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Net revenue for the third quarter of 2012 was
Adjusted EBITDA<1> was
On a U.S. GAAP basis, net income attributable to
Mr.
"Altira Macau's underlying operating performance has stabilized following the implementation of our successful table optimization strategy. We are focused on fully leveraging this unique and luxurious property, ensuring we maximize its strong potential and drive long term value.
"We also continue to make meaningful progress on our pipeline of development opportunities. In relation to Studio City, we have made significant construction progress, with our piling and foundation work nearly completed, and we have now engaged our main contractor on a fixed price contract basis, giving us greater certainty and control over the project's cost. We also reached a major milestone in relation to the funding for Studio City, with our senior secured credit facilities now in syndication following the recent signing of a commitment letter. We anticipate that our debt financing package, once finalized, together with cash equity contributions from the shareholders of Studio City, will provide us a fully funded project.
"We also recently signed a cooperation agreement regarding the development and operation of an integrated entertainment and casino complex in
"To ensure we have maximum flexibility as it relates to our funding options, we recently completed a consent solicitation on our existing senior notes which enabled us to, among other things, release an additional
"We believe that
City of Dreams Third Quarter Results
For the third quarter of 2012, net revenue at City of Dreams was
The year-over-year improvement in Adjusted EBITDA was primarily a result of strong improvements in the mass market segments, including a 30% year-over-year increase in mass table games gross gaming revenue, partially offset by a decline in rolling chip volumes.
Rolling chip volume for the third quarter of 2012 was
Mass market table games drop increased 22% to
Slot handle for the third quarter of 2012 was
Total non-gaming revenue at City of Dreams in the third quarter of 2012 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 2012 was
Mocha Clubs Third Quarter Results
Net revenue from
The number of gaming machines in operation at
Other Factors Affecting Earnings
Total non-operating expense for the third quarter of 2012 was
Depreciation and amortization costs of
Financial Position and Capital Expenditure
Cash and cash equivalents as of
Capital expenditures for the third quarter of 2012 were
Nine Months' Results
For the nine months ended
Adjusted EBITDA for the first nine months of 2012 was
On a U.S. GAAP basis, net income attributable to
Conference Call Information
US Toll Free | 1 866 519 4004 |
US Toll / International | 1 718 354 1231 |
HK Toll | 852 2475 0994 |
HK Toll Free | 800 930 346 |
UK Toll Free | 080 823 46646 |
Australia Toll Free | 1 800 457 076 |
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 |
Conference ID | 63860593 |
Safe Harbor Statement
This announcement 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, other non-operating income and expenses and net loss attributable to non-controlling interests. "Adjusted property EBITDA" is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and others, share-based compensation, corporate and other expenses, other non-operating income and expenses and net loss attributable to non-controlling interests. 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. generally accepted accounting principles ("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 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 GAAP measurements, to assist in the evaluation of operating performance. Such GAAP measurements include operating income (loss), net income (loss), 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 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, change in fair value of interest rate swap agreements, reclassification of accumulated losses of interest rate swap agreements from accumulated other comprehensive losses and loss on extinguishment of debt. Adjusted net income and adjusted net income 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 GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income with the most comparable financial measures calculated and presented in accordance with GAAP are provided herein immediately following the financial statements included in this press release.
