Melco Crown Entertainment Announces Unaudited Third Quarter 2013 Earnings

MACAU, Nov. 5, 2013 (GLOBE NEWSWIRE) -- Melco Crown Entertainment Limited ("Melco Crown Entertainment" or "the Company") (SEHK:6883) (Nasdaq:MPEL), a developer and owner of casino gaming and entertainment resort facilities in Asia, today reported its unaudited financial results for the third quarter of 2013.

Net revenue for the third quarter of 2013 was US$1,252.7 million, representing an increase of approximately 24% from US$1,010.8 million for the comparable period in 2012. The increase in net revenue was primarily attributable to improved group-wide gaming performance, particularly in the mass market table games segment.

Adjusted EBITDA <1> was US$315.2 million for the third quarter of 2013, as compared to Adjusted EBITDA of US$226.4 million in the third quarter of 2012. The 39% year-over-year increase in Adjusted EBITDA was driven by significant growth in the mass market table games segment at City of Dreams, as well as improved group-wide rolling chip volume and a committed approach to controlling costs, partially offset by a lower rolling chip win rate.

On a U.S. GAAP basis, net income attributable to Melco Crown Entertainment for the third quarter of 2013 was US$179.4 million, or US$0.33 per ADS, compared with net income attributable to Melco Crown Entertainment of US$104.9 million, or US$0.19 per ADS, in the third quarter of 2012. The net loss attributable to non-controlling interests during the third quarter of 2013 of US$15.6 million related to Studio City and City of Dreams Manila.

Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment, commented, "I am pleased to report another successful quarter, with strong growth in our core segments driving record fundamental performance.

"Our committed focus on the mass market segments, particularly at the higher end of the market where we have a significant competitive advantage, continues to drive our Company's overall profitability and outperformance in the mass market table games segment. Our premium mass offerings continue to lead the way in Macau, with City of Dreams further extending its number one position in this increasingly important segment, as is evident in the property's leading mass market table yields.

"Studio City remains on budget and on track to open in mid-2015 with clear progress being made on the main superstructure following the successful completion of the foundation and piling work. This cinematically-themed integrated resort located in Cotai represents a powerful and complementary addition to our current portfolio of operating assets in Macau, offering a unique array of entertainment and interactive attractions which will cater to a broad range of customers in Macau and help drive diversification of the Macau economy.

"We recently announced City of Dreams Manila as the brand of our integrated casino resort in the Philippines which, together with an ultra-luxurious Crown Towers branded hotel, demonstrates our commitment and confidence in this exciting leisure and entertainment market. We believe our experience in developing and operating integrated resorts in Asia, our unique competitive position in the VIP segments and experience in delivering world-class entertainment, together with our strong local partner, means we are in a unique position to capitalize on the economic growth in the Philippines and the region, and support the Philippine Government's leisure and tourism objectives.

"City of Dreams Manila is Melco Crown Entertainment's first foray outside of Macau, representing the next step in our mission of becoming the leading gaming and entertainment company in the region. We continue to investigate opportunities in other key Asian markets where they meet our strict approach to the deployment of capital, including Japan.

"Clear progress is being made on the various and wide-ranging infrastructure programs both in Macau and regionally, which continue to support visitation and the mass market segments in general. The Macau market has delivered impressive growth year-to-date across all gaming segments, showing the market's unique position to cater to the expanding Asian middle class and, in particular, the inevitable shift to a consumer-led economy in China."

City of Dreams Third Quarter Results

For the third quarter of 2013, net revenue at City of Dreams was US$958.3 million compared to US$747.4 million in the third quarter of 2012. City of Dreams generated Adjusted EBITDA of US$298.4 million in the third quarter of 2013, representing an increase of 46% compared to US$204.0 million in the comparable period of 2012.

The strong year-over-year improvement in third quarter Adjusted EBITDA was primarily a result of strong improvements in the mass market segments, including a 73% year-over-year increase in mass table games gross gaming revenue, together with an increase in rolling chip volumes, partially offset by a lower rolling chip win rate.

Rolling chip volume for the third quarter of 2013 was US$22.8 billion, representing an increase of 17% when compared to rolling chip volume of US$19.5 billion for the comparable period of 2012. The rolling chip win rate was 3.0% in the third quarter of 2013 compared to 3.2% in the third quarter of 2012. The expected rolling chip win rate range is 2.7%-3.0%.

