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MCE 2016 Q1 results release_2016 285.7 KB
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Net revenue for the first quarter of 2016 was
Adjusted property EBITDA(1) was
On a U.S. GAAP basis, net income attributable to
Mr.
“With the successful opening of our second integrated resort in Cotai, Studio City, we have further expanded our mass market offerings in
“To ensure that City of Dreams in
“The operating environment continues to stabilize in
“In the Philippines, City of Dreams Manila has delivered improved performance across all gaming and non-gaming metrics which, together with a strong commitment to managing costs, has enabled the property to deliver an approximately tenfold increase in Adjusted property EBITDA compared to the first quarter of 2015.
City of Dreams First Quarter Results
For the quarter ended
Rolling chip volume totaled
Mass market table games drop decreased to
Gaming machine handle for the first quarter of 2016 was
Total non-gaming revenue at City of Dreams in the first quarter of 2016 was
Altira Macau First Quarter Results
For the quarter ended
Rolling chip volume totaled
In the mass market table games segment, drop totaled
Gaming machine handle for the first quarter of 2016 was
Total non-gaming revenue at Altira Macau in the first quarter of 2016 was
Mocha Clubs First Quarter Results
Net revenue from
Gaming machine handle for the first quarter of 2016 was
Studio City First Quarter Results
Studio City started operations on
Mass market table games drop was
Gaming machine handle was
Total non-gaming revenue at Studio City in the first quarter of 2016 was
City of Dreams Manila First Quarter Results
For the quarter ended
Rolling chip volume totaled
Mass market table games drop increased to
Gaming machine handle for the first quarter of 2016 was
Total non-gaming revenue at City of Dreams Manila in the first quarter of 2016 was
Other Factors Affecting Earnings
Total net non-operating expenses for the first quarter of 2016 were
The year-on-year increase of
Depreciation and amortization costs of
Financial Position and Capital Expenditure
Total cash and bank balances as of
Capital expenditure for the first quarter of 2016 were
The shareholders and potential investors of
Dividend Declaration
On
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 8234 6646 | |
Australia Toll | 61 290 833 212 | |
Australia Toll Free | 1 800 411 623 | |
Philippines Toll Free | 1 800 1651 0607 | |
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 | |
Philippines Toll Free | 1 800 1612 0166 | |
Conference ID | 92703192 | |
Safe Harbor Statement
This press 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
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 press release.
(2) “Adjusted net income” is net income before pre-opening costs, development costs and property charges and others. Adjusted net income attributable to
About
For investment community, please contact:
Vice President, Investor Relations
Tel: +853 8868 7575 or +852 2598 3689
Email: rossdunwoody@melco-crown.com
For media enquiry, please contact:
Senior Vice President, Corporate Communications and Public Relations
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 | ||||||||||
March 31, | ||||||||||
2016 | 2015 | |||||||||
(Unaudited) | (Unaudited) | |||||||||