About
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 September 30, |
Nine Months Ended September 30, |
|||
2012 | 2011 | 2012 | 2011 | |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
OPERATING REVENUES | ||||
Casino | $ 972,530 | $ 1,017,780 | $ 2,869,364 | $ 2,710,141 |
Rooms | 29,379 | 26,491 | 86,847 | 75,814 |
Food and beverage | 18,767 | 15,221 | 51,463 | 44,550 |
Entertainment, retail and others | 25,571 | 22,207 | 68,598 | 63,386 |
Gross revenues | 1,046,247 | 1,081,699 | 3,076,272 | 2,893,891 |
Less: promotional allowances | (35,415) | (25,742) | (100,070) | (71,392) |
Net revenues | 1,010,832 | 1,055,957 | 2,976,202 | 2,822,499 |
OPERATING COSTS AND EXPENSES | ||||
Casino | (705,967) | (733,333) | (2,067,665) | (2,007,096) |
Rooms | (3,669) | (4,857) | (11,255) | (13,881) |
Food and beverage | (6,633) | (8,470) | (20,998) | (25,013) |
Entertainment, retail and others | (15,133) | (14,378) | (45,897) | (43,536) |
General and administrative | (55,518) | (57,221) | (164,149) | (161,535) |
Pre-opening costs | (1,551) | (207) | (4,851) | (1,492) |
Development costs | (3,345) | -- | (3,913) | (1,110) |
Amortization of gaming subconcession | (14,309) | (14,309) | (42,928) | (42,928) |
Amortization of land use rights | (15,797) | (10,743) | (44,115) | (20,506) |
Depreciation and amortization | (63,966) | (65,106) | (196,094) | (193,242) |
Property charges and others | (426) | -- | (4,042) | (1,025) |
Total operating costs and expenses | (886,314) | (908,624) | (2,605,907) | (2,511,364) |
OPERATING INCOME | 124,518 | 147,333 | 370,295 | 311,135 |
NON-OPERATING EXPENSES | ||||
Interest expenses, net | (23,725) | (30,656) | (69,787) | (84,652) |
Other finance costs | (3,368) | (3,386) | (10,350) | (12,067) |
Reclassification of accumulated losses of | ||||
interest rate swap agreements from accumulated other comprehensive losses | -- | -- | -- | (4,310) |
Change in fair value of interest rate swap agreements | -- | 3,294 | 363 | 3,294 |
Foreign exchange gain (loss), net | 1,710 | (2,747) | 3,349 | (2,556) |
Listing expenses | -- | (4,160) | -- | (4,160) |
Other income, net | 510 | 725 | 1,644 | 2,789 |
Loss on extinguishment of debt | -- | -- | -- | (25,193) |
Total non-operating expenses | (24,873) | (36,930) | (74,781) | (126,855) |
INCOME BEFORE INCOME TAX | 99,645 | 110,403 | 295,514 | 184,280 |
INCOME TAX CREDIT | 823 | 799 | 1,865 | 730 |
NET INCOME | 100,468 | 111,202 | 297,379 | 185,010 |
NET LOSS ATTRIBUTABLE TO | ||||
NONCONTROLLING INTERESTS | 4,401 | 2,100 | 11,843 | 2,100 |
NET INCOME ATTRIBUTABLE TO | ||||
MELCO CROWN ENTERTAINMENT LIMITED | $ 104,869 | $ 113,302 | $ 309,222 | $ 187,110 |
NET INCOME ATTRIBUTABLE TO | ||||
MELCO CROWN ENTERTAINMENT | ||||
LIMITED PER SHARE: | ||||
Basic | $ 0.064 | $ 0.071 | $ 0.188 | $ 0.117 |
Diluted | $ 0.063 | $ 0.070 | $ 0.187 | $ 0.116 |
NET INCOME ATTRIBUTABLE TO | ||||
MELCO CROWN ENTERTAINMENT | ||||
LIMITED PER ADS: | ||||
Basic | $ 0.191 | $ 0.212 | $ 0.564 | $ 0.351 |
Diluted | $ 0.190 | $ 0.210 | $ 0.560 | $ 0.348 |
WEIGHTED AVERAGE SHARES USED IN | ||||
NET INCOME ATTRIBUTABLE TO | ||||
MELCO CROWN ENTERTAINMENT LIMITED PER SHARE CALCULATION: | ||||
Basic | 1,646,073,794 | 1,601,261,780 | 1,644,954,427 | 1,600,181,191 |
Diluted | 1,658,032,982 | 1,615,555,907 | 1,657,593,494 | 1,613,038,355 |
