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MCE_Q3_2014_Earning Release 232.9 KB
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Net revenue for the third quarter of 2014 was
Adjusted property EBITDA<1> was
On a U.S. GAAP basis, net income attributable to
Mr.
"City of Dreams continued to gain market share in the mass table games segment in
"We have made significant progress on our exciting and truly unique development pipeline. The expansion of the luxury retail offering and the Dame
"Studio City remains firmly on track for a mid-2015 grand opening, representing the next standalone integrated resort to open in
"We are excited that our first expansion out of
"We remain committed to driving long term shareholder value. In addition to the ongoing optimization of our current operating portfolio, we continue to evaluate and pursue value-accretive development opportunities, both in
"
City of Dreams Third Quarter Results
For the third quarter of 2014, net revenue at City of Dreams was
Rolling chip volume totaled
Mass market table games drop increased 10% to
Gaming machine handle for the third quarter of 2014 was
Total non-gaming revenue at City of Dreams in the third quarter of 2014 was
Altira Macau Third Quarter Results
For the quarter ended
Rolling chip volume totaled
In the mass market table games segment, drop totaled
Total non-gaming revenue at Altira Macau in the third quarter of 2014 was
Mocha Clubs Third Quarter Results
Net revenue from
The number of gaming machines in operation at
City of Dreams Manila Third Quarter Results
On a fully consolidated basis, we incurred approximately
Other Factors Affecting Earnings
Total net non-operating expenses for the third quarter of 2014 were
Depreciation and amortization costs of
Financial Position and Capital Expenditure
Total cash and bank balances as of
Capital expenditures for the third quarter of 2014 were
Conference Call Information
US Toll Free | 1 800 742 9301 |
US Toll / International | 1 845 507 1610 |
HK Toll | 852 3051 2792 |
HK Toll Free | 800 906 648 |
UK Toll Free | 080 823 41369 |
Australia Toll Free | 1 800 725 000 |
Philippines Toll Free | 1 800 161 20170 |
Passcode | MPEL |
An audio webcast will also be available at http://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 |
Conference ID | 23310485 |
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
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, 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, 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 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 U.S. GAAP are provided herein immediately following the financial statements included in this press 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 toMelco 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 toMelco Crown Entertainment and adjusted net income attributable toMelco 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 toMelco 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 press release.
About
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 |
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 | Nine Months Ended | |||
September 30, | September 30, | |||
2014 | 2013 | 2014 | 2013 | |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
OPERATING REVENUES | ||||
Casino | $ 1,083,955 | $ 1,211,933 | $ 3,569,443 | $ 3,585,712 |
Rooms | 33,901 | 31,766 | 100,900 | 94,114 |
Food and beverage | 20,931 | 20,060 | 61,564 | 57,948 |
Entertainment, retail and others | 30,178 | 30,065 | 83,169 | 75,995 |
Gross revenues | 1,168,965 | 1,293,824 | 3,815,076 | 3,813,769 |
Less: promotional allowances | (44,895) | (41,158) | (134,152) | (121,151) |
Net revenues | 1,124,070 | 1,252,666 | 3,680,924 | 3,692,618 |
OPERATING COSTS AND EXPENSES | ||||
Casino | (740,925) | (846,859) | (2,478,005) | (2,519,605) |
Rooms | (3,148) | (3,240) | (9,290) | (9,249) |
Food and beverage | (6,603) | (6,544) | (17,062) | (20,424) |
Entertainment, retail and others | (17,372) | (16,169) | (46,809) | (47,237) |
General and administrative | (84,717) | (69,648) | (224,783) | (187,481) |
