Batman” intellectual property franchise. |
| • | Warner Bros. Fun Zone – The 40,000-square-foot fun-filled indoor play center is packed with rides and interactive fun zones-themed around your favorite Warner Bros. and DC Comics characters. |
| • | The House of Magic – A one-of-a-kind multi-theater attraction housing magic acts performed by leading magicians from around the world. The House of Magic is set to become the premier performance venue for magicians globally. |
| • | Studio City Event Center – A 5,000-seat multi-purpose entertainment center. |
| • | Studio 8 – The only TV Studio facility in Macau to provide open access ‘plug in and play’ facilities to create a fully operational television recording and broadcast studio. |
| • | Pacha Macau – One of the world’s biggest names in nightclubs, Pacha will bring ibiza-style nightlife to Macau and Greater China for the very first time. |
Accommodation: The Studio City Hotel will offer approximately 1,600 guest rooms catering to leisure destination seekers from across Asia and around the world.
Dining: Studio City will offer a diverse range of world-class restaurants, cafes and a number of relaxed bars and lounges. Over 30 food and beverage venues will be located throughout the property. A stunning Cosmos Food Station takes visitors on a Space Station-themed dining experience with holographic projection technology creating ‘out-of-this-world’ deep space visages.
Retail: Merchandised, marketed and managed by Taubman Asia, The Boulevard at Studio City, a 350,000-square-foot mall, will bring the world’s best retail experiences to life in Macau.
Studio City – This is Entertainment.
8
Conference Call Information
Melco Crown Entertainment will hold a conference call to discuss its second quarter 2015 financial results on Thursday, August 6, 2015 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 | 1 845 675 0437 | |
| HK Toll | 852 3018 6771 | |
| HK Toll Free | 800 906 601 | |
| UK Toll Free | 080 823 46646 | |
| Australia Toll Free | 1 800 457 076 | |
| Philippines Toll Free | 1 800 165 10607 | |
| 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 | 1 855 452 5696 | |
| US Toll/International | 1 646 254 3697 | |
| HK Toll Free | 800 963 117 | |
| Philippines Toll Free | 1 800 161 20166 | |
| Conference ID | 89101514 | |
Safe Harbor Statement
This release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the gaming market and visitation in Macau and the Philippines, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) gaming authority and other governmental approvals and regulations and (vi) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”, “design”, “on track”, “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 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.
9
Non-GAAP Financial Measures
| (1) | “Adjusted EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and others, share-based compensation, payments to the Philippine parties under the cooperative arrangement (the “Philippine Parties”), land rent to Belle Corporation, gain on disposal of assets held for sale and other non-operating income and expenses. “Adjusted property EBITDA” is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and others, share-based compensation, payments to the Philippine Parties, land rent to Belle Corporation, gain on disposal of assets held for sale, corporate and others expenses and other non-operating income and expenses. Adjusted EBITDA and adjusted property EBITDA are presented exclusively as a supplemental disclosure because management believes that they are widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses adjusted EBITDA and adjusted property EBITDA as measures of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors. The Company also presents adjusted EBITDA and adjusted property EBITDA because they are used by some investors as ways to measure a company’s ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported adjusted EBITDA and adjusted property EBITDA as supplements to financial measures in accordance with U.S. GAAP. However, adjusted EBITDA and adjusted property EBITDA should not be considered as alternatives to operating income as indicators of the Company’s performance, as alternatives to cash flows from operating activities as measures of liquidity, or as alternatives to any other measure determined in accordance with U.S. GAAP. Unlike net income, adjusted EBITDA and adjusted property EBITDA do not include depreciation and amortization or interest expense and therefore do not reflect current or future capital expenditures or the cost of capital. The Company compensates for these limitations by using adjusted EBITDA and adjusted property EBITDA as only two of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. |
Such U.S. GAAP measurements include operating income, net income, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other recurring and nonrecurring charges, which are not reflected in adjusted EBITDA or adjusted property EBITDA. Also, the Company’s calculation of adjusted EBITDA and adjusted property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted EBITDA and adjusted property EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this release.