Mass market table games drop increased 36% to US$1,213.2 million compared with US$889.8 million in the third quarter of 2012. The mass market table games hold percentage was 34.8% in the third quarter of 2013 compared to 27.4% in the third quarter of 2012.

Slot handle for the third quarter of 2013 was US$1,242.5 million, up 52% from US$816.3 million generated in the quarter ended September 30, 2012.

Total non-gaming revenue at City of Dreams in the third quarter of 2013 was US$70.9 million, an increase of 12% from US$63.6 million in the third quarter of 2012. Occupancy per available room in the third quarter of 2013 was 97%, versus 95% in the third quarter of 2012. The average daily rate ("ADR") in the third quarter of 2013 was US$185 per occupied room, an increase of 3% from an ADR of US$180 in the third quarter of 2012.

Altira Macau Third Quarter Results

For the quarter ended September 30, 2013, net revenue at Altira Macau was US$242.4 million compared to US$215.7 million in the third quarter of 2012. Altira Macau generated Adjusted EBITDA of US$29.8 million in the third quarter of 2013, in-line with the same period in 2012.

Rolling chip volume totaled US$10.8 billion in the third quarter of 2013 versus US$11.0 billion in the third quarter of 2012. In the third quarter of 2013, the rolling chip win rate was 2.9%, as compared to 2.6% for the comparable period in 2012. The expected rolling chip win rate range is 2.7%-3.0%.

In the mass market table games segment, drop totaled US$181.9 million in the third quarter of 2013, an increase of 18% from US$153.8 million generated in the comparable period in 2012. The mass market table games hold percentage was 14.9% in the third quarter of 2013 compared with 15.8% in the third quarter of last year.

Total non-gaming revenue at Altira Macau in the third quarter of 2013 was US$9.2 million, up from US$8.4 million in the third quarter of 2012. Occupancy per available room in the third quarter of 2013 was 99%, compared with 98% for the comparable period in 2012. ADR was US$223 per occupied room, compared to US$215 in the third quarter of 2012, an increase of 4%.

Mocha Clubs Third Quarter Results

Net revenue from Mocha Clubs totaled US$38.6 million in the third quarter of 2013, up 9% from US$35.5 million in the third quarter of 2012. Mocha Clubs generated US$11.2 million of Adjusted EBITDA in the third quarter of 2013, an increase of 20% when compared to Adjusted EBITDA of US$9.4 million in the same period in 2012.

The number of gaming machines in operation at Mocha Clubs averaged approximately 2,000 in the third quarter of 2013, in-line with the comparable period in 2012. The net win per gaming machine per day was US$218 in the quarter ended September 30, 2013, as compared with US$188 in the comparable period in 2012, an increase of 16%.

City of Dreams Manila Third Quarter Results

On a fully consolidated basis, we incurred approximately US$5.7 million of operating expenses in the third quarter of 2013 at City of Dreams Manila, which primarily relate to pre-opening costs as well as share based compensation cost, and recorded a net loss of approximately US$15.4 million as a result of the operating expenses and approximately US$9.8 million of capital lease charges relating to building lease payments incurred during the third quarter of 2013.

Other Factors Affecting Earnings

Total non-operating expense for the third quarter of 2013 was US$44.4 million, which included US$34.6 million in net interest expense and other finance costs of US$11.4 million. There was US$8.2 million of capitalized interest during the third quarter of 2013, primarily relating to Studio City. The year-on-year increase in non-operating expenses of US$19.5 million was primarily a result of higher net interest expenses and other finance costs associated with the Studio City financing as well as the capital lease charges associated with the Philippines capital lease obligation.

Depreciation and amortization costs of US$95.7 million were recorded in the third quarter of 2013, of which US$14.3 million was related to the amortization of our gaming sub-concession and US$16.1 million was related to the amortization of land use rights.

Financial Position and Capital Expenditure

Cash and cash equivalents as of September 30, 2013 totaled US$3.1 billion, including US$1.1 billion of restricted cash, primarily related to Studio City. Total debt at the end of the third quarter of 2013 was US$2.6 billion.

Capital expenditures for the third quarter of 2013 were US$167.6 million, which predominantly relate to Studio City and City of Dreams Manila, as well as various projects at City of Dreams.