Pre-opening costs | (28,589) | (4,122) | (57,183) | (10,768) |
Development costs | (2,154) | (1,019) | (8,454) | (21,004) |
Amortization of gaming subconcession | (14,309) | (14,309) | (42,928) | (42,928) |
Amortization of land use rights | (16,117) | (16,116) | (48,353) | (48,156) |
Depreciation and amortization | (58,707) | (65,245) | (184,378) | (195,950) |
Property charges and others | (3,742) | (1,853) | (5,689) | (5,550) |
Gain on disposal of assets held for sale | -- | -- | 22,072 | -- |
Total operating costs and expenses | (976,383) | (1,045,124) | (3,100,862) | (3,108,352) |
OPERATING INCOME | 147,687 | 207,542 | 580,062 | 584,266 |
NON-OPERATING INCOME (EXPENSES) | ||||
Interest income | 6,098 | 2,344 | 13,750 | 4,398 |
Interest expenses, net of capitalized interest | (34,146) | (36,989) | (94,539) | (119,521) |
Other finance costs | (11,330) | (11,435) | (35,198) | (32,228) |
Foreign exchange gain (loss), net | 71 | 920 | (1,680) | (8,902) |
Other income, net | 549 | 743 | 1,765 | 1,103 |
Loss on extinguishment of debt | -- | -- | -- | (50,935) |
Costs associated with debt modification | -- | -- | -- | (10,538) |
Total non-operating expenses, net | (38,758) | (44,417) | (115,902) | (216,623) |
INCOME BEFORE INCOME TAX | 108,929 | 163,125 | 464,160 | 367,643 |
INCOME TAX (EXPENSE) CREDIT | (379) | 686 | (3,372) | 2,042 |
NET INCOME | 108,550 | 163,811 | 460,788 | 369,685 |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 23,605 | 15,585 | 54,548 | 44,532 |
NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED | $ 132,155 | $ 179,396 | $ 515,336 | $ 414,217 |
NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE: | ||||
Basic | $ 0.080 | $ 0.109 | $ 0.312 | $ 0.251 |
Diluted | $ 0.079 | $ 0.108 | $ 0.309 | $ 0.249 |
NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER ADS: | ||||
Basic | $ 0.240 | $ 0.326 | $ 0.936 | $ 0.753 |
Diluted | $ 0.238 | $ 0.323 | $ 0.928 | $ 0.747 |
WEIGHTED AVERAGE SHARES USED IN NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE CALCULATION: | ||||
Basic | 1,652,484,854 | 1,650,444,726 | 1,652,090,303 | 1,649,220,823 |
Diluted | 1,664,642,439 | 1,664,843,488 | 1,665,490,874 | 1,663,597,935 |
Melco Crown Entertainment Limited and Subsidiaries | ||
Condensed Consolidated Balance Sheets | ||
(In thousands of U.S. dollars) | ||
September 30, | December 31, | |
2014 | 2013 | |
(Unaudited) | (Audited) | |
ASSETS | ||
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,881,538 | $ 1,381,757 |
Bank deposits with original maturity over three months | 110,616 | 626,940 |
Restricted cash | 1,603,739 | 770,294 |
Accounts receivable, net | 247,031 | 287,880 |
Amounts due from affiliated companies | 43 | 23 |
Deferred tax assets | 441 | -- |
Income tax receivable | 42 | 18 |
Inventories | 19,948 | 18,169 |
Prepaid expenses and other current assets | 89,371 | 54,898 |
Assets held for sale | -- | 8,468 |
Total current assets | 3,952,769 | 3,148,447 |
PROPERTY AND EQUIPMENT, NET | 4,154,428 | 3,308,846 |
GAMING SUBCONCESSION, NET | 442,103 | 485,031 |
INTANGIBLE ASSETS, NET | 4,220 | 4,220 |
GOODWILL | 81,915 | 81,915 |
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS | 325,130 | 345,667 |
RESTRICTED CASH | 560,577 | 373,371 |
DEFERRED TAX ASSETS | 110 | 93 |
DEFERRED FINANCING COSTS | 185,643 | 114,431 |
LAND USE RIGHTS, NET | 903,306 | 951,618 |
TOTAL ASSETS | $ 10,610,201 | $ 8,813,639 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
CURRENT LIABILITIES | ||
Accounts payable | $ 12,843 | $ 9,825 |
Accrued expenses and other current liabilities | 992,330 | 928,751 |
Income tax payable | 7,026 | 6,584 |
Capital lease obligations, due within one year | 28,317 | 27,265 |
Current portion of long-term debt | 262,704 | 262,566 |
Amounts due to affiliated companies | 1,741 | 2,900 |
Amount due to a shareholder | -- | 79 |
Total current liabilities | 1,304,961 | 1,237,970 |
LONG-TERM DEBT | 3,703,126 | 2,270,894 |
OTHER LONG-TERM LIABILITIES | 67,260 | 28,492 |
DEFERRED TAX LIABILITIES | 60,108 | 62,806 |
CAPITAL LEASE OBLIGATIONS, DUE AFTER ONE YEAR | 262,405 | 253,029 |
LAND USE RIGHTS PAYABLE | 3,788 | 35,466 |