| (2) | “Adjusted net income” is net income before pre-opening costs, development costs, property charges and others, loss on extinguishment of debt and costs associated with debt modification. Adjusted net income attributable to Melco Crown Entertainment and adjusted net income attributable to Melco Crown Entertainment per share (“EPS”) are presented as supplemental disclosures because management believes that they are widely used to measure the performance, and as a basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to income and EPS computed in accordance with U.S. GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Melco Crown Entertainment and adjusted net income attributable to Melco Crown Entertainment per share may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income attributable to Melco Crown Entertainment with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this release. |
10
About Melco Crown Entertainment Limited
Melco Crown Entertainment, with its American depositary shares listed on the NASDAQ Global Select Market (NASDAQ: MPEL), is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia. Melco Crown Entertainment currently operates Altira Macau (www.altiramacau.com), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. Melco Crown Entertainment’s business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company is also developing the planned Studio City (www.studiocity-macau.com), a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, Melco Crown (Philippines) Resorts Corporation’s subsidiary, MCE Leisure (Philippines) Corporation, currently operates and manages City of Dreams Manila (www.cityofdreams.com.ph), a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. For more information about Melco Crown Entertainment, please visit www.melco-crown.com.
Melco Crown Entertainment has strong support from both of its major shareholders, Melco International Development Limited (“Melco”) and Crown Resorts Limited (“Crown”). Melco is a listed company on the Main Board of The Stock Exchange of Hong Kong Limited and is substantially owned and led by Mr. Lawrence Ho, who is Co-Chairman, an Executive Director and the Chief Executive Officer of Melco Crown Entertainment. Crown is a top-50 company listed on the Australian Securities Exchange and led by Chairman Mr. James Packer, who is also Co-Chairman and a Non-executive Director of Melco Crown Entertainment.
For 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
11
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 June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| OPERATING REVENUES |
||||||||||||||||
| Casino |
$ | 874,460 | $ | 1,165,349 | $ | 1,885,702 | $ | 2,485,488 | ||||||||
| Rooms |
48,451 | 33,565 | 93,014 | 66,999 | ||||||||||||
| Food and beverage |
29,382 | 19,289 | 58,889 | 40,633 | ||||||||||||
| Entertainment, retail and others |
24,486 | 25,676 | 47,703 | 52,991 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Gross revenues |
976,779 | 1,243,879 | 2,085,308 | 2,646,111 | ||||||||||||
| Less: promotional allowances |
(59,991 | ) | (44,344 | ) | (114,268 | ) | (89,257 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net revenues |
916,788 | 1,199,535 | 1,971,040 | 2,556,854 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| OPERATING COSTS AND EXPENSES |
||||||||||||||||
| Casino |
(624,027 | ) | (823,450 | ) | (1,340,821 | ) | (1,737,080 | ) | ||||||||
| Rooms |
(4,611 | ) | (3,016 | ) | (9,866 | ) | (6,142 | ) | ||||||||
| Food and beverage |
(7,684 | ) | (4,727 | ) | (15,685 | ) | (10,459 | ) | ||||||||
| Entertainment, retail and others |
(18,169 | ) | (15,143 | ) | (33,291 | ) | (29,437 | ) | ||||||||
| General and administrative |
(88,930 | ) | (73,601 | ) | (182,360 | ) | (140,066 | ) | ||||||||
| Payments to the Philippine Parties |
(4,137 | ) | — | (7,273 | ) | — | ||||||||||
| Pre-opening costs |