Conference Call Information

Melco Crown Entertainment will hold a conference call to discuss its third quarter 2013 financial results on November 5, 2013 at 8:30 a.m. Eastern Time (9:30 p.m. Hong Kong Time). To join the conference call, please use the dial-in details below:

US Toll Free 1 866 519 4004
US Toll / International 1 845 675 0437
HK Toll 852 2475 0994
HK Toll Free 800 930 346
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 89940998

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 U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the gaming market and visitation in Macau and the Philippines, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, and (v) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "target", "aim", "estimate", "intend", "plan", "believe", "potential", "continue", "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this release, and the Company undertakes no duty to update such information, except as required under applicable law.

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 others 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, 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 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, loss on extinguishment of debt and costs associated with debt modification. 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 Melco Crown Entertainment Limited

Melco Crown Entertainment, with its shares listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") (SEHK:6883) and its American depositary shares listed on the NASDAQ Global Select Market (Nasdaq:MPEL), is a developer and owner of casino gaming and entertainment casino resort facilities in Asia. Melco Crown Entertainment currently operates Altira Macau (www.altiramacau.com), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. Melco Crown Entertainment's business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company is also developing the planned Studio City Project, a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, Melco Crown (Philippines) Resorts Corporation's subsidiary, MCE Leisure (Philippines) Corporation, has been cooperating with SM Group's Belle Corporation to develop and operate City of Dreams Manila, a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. For more information about Melco Crown Entertainment, please visit www.melco-crown.com.

Melco Crown Entertainment has strong support from both of its major shareholders, Melco International Development Limited ("Melco") and Crown Limited ("Crown"). Melco is a listed company on the Hong Kong Stock Exchange and is substantially owned and led by Mr. Lawrence Ho, who is Co-Chairman, an Executive Director and the CEO of Melco Crown Entertainment. Crown is a top-50 company listed on the Australian Securities Exchange and led by Executive Chairman Mr. James Packer, who is also Co-Chairman and a Non-executive Director of Melco Crown Entertainment.

