Melco Crown Entertainment Announces Unaudited Results for the Fourth Quarter and Full Year Ended December 31, 2013

MACAU, Feb. 13, 2014 (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 fourth quarter and year ended December 31, 2013.

Net revenue for the fourth quarter of 2013 was US$1,394.6 million, representing an increase of approximately 27% from US$1,101.8 million for the comparable period in 2012. The increase in net revenue was primarily attributable to substantially improved group-wide revenues across all gaming segments, particularly in the mass market table games segment.

Adjusted EBITDA<1> was US$369.0 million for the fourth quarter of 2013, as compared to Adjusted EBITDA of US$247.5 million in the fourth quarter of 2012. The 49% year-over-year improvement in Adjusted EBITDA in the fourth quarter of 2013 was primarily driven by stronger mass market and rolling chip revenues together with our ongoing commitment to control costs.

On a U.S. GAAP basis, net income attributable to Melco Crown Entertainment for the fourth quarter of 2013 was US$223.2 million, or US$0.41 per ADS, compared with net income attributable to Melco Crown Entertainment of US$108.0 million, or US$0.20 per ADS, in the fourth quarter of 2012. The net loss attributable to non-controlling interests during the fourth quarter of 2013 of US$14.9 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 announce another record quarter of group-wide EBITDA, primarily driven by the success of the mass business at our flagship property in Macau, City of Dreams, where we continue to leverage the property's World-class amenities and attractions to entertain the highly discerning and sophisticated premium mass customer, which in turn enables us to maintain our market leading mass table yields.

"Our development pipeline continues to progress as planned. We recently completed a Philippine Peso denominated, approximately US$340 million equivalent, 5% senior note offering at our majority-owned subsidiary, Melco Crown Philippines, which delivers us a fully funded financing package to open City of Dreams Manila later this year. We also announced the addition of the Nobu Hotel and food & beverage concepts at City of Dreams Manila, which provides another exciting addition to the recently announced ultra-luxurious Crown Towers Hotel. These recent announcements highlight our approach at City of Dreams Manila of offering a World-class collection of unique and exciting brands, more of which will be announced in the near future, which are designed to cater to a wide array of local and international customers' tastes and preferences.

"Studio City, our exciting new cinematically-themed integrated resort in Cotai, remains on budget and on track to open in mid-2015 while the iconic fifth tower at City of Dreams in Macau is anticipated to open in late 2016 / early 2017, providing an impressive complement to our flagship property's World-class premium-focused attractions and amenities.

"Macau continues its strong upward trajectory with market-wide gaming revenues growing at approximately 19% in 2013. Importantly for Melco Crown Entertainment, the highly profitable mass market segment continues to deliver above-market growth, reaffirming our focus on this key segment. The Macau and Mainland Governments remain highly supportive of Macau's long term growth, as highlighted by the progress on their forward thinking infrastructure and regional development blueprint, including the rapid development of Hengqin Island, improved immigration facilities, the development of the Macau Light Rail system and the Hong Kong – Zhuhai – Macau Bridge.

"As a result of the strong cash flow generation at our core operating assets in Macau, our disciplined approach to ensuring a flexible and efficient capital structure and a development pipeline that is either fully funded or expected to be well supported by cash and cash flow, we announced separately today that management has recommended to the Board a US$191.2 million special dividend together with a new dividend policy, which is subject to the Board's approval on February 25, 2014 and, in the case of the special dividend, subject to shareholders' approval. We believe our capital management strategy balances the key objectives of pursuing growth opportunities while returning excess capital to shareholders, thereby maximizing long term shareholder value."

City of Dreams Fourth Quarter Results

For the fourth quarter of 2013, net revenue at City of Dreams was US$1,095.8 million compared to US$772.5 million in the fourth quarter of 2012. City of Dreams generated Adjusted EBITDA of US$347.7 million in the fourth quarter of 2013, representing an increase of 58% compared to US$219.5 million in the comparable period of 2012.

The strong year-over-year improvement in fourth quarter Adjusted EBITDA was primarily a result of the 57% year-over-year improvement in mass table games gross gaming revenue, together with an increase in rolling chip volumes and a higher rolling chip win rate.

