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MCE_Q4_2014_Earning Release 523.3 KB
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Net revenue for the fourth quarter of 2014 was
Adjusted property EBITDA<1> was
On a U.S. GAAP basis, net income attributable to
Mr.
"In
"Our strategy and commitment to continually enhancing our current product offering in
"
"
"With the opening of City of Dreams Manila,
"City of Dreams Manila offers leisure seekers a world-class collection of brands and attractions, including
"Our innovative approach to providing leading edge entertainment ensures that we are strongly positioned to cater to an ever-changing and aspirational regional clientele, whether that be in
"With
City of Dreams Fourth Quarter Results
For the fourth quarter of 2014, net revenue at City of Dreams was
Rolling chip volume totaled
Mass market table games drop increased to
Gaming machine handle for the fourth quarter of 2014 was
Total non-gaming revenue at City of Dreams in the fourth quarter of 2014 was
Altira Macau Fourth 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 fourth quarter of 2014 was
Mocha Clubs Fourth Quarter Results
Net revenue from
The number of gaming machines in operation at
City of Dreams Manila Fourth Quarter Results
City of Dreams Manila started operations on
Other Factors Affecting Earnings
Total net non-operating expenses for the fourth quarter of 2014 were
Depreciation and amortization of
Financial Position and Capital Expenditure
Total cash and bank balances as of
Capital expenditures for the fourth quarter of 2014 were
Full Year Results
For the year ended
Adjusted property EBITDA for the year ended
On a U.S. GAAP basis, net income attributable to
Conference Call Information
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 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 | 71455330 |
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, payments to the Philippine parties under the cooperative arrangement (the "Philippine Parties"), land rent to
(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
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 | Year Ended | |||
|
December 31, | December 31, | ||
|
2014 | 2013 | 2014 | 2013 |
(Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |
OPERATING REVENUES | ||||
Casino | $ 1,084,741 | $ 1,355,775 | $ 4,654,184 | $ 4,941,487 |
Rooms | 35,527 | 33,547 | 136,427 | 127,661 |
Food and beverage | 23,331 | 20,932 | 84,895 | 78,880 |
Entertainment, retail and others | 25,248 | 27,744 | 108,417 | 103,739 |
Gross revenues | 1,168,847 | 1,437,998 | 4,983,923 | 5,251,767 |
Less: promotional allowances | (47,462) | (43,438) | (181,614) | (164,589) |
Net revenues | 1,121,385 | 1,394,560 | 4,802,309 | 5,087,178 |
OPERATING COSTS AND EXPENSES | ||||
Casino | (768,399) | (933,131) | (3,246,404) | (3,452,736) |
Rooms | (3,379) | (3,262) | (12,669) | (12,511) |
Food and beverage | (6,451) | (8,690) | (23,513) | (29,114) |
Entertainment, retail and others | (15,264) | (16,975) | (62,073) | (64,212) |
General and administrative | (86,913) | (68,299) | (311,696) | (255,780) |
Payments to the Philippine Parties | (870) | -- | (870) | -- |
Pre-opening costs | (36,787) | (6,246) | (93,970) | (17,014) |
Development costs | (2,280) | (5,293) | (10,734) | (26,297) |
Amortization of gaming subconcession | (14,309) | (14,309) | (57,237) | (57,237) |
Amortization of land use rights | (16,118) | (16,115) | (64,471) | (64,271) |
Depreciation and amortization | (62,308) | (65,348) | (246,686) | (261,298) |
Property charges and others | (3,009) | (1,334) | (8,698) | (6,884) |
Gain on disposal of assets held for sale | -- | -- | 22,072 | -- |
Total operating costs and expenses | (1,016,087) | (1,139,002) | (4,116,949) | (4,247,354) |
OPERATING INCOME | 105,298 | 255,558 | 685,360 | 839,824 |
NON-OPERATING INCOME (EXPENSES) | ||||
Interest income | 6,275 | 3,262 | 20,025 | 7,660 |
Interest expenses, net of capitalized interest | (29,551) | (33,139) | (124,090) | (152,660) |