(28,005 | ) | (20,063 | ) | (69,283 | ) | (28,594 | ) | ||||||||
| Development costs |
(1 | ) | (4,775 | ) | (21 | ) | (6,300 | ) | ||||||||
| Amortization of gaming subconcession |
(14,310 | ) | (14,310 | ) | (28,619 | ) | (28,619 | ) | ||||||||
| Amortization of land use rights |
(16,118 | ) | (16,118 | ) | (32,236 | ) | (32,236 | ) | ||||||||
| Depreciation and amortization |
(85,290 | ) | (61,269 | ) | (165,567 | ) | (125,671 | ) | ||||||||
| Property charges and others |
(3,538 | ) | (255 | ) | (3,839 | ) | (1,947 | ) | ||||||||
| Gain on disposal of assets held for sale |
— | — | — | 22,072 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total operating costs and expenses |
(894,820 | ) | (1,036,727 | ) | (1,888,861 | ) | (2,124,479 | ) | ||||||||
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|
|
|
|
|
|
|
|||||||||
| OPERATING INCOME |
21,968 | 162,808 | 82,179 | 432,375 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| NON-OPERATING INCOME (EXPENSES) |
||||||||||||||||
| Interest income |
4,714 | 3,777 | 6,534 | 7,652 | ||||||||||||
| Interest expenses, net of capitalized interest |
(23,931 | ) | (28,722 | ) | (50,970 | ) | (60,393 | ) | ||||||||
| Other finance costs |
(9,910 | ) | (12,014 | ) | (22,292 | ) | (23,868 | ) | ||||||||
| Foreign exchange gain (loss), net |
1,665 | 477 | 2,919 | (1,751 | ) | |||||||||||
| Other income, net |
533 | 658 | 1,081 | 1,216 | ||||||||||||
| Loss on extinguishment of debt |
(481 | ) | — | (481 | ) | — | ||||||||||
| Costs associated with debt modification |
(545 | ) | — | (545 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total non-operating expenses, net |
(27,955 | ) | (35,824 | ) | (63,754 | ) | (77,144 | ) | ||||||||
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|
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|
|
|||||||||
| (LOSS) INCOME BEFORE INCOME TAX |
(5,987 | ) | 126,984 | 18,425 | 355,231 | |||||||||||
| INCOME TAX CREDIT (EXPENSE) |
196 | (304 | ) | (378 | ) | (2,993 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| NET (LOSS) INCOME |
(5,791 | ) | 126,680 | 18,047 | 352,238 | |||||||||||
| NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
30,045 | 16,958 | 66,836 | 30,943 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED |
$ | 24,254 | $ | 143,638 | $ | 84,883 | $ | 383,181 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE: |
||||||||||||||||
| Basic |
$ | 0.015 | $ | 0.087 | $ | 0.053 | $ | 0.232 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted |
$ | 0.015 | $ | 0.086 | $ | 0.052 | $ | 0.230 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER ADS: |
||||||||||||||||
| Basic |
$ | 0.045 | $ | 0.261 | $ | 0.158 | $ | 0.696 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted |
$ | 0.045 | $ | 0.259 | $ | 0.156 | $ | 0.690 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| WEIGHTED AVERAGE SHARES USED IN NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE CALCULATION: |
||||||||||||||||
| Basic |
1,617,144,022 | 1,652,483,503 | 1,616,590,943 | 1,651,889,758 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted |
1,627,148,496 | 1,665,451,572 | 1,627,319,469 | 1,665,911,822 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
12
Melco Crown Entertainment Limited and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)
| June 30, 2015 |
December 31, 2014 |
|||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS |
||||||||
| CURRENT ASSETS |
||||||||
| Cash and cash equivalents |
$ | 1,523,443 | $ | 1,597,655 | ||||
| Bank deposits with original maturity over three months |
274,437 | 110,616 | ||||||
| Restricted cash |
849,509 | 1,447,034 | ||||||
| Accounts receivable, net |
276,466 | 253,665 | ||||||
| Amounts due from affiliated companies |
617 | 1,079 | ||||||
| Deferred tax assets |
12 | 532 | ||||||
| Income tax receivable |
6 | 15 | ||||||
| Inventories |