Rolling chip volume for the fourth quarter of 2013 was US$25.6 billion, representing an increase of 9% when compared to rolling chip volume of US$23.5 billion for the comparable period of 2012. The rolling chip win rate was 3.0% in the fourth quarter of 2013 versus 2.6% in the comparable period of 2012. The expected rolling chip win rate range is 2.7%-3.0%.

Mass market table games drop increased 29% to US$1,303.0 million compared with US$1,009.4 million in the fourth quarter of 2012. The mass market table games hold percentage was 37.6% in the fourth quarter of 2013 compared to 30.9% in the fourth quarter of 2012.

Slot handle for the fourth quarter of 2013 was US$1,304.2 million, up 26% from US$1,033.1 million generated in the quarter ended December 31, 2012.

Total non-gaming revenue at City of Dreams in the fourth quarter of 2013 was US$70.9 million, an increase of 10% from US$64.4 million in the fourth quarter of 2012. Occupancy per available room in the fourth quarter of 2013 was 98%, versus 96% in the fourth quarter of 2012. The average daily rate ("ADR") in the fourth quarter of 2013 was US$193 per occupied room, an increase of 2% when compared with US$189 in the fourth quarter of 2012.

Altira Macau Fourth Quarter Results

For the quarter ended December 31, 2013, net revenue at Altira Macau was US$247.6 million compared to US$281.7 million in the fourth quarter of 2012. Altira Macau generated Adjusted EBITDA of US$36.0 million in the fourth quarter of 2013 compared with Adjusted EBITDA of US$43.8 million in the fourth quarter of 2012, a decline of 18%. The year-over-year decrease in Adjusted EBITDA was primarily driven by lower rolling chip gaming gross revenue, partially offset by higher mass market table games drop.

Rolling chip volume totaled US$10.6 billion in the fourth quarter of 2013 versus US$11.9 billion in the fourth quarter of 2012. In the fourth quarter of 2013, the rolling chip win rate was 3.0%, as compared to 3.1% 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$205.2 million in the fourth quarter of 2013, an increase of 30% from US$158.1 million generated in the comparable period in 2012. The mass market table games hold percentage was 16.3% in the fourth quarter of 2013 compared with 16.5% in the fourth quarter of 2012.

Total non-gaming revenue at Altira Macau in the fourth quarter of 2013 was US$9.7 million, up from US$8.6 million in the fourth quarter of 2012. Occupancy per available room in the fourth quarter of 2013 and 2012 were both 99%. ADR in the fourth quarter of 2013 was US$234 per occupied room, compared to US$228 in the fourth quarter of 2012, an increase of 3%.

Mocha Clubs Fourth Quarter Results

Net revenue from Mocha Clubs totaled US$38.8 million in the fourth quarter of 2013, up 10% from US$35.3 million in the fourth quarter of 2012. Mocha Clubs generated US$10.8 million of Adjusted EBITDA in the fourth quarter of 2013, an increase of 33% when compared to Adjusted EBITDA of US$8.1 million in the same period in 2012.

The number of gaming machines in operation at Mocha Clubs averaged approximately 1,700 in the fourth quarter of 2013, compared to approximately 2,000 in the comparable period in 2012 due to the closure of three clubs. The net win per gaming machine per day was US$246 in the quarter ended December 31, 2013, as compared with US$183 in the comparable period in 2012, an increase of 34%.

City of Dreams Manila Fourth Quarter Results

On a fully consolidated basis, we incurred approximately US$8.3 million of operating expenses in the fourth 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$18.2 million as a result of approximately US$10.1 million of capital lease charges relating to building lease payments incurred during the fourth quarter of 2013.

Other Factors Affecting Earnings

Total net non-operating expenses for the fourth quarter of 2013 were US$42.7 million, which included interest expenses, net of capitalized interest and interest income, of US$29.9 million and other finance costs of US$11.6 million. We recorded US$11.8 million of capitalized interest during the fourth quarter of 2013, primarily relating to Studio City and City of Dreams Manila. The year-on-year increase of US$6.2 million in net non-operating expenses was primarily a result of higher net interest expenses and other finance costs associated with Studio City financing as well as the capital lease charges associated with City of Dreams Manila's capital lease obligation, partially offset by one-off cost associated with the debt modification on our US$600 million 10.25% senior notes in the fourth quarter of 2012 and higher capitalized interest.