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,
2013 2012 2013 2012
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
OPERATING REVENUES
Casino $ 1,211,933 $ 972,530 $ 3,585,712 $ 2,869,364
Rooms 31,766 29,379 94,114 86,847
Food and beverage 20,060 18,767 57,948 51,463
Entertainment, retail and others 30,065 25,571 75,995 68,598
Gross revenues 1,293,824 1,046,247 3,813,769 3,076,272
Less: promotional allowances (41,158) (35,415) (121,151) (100,070)
Net revenues 1,252,666 1,010,832 3,692,618 2,976,202
OPERATING COSTS AND EXPENSES
Casino (846,859) (705,967) (2,519,605) (2,067,665)
Rooms (3,240) (3,669) (9,249) (11,255)
Food and beverage (6,544) (6,633) (20,424) (20,998)
Entertainment, retail and others (16,169) (15,133) (47,237) (45,897)
General and administrative (69,648) (55,518) (187,481) (164,149)
Pre-opening costs (4,122) (1,551) (10,768) (4,851)
Development costs (1,019) (3,345) (21,004) (3,913)
Amortization of gaming subconcession (14,309) (14,309) (42,928) (42,928)
Amortization of land use rights (16,116) (15,797) (48,156) (44,115)
Depreciation and amortization (65,245) (63,966) (195,950) (196,094)
Property charges and others (1,853) (426) (5,550) (4,042)
Total operating costs and expenses (1,045,124) (886,314) (3,108,352) (2,605,907)
OPERATING INCOME 207,542 124,518 584,266 370,295
NON-OPERATING EXPENSES
Interest expenses, net (34,645) (23,725) (115,123) (69,787)
Other finance costs (11,435) (3,368) (32,228) (10,350)
Change in fair value of interest rate swap agreements -- -- -- 363
Foreign exchange gain (loss), net 920 1,710 (8,902) 3,349
Other income, net 743 510 1,103 1,644
Loss on extinguishment of debt -- -- (50,935) --
Costs associated with debt modification -- -- (10,538) --
Total non-operating expenses (44,417) (24,873) (216,623) (74,781)
INCOME BEFORE INCOME TAX 163,125 99,645 367,643 295,514
INCOME TAX CREDIT 686 823 2,042 1,865
NET INCOME 163,811 100,468 369,685 297,379
NET LOSS ATTRIBUTABLE TO
NONCONTROLLING INTERESTS 15,585 4,401 44,532 11,843
NET INCOME ATTRIBUTABLE TO
MELCO CROWN ENTERTAINMENT LIMITED $ 179,396 $ 104,869 $ 414,217 $ 309,222
NET INCOME ATTRIBUTABLE TO
MELCO CROWN ENTERTAINMENT LIMITED PER SHARE:
Basic $ 0.109 $ 0.064 $ 0.251 $ 0.188
Diluted $ 0.108 $ 0.063 $ 0.249 $ 0.187
NET INCOME ATTRIBUTABLE TO
MELCO CROWN ENTERTAINMENT LIMITED PER ADS:
Basic $ 0.326 $ 0.191 $ 0.753 $ 0.564
Diluted $ 0.323 $ 0.190 $ 0.747 $ 0.560
WEIGHTED AVERAGE SHARES USED IN
NET INCOME ATTRIBUTABLE TO
MELCO CROWN ENTERTAINMENT LIMITED
PER SHARE CALCULATION:
Basic 1,650,444,726 1,646,073,794 1,649,220,823 1,644,954,427
Diluted 1,664,843,488 1,658,032,982 1,663,597,935 1,657,593,494
Melco Crown Entertainment Limited and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)
September 30, December 31,
2013 2012
(Unaudited) (Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 2,068,663 $ 1,709,209
Restricted cash 887,472 672,981
Accounts receivable, net 262,656 320,929
Amounts due from affiliated companies 80 1,322
Income tax receivable 235 266
Inventories 17,747 16,576
Prepaid expenses and other current assets 47,613 27,743
Total current assets 3,284,466 2,749,026
PROPERTY AND EQUIPMENT, NET 3,118,664 2,684,094
GAMING SUBCONCESSION, NET 499,340 542,268
INTANGIBLE ASSETS, NET 4,220 4,220
GOODWILL 81,915 81,915
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS 256,078 88,241
RESTRICTED CASH 184,406 741,683
DEFERRED TAX ASSETS 104 105
DEFERRED FINANCING COSTS 118,967 65,930
LAND USE RIGHTS, NET 967,621 989,984
TOTAL ASSETS $ 8,515,781 $ 7,947,466
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 9,735 $ 13,745
Accrued expenses and other current liabilities 950,717 850,841
Income tax payable 1,769 1,191
Capital lease obligations, due within one year 26,848 --
Current portion of long-term debt 262,518 854,940
Amounts due to affiliated companies 1,756 949
Total current liabilities 1,253,343 1,721,666
LONG-TERM DEBT 2,336,557 2,339,924
OTHER LONG-TERM LIABILITIES 13,385 7,412
DEFERRED TAX LIABILITIES 63,470 66,350
CAPITAL LEASE OBLIGATIONS, DUE AFTER ONE YEAR 255,314 --
LAND USE RIGHTS PAYABLE 38,984 71,358
SHAREHOLDERS' EQUITY
Ordinary shares 16,621 16,581
Treasury shares (5,916) (113)
Additional paid-in capital 3,474,657 3,235,835
Accumulated other comprehensive losses (10,645) (1,057)
Retained earnings 548,910 134,693
Total Melco Crown Entertainment Limited shareholders' equity 4,023,627 3,385,939
Noncontrolling interests 531,101 354,817