OPERATING REVENUES | ||||||||||
Casino | $ | 1,022,258 | $ | 1,011,242 | ||||||
Rooms | 63,452 | 44,563 | ||||||||
Food and beverage | 40,984 | 29,507 | ||||||||
Entertainment, retail and others | 48,202 | 23,217 | ||||||||
Gross revenues | 1,174,896 | 1,108,529 | ||||||||
Less: promotional allowances | (71,329 | ) | (54,277 | ) | ||||||
Net revenues | 1,103,567 | 1,054,252 | ||||||||
OPERATING COSTS AND EXPENSES | ||||||||||
Casino | (723,583 | ) | (716,794 | ) | ||||||
Rooms | (8,536 | ) | (5,255 | ) | ||||||
Food and beverage | (18,073 | ) | (8,001 | ) | ||||||
Entertainment, retail and others | (29,075 | ) | (15,122 | ) | ||||||
General and administrative | (110,319 | ) | (93,430 | ) | ||||||
Payments to the Philippine Parties | (7,160 | ) | (3,136 | ) | ||||||
Pre-opening costs | (635 | ) | (41,278 | ) | ||||||
Development costs | (6 | ) | (20 | ) | ||||||
Amortization of gaming subconcession | (14,309 | ) | (14,309 | ) | ||||||
Amortization of land use rights | (5,704 | ) | (16,118 | ) | ||||||
Depreciation and amortization | (119,971 | ) | (80,277 | ) | ||||||
Property charges and others | (404 | ) | (301 | ) | ||||||
Total operating costs and expenses | (1,037,775 | ) | (994,041 | ) | ||||||
OPERATING INCOME | 65,792 | 60,211 | ||||||||
NON-OPERATING INCOME (EXPENSES) | ||||||||||
Interest income | 2,804 | 1,820 | ||||||||
Interest expenses, net of capitalized interest | (52,490 | ) | (27,039 | ) | ||||||
Other finance costs | (13,838 | ) | (12,382 | ) | ||||||
Foreign exchange gain, net | 2,556 | 1,254 | ||||||||
Other income, net | 842 | 548 | ||||||||
Total non-operating expenses, net | (60,126 | ) | (35,799 | ) | ||||||
INCOME BEFORE INCOME TAX | 5,666 | 24,412 | ||||||||
INCOME TAX EXPENSE | (938 | ) | (574 | ) | ||||||
NET INCOME | 4,728 | 23,838 | ||||||||
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 35,068 | 36,791 | ||||||||
NET INCOME ATTRIBUTABLE TO | ||||||||||
MELCO CROWN ENTERTAINMENT LIMITED | $ | 39,796 | $ | 60,629 | ||||||
NET INCOME ATTRIBUTABLE TO | ||||||||||
MELCO CROWN ENTERTAINMENT LIMITED PER SHARE: | ||||||||||
Basic | $ | 0.025 | $ | 0.038 | ||||||
Diluted | $ | 0.024 | $ | 0.037 | ||||||
NET INCOME ATTRIBUTABLE TO | ||||||||||
MELCO CROWN ENTERTAINMENT LIMITED PER ADS: | ||||||||||
Basic | $ | 0.074 | $ | 0.113 | ||||||
Diluted | $ | 0.073 | $ | 0.112 | ||||||
WEIGHTED AVERAGE SHARES USED IN | ||||||||||
NET INCOME ATTRIBUTABLE TO | ||||||||||
MELCO CROWN ENTERTAINMENT LIMITED | ||||||||||
PER SHARE CALCULATION: | ||||||||||
Basic | 1,618,015,902 | 1,616,031,719 | ||||||||
Diluted | 1,626,113,586 | 1,627,484,296 | ||||||||
Melco Crown Entertainment Limited and Subsidiaries | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(In thousands of U.S. dollars) | |||||||||||
March 31, | December 31, | ||||||||||
2016 | 2015 | ||||||||||
(Unaudited) | (Audited) | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | 1,715,244 | $ | 1,611,026 | |||||||
Bank deposits with original maturity over three months | 320,493 | 724,736 | |||||||||
Restricted cash | 236,956 | 317,118 | |||||||||
Accounts receivable, net | 248,536 | 271,627 | |||||||||
Amounts due from affiliated companies | 989 | 1,175 | |||||||||
Deferred tax assets | - | 19 | |||||||||
Income tax receivable | - | 62 | |||||||||
Inventories | 33,665 | 33,074 | |||||||||