Depreciation and amortization costs of US$95.8 million were recorded in the fourth quarter of 2013, of which US$14.3 million was related to the amortization of our gaming subconcession and US$16.1 million was related to the amortization of land use rights.

Financial Position and Capital Expenditure

Total cash and bank balances as of December 31, 2013 totaled US$3.2 billion, including US$0.6 billion bank deposits with original maturity over three months and US$1.1 billion of restricted cash, primarily related to Studio City. Total debt at the end of the fourth quarter of 2013 was US$2.5 billion.

Capital expenditures for the fourth quarter of 2013 were US$269.6 million, which predominantly relate to Studio City and City of Dreams Manila, as well as various projects at City of Dreams.

Full Year Results

For the year ended December 31, 2013, Melco Crown Entertainment reported net revenue of US$5.1 billion versus US$4.1 billion in the prior year. The year-over-year increase in net revenue was driven by substantially improved mass table games volumes and blended hold percentages, as well as increased volumes in the rolling chip and gaming machines segment.

Adjusted EBITDA for the year ended December 31, 2013 was US$1,287.8 million, as compared with Adjusted EBITDA of US$920.2 million in 2012. The year-over-year improvements in Adjusted EBITDA were primarily attributable to substantially improved mass table games and rolling chip revenues together with a strict cost control focus.

On a U.S. GAAP basis, net income attributable to Melco Crown Entertainment for 2013 was US$637.5 million, or US$1.16 per ADS, compared with a net income attributable to Melco Crown Entertainment of US$417.2 million, or US$0.76 per ADS, in the comparable period of 2012.

Conference Call Information

Melco Crown Entertainment will hold a conference call to discuss its fourth quarter 2013 financial results on February 13, 2014 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
Conference ID 52041117

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 and other non-operating income and expenses. "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 and other non-operating income and expenses. 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. 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 U.S. 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 U.S. GAAP measurements, to assist in the evaluation of operating performance. 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 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 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, 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 attributable to Melco Crown Entertainment and adjusted net income attributable to Melco Crown Entertainment 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 U.S. GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Melco Crown Entertainment and adjusted net income attributable to Melco Crown Entertainment per share may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income attributable to Melco Crown Entertainment 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.

