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TheStreet Open House

Melco Crown Entertainment Announces Unaudited First Quarter 2013 Earnings

Stocks in this article: MPEL

MACAU, May 8, 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 first quarter of 2013.

Net revenue for the first quarter of 2013 was US$1,144.9 million, representing an increase of approximately 11% from US$1,026.9 million for the comparable period in 2012. The increase in net revenue was primarily attributable to higher group-wide rolling chip volumes and mass market gross gaming revenues, partially offset by a lower group-wide rolling chip win rate.

Adjusted EBITDA <1> was US$273.5 million for the first quarter of 2013, as compared to Adjusted EBITDA of US$242.5 million in the first quarter of 2012. The 13% year-over-year increase in Adjusted EBITDA was attributable to strong improvements in mass market performance at City of Dreams, improved group-wide rolling chip volume and our continued focus on cost control, partially offset by a lower group-wide rolling chip win rate.

On a U.S. GAAP basis, net income attributable to Melco Crown Entertainment for the first quarter of 2013 was US$53.8 million, or US$0.10 per ADS, compared with net income attributable to Melco Crown Entertainment of US$122.1 million, or US$0.22 per ADS, in the first quarter of 2012. The year-over-year decrease in net income was primarily attributable to the one-off charge on the extinguishment and modification of debt relating to the refinancing of the 10.25% senior notes together with increased net interest expenses and other finance costs resulting from Studio City financing, partially offset by strong growth in underlying operating performance. The net loss attributable to non-controlling interests during the first quarter of 2013 of US$12.4 million was related to Studio City. The increase in net loss attributable to non-controlling interests was primarily attributable to the non-controlling interests' share of Studio City financing costs during the quarter.

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