SHAREHOLDERS' EQUITY | ||
Ordinary shares | 16,612 | 16,667 |
Treasury shares | (52,330) | (5,960) |
Additional paid-in capital | 3,309,232 | 3,479,399 |
Accumulated other comprehensive losses | (18,700) | (15,592) |
Retained earnings | 1,173,470 | 772,156 |
Total Melco Crown Entertainment Limited shareholders' equity | 4,428,284 | 4,246,670 |
Noncontrolling interests | 780,269 | 678,312 |
Total equity | 5,208,553 | 4,924,982 |
TOTAL LIABILITIES AND EQUITY | $ 10,610,201 | $ 8,813,639 |
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 | Nine Months Ended | |||
September 30, | September 30, | |||
2014 | 2013 | 2014 | 2013 | |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Net Income Attributable to Melco Crown Entertainment Limited | $ 132,155 | $ 179,396 | $ 515,336 | $ 414,217 |
Pre-opening Costs, Net | 19,925 | 3,024 | 41,516 | 8,258 |
Development Costs, Net | 2,154 | 1,019 | 8,454 | 20,731 |
Property Charges and Others, Net | 2,666 | 1,853 | 4,613 | 5,550 |
Loss on Extinguishment of Debt, Net | -- | -- | -- | 50,935 |
Costs Associated with Debt Modification, Net | -- | -- | -- | 10,538 |
Adjusted Net Income Attributable to | ||||
Melco Crown Entertainment Limited | $ 156,900 | $ 185,292 | $ 569,919 | $ 510,229 |
ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE: | ||||
Basic | $ 0.095 | $ 0.112 | $ 0.345 | $ 0.309 |
Diluted | $ 0.094 | $ 0.111 | $ 0.342 | $ 0.307 |
ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER ADS: | ||||
Basic | $ 0.285 | $ 0.337 | $ 1.035 | $ 0.928 |
Diluted | $ 0.283 | $ 0.334 | $ 1.027 | $ 0.920 |
WEIGHTED AVERAGE SHARES USED IN ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE CALCULATION: | ||||
Basic | 1,652,484,854 | 1,650,444,726 | 1,652,090,303 | 1,649,220,823 |
Diluted | 1,664,642,439 | 1,664,843,488 | 1,665,490,874 | 1,663,597,935 |
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 September 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) | $ 14,155 | $ 6,646 | $ 222,298 | $ (15,024) | $ (29,812) | $ (50,576) | $ 147,687 |
Pre-opening Costs | -- | 4 | 1,584 | 3,609 | 23,392 | -- | 28,589 |
Development Costs | -- | -- | -- | -- | -- | 2,154 | 2,154 |
Depreciation and Amortization | 6,097 | 3,184 | 51,842 | 10,897 | 872 | 16,241 | 89,133 |
Share-based Compensation | 11 | 29 | 324 | 21 | 2,124 | 2,943 | 5,452 |
Property Charges and Others | -- | 41 | -- | -- | 3,451 | 250 | 3,742 |
Adjusted EBITDA | 20,263 | 9,904 | 276,048 | (497) | 27 | (28,988) | 276,757 |
Corporate and Others Expenses | -- | -- | -- | -- | -- | 28,988 | 28,988 |
Adjusted Property EBITDA | $ 20,263 | $ 9,904 | $ 276,048 | $ (497) | $ 27 | $ -- | $ 305,745 |
Three Months Ended September 30, 2013 | |||||||
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) | $ 21,915 | $ 7,932 | $ 239,494 | $ (11,881) | $ (5,714) | $ (44,204) | $ 207,542 |
Pre-opening Costs | -- | -- | -- | 688 | 3,417 | 17 | 4,122 |
Development Costs | -- | -- | -- | -- | -- | 1,019 | 1,019 |
Depreciation and Amortization | 7,845 | 2,980 | 57,071 | 10,883 | 299 | 16,592 | 95,670 |
Share-based Compensation | 45 | 40 | 245 | -- | 1,925 | 2,774 | 5,029 |
Property Charges and Others | -- | 223 | 1,630 | -- | -- | -- | 1,853 |
Adjusted EBITDA | 29,805 | 11,175 | 298,440 | (310) | (73) | (23,802) | 315,235 |
Corporate and Others Expenses | -- | -- | -- | -- | -- | 23,802 | 23,802 |
Adjusted Property EBITDA | $ 29,805 | $ 11,175 | $ 298,440 | $ (310) | $ (73) | $ -- | $ 339,037 |
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 | ||
September 30, | ||
2014 | 2013 | |
(Unaudited) | (Unaudited) | |
Adjusted Property EBITDA | $ 305,745 | $ 339,037 |
Corporate and Others Expenses | (28,988) | (23,802) |
Adjusted EBITDA | 276,757 | 315,235 |
Pre-opening Costs | (28,589) | (4,122) |
Development Costs | (2,154) | (1,019) |
Depreciation and Amortization | (89,133) | (95,670) |
Share-based Compensation | (5,452) | (5,029) |
Property Charges and Others | (3,742) | (1,853) |
Interest and Other Non-Operating Expenses, Net | (38,758) | (44,417) |
Income Tax (Expense) Credit | (379) | 686 |
Net Income | 108,550 | 163,811 |