Total equity 4,554,728 3,740,756
TOTAL LIABILITIES AND EQUITY $ 8,515,781 $ 7,947,466
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,
2013 2012 2013 2012
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net Income Attributable to
Melco Crown Entertainment Limited $ 179,396 $ 104,869 $ 414,217 $ 309,222
Pre-opening Costs 4,122 1,551 10,768 4,851
Development Costs 1,019 3,345 21,004 3,913
Property Charges and Others 1,853 426 5,550 4,042
Change in fair value of interest rate swap agreements -- -- -- (363)
Loss on extinguishment of debt -- -- 50,935 --
Costs associated with debt modification -- -- 10,538 --
Adjusted Net Income Attributable to
Melco Crown Entertainment Limited $ 186,390 $ 110,191 $ 513,012 $ 321,665
ADJUSTED NET INCOME ATTRIBUTABLE TO
MELCO CROWN ENTERTAINMENT LIMITED PER SHARE:
Basic $ 0.113 $ 0.067 $ 0.311 $ 0.196
Diluted $ 0.112 $ 0.066 $ 0.308 $ 0.194
ADJUSTED NET INCOME ATTRIBUTABLE TO
MELCO CROWN ENTERTAINMENT LIMITED PER ADS:
Basic $ 0.339 $ 0.201 $ 0.933 $ 0.587
Diluted $ 0.336 $ 0.199 $ 0.925 $ 0.582
WEIGHTED AVERAGE SHARES USED IN ADJUSTED
NET INCOME ATTRIBUTABLE TO
MELCO CROWN ENTERTAINMENT LIMITED
PER SHARE CALCULATION:
Basic 1,650,444,726 1,646,073,794 1,649,220,823 1,644,954,427
Diluted 1,664,843,488 1,658,032,982 1,663,597,935 1,657,593,494
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, 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
Three Months Ended September 30, 2012
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) $ 21,674 $ 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 Others Expenses -- -- -- -- -- 16,561 16,561
Adjusted Property EBITDA $ 29,820 $ 9,351 $ 203,965 $ (193) $ -- $ -- $ 242,943
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,
2013 2012
(Unaudited) (Unaudited)
Adjusted Property EBITDA $ 339,037 $ 242,943
Corporate and Others Expenses (23,802) (16,561)
Adjusted EBITDA 315,235 226,382
Pre-opening Costs (4,122) (1,551)
Development Costs (1,019) (3,345)
Depreciation and Amortization (95,670) (94,072)
Share-based Compensation (5,029) (2,470)
Property Charges and Others (1,853) (426)
Interest and Other Non-Operating Expenses, Net (44,417) (24,873)
Income Tax Credit 686 823
Net Income 163,811 100,468
Net Loss Attributable to Noncontrolling Interests 15,585 4,401
Net Income Attributable to Melco Crown Entertainment Limited $ 179,396 $ 104,869
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, 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
Nine Months Ended September 30, 2012
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) $ 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 Others Expenses -- -- -- -- -- 51,993 51,993
Adjusted Property EBITDA $ 110,884 $ 27,997 $ 586,247 $ (395) $ -- $ -- $ 724,733
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,
2013 2012
(Unaudited) (Unaudited)
Adjusted Property EBITDA $ 984,702 $ 724,733
Corporate and Others Expenses (65,911) (51,993)
Adjusted EBITDA 918,791 672,740
Pre-opening Costs (10,768) (4,851)
Development Costs (21,004) (3,913)
Depreciation and Amortization (287,034) (283,137)
Share-based Compensation (10,169) (6,502)
Property Charges and Others (5,550) (4,042)
Interest and Other Non-Operating Expenses, Net (216,623) (74,781)
Income Tax Credit 2,042 1,865
Net Income 369,685 297,379
Net Loss Attributable to Noncontrolling Interests 44,532 11,843
Net Income Attributable to Melco Crown Entertainment Limited $ 414,217 $ 309,222
Melco Crown Entertainment Limited and Subsidiaries
Supplemental Data Schedule
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2012 2013 2012
Room Statistics:
Altira Macau
Average daily rate (3) $ 223 $ 215 $ 228 $ 219
Occupancy per available room 99% 98% 99% 97%
Revenue per available room (4) $ 220 $ 210 $ 225 $ 213
City of Dreams
Average daily rate (3) $ 185 $ 180 $ 188 $ 183
Occupancy per available room 97% 95% 96% 92%
Revenue per available room (4) $ 180 $ 171 $ 181 $ 168
Other Information:
Altira Macau
Average number of table games 165 172 169 182
Table games win per unit per day (5) $ 22,413 $ 19,895 $ 23,781 $ 19,645
City of Dreams
Average number of table games 456 447 454 443
Average number of gaming machines 1,441 1,475 1,501 1,410
Table games win per unit per day (5) $ 26,293 $ 21,094 $ 25,897 $ 20,636
Gaming machines win per unit per day (6) $ 362 $ 278 $ 344 $ 305
(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

Source:Melco Crown Entertainment Limited