Prepaid expenses and other current assets | 62,862 | 61,324 | |||||||||
Total current assets | 2,618,745 | 3,020,161 | |||||||||
PROPERTY AND EQUIPMENT, NET | 5,764,173 | 5,760,229 | |||||||||
GAMING SUBCONCESSION, NET | 356,248 | 370,557 | |||||||||
INTANGIBLE ASSETS | 4,220 | 4,220 | |||||||||
GOODWILL | 81,915 | 81,915 | |||||||||
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS | 155,226 | 159,677 | |||||||||
DEFERRED TAX ASSETS | 43 | 83 | |||||||||
DEFERRED FINANCING COSTS, NET | 168,035 | 179,808 | |||||||||
LAND USE RIGHTS, NET | 827,428 | 833,132 | |||||||||
TOTAL ASSETS | $ | 9,976,033 | $ | 10,409,782 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | $ | 14,690 | $ | 15,588 | |||||||
Accrued expenses and other current liabilities | 936,300 | 1,056,850 | |||||||||
Income tax payable | 2,063 | 3,487 | |||||||||
Capital lease obligations, due within one year | 31,117 | 29,792 | |||||||||
Current portion of long-term debt | 156,661 | 106,505 | |||||||||
Amounts due to affiliated companies | 2,630 | 2,464 | |||||||||
Amount due to a shareholder | 434 | - | |||||||||
Total current liabilities | 1,143,895 | 1,214,686 | |||||||||
LONG-TERM DEBT | 3,811,823 | 3,856,200 | |||||||||
OTHER LONG-TERM LIABILITIES | 90,554 | 80,962 | |||||||||
DEFERRED TAX LIABILITIES | 55,018 | 55,598 | |||||||||
CAPITAL LEASE OBLIGATIONS, DUE AFTER ONE YEAR | 278,156 | 270,477 | |||||||||
SHAREHOLDERS' EQUITY | |||||||||||
Ordinary shares | 16,309 | 16,309 | |||||||||
Treasury shares | (273 | ) | (275 | ) | |||||||
Additional paid-in capital | 2,971,674 | 3,075,459 | |||||||||
Accumulated other comprehensive losses | (20,466 | ) | (21,934 | ) | |||||||
Retained earnings | 1,071,284 | 1,270,074 | |||||||||
Total Melco Crown Entertainment Limited shareholders’ equity | 4,038,528 | 4,339,633 | |||||||||
Noncontrolling interests | 558,059 | 592,226 | |||||||||
Total equity | 4,596,587 | 4,931,859 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ | 9,976,033 | $ | 10,409,782 | |||||||
Melco Crown Entertainment Limited and Subsidiaries | ||||||
Reconciliation of Net Income Attributable to Melco Crown Entertainment Limited to | ||||||
Adjusted Net Income Attributable to Melco Crown Entertainment Limited | ||||||
(In thousands of U.S. dollars, except share and per share data) | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2016 | 2015 | |||||
(Unaudited) | (Unaudited) | |||||
Net Income Attributable to | ||||||
Melco Crown Entertainment Limited | $ | 39,796 | $ | 60,629 | ||
Pre-opening Costs, Net | 296 | 26,157 | ||||
Development Costs, Net | 6 | 20 | ||||
Property Charges and Others, Net | 404 | 301 | ||||
Adjusted Net Income Attributable to | ||||||
Melco Crown Entertainment Limited | $ | 40,502 | $ | 87,107 | ||
ADJUSTED NET INCOME ATTRIBUTABLE TO | ||||||
MELCO CROWN ENTERTAINMENT LIMITED PER SHARE: | ||||||
Basic | $ | 0.025 | $ | 0.054 | ||
Diluted | $ | 0.025 | $ | 0.054 | ||
ADJUSTED NET INCOME ATTRIBUTABLE TO | ||||||
MELCO CROWN ENTERTAINMENT LIMITED PER ADS: | ||||||
Basic | $ | 0.075 | $ | 0.162 | ||
Diluted | $ | 0.075 | $ | 0.161 | ||
WEIGHTED AVERAGE SHARES USED IN ADJUSTED | ||||||
NET INCOME ATTRIBUTABLE TO | ||||||
MELCO CROWN ENTERTAINMENT LIMITED | ||||||
PER SHARE CALCULATION: | ||||||
Basic | 1,618,015,902 | 1,616,031,719 | ||||
Diluted | 1,626,113,586 | 1,627,484,296 | ||||