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 Resorts 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
December 31,
Year Ended
December 31,
2013 2012 2013 2012
(Unaudited) (Unaudited) (Unaudited) (Audited)
OPERATING REVENUES
Casino $ 1,355,775 $ 1,065,397 $ 4,941,487 $ 3,934,761
Rooms 33,547 31,212 127,661 118,059
Food and beverage 20,932 21,255 78,880 72,718
Entertainment, retail and others 27,744 22,191 103,739 90,789
Gross revenues 1,437,998 1,140,055 5,251,767 4,216,327
Less: promotional allowances (43,438) (38,244) (164,589) (138,314)
Net revenues 1,394,560 1,101,811 5,087,178 4,078,013
OPERATING COSTS AND EXPENSES
Casino (933,131) (767,097) (3,452,736) (2,834,762)
Rooms (3,262) (3,442) (12,511) (14,697)
Food and beverage (8,690) (6,533) (29,114) (27,531)
Entertainment, retail and others (16,975) (16,919) (64,212) (62,816)
General and administrative (68,299) (62,831) (255,780) (226,980)
Pre-opening costs (6,246) (934) (17,014) (5,785)
Development costs (5,293) (7,186) (26,297) (11,099)
Amortization of gaming subconcession (14,309) (14,309) (57,237) (57,237)
Amortization of land use rights (16,115) (15,796) (64,271) (59,911)
Depreciation and amortization (65,348) (65,355) (261,298) (261,449)
Property charges and others (1,334) (4,612) (6,884) (8,654)
Total operating costs and expenses (1,139,002) (965,014) (4,247,354) (3,570,921)
OPERATING INCOME 255,558 136,797 839,824 507,092
NON-OPERATING INCOME (EXPENSES)
Interest income 3,262 2,875 7,660 10,958
Interest expenses, net of capitalized interest (33,139) (31,741) (152,660) (109,611)
Other finance costs (11,574) (4,246) (43,802) (14,596)
Change in fair value of interest rate swap agreements -- -- -- 363
Foreign exchange (loss) gain, net (1,854) 1,336 (10,756) 4,685
Other income (expenses), net 558 (1,529) 1,661 115
Loss on extinguishment of debt -- -- (50,935) --
Costs associated with debt modification -- (3,277) (10,538) (3,277)
Total non-operating expenses, net (42,747) (36,582) (259,370) (111,363)
INCOME BEFORE INCOME TAX 212,811 100,215 580,454 395,729
INCOME TAX (EXPENSE) CREDIT (4,483) 1,078 (2,441) 2,943
NET INCOME 208,328 101,293 578,013 398,672
NET LOSS ATTRIBUTABLE TO
NONCONTROLLING INTERESTS 14,918 6,688 59,450 18,531
NET INCOME ATTRIBUTABLE TO
MELCO CROWN ENTERTAINMENT LIMITED $ 223,246 $ 107,981 $ 637,463 $ 417,203
NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE:
Basic $ 0.135 $ 0.066 $ 0.386 $ 0.254
Diluted $ 0.134 $ 0.065 $ 0.383 $ 0.252
NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER ADS:
Basic $ 0.406 $ 0.197 $ 1.159 $ 0.761
Diluted $ 0.402 $ 0.195 $ 1.149 $ 0.755
WEIGHTED AVERAGE SHARES USED IN NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE CALCULATION:
Basic 1,651,037,173 1,646,515,795 1,649,678,643 1,645,346,902
Diluted 1,665,983,630 1,660,262,969 1,664,198,091 1,658,262,996
Melco Crown Entertainment Limited and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)
December 31,
2013
December 31,
2012
(Unaudited) (Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 1,381,757 $ 1,709,209
Bank deposits with original maturity over three months 626,940 --
Restricted cash 770,294 672,981
Accounts receivable, net 287,880 320,929
Amounts due from affiliated companies 23 1,322
Income tax receivable 18 266
Inventories 18,169 16,576
Prepaid expenses and other current assets 54,898 27,743
Assets held for sale 8,468 --
Total current assets 3,148,447 2,749,026
PROPERTY AND EQUIPMENT, NET 3,308,846 2,684,094
GAMING SUBCONCESSION, NET 485,031 542,268
INTANGIBLE ASSETS, NET 4,220 4,220
GOODWILL 81,915 81,915
LONG-TERM PREPAYMENTS, DEPOSITS AND OTHER ASSETS 345,667 88,241
RESTRICTED CASH 373,371 741,683
DEFERRED TAX ASSETS 93 105
DEFERRED FINANCING COSTS 114,431 65,930
LAND USE RIGHTS, NET 951,618 989,984
TOTAL ASSETS $ 8,813,639 $ 7,947,466
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 9,825 $ 13,745
Accrued expenses and other current liabilities 928,751 850,841
Income tax payable 6,584 1,191
Capital lease obligations, due within one year 27,265 --
Current portion of long-term debt 262,566 854,940
Amounts due to affiliated companies 2,900 949
Amount due to a shareholder 79 --
Total current liabilities 1,237,970 1,721,666
LONG-TERM DEBT 2,270,894 2,339,924
OTHER LONG-TERM LIABILITIES 28,492 7,412
DEFERRED TAX LIABILITIES 62,806 66,350
CAPITAL LEASE OBLIGATIONS, DUE AFTER ONE YEAR 253,029 --
LAND USE RIGHTS PAYABLE 35,466 71,358
SHAREHOLDERS' EQUITY
Ordinary shares 16,667 16,581
Treasury shares (5,960) (113)
Additional paid-in capital 3,479,399 3,235,835
Accumulated other comprehensive losses (15,592) (1,057)
Retained earnings 772,156 134,693
Total Melco Crown Entertainment Limited shareholders' equity 4,246,670 3,385,939
Noncontrolling interests 678,312 354,817
Total equity 4,924,982 3,740,756
TOTAL LIABILITIES AND EQUITY $ 8,813,639 $ 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
December 31,
Year Ended
December 31,
2013 2012 2013 2012
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net Income Attributable to
Melco Crown Entertainment Limited $ 223,246 $ 107,981 $ 637,463 $ 417,203
Pre-opening Costs 6,246 934 17,014 5,785
Development Costs 5,293 7,186 26,297 11,099
Property Charges and Others 1,334 4,612 6,884 8,654
Change in Fair Value of Interest Rate Swap Agreements -- -- -- (363)
Loss on Extinguishment of Debt -- -- 50,935 --
Costs Associated with Debt Modification -- 3,277 10,538 3,277
Adjusted Net Income Attributable to Melco Crown Entertainment Limited $ 236,119 $ 123,990 $ 749,131 $ 445,655
ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE:
Basic $ 0.143 $ 0.075 $ 0.454 $ 0.271
Diluted $ 0.142 $ 0.075 $ 0.450 $ 0.269
ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER ADS:
Basic $ 0.429 $ 0.226 $ 1.362 $ 0.813
Diluted $ 0.425 $ 0.224 $ 1.350 $ 0.806