Melco Crown Entertainment Limited and Subsidiaries | ||
Condensed Consolidated Balance Sheets | ||
(In thousands of U.S. dollars) | ||
September 30, 2012 |
December 31, 2011 |
|
(Unaudited) | (Audited) | |
ASSETS | ||
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,737,132 | $ 1,158,024 |
Restricted cash | 364,896 | -- |
Accounts receivable, net | 273,348 | 306,500 |
Amounts due from affiliated companies | 349 | 1,846 |
Amount due from a shareholder | 1 | 6 |
Income tax receivable | 7 | -- |
Inventories | 15,346 | 15,258 |
Prepaid expenses and other current assets | 33,031 | 23,882 |
Total current assets | 2,424,110 | 1,505,516 |
PROPERTY AND EQUIPMENT, NET | 2,670,921 | 2,655,429 |
GAMING SUBCONCESSION, NET | 556,577 | 599,505 |
INTANGIBLE ASSETS, NET | 4,220 | 4,220 |
GOODWILL | 81,915 | 81,915 |
LONG-TERM PREPAYMENT, DEPOSITS AND OTHER ASSETS | 70,912 | 72,858 |
RESTRICTED CASH | -- | 364,807 |
DEFERRED TAX ASSETS | 97 | 24 |
DEFERRED FINANCING COSTS | 33,379 | 42,738 |
LAND USE RIGHTS, NET | 1,005,780 | 942,968 |
TOTAL | $ 6,847,911 | $ 6,269,980 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
CURRENT LIABILITIES | ||
Accounts payable | $ 11,324 | $ 12,023 |
Accrued expenses and other current liabilities | 766,247 | 588,719 |
Income tax payable | 2,011 | 1,240 |
Current portion of long-term debt | 787,949 | -- |
Amounts due to affiliated companies | 971 | 1,137 |
Total current liabilities | 1,568,502 | 603,119 |
LONG-TERM DEBT | 1,580,345 | 2,325,980 |
OTHER LONG-TERM LIABILITIES | 6,168 | 27,900 |
DEFERRED TAX LIABILITIES | 67,158 | 70,028 |
LAND USE RIGHTS PAYABLE | 71,358 | 55,301 |
SHAREHOLDERS' EQUITY | ||
Ordinary shares | 16,581 | 16,531 |
Treasury shares | (119) | (106) |
Additional paid-in capital | 3,232,566 | 3,223,274 |
Accumulated other comprehensive losses | (1,014) | (1,034) |
Retained earnings (accumulated losses) | 26,712 | (282,510) |
Total Melco Crown Entertainment Limited shareholders' equity | 3,274,726 | 2,956,155 |
Noncontrolling interests | 279,654 | 231,497 |
Total equity | 3,554,380 | 3,187,652 |
TOTAL | $ 6,847,911 | $ 6,269,980 |
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 September 30, |
Nine Months Ended September 30, |
|||
2012 | 2011 | 2012 | 2011 | |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Net Income Attributable to | ||||
Melco Crown Entertainment Limited | $ 104,869 | $ 113,302 | $ 309,222 | $ 187,110 |
Pre-opening Costs | 1,551 | 207 | 4,851 | 1,492 |
Development Costs | 3,345 | -- | 3,913 | 1,110 |
Property Charges and Others | 426 | -- | 4,042 | 1,025 |
Reclassification of accumulated losses of | ||||
interest rate swap agreements from accumulated other comprehensive losses | -- | -- | -- | 4,310 |
Change in fair value of interest rate swap agreements | -- | (3,294) | (363) | (3,294) |
Loss on extinguishment of debt | -- | -- | -- | 25,193 |
Adjusted Net Income Attributable to | ||||
Melco Crown Entertainment Limited | $ 110,191 | $ 110,215 | $ 321,665 | $ 216,946 |
ADJUSTED NET INCOME ATTRIBUTABLE TO | ||||
MELCO CROWN ENTERTAINMENT | ||||
LIMITED PER SHARE: | ||||
Basic | $ 0.067 | $ 0.069 | $ 0.196 | $ 0.136 |
Diluted | $ 0.066 | $ 0.068 | $ 0.194 | $ 0.134 |
ADJUSTED NET INCOME ATTRIBUTABLE TO | ||||