Melco Crown Entertainment Limited and Subsidiaries | |||||||||||||||||||||||||||||
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA | |||||||||||||||||||||||||||||
(In thousands of U.S. dollars) | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2016 | |||||||||||||||||||||||||||||
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 | $ | (19,901 | ) | $ | 3,361 | $ | 160,562 | $ | (23,329 | ) | $ | (5,437 | ) | $ | (49,464 | ) | $ | 65,792 | |||||||||||
Payments to the Philippine Parties | - | - | - | - | 7,160 | - | 7,160 | ||||||||||||||||||||||
Land Rent to Belle Corporation | - | - | - | - | 840 | - | 840 | ||||||||||||||||||||||
Pre-opening Costs | - | - | 77 | 558 | - | - | 635 | ||||||||||||||||||||||
Development Costs | - | - | - | - | - | 6 | 6 | ||||||||||||||||||||||
Depreciation and Amortization | 5,826 | 3,079 | 44,301 | 44,707 | 24,275 | 17,796 | 139,984 | ||||||||||||||||||||||
Share-based Compensation | (82 | ) | 34 | 473 | 124 | 1,775 | 3,213 | 5,537 | |||||||||||||||||||||
Property Charges and Others | 197 | - | 191 | - | - | 16 | 404 | ||||||||||||||||||||||
Adjusted EBITDA | (13,960 | ) | 6,474 | 205,604 | 22,060 | 28,613 | (28,433 | ) | 220,358 | ||||||||||||||||||||
Corporate and Others Expenses | - | - | - | - | - | 28,433 | 28,433 | ||||||||||||||||||||||
Adjusted Property EBITDA | $ | (13,960 | ) | $ | 6,474 | $ | 205,604 | $ | 22,060 | $ | 28,613 | $ | - | $ | 248,791 | ||||||||||||||
Three Months Ended March 31, 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 | $ | (59 | ) | $ | 5,128 | $ | 182,719 | $ | (23,718 | ) | $ | (50,363 | ) | $ | (53,496 | ) | $ | 60,211 | |||||||||||
Payments to the Philippine Parties | - | - | - | - | 3,136 | - | 3,136 | ||||||||||||||||||||||
Land Rent to Belle Corporation | - | - | - | - | 894 | - | 894 | ||||||||||||||||||||||
Pre-opening Costs | - | - | 361 | 12,334 | 26,201 | 2,382 | 41,278 | ||||||||||||||||||||||
Development Costs | - | - | - | - | - | 20 | 20 | ||||||||||||||||||||||
Depreciation and Amortization | 6,862 | 3,132 | 52,156 | 10,893 | 21,305 | 16,356 | 110,704 | ||||||||||||||||||||||
Share-based Compensation | 30 | 21 | 262 | 29 | 1,703 | 2,766 | 4,811 | ||||||||||||||||||||||
Property Charges and Others | - | - | 301 | - | - | - | 301 | ||||||||||||||||||||||
Adjusted EBITDA | 6,833 | 8,281 | 235,799 | (462 | ) | 2,876 | (31,972 | ) | 221,355 | ||||||||||||||||||||
Corporate and Others Expenses | - | - | - | - | - | 31,972 | 31,972 | ||||||||||||||||||||||
Adjusted Property EBITDA | $ | 6,833 | $ | 8,281 | $ | 235,799 | $ | (462 | ) | $ | 2,876 | $ | - | $ | 253,327 | ||||||||||||||
Melco Crown Entertainment Limited and Subsidiaries | ||||||||||||||||
Reconciliation of Adjusted EBITDA and Adjusted Property EBITDA to | ||||||||||||||||
Net Income Attributable to Melco Crown Entertainment Limited | ||||||||||||||||
(In thousands of U.S. dollars) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2016 | 2015 | |||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Adjusted Property EBITDA | $ | 248,791 | $ | 253,327 | ||||||||||||
Corporate and Others Expenses | (28,433 | ) | (31,972 | ) | ||||||||||||
Adjusted EBITDA | 220,358 | 221,355 | ||||||||||||||
Payments to the Philippine Parties | (7,160 | ) | (3,136 | ) | ||||||||||||
Land Rent to Belle Corporation | (840 | ) | (894 | ) | ||||||||||||