WEIGHTED AVERAGE SHARES USED IN ADJUSTED NET INCOME ATTRIBUTABLE TO MELCO CROWN ENTERTAINMENT LIMITED PER SHARE CALCULATION:
Basic 1,651,037,173 1,646,515,795 1,649,678,643 1,645,346,902
Diluted 1,665,983,630 1,660,262,969 1,664,198,091 1,658,262,996
Melco Crown Entertainment Limited and Subsidiaries
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA
(In thousands of U.S. dollars)
Three Months Ended December 31, 2013
Altira Macau Mocha City of Dreams Studio City City of
Dreams
Manila
Corporate
and Others
Total
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Operating Income (Loss) $ 28,182 $ 6,830 $ 289,958 $ (11,860) $ (8,292) $ (49,260) $ 255,558
Pre-opening Costs -- -- 27 797 5,406 16 6,246
Development Costs -- -- -- -- 740 4,553 5,293
Depreciation and Amortization 7,810 2,972 57,094 10,883 476 16,537 95,772
Share-based Compensation 23 43 195 -- 1,791 2,766 4,818
Property Charges and Others -- 921 413 -- -- -- 1,334
Adjusted EBITDA 36,015 10,766 347,687 (180) 121 (25,388) 369,021
Corporate and Others Expenses -- -- -- -- -- 25,388 25,388
Adjusted Property EBITDA $ 36,015 $ 10,766 $ 347,687 $ (180) $ 121 $ -- $ 394,409
Three Months Ended December 31, 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) $ 35,791 $ 4,705 $ 157,824 $ (11,840) $ (7,322) $ (42,361) $ 136,797
Pre-opening Costs -- -- 252 682 -- -- 934
Development Costs -- -- -- -- 6,846 340 7,186
Depreciation and Amortization 7,992 3,101 56,828 10,883 -- 16,656 95,460
Share-based Compensation 30 38 180 -- -- 2,223 2,471
Property Charges and Others -- 224 4,388 -- -- -- 4,612
Adjusted EBITDA 43,813 8,068 219,472 (275) (476) (23,142) 247,460
Corporate and Others Expenses -- -- -- -- -- 23,142 23,142
Adjusted Property EBITDA $ 43,813 $ 8,068 $ 219,472 $ (275) $ (476) $ -- $ 270,602
Melco Crown Entertainment Limited and Subsidiaries
Reconciliation of Adjusted EBITDA and Adjusted Property EBITDA to Net Income
Attributable to Melco Crown Entertainment Limited
(In thousands of U.S. dollars)
Three Months Ended
December 31,
2013 2012
(Unaudited) (Unaudited)
Adjusted Property EBITDA $ 394,409 $ 270,602
Corporate and Others Expenses (25,388) (23,142)
Adjusted EBITDA 369,021 247,460
Pre-opening Costs (6,246) (934)
Development Costs (5,293) (7,186)
Depreciation and Amortization (95,772) (95,460)
Share-based Compensation (4,818) (2,471)
Property Charges and Others (1,334) (4,612)
Interest and Other Non-Operating Expenses, Net (42,747) (36,582)
Income Tax (Expense) Credit (4,483) 1,078
Net Income 208,328 101,293
Net Loss Attributable to Noncontrolling Interests 14,918 6,688
Net Income Attributable to Melco Crown Entertainment Limited $ 223,246 $ 107,981
Melco Crown Entertainment Limited and Subsidiaries
Reconciliation of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDA
(In thousands of U.S. dollars)
Year Ended December 31, 2013
Altira Macau Mocha City of Dreams Studio City City of
Dreams
Manila
Corporate
and Others
Total
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Operating Income (Loss) $ 115,796 $ 26,601 $ 958,553 $ (47,447) $ (37,232) $(176,447) $ 839,824