MELCO CROWN ENTERTAINMENT | ||||
LIMITED PER ADS: | ||||
Basic | $ 0.201 | $ 0.206 | $ 0.587 | $ 0.407 |
Diluted | $ 0.199 | $ 0.205 | $ 0.582 | $ 0.403 |
WEIGHTED AVERAGE SHARES USED IN | ||||
ADJUSTED NET INCOME ATTRIBUTABLE TO | ||||
MELCO CROWN ENTERTAINMENT LIMITED | ||||
PER SHARE CALCULATION: | ||||
Basic | 1,646,073,794 | 1,601,261,780 | 1,644,954,427 | 1,600,181,191 |
Diluted | 1,658,032,982 | 1,615,555,907 | 1,657,593,494 | 1,613,038,355 |
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, 2012 | ||||||
Altira Macau | Mocha | City of Dreams | Studio City | Corporate and Other | Total | |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Operating Income (Loss) | $ 21,674 | $ 5,865 | $ 147,757 | $ (11,912) | $ (38,866) | $124,518 |
Pre-opening Costs | -- | -- | 715 | 836 | -- | 1,551 |
Development Costs | -- | -- | -- | -- | 3,345 | 3,345 |
Depreciation and Amortization | 8,118 | 3,224 | 55,141 | 10,883 | 16,706 | 94,072 |
Share-based Compensation | 28 | 38 | 150 | -- | 2,254 | 2,470 |
Property Charges and Others | -- | 224 | 202 | -- | -- | 426 |
Adjusted EBITDA | 29,820 | 9,351 | 203,965 | (193) | (16,561) | 226,382 |
Corporate and Other Expenses | -- | -- | -- | -- | 16,561 | 16,561 |
Adjusted Property EBITDA | $ 29,820 | $ 9,351 | $ 203,965 | $ (193) | $ -- | $ 242,943 |
Three Months Ended September 30, 2011 | ||||||
Altira Macau | Mocha | City of Dreams | Studio City | Corporate and Other | Total | |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Operating Income (Loss) | $ 69,342 | $ 6,127 | $ 113,581 | $ (5,999) | $ (35,718) | $147,333 |
Pre-opening Costs | -- | 197 | 10 | -- | -- | 207 |
Depreciation and Amortization | 9,525 | 2,554 | 56,663 | 5,862 | 15,554 | 90,158 |
Share-based Compensation | 81 | 47 | 215 | -- | 2,218 | 2,561 |
Adjusted EBITDA | 78,948 | 8,925 | 170,469 | (137) | (17,946) | 240,259 |
Corporate and Other Expenses | -- | -- | -- | -- | 17,946 | 17,946 |
Adjusted Property EBITDA | $ 78,948 | $ 8,925 | $ 170,469 | $ (137) | $ -- | $ 258,205 |
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, |
||
2012 | 2011 | |
(Unaudited) | (Unaudited) | |
Adjusted Property EBITDA | $ 242,943 | $ 258,205 |
Corporate and Other Expenses | (16,561) | (17,946) |
Adjusted EBITDA | 226,382 | 240,259 |
Pre-opening Costs | (1,551) | (207) |
Development Costs | (3,345) | -- |
Depreciation and Amortization | (94,072) | (90,158) |
Share-based Compensation | (2,470) | (2,561) |
Property Charges and Others | (426) | -- |
Interest and Other Non-Operating Expenses, Net | (24,873) | (36,930) |
Income Tax Credit | 823 | 799 |
Net Income | 100,468 | 111,202 |
Net Loss Attributable to Noncontrolling Interests | 4,401 | 2,100 |
Net Income Attributable to Melco Crown Entertainment Limited | $ 104,869 | $ 113,302 |
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, 2012 | ||||||
Altira Macau | Mocha | City of Dreams | Studio City | Corporate and Other | Total | |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Operating Income (Loss) | $ 84,059 | $ 17,480 | $ 412,344 | $ (31,760) | $ (111,828) | $ 370,295 |
Pre-opening Costs | -- | 16 | 2,845 | 1,990 | -- | 4,851 |
Development Costs | -- | -- | -- | -- | 3,913 | 3,913 |
Depreciation and Amortization | 26,749 | 9,730 | 169,725 | 29,375 | 47,558 | 283,137 |