Other finance costs | (11,833) | (11,574) | (47,031) | (43,802) |
Foreign exchange loss, net | (4,475) | (1,854) | (6,155) | (10,756) |
Other income, net | 548 | 558 | 2,313 | 1,661 |
Loss on extinguishment of debt | -- | -- | -- | (50,935) |
Costs associated with debt modification | -- | -- | -- | (10,538) |
Total non-operating expenses, net | (39,036) | (42,747) | (154,938) | (259,370) |
INCOME BEFORE INCOME TAX | 66,262 | 212,811 | 530,422 | 580,454 |
INCOME TAX CREDIT (EXPENSE) | 336 | (4,483) | (3,036) | (2,441) |
NET INCOME | 66,598 | 208,328 | 527,386 | 578,013 |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 26,346 | 14,918 | 80,894 | 59,450 |
NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED | $ 92,944 | $ 223,246 | $ 608,280 | $ 637,463 |
NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE: | ||||
Basic | $ 0.057 | $ 0.135 | $ 0.369 | $ 0.386 |
Diluted | $ 0.056 | $ 0.134 | $ 0.366 | $ 0.383 |
NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER ADS: | ||||
Basic | $ 0.170 | $ 0.406 | $ 1.108 | $ 1.159 |
Diluted | $ 0.169 | $ 0.402 | $ 1.099 | $ 1.149 |
WEIGHTED AVERAGE SHARES USED IN NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE CALCULATION: | ||||
Basic | 1,636,531,029 | 1,651,037,173 | 1,647,571,547 | 1,649,678,643 |
Diluted | 1,648,055,645 | 1,665,983,630 | 1,660,503,130 | 1,664,198,091 |
Melco Crown Entertainment Limited and Subsidiaries | ||
Condensed Consolidated Balance Sheets | ||
(In thousands of U.S. dollars) | ||
December 31, | December 31, | |
|
2014 | 2013 |
(Unaudited) | (Audited) | |
ASSETS | ||
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,597,655 | $ 1,381,757 |
Bank deposits with original maturity over three months | 110,616 | 626,940 |
Restricted cash | 1,447,034 | 770,294 |
Accounts receivable, net | 253,665 | 287,880 |
Amounts due from affiliated companies | 1,079 | 23 |
Deferred tax assets | 532 | -- |
Income tax receivable | 15 | 18 |
Inventories | 23,111 | 18,169 |
Prepaid expenses and other current assets | 69,254 | 54,898 |
Assets held for sale | -- | 8,468 |
Total current assets | 3,502,961 | 3,148,447 |
PROPERTY AND EQUIPMENT, NET | 4,696,391 | 3,308,846 |
GAMING SUBCONCESSION, NET | 427,794 | 485,031 |
INTANGIBLE ASSETS, NET | 4,220 | 4,220 |
GOODWILL | 81,915 | 81,915 |
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS | 287,558 | 345,667 |
RESTRICTED CASH | 369,549 | 373,371 |
DEFERRED TAX ASSETS | 115 | 93 |
DEFERRED FINANCING COSTS | 174,872 | 114,431 |
LAND USE RIGHTS, NET | 887,188 | 951,618 |
TOTAL ASSETS | $ 10,432,563 | $ 8,813,639 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
CURRENT LIABILITIES | ||
Accounts payable | $ 14,428 | $ 9,825 |
Accrued expenses and other current liabilities | 1,005,720 | 928,751 |
Income tax payable | 6,621 | 6,584 |
Capital lease obligations, due within one year | 23,512 | 27,265 |
Current portion of long-term debt | 262,750 | 262,566 |
Amounts due to affiliated companies | 3,626 | 2,900 |
Amount due to a shareholder | -- | 79 |
Total current liabilities | 1,316,657 | 1,237,970 |
LONG-TERM DEBT | 3,640,031 | 2,270,894 |
OTHER LONG-TERM LIABILITIES | 93,441 | 28,492 |
DEFERRED TAX LIABILITIES | 58,949 | 62,806 |
CAPITAL LEASE OBLIGATIONS, DUE AFTER ONE YEAR | 278,027 | 253,029 |
LAND USE RIGHTS PAYABLE | 3,788 | 35,466 |
SHAREHOLDERS' EQUITY | ||
Ordinary shares | 16,337 | 16,667 |
Treasury shares | (33,167) | (5,960) |
Additional paid-in capital | 3,092,943 | 3,479,399 |
Accumulated other comprehensive losses | (17,149) | (15,592) |
Retained earnings | 1,227,177 | 772,156 |
Total Melco Crown Entertainment Limited shareholders' equity | 4,286,141 | 4,246,670 |
Noncontrolling interests | 755,529 | 678,312 |
Total equity | 5,041,670 | 4,924,982 |
TOTAL LIABILITIES AND EQUITY | $ 10,432,563 | $ 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 | Year Ended | |||
December 31, | December 31, | |||
