Melco Crown Entertainment Announces Fourth Quarter 2010 Earnings

NEW YORK, Feb. 22, 2011 (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 fourth quarter and year ended December 31, 2010.

Net revenue for the fourth quarter of 2010 was US$773.7 million, representing an increase of approximately 93% from US$400.2 million reported in the quarter ended December 31, 2009. Adjusted EBITDA ^‹1› was US$133.8 million for the fourth quarter of 2010, as compared to Adjusted EBITDA of US$2.7 million in the fourth quarter of 2009. The year-over-year improvement in net revenue and Adjusted EBITDA resulted primarily from significantly improved operating performance at City of Dreams and Altira Macau.

On a U.S. GAAP basis, Melco Crown Entertainment recorded net income for the fourth quarter of 2010 of US$16.3 million, or US$0.03 per ADS, compared with a net loss of US$89.7 million, or a loss of US$0.17 per ADS, in the fourth quarter of 2009. The improvement in bottom-line results was driven by the year-over-year improvement in the operating performance at City of Dreams and Altira Macau, partially offset by increased depreciation and amortization expense primarily associated with the opening of 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.

Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment, commented, "We are pleased to report another solid quarter of operating results, driven by continued improvements in the fundamentals of our business. Our fourth quarter results demonstrate our success in driving operating leverage and in improving the profitability of our portfolio of assets.

"Our mass market table games business continues to grow and has set a new company record for table drop and gross gaming revenue in the fourth quarter of 2010. Similarly, our rolling chip segment remains strong with gaming volume in the fourth quarter of 2010 setting a new company record.