Melco Crown Entertainment Announces Third Quarter 2010 Earnings
NEW YORK, Nov. 2, 2010 (GLOBE NEWSWIRE) -- Melco Crown Entertainment Limited (Nasdaq:MPEL), a developer and owner of casino gaming and entertainment resort facilities focused on the Macau market, today reported its unaudited financial results for the third quarter ended September 30, 2010.
Net revenue for the third quarter of 2010 was US$727.0 million, representing an increase of approximately 45% from US$500.3 million reported in the quarter ended September 30, 2009. Adjusted EBITDA (1) was US$136.3 million for the third quarter of 2010, as compared to Adjusted EBITDA of US$55.6 million in the third quarter of 2009. The year-over-year improvement in net revenue and Adjusted EBITDA resulted primarily from a broad-based improvement in operating performance at City of Dreams.
On a U.S. GAAP basis, Melco Crown Entertainment recorded net income for the third quarter of 2010 of US$15.8 million, or US$0.03 per ADS, compared with a net loss of US$39.5 million, or a loss of US$0.08 per ADS, in the third quarter of 2009. The improvement in bottom line results was driven by a significant year-over-year improvement in the operating performance at City of Dreams, partially offset by increased depreciation and amortization expense associated with the opening of the Grand Hyatt and The House of Dancing Water at City of Dreams and higher net interest expense related to the refinancing of approximately US$600 million of bank debt through the issuance of a high yield bond in May 2010.Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment, commented, "We are pleased to report record net revenue and record Adjusted EBITDA during the third quarter of 2010. These milestones are driven by continued progress in expanding our mass market gaming volumes and by further success in our already robust VIP business, along with a favorable rolling chip hold percentage in the third quarter of 2010.
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