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Net revenue for the second quarter of 2015 was
Adjusted property EBITDA(1) was
On a U.S. GAAP basis, net income attributable to
Mr.
"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
"The imminent opening of
"We are very excited about
"
"
"In
City of Dreams Second Quarter Results
For the quarter ended
Rolling chip volume totaled
Mass market table games drop decreased to
Gaming machine handle for the second quarter of 2015 was
Total non-gaming revenue at City of Dreams in the second quarter of 2015 was
Altira Macau Second Quarter Results
For the quarter ended
Rolling chip volume totaled
In the mass market table games segment, drop totaled
Gaming machine handle for the second quarter of 2015 was
Total non-gaming revenue at Altira Macau in the second quarter of 2015 was
Mocha Clubs Second Quarter Results
Net revenue from
The number of gaming machines in operation at
City of Dreams Manila Second Quarter Results
For the second quarter of 2015, net revenue at City of Dreams Manila was
Rolling chip volume totaled
Mass market table games drop was
Gaming machine handle for the second quarter of 2015 was
Total non-gaming revenue at City of Dreams Manila in the second quarter of 2015 was
Other Factors Affecting Earnings
Total net non-operating expenses for the second quarter of 2015 were
The year-on-year decrease of
Depreciation and amortization costs of
Financial Position and Capital Expenditure
Total cash and bank balances as of
Capital expenditures for the second quarter of 2015 were
Dividend Declaration
On
Community Support and Investment
As an employer of choice with a strong and deep heritage in
-
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 toThe House of Dancing Water show every day to theMacau 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 localMacau people and to inspire insights on the curriculum preparation to meet the demands ofMacau'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 theUniversity 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 fromTable Games Department completed their high school diploma after three years of perseverance. The program wasMacau'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 localMacau student won an internship at the headquarters ofZaha Hadid Architects inLondon at the Dare to Dreams Zaha Hadid Design Contest.
-
To share with the community the pride of
-
To share with the community the pride of
Macau and further demonstrate our strength in unique entertainment offerings, we are offering 100 tickets toThe House of Dancing Water show every day to theMacau community, with priority given to the youth, elderly and other underprivileged segments of the community.
Scheduled Opening of
As we, being the majority shareholder, are preparing for the opening of
Situated in the heart of Cotai and adjacent to the
Entertainment:
-
Golden Reel – This world's highest 'Figure-8' Ferris wheel raises some 130 meters high, betweenStudio City's stunning, Art Deco-inspired twin hotel towers.
-
Batman Dark Flight – In collaboration with
Warner Bros . andDC 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 favoriteWarner 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 inMacau 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 toMacau andGreater China for the very first time.
Accommodation:
Dining:
Retail: Merchandised, marketed and managed by Taubman Asia, The
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 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
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 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
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 | Six Months Ended | |||
June 30, | 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) |
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) |
(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 |
Melco Crown Entertainment Limited and Subsidiaries | ||
Condensed Consolidated Balance Sheets | ||
(In thousands of U.S. dollars) | ||
June 30, | December 31, | |
2015 | 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 |
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 LIMITED PER SHARE: | ||||
Basic | $0.027 | $0.099 | $0.081 | $0.250 |
Diluted | $0.027 | $0.098 | $0.081 | $0.248 |
ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER ADS: | ||||
Basic | $0.082 | $0.297 | $0.244 | $0.750 |
Diluted | $0.082 | $0.295 | $0.242 | $0.744 |
WEIGHTED AVERAGE SHARES USED IN | ||||
ADJUSTED 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 |
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 |
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 |
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 |
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 |
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 |