Share-based Compensation | 76 | 100 | 376 | -- | 5,950 | 6,502 |
Property Charges and Others | -- | 671 | 957 | -- | 2,414 | 4,042 |
Adjusted EBITDA | 110,884 | 27,997 | 586,247 | (395) | (51,993) | 672,740 |
Corporate and Other Expenses | -- | -- | -- | -- | 51,993 | 51,993 |
Adjusted Property EBITDA | $ 110,884 | $ 27,997 | $ 586,247 | $ (395) | $ -- | $ 724,733 |
Nine Months Ended September 30, 2011 | ||||||
Altira Macau | Mocha | City of Dreams | Studio City | Corporate and Other | Total | |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Operating Income (Loss) | $ 164,101 | $ 22,112 | $ 238,283 | $ (5,999) | $ (107,362) | $ 311,135 |
Pre-opening Costs | 35 | 197 | 1,260 | -- | -- | 1,492 |
Development Costs | -- | -- | -- | -- | 1,110 | 1,110 |
Depreciation and Amortization | 28,763 | 7,852 | 167,690 | 5,862 | 46,509 | 256,676 |
Share-based Compensation | 181 | 128 | 588 | -- | 5,520 | 6,417 |
Property Charges and Others | -- | 25 | -- | -- | 1,000 | 1,025 |
Adjusted EBITDA | 193,080 | 30,314 | 407,821 | (137) | (53,223) | 577,855 |
Corporate and Other Expenses | -- | -- | -- | -- | 53,223 | 53,223 |
Adjusted Property EBITDA | $ 193,080 | $ 30,314 | $ 407,821 | $ (137) | $ -- | $ 631,078 |
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, |
||
2012 | 2011 | |
(Unaudited) | (Unaudited) | |
Adjusted Property EBITDA | $ 724,733 | $ 631,078 |
Corporate and Other Expenses | (51,993) | (53,223) |
Adjusted EBITDA | 672,740 | 577,855 |
Pre-opening Costs | (4,851) | (1,492) |
Development Costs | (3,913) | (1,110) |
Depreciation and Amortization | (283,137) | (256,676) |
Share-based Compensation | (6,502) | (6,417) |
Property Charges and Others | (4,042) | (1,025) |
Interest and Other Non-Operating Expense, Net | (74,781) | (126,855) |
Income Tax Credit | 1,865 | 730 |
Net Income | 297,379 | 185,010 |
Net Loss Attributable to Noncontrolling Interests | 11,843 | 2,100 |
Net Income Attributable to Melco Crown Entertainment Limited | $ 309,222 | $ 187,110 |
Melco Crown Entertainment Limited and Subsidiaries | ||||
Supplemental Data Schedule | ||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||
2012 | 2011 | 2012 | 2011 | |
Room Statistics: | ||||
Altira Macau | ||||
Average daily rate (3) | $ 215 | $ 192 | $ 219 | $ 196 |
Occupancy per available room | 98% | 98% | 97% | 97% |
Revenue per available room (4) | $ 210 | $ 188 | $ 213 | $ 191 |
City of Dreams | ||||
Average daily rate (3) | $ 180 | $ 170 | $ 183 | $ 170 |
Occupancy per available room | 95% | 93% | 92% | 90% |
Revenue per available room (4) | $ 171 | $ 159 | $ 168 | $ 154 |
Other Information: | ||||
Altira Macau | ||||
Average number of table games | 172 | 200 | 182 | 204 |
Table games win per unit per day (5) | $ 19,895 | $ 24,621 | $ 19,645 | $ 22,759 |
City of Dreams | ||||
Average number of table games | 447 | 424 | 443 | 419 |
Average number of gaming machines | 1,475 | 1,435 | 1,410 | 1,340 |
Table games win per unit per day (5) | $ 21,094 | $ 20,962 | $ 20,636 | $ 18,907 |
Gaming machines win per unit per day (6) | $ 278 | $ 260 | $ 305 | $ 277 |
(3) Average daily rate is calculated by dividing total room revenue by total occupied rooms | ||||
(4) Revenue per available room is calculated by dividing total room revenue 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 |