Net Loss Attributable to Noncontrolling Interests | 23,605 | 15,585 |
Net Income Attributable to Melco Crown Entertainment Limited | $ 132,155 | $ 179,396 |
Melco Crown Entertainment Limited and Subsidiaries | |||||||
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA | |||||||
(In thousands of U.S. dollars) | |||||||
Nine Months Ended September 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) | $ 49,921 | $ 18,443 | $ 739,455 | $ (42,435) | $ (55,554) | $ (129,768) | $ 580,062 |
Pre-opening Costs | -- | 1,082 | 3,315 | 8,657 | 44,129 | -- | 57,183 |
Development Costs | -- | -- | -- | -- | -- | 8,454 | 8,454 |
Depreciation and Amortization | 20,596 | 8,963 | 163,218 | 32,665 | 1,971 | 48,246 | 275,659 |
Share-based Compensation | 77 | 113 | 902 | 28 | 5,902 | 8,347 | 15,369 |
Property Charges and Others | -- | 1,231 | 757 | -- | 3,451 | 250 | 5,689 |
Gain on Disposal of Assets Held For Sale | -- | -- | -- | -- | -- | (22,072) | (22,072) |
Adjusted EBITDA | 70,594 | 29,832 | 907,647 | (1,085) | (101) | (86,543) | 920,344 |
Corporate and Others Expenses | -- | -- | -- | -- | -- | 86,543 | 86,543 |
Adjusted Property EBITDA | $ 70,594 | $ 29,832 | $ 907,647 | $ (1,085) | $ (101) | $ -- | $ 1,006,887 |
Nine Months Ended September 30, 2013 | |||||||
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) | $ 87,614 | $ 19,771 | $ 668,595 | $ (35,587) | $ (28,940) | $ (127,187) | $ 584,266 |
Pre-opening Costs | -- | -- | 369 | 2,059 | 8,301 | 39 | 10,768 |
Development Costs | -- | -- | -- | -- | 17,216 | 3,788 | 21,004 |
Depreciation and Amortization | 23,599 | 8,915 | 171,287 | 32,649 | 711 | 49,873 | 287,034 |
Share-based Compensation | 112 | 99 | 643 | -- | 1,988 | 7,327 | 10,169 |
Property Charges and Others | -- | 671 | 4,630 | -- | -- | 249 | 5,550 |
Adjusted EBITDA | 111,325 | 29,456 | 845,524 | (879) | (724) | (65,911) | 918,791 |
Corporate and Others Expenses | -- | -- | -- | -- | -- | 65,911 | 65,911 |
Adjusted Property EBITDA | $ 111,325 | $ 29,456 | $ 845,524 | $ (879) | $ (724) | $ -- | $ 984,702 |
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) | ||
Nine Months Ended | ||
September 30, | ||
2014 | 2013 | |
(Unaudited) | (Unaudited) | |
Adjusted Property EBITDA | $ 1,006,887 | $ 984,702 |
Corporate and Others Expenses | (86,543) | (65,911) |
Adjusted EBITDA | 920,344 | 918,791 |
Pre-opening Costs | (57,183) | (10,768) |
Development Costs | (8,454) | (21,004) |
Depreciation and Amortization | (275,659) | (287,034) |
Share-based Compensation | (15,369) | (10,169) |
Property Charges and Others | (5,689) | (5,550) |
Gain on Disposal of Assets Held For Sale | 22,072 | -- |
Interest and Other Non-Operating Expenses, Net | (115,902) | (216,623) |
Income Tax (Expense) Credit | (3,372) | 2,042 |
Net Income | 460,788 | 369,685 |
Net Loss Attributable to Noncontrolling Interests | 54,548 | 44,532 |
Net Income Attributable to Melco Crown Entertainment Limited | $ 515,336 | $ 414,217 |
Melco Crown Entertainment Limited and Subsidiaries | ||||
Supplemental Data Schedule | ||||
Three Months Ended | Nine Months Ended | |||
September 30, | September 30, | |||
2014 | 2013 | 2014 | 2013 | |
Room Statistics: | ||||
Altira Macau | ||||
Average daily rate (3) | $ 224 | $ 223 | $ 230 | $ 228 |
Occupancy per available room | 99% | 99% | 99% | 99% |
Revenue per available room (4) | $ 222 | $ 220 | $ 228 | $ 225 |
City of Dreams | ||||
Average daily rate (3) | $ 194 | $ 185 | $ 196 | $ 188 |
Occupancy per available room | 100% | 97% | 99% | 96% |
Revenue per available room (4) | $ 193 | $ 180 | $ 193 | $ 181 |
Other Information: | ||||
Altira Macau | ||||
Average number of table games | 126 | 165 | 135 | 169 |
Table games win per unit per day (5) | $ 19,057 | $ 22,413 | $ 21,758 | $ 23,781 |
City of Dreams | ||||
Average number of table games | 495 | 456 | 490 | 454 |
Average number of gaming machines | 1,417 | 1,441 | 1,325 | 1,501 |
Table games win per unit per day (5) | $ 21,709 | $ 26,293 | $ 24,805 | $ 25,897 |
Gaming machines win per unit per day (6) | $ 449 | $ 362 | $ 477 | $ 344 |
(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 | ||||