2014 | 2013 | 2014 | 2013 | |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Net Income Attributable to Melco Crown Entertainment Limited | $ 92,944 | $ 223,246 | $ 608,280 | $ 637,463 |
Pre-opening Costs, Net | 25,086 | 4,650 | 66,602 | 12,908 |
Development Costs, Net | 2,280 | 5,293 | 10,734 | 26,024 |
Property Charges and Others, Net | 2,992 | 1,334 | 7,605 | 6,884 |
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 | $ 123,302 | $ 234,523 | $ 693,221 | $ 744,752 |
ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE: | ||||
Basic | $ 0.075 | $ 0.142 | $ 0.421 | $ 0.451 |
Diluted | $ 0.075 | $ 0.141 | $ 0.417 | $ 0.448 |
ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER ADS: | ||||
Basic | $ 0.226 | $ 0.426 | $ 1.262 | $ 1.354 |
Diluted | $ 0.224 | $ 0.422 | $ 1.252 | $ 1.343 |
WEIGHTED AVERAGE SHARES USED IN ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE CALCULATION: | ||||
Basic | 1,636,531,029 | 1,651,037,173 | 1,647,571,547 | 1,649,678,643 |
Diluted | 1,648,055,645 | 1,665,983,630 | 1,660,503,130 | 1,664,198,091 |
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 December 31, 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) | $ 7,538 | $ 3,315 | $ 203,073 | $ (18,240) | $ (36,634) | $ (53,754) | $ 105,298 |
Payments to the Philippine Parties | -- | -- | -- | -- | 870 | -- | 870 |
Land Rent to Belle Corporation | -- | -- | -- | -- | 884 | -- | 884 |
Pre-opening Costs | -- | -- | 367 | 7,114 | 28,570 | -- | 36,051 |
Development Costs | -- | -- | -- | -- | -- | 2,280 | 2,280 |
Depreciation and Amortization | 6,646 | 3,215 | 51,274 | 10,893 | 4,396 | 16,311 | 92,735 |
Share-based Compensation | 17 | 6 | 287 | 22 | 1,965 | 2,735 | 5,032 |
Property Charges and Others | -- | (31) | 2,984 | -- | 56 | -- | 3,009 |
Adjusted EBITDA | 14,201 | 6,505 | 257,985 | (211) | 107 | (32,428) | 246,159 |
Corporate and Others Expenses | -- | -- | -- | -- | -- | 32,428 | 32,428 |
Adjusted Property EBITDA | $ 14,201 | $ 6,505 | $ 257,985 | $ (211) | $ 107 | $ -- | $ 278,587 |
Three Months Ended December 31, 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) | $ 28,182 | $ 6,830 | $ 289,958 | $ (11,860) | $ (8,292) | $ (49,260) | $ 255,558 |
Land Rent to Belle Corporation | -- | -- | -- | -- | 903 | -- | 903 |
Pre-opening Costs | -- | -- | 27 | 797 | 4,503 | 16 | 5,343 |
Development Costs | -- | -- | -- | -- | 740 | 4,553 | 5,293 |
Depreciation and Amortization | 7,810 | 2,972 | 57,094 | 10,883 | 476 | 16,537 | 95,772 |
Share-based Compensation | 23 | 43 | 195 | -- | 1,791 | 2,766 | 4,818 |
Property Charges and Others | -- | 921 | 413 | -- | -- | -- | 1,334 |
Adjusted EBITDA | 36,015 | 10,766 | 347,687 | (180) | 121 | (25,388) | 369,021 |
Corporate and Others Expenses | -- | -- | -- | -- | -- | 25,388 | 25,388 |
Adjusted Property EBITDA | $ 36,015 | $ 10,766 | $ 347,687 | $ (180) | $ 121 | $ -- | $ 394,409 |
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 | ||
December 31, | ||
2014 | 2013 | |
(Unaudited) | (Unaudited) | |
Adjusted Property EBITDA | $ 278,587 | $ 394,409 |
Corporate and Others Expenses | (32,428) | (25,388) |
Adjusted EBITDA | 246,159 | 369,021 |
Payments to the Philippine Parties | (870) | -- |
Land Rent to Belle Corporation | (884) | (903) |
Pre-opening Costs | (36,051) | (5,343) |
Development Costs | (2,280) | (5,293) |
Depreciation and Amortization | (92,735) | (95,772) |
Share-based Compensation | (5,032) | (4,818) |
Property Charges and Others | (3,009) | (1,334) |
Interest and Other Non-Operating Expenses, Net | (39,036) | (42,747) |
Income Tax Credit (Expense) | 336 | (4,483) |
Net Income | 66,598 | 208,328 |
Net Loss Attributable to Noncontrolling Interests | 26,346 | 14,918 |
Net Income Attributable to Melco Crown Entertainment Limited | $ 92,944 | $ 223,246 |
Melco Crown Entertainment Limited and Subsidiaries | |||||||
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA | |||||||
(In thousands of U.S. dollars) | |||||||
Year Ended December 31, 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) | $ 57,459 | $ 21,758 | $ 942,528 | $ (60,675) | $ (92,188) | $ (183,522) | $ 685,360 |