22,357 | 23,111 | ||||||
| Prepaid expenses and other current assets |
69,244 | 69,254 | ||||||
|
|
|
|
|
|||||
| Total current assets |
3,016,091 | 3,502,961 | ||||||
|
|
|
|
|
|||||
| PROPERTY AND EQUIPMENT, NET |
5,381,518 | 4,696,391 | ||||||
| GAMING SUBCONCESSION, NET |
399,175 | 427,794 | ||||||
| INTANGIBLE ASSETS, NET |
4,220 | 4,220 | ||||||
| GOODWILL |
81,915 | 81,915 | ||||||
| LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS |
199,752 | 287,558 | ||||||
| RESTRICTED CASH |
356,979 | 369,549 | ||||||
| DEFERRED TAX ASSETS |
153 | 115 | ||||||
| DEFERRED FINANCING COSTS, NET |
199,746 | 174,872 | ||||||
| LAND USE RIGHTS, NET |
854,952 | 887,188 | ||||||
|
|
|
|
|
|||||
| TOTAL ASSETS |
$ | 10,494,501 | $ | 10,432,563 | ||||
|
|
|
|
|
|||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
| CURRENT LIABILITIES |
||||||||
| Accounts payable |
$ | 16,473 | $ | 14,428 | ||||
| Accrued expenses and other current liabilities |
1,009,669 | 1,005,720 | ||||||
| Income tax payable |
5,660 | 6,621 | ||||||
| Capital lease obligations, due within one year |
27,575 | 23,512 | ||||||
| Current portion of long-term debt |
44,989 | 262,750 | ||||||
| Amounts due to affiliated companies |
1,648 | 3,626 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
1,106,014 | 1,316,657 | ||||||
|
|
|
|
|
|||||
| LONG-TERM DEBT |
3,934,583 | 3,640,031 | ||||||
| OTHER LONG-TERM LIABILITIES |
95,458 | 93,441 | ||||||
| DEFERRED TAX LIABILITIES |
56,885 | 58,949 | ||||||
| CAPITAL LEASE OBLIGATIONS, DUE AFTER ONE YEAR |
278,027 | 278,027 | ||||||
| LAND USE RIGHTS PAYABLE |
— | 3,788 | ||||||
| SHAREHOLDERS’ EQUITY |
||||||||
| Ordinary shares |
16,309 | 16,337 | ||||||
| Treasury shares |
(277 | ) | (33,167 | ) | ||||
| Additional paid-in capital |
3,068,950 | 3,092,943 | ||||||
| Accumulated other comprehensive losses |
(18,146 | ) | (17,149 | ) | ||||
| Retained earnings |
1,266,306 | 1,227,177 | ||||||
|
|
|
|
|
|||||
| Total Melco Crown Entertainment Limited shareholders’ equity |
4,333,142 | 4,286,141 | ||||||
| Noncontrolling interests |
690,392 | 755,529 | ||||||
|
|
|
|
|
|||||
| Total equity |
5,023,534 | 5,041,670 | ||||||
|
|
|
|
|
|||||
| TOTAL LIABILITIES AND EQUITY |
$ | 10,494,501 | $ | 10,432,563 | ||||
|
|
|
|
|
|||||
13
Melco Crown Entertainment Limited and Subsidiaries
Reconciliation of Net Income Attributable to Melco Crown Entertainment Limited to
Adjusted Net Income Attributable to Melco Crown Entertainment Limited
(In thousands of U.S. dollars, except share and per share data)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Net Income Attributable to Melco Crown Entertainment Limited |
$ | 24,254 | $ | 143,638 | $ | 84,883 | $ | 383,181 | ||||||||
| Pre-opening Costs, Net |
15,417 | 15,043 | 41,574 | 21,591 | ||||||||||||
| Development Costs, Net |
1 | 4,775 | 21 | 6,300 | ||||||||||||
| Property Charges and Others, Net |
3,538 | 255 | 3,839 | 1,947 | ||||||||||||
| Loss on Extinguishment of Debt, Net |
481 | — | 481 | — | ||||||||||||
| Costs Associated with Debt Modification, Net |
545 | — | 545 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted Net Income Attributable to Melco Crown Entertainment Limited |
$ | 44,236 | $ | 163,711 | $ | 131,343 | $ | 413,019 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT |
||||||||||||||||
| Basic |
$ | 0.027 | $ | 0.099 | $ | 0.081 | $ | 0.250 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted |
$ | 0.027 | $ | 0.098 | $ | 0.081 | $ | 0.248 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| ADJUSTED NET INCOME ATTRIBUTABLE TO |
||||||||||||||||
| Basic |
$ | 0.082 | $ | 0.297 | $ | 0.244 | $ | 0.750 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted |
$ | 0.082 | $ | 0.295 | $ | 0.242 | $ | 0.744 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| WEIGHTED AVERAGE SHARES USED IN |
||||||||||||||||
| Basic |