Pre-opening Costs | (635 | ) | (41,278 | ) | ||||||||||||
Development Costs | (6 | ) | (20 | ) | ||||||||||||
Depreciation and Amortization | (139,984 | ) | (110,704 | ) | ||||||||||||
Share-based Compensation | (5,537 | ) | (4,811 | ) | ||||||||||||
Property Charges and Others | (404 | ) | (301 | ) | ||||||||||||
Interest and Other Non-Operating Expenses, Net | (60,126 | ) | (35,799 | ) | ||||||||||||
Income Tax Expense | (938 | ) | (574 | ) | ||||||||||||
Net Income | 4,728 | 23,838 | ||||||||||||||
Net Loss Attributable to Noncontrolling Interests | 35,068 | 36,791 | ||||||||||||||
Net Income Attributable to Melco Crown Entertainment Limited | $ | 39,796 | $ | 60,629 | ||||||||||||
Melco Crown Entertainment Limited and Subsidiaries | ||||||||||||||||||||
Supplemental Data Schedule | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, | ||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||
Room Statistics: | ||||||||||||||||||||
Altira Macau | ||||||||||||||||||||
Average daily rate (3) | $ | 208 | $ | 228 | ||||||||||||||||
Occupancy per available room | 95 | % | 99 | % | ||||||||||||||||
Revenue per available room (4) | $ | 197 | $ | 225 | ||||||||||||||||
City of Dreams | ||||||||||||||||||||
Average daily rate (3) | $ | 197 | $ | 206 | ||||||||||||||||
Occupancy per available room | 94 | % | 99 | % | ||||||||||||||||
Revenue per available room (4) | $ | 185 | $ | 203 | ||||||||||||||||
Studio City | ||||||||||||||||||||
Average daily rate (3) | $ | 137 | N/A | |||||||||||||||||
Occupancy per available room | 96 | % | N/A | |||||||||||||||||
Revenue per available room (4) | $ | 131 | N/A | |||||||||||||||||
City of Dreams Manila | ||||||||||||||||||||
Average daily rate (3) | $ | 157 | $ | 227 | ||||||||||||||||
Occupancy per available room | 86 | % | 76 | % | ||||||||||||||||
Revenue per available room (4) | $ | 135 | $ | 173 | ||||||||||||||||
Other Information: | ||||||||||||||||||||
Altira Macau | ||||||||||||||||||||
Average number of table games | 127 | 121 | ||||||||||||||||||
Average number of gaming machines | 62 | 59 | ||||||||||||||||||
Table games win per unit per day (5) | $ | 12,823 | $ | 19,470 | ||||||||||||||||
Gaming machines win per unit per day (6) | $ | 91 | $ | 81 | ||||||||||||||||
City of Dreams | ||||||||||||||||||||
Average number of table games | 500 | 506 | ||||||||||||||||||
Average number of gaming machines | 1,072 | 1,265 | ||||||||||||||||||
Table games win per unit per day (5) | $ | 15,648 | $ | 19,021 | ||||||||||||||||
Gaming machines win per unit per day (6) | $ | 364 | $ | 380 | ||||||||||||||||
Studio City | ||||||||||||||||||||
Average number of table games | 246 | N/A | ||||||||||||||||||
Average number of gaming machines | 1,113 | N/A | ||||||||||||||||||
Table games win per unit per day (5) | $ | 5,561 | N/A | |||||||||||||||||
Gaming machines win per unit per day (6) | $ | 146 | N/A | |||||||||||||||||
City of Dreams Manila | ||||||||||||||||||||
Average number of table games | 277 | 231 | ||||||||||||||||||
Average number of gaming machines | 1,656 | 1,745 | ||||||||||||||||||
Table games win per unit per day (5) | $ | 2,959 | $ | 1,241 | ||||||||||||||||
Gaming machines win per unit per day (6) | $ | 183 | $ | 145 | ||||||||||||||||
(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 |