Pre-opening Costs -- -- 396 2,856 13,707 55 17,014
Development Costs -- -- -- -- 17,956 8,341 26,297
Depreciation and Amortization 31,409 11,887 228,381 43,532 1,187 66,410 382,806
Share-based Compensation 135 142 838 -- 3,779 10,093 14,987
Property Charges and Others -- 1,592 5,043 -- -- 249 6,884
Adjusted EBITDA 147,340 40,222 1,193,211 (1,059) (603) (91,299) 1,287,812
Corporate and Others Expenses -- -- -- -- -- 91,299 91,299
Adjusted Property EBITDA $ 147,340 $ 40,222 $ 1,193,211 $ (1,059) $ (603) $ -- $ 1,379,111
Year Ended December 31, 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) $ 119,850 $ 22,185 $ 570,168 $ (43,600) $ (7,322) $(154,189) $ 507,092
Pre-opening Costs -- 16 3,097 2,672 -- -- 5,785
Development Costs -- -- -- -- 6,846 4,253 11,099
Depreciation and Amortization 34,741 12,831 226,553 40,258 -- 64,214 378,597
Share-based Compensation 106 138 556 -- -- 8,173 8,973
Property Charges and Others -- 895 5,345 -- -- 2,414 8,654
Adjusted EBITDA 154,697 36,065 805,719 (670) (476) (75,135) 920,200
Corporate and Others Expenses -- -- -- -- -- 75,135 75,135
Adjusted Property EBITDA $ 154,697 $ 36,065 $ 805,719 $ (670) $ (476) $ -- $ 995,335
Melco Crown Entertainment Limited and Subsidiaries
Reconciliation of Adjusted EBITDA and Adjusted Property EBITDA to Net Income
Attributable to Melco Crown Entertainment Limited
(In thousands of U.S. dollars)
Year Ended
December 31,
2013 2012
(Unaudited) (Unaudited)
Adjusted Property EBITDA $ 1,379,111 $ 995,335
Corporate and Others Expenses (91,299) (75,135)
Adjusted EBITDA 1,287,812 920,200
Pre-opening Costs (17,014) (5,785)
Development Costs (26,297) (11,099)
Depreciation and Amortization (382,806) (378,597)
Share-based Compensation (14,987) (8,973)
Property Charges and Others (6,884) (8,654)
Interest and Other Non-Operating Expenses, Net (259,370) (111,363)
Income Tax (Expense) Credit (2,441) 2,943
Net Income 578,013 398,672
Net Loss Attributable to Noncontrolling Interests 59,450 18,531
Net Income Attributable to Melco Crown Entertainment Limited $ 637,463 $ 417,203
Melco Crown Entertainment Limited and Subsidiaries
Supplemental Data Schedule
Three Months Ended
December 31,
Year Ended
December 31,
2013 2012 2013 2012
Room Statistics:
Altira Macau
Average daily rate (3) $ 234 $ 228 $ 230 $ 221
Occupancy per available room 99% 99% 99% 98%
Revenue per available room (4) $ 233 $ 225 $ 227 $ 216
City of Dreams
Average daily rate (3) $ 193 $ 189 $ 189 $ 185
Occupancy per available room 98% 96% 97% 93%
Revenue per available room (4) $ 190 $ 181 $ 183 $ 171
Other Information:
Altira Macau
Average number of table games 155 176 165 180
Table games win per unit per day (5) $ 24,187 $ 24,313 $ 23,877 $ 20,789
City of Dreams
Average number of table games 467 451 457 445
Average number of gaming machines 1,371 1,440 1,469 1,417
Table games win per unit per day (5) $ 29,446 $ 22,052 $ 26,810 $ 20,997
Gaming machines win per unit per day (6) $ 418 $ 337 $ 361 $ 313
(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