Payments to the Philippine Parties | -- | -- | -- | -- | 870 | -- | 870 |
Land Rent to Belle Corporation | -- | -- | -- | -- | 3,562 | -- | 3,562 |
Pre-opening Costs | -- | 1,082 | 3,682 | 15,771 | 70,021 | -- | 90,556 |
Development Costs | -- | -- | -- | -- | -- | 10,734 | 10,734 |
Depreciation and Amortization | 27,242 | 12,178 | 214,492 | 43,558 | 6,367 | 64,557 | 368,394 |
Share-based Compensation | 94 | 119 | 1,189 | 50 | 7,867 | 11,082 | 20,401 |
Property Charges and Others | -- | 1,200 | 3,741 | -- | 3,507 | 250 | 8,698 |
Gain on Disposal of Assets Held For Sale | -- | -- | -- | -- | -- | (22,072) | (22,072) |
Adjusted EBITDA | 84,795 | 36,337 | 1,165,632 | (1,296) | 6 | (118,971) | 1,166,503 |
Corporate and Others Expenses | -- | -- | -- | -- | -- | 118,971 | 118,971 |
Adjusted Property EBITDA | $ 84,795 | $ 36,337 | $ 1,165,632 | $ (1,296) | $ 6 | $ -- | $ 1,285,474 |
Year Ended December 31, 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) | $ 115,796 | $ 26,601 | $ 958,553 | $ (47,447) | $ (37,232) | $ (176,447) | $ 839,824 |
Land Rent to Belle Corporation | -- | -- | -- | -- | 3,045 | -- | 3,045 |
Pre-opening Costs | -- | -- | 396 | 2,856 | 10,662 | 55 | 13,969 |
Development Costs | -- | -- | -- | -- | 17,956 | 8,341 | 26,297 |
Depreciation and Amortization | 31,409 | 11,887 | 228,381 | 43,532 | 1,187 | 66,410 | 382,806 |
Share-based Compensation | 135 | 142 | 838 | -- | 3,779 | 10,093 | 14,987 |
Property Charges and Others | -- | 1,592 | 5,043 | -- | -- | 249 | 6,884 |
Adjusted EBITDA | 147,340 | 40,222 | 1,193,211 | (1,059) | (603) | (91,299) | 1,287,812 |
Corporate and Others Expenses | -- | -- | -- | -- | -- | 91,299 | 91,299 |
Adjusted Property EBITDA | $ 147,340 | $ 40,222 | $ 1,193,211 | $ (1,059) | $ (603) | $ -- | $ 1,379,111 |
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) | ||
|
|
|
|
Year Ended | |
|
December 31, | |
|
2014 | 2013 |
(Unaudited) | (Unaudited) | |
Adjusted Property EBITDA | $ 1,285,474 | $ 1,379,111 |
Corporate and Others Expenses | (118,971) | (91,299) |
Adjusted EBITDA | 1,166,503 | 1,287,812 |
Payments to the Philippine Parties | (870) | -- |
Land Rent to Belle Corporation | (3,562) | (3,045) |
Pre-opening Costs | (90,556) | (13,969) |
Development Costs | (10,734) | (26,297) |
Depreciation and Amortization | (368,394) | (382,806) |
Share-based Compensation | (20,401) | (14,987) |
Property Charges and Others | (8,698) | (6,884) |
Gain on Disposal of Assets Held For Sale | 22,072 | -- |
Interest and Other Non-Operating Expenses, Net | (154,938) | (259,370) |
Income Tax Expense | (3,036) | (2,441) |
Net Income | 527,386 | 578,013 |
Net Loss Attributable to Noncontrolling Interests | 80,894 | 59,450 |
Net Income Attributable to Melco Crown Entertainment Limited | $ 608,280 | $ 637,463 |
Melco Crown Entertainment Limited and Subsidiaries | ||||
Supplemental Data Schedule | ||||
Three Months Ended | Year Ended | |||
December 31, | December 31, | |||
2014 | 2013 | 2014 | 2013 | |
Room Statistics: | ||||
Altira Macau | ||||
Average daily rate (3) | $ 235 | $ 234 | $ 232 | $ 230 |
Occupancy per available room | 99% | 99% | 99% | 99% |
Revenue per available room (4) | $ 233 | $ 233 | $ 229 | $ 227 |
City of Dreams | ||||
Average daily rate (3) | $ 200 | $ 193 | $ 197 | $ 189 |
Occupancy per available room | 100% | 98% | 99% | 97% |
Revenue per available room (4) | $ 200 | $ 190 | $ 195 | $ 183 |
Other Information: | ||||
Altira Macau | ||||
Average number of table games | 122 | 155 | 131 | 165 |
Table games win per unit per day (5) | $ 21,983 | $ 24,187 | $ 21,810 | $ 23,877 |
City of Dreams | ||||
Average number of table games | 501 | 467 | 493 | 457 |
Average number of gaming machines | 1,350 | 1,371 | 1,331 | 1,469 |
Table games win per unit per day (5) | $ 21,487 | $ 29,446 | $ 23,955 | $ 26,810 |
Gaming machines win per unit per day (6) | $ 427 | $ 418 | $ 464 | $ 361 |
(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 |