1,617,144,022 | 1,652,483,503 | 1,616,590,943 | 1,651,889,758 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted |
1,627,148,496 | 1,665,451,572 | 1,627,319,469 | 1,665,911,822 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
14
Melco Crown Entertainment Limited and Subsidiaries
Reconciliation of Operating Income (Loss) to
Adjusted EBITDA and Adjusted Property EBITDA
(In thousands of U.S. dollars)
| Three Months Ended June 30, 2015 | ||||||||||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams |
Studio City |
City of Dreams Manila |
Corporate and Others |
Total | ||||||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
| Operating (Loss) Income |
$ | (1,287 | ) | $ | 3,923 | $ | 126,774 | $ | (32,781 | ) | $ | (21,334 | ) | $ | (53,327 | ) | $ | 21,968 | ||||||||||
| Payments to the Philippine Parties |
— | — | — | — | 4,137 | — | 4,137 | |||||||||||||||||||||
| Land Rent to Belle Corporation |
— | — | — | — | 886 | — | 886 | |||||||||||||||||||||
| Pre-opening Costs |
— | — | 18 | 21,556 | 1,851 | 4,580 | 28,005 | |||||||||||||||||||||
| Development Costs |
— | — | — | — | — | 1 | 1 | |||||||||||||||||||||
| Depreciation and Amortization |
7,726 | 3,144 | 51,585 | 10,899 | 25,415 | 16,949 | 115,718 | |||||||||||||||||||||
| Share-based Compensation |
29 | 21 | 606 | 73 | 1,681 | 2,560 | 4,970 | |||||||||||||||||||||
| Property Charges and Others |
— | — | — | — | — | 3,538 | 3,538 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Adjusted EBITDA |
6,468 | 7,088 | 178,983 | (253 | ) | 12,636 | (25,699 | ) | 179,223 | |||||||||||||||||||
| Corporate and Others Expenses |
— | — | — | — | — | 25,699 | 25,699 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Adjusted Property EBITDA |
$ | 6,468 | $ | 7,088 | $ | 178,983 | $ | (253 | ) | $ | 12,636 | $ | — | $ | 204,922 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams |
Studio City |
City of Dreams Manila |
Corporate and Others |
Total | ||||||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
| Operating Income (Loss) |
$ | 8,851 | $ | 5,070 | $ | 233,742 | $ | (15,372 | ) | $ | (16,948 | ) | $ | (52,535 | ) | $ | 162,808 | |||||||||||
| Land Rent to Belle Corporation |
— | — | — | — | 897 | — | 897 | |||||||||||||||||||||
| Pre-opening Costs |
— | 464 | 1,614 | 4,193 | 12,895 | — | 19,166 | |||||||||||||||||||||
| Development Costs |
— | — | — | — | — | 4,775 | 4,775 | |||||||||||||||||||||
| Depreciation and Amortization |
6,679 | 2,820 | 54,528 | 10,885 | 653 | 16,132 | 91,697 | |||||||||||||||||||||
| Share-based Compensation |
34 | 38 | 350 | 7 | 1,986 | 2,837 | 5,252 | |||||||||||||||||||||
| Property Charges and Others |
— | 255 | — | — | — | — | 255 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Adjusted EBITDA |
15,564 | 8,647 | 290,234 | (287 | ) | (517 | ) | (28,791 | ) | 284,850 | ||||||||||||||||||
| Corporate and Others Expenses |
— | — | — | — | — | 28,791 | 28,791 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Adjusted Property EBITDA |
$ | 15,564 | $ | 8,647 | $ | 290,234 | $ | (287 | ) | $ | (517 | ) | $ | — | $ | 313,641 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
15
Melco Crown Entertainment Limited and Subsidiaries
Reconciliation of Adjusted EBITDA and Adjusted Property EBITDA to
Net Income Attributable to Melco Crown Entertainment Limited
(In thousands of U.S. dollars)
| Three Months Ended | ||||||||
| June 30, | ||||||||
| 2015 | 2014 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Adjusted Property EBITDA |
$ | 204,922 | $ | 313,641 | ||||
| Corporate and Others Expenses |
(25,699 | ) | (28,791 | ) | ||||
|
|
|
|
|
|||||
| Adjusted EBITDA |
179,223 | 284,850 | ||||||
| Payments to the Philippine Parties |
(4,137 | ) | — | |||||
| Land Rent to Belle Corporation |
(886 | ) | (897 | ) | ||||
| Pre-opening Costs |
(28,005 | ) | (19,166 | ) | ||||
| Development Costs |
(1 | ) | (4,775 | ) | ||||
| Depreciation and Amortization |
(115,718 | ) | (91,697 | ) | ||||
| Share-based Compensation |
(4,970 | ) | (5,252 | ) | ||||
| Property Charges and Others |
(3,538 | ) | (255 | ) | ||||
| Interest and Other Non-Operating Expenses, Net |
(27,955 | ) | (35,824 | ) | ||||
| Income Tax Credit (Expense) |
196 | (304 | ) | |||||
|
|
|
|
|
|||||
| Net (Loss) Income |
(5,791 | ) | 126,680 | |||||
| Net Loss Attributable to Noncontrolling Interests |
30,045 | 16,958 | ||||||
|
|
|
|
|
|||||
| Net Income Attributable to Melco Crown Entertainment Limited |
$ | 24,254 | $ | 143,638 | ||||
|
|
|
|
|
|||||
16
Melco Crown Entertainment Limited and Subsidiaries
Reconciliation of Operating Income (Loss) to
Adjusted EBITDA and Adjusted Property EBITDA
(In thousands of U.S. dollars)
| Six Months Ended June 30, 2015 | ||||||||||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams |
Studio City |
City of Dreams Manila |
Corporate and Others |
Total | ||||||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
| Operating (Loss) Income |
$ | (1,346 | ) | $ | 9,051 | $ | 309,493 | $ | (56,499 | ) | $ | (71,697 | ) | $ | (106,823 | ) | $ | 82,179 | ||||||||||
| Payments to the Philippine Parties |
— | — | — | — | 7,273 | — | 7,273 | |||||||||||||||||||||
| Land Rent to Belle Corporation |
— | — | — | — | 1,780 | — | 1,780 | |||||||||||||||||||||
| Pre-opening Costs |
— | — | 379 | 33,890 | 28,052 | 6,962 | 69,283 | |||||||||||||||||||||
| Development Costs |
— | — | — | — | — | 21 | 21 | |||||||||||||||||||||
| Depreciation and Amortization |
14,588 | 6,276 | 103,741 | 21,792 | 46,720 | 33,305 | 226,422 | |||||||||||||||||||||
| Share-based Compensation |
59 | 42 | 868 | 102 | 3,384 | 5,326 | 9,781 | |||||||||||||||||||||
| Property Charges and Others |
— | — | 301 | — | — | 3,538 | 3,839 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Adjusted EBITDA |
13,301 | 15,369 | 414,782 | (715 | ) | 15,512 | (57,671 | ) | 400,578 | |||||||||||||||||||
| Corporate and Others Expenses |
— | — | — | — | — | 57,671 | 57,671 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Adjusted Property EBITDA |
$ | 13,301 | $ | 15,369 | $ | 414,782 | $ | (715 | ) | $ | 15,512 | $ | — | $ | 458,249 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||
| Altira Macau | Mocha | City of Dreams |
Studio City |
City of Dreams Manila |
Corporate and Others |
Total | ||||||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
| Operating Income (Loss) |
$ | 35,766 | $ | 11,797 | $ | 517,157 | $ | (27,411 | ) | $ | (25,742 | ) | $ | (79,192 | ) | $ | 432,375 | |||||||||||
| Land Rent to Belle Corporation |
— | — | — | — | 1,777 | — | 1,777 | |||||||||||||||||||||
| Pre-opening Costs |
— | 1,078 | 1,731 | 5,048 | 18,960 | — | 26,817 | |||||||||||||||||||||
| Development Costs |
— | — | — | — | — | 6,300 | 6,300 | |||||||||||||||||||||
| Depreciation and Amortization |
14,499 | 5,779 | 111,376 | 21,768 | 1,099 | 32,005 | 186,526 | |||||||||||||||||||||
| Share-based Compensation |
66 | 84 | 578 | 7 | 3,778 | 5,404 | 9,917 | |||||||||||||||||||||
| Property Charges and Others |
— | 1,190 | 757 | — | — | — | 1,947 | |||||||||||||||||||||
| Gain on Disposal of Assets Held For Sale |
— | — | — | — | — | (22,072 | ) | (22,072 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Adjusted EBITDA |
50,331 | 19,928 | 631,599 | (588 | ) | (128 | ) | (57,555 | ) | 643,587 | ||||||||||||||||||
| Corporate and Others Expenses |
— | — | — | — | — | 57,555 | 57,555 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Adjusted Property EBITDA |
$ | 50,331 | $ | 19,928 | $ | 631,599 | $ | (588 | ) | $ | (128 | ) | $ | — | $ | 701,142 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
17
Melco Crown Entertainment Limited and Subsidiaries
Reconciliation of Adjusted EBITDA and Adjusted Property EBITDA to
Net Income Attributable to Melco Crown Entertainment Limited
(In thousands of U.S. dollars)
| Six Months Ended | ||||||||
| June 30, | ||||||||
| 2015 | 2014 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Adjusted Property EBITDA |
$ | 458,249 | $ | 701,142 | ||||
| Corporate and Others Expenses |
(57,671 | ) | (57,555 | ) | ||||
|
|
|
|
|
|||||
| Adjusted EBITDA |
400,578 | 643,587 | ||||||
| Payments to the Philippine Parties |
(7,273 | ) | — | |||||
| Land Rent to Belle Corporation |
(1,780 | ) | (1,777 | ) | ||||
| Pre-opening Costs |
(69,283 | ) | (26,817 | ) | ||||
| Development Costs |
(21 | ) | (6,300 | ) | ||||
| Depreciation and Amortization |
(226,422 | ) | (186,526 | ) | ||||
| Share-based Compensation |
(9,781 | ) | (9,917 | ) | ||||
| Property Charges and Others |
(3,839 | ) | (1,947 | ) | ||||
| Gain on Disposal of Assets Held For Sale |
— | 22,072 | ||||||
| Interest and Other Non-Operating Expenses, Net |
(63,754 | ) | (77,144 | ) | ||||
| Income Tax Expense |
(378 | ) | (2,993 | ) | ||||
|
|
|
|
|
|||||
| Net Income |
18,047 | 352,238 | ||||||
| Net Loss Attributable to Noncontrolling Interests |
66,836 | 30,943 | ||||||
|
|
|
|
|
|||||
| Net Income Attributable to Melco Crown Entertainment Limited |
$ | 84,883 | $ | 383,181 | ||||
|
|
|
|
|
|||||
18
Melco Crown Entertainment Limited and Subsidiaries
Supplemental Data Schedule
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Room Statistics: |
||||||||||||||||
| Altira Macau |
||||||||||||||||
| Average daily rate(3) |
$ | 208 | $ | 232 | $ | 218 | $ | 234 | ||||||||
| Occupancy per available room |
99 | % | 99 | % | 99 | % | 99 | % | ||||||||
| Revenue per available room(4) |
$ | 206 | $ | 229 | $ | 215 | $ | 231 | ||||||||
| City of Dreams |
||||||||||||||||
| Average daily rate(3) |
$ | 198 | $ | 196 | $ | 202 | $ | 197 | ||||||||
| Occupancy per available room |
99 | % | 99 | % | 99 | % | 99 | % | ||||||||
| Revenue per available room(4) |
$ | 196 | $ | 194 | $ | 200 | $ | 194 | ||||||||
| City of Dreams Manila |
||||||||||||||||
| Average daily rate(3) |
$ | 215 | N/A | $ | 219 | N/A | ||||||||||
| Occupancy per available room |
89 | % | N/A | 83 | % | N/A | ||||||||||
| Revenue per available room(4) |
$ | 191 | N/A | $ | 183 | N/A | ||||||||||
| Other Information: |
||||||||||||||||
| Altira Macau |
||||||||||||||||
| Average number of table games |
123 | 136 | 122 | 139 | ||||||||||||
| Average number of gaming machines |
56 | N/A | 58 | N/A | ||||||||||||
| Table games win per unit per day(5) |
$ | 17,915 | $ | 20,714 | $ | 18,682 | $ | 22,998 | ||||||||
| Gaming machines win per unit per day(6) |
$ | 89 | N/A | $ | 85 | N/A | ||||||||||
| City of Dreams |
||||||||||||||||
| Average number of table games |
496 | 489 | 501 | 487 | ||||||||||||
| Average number of gaming machines |
1,082 | 1,373 | 1,173 | 1,278 | ||||||||||||
| Table games win per unit per day(5) |
$ | 15,192 | $ | 24,608 | $ | 17,117 | $ | 26,406 | ||||||||
| Gaming machines win per unit per day(6) |
$ | 460 | $ | 457 | $ | 417 | $ | 494 | ||||||||
| City of Dreams Manila |
||||||||||||||||
| Average number of table games |
258 | N/A | 247 | N/A | ||||||||||||
| Average number of gaming machines |
1,713 | N/A | 1,729 | N/A | ||||||||||||
| Table games win per unit per day(5) |
$ | 1,773 | N/A | $ | 1,532 | N/A | ||||||||||
| Gaming machines win per unit per day(6) |
$ | 183 | N/A | $ | 164 | N/A | ||||||||||
| (3) | Average daily rate is calculated by dividing total room revenue including the retail value of promotional allowances by total occupied rooms including complimentary rooms |
| (4) | Revenue per available room is calculated by dividing total room revenue including the retail value of promotional allowances by total rooms available |
| (5) | Table games win per unit per day is shown before discounts and commissions |
| (6) | Gaming machines win per unit per day is shown before deducting cost for slot points |
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