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TheStreet Open House

Melco Crown Entertainment Announces Unaudited Second Quarter 2013 Earnings

Stocks in this article: MPEL

MACAU, Aug. 7, 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 second quarter of 2013.

Net revenue for the second quarter of 2013 was US$1,295.0 million, representing an increase of approximately 38% from US$938.5 million for the second quarter of 2012. The increase in net revenue was primarily attributable to higher group-wide rolling chip revenues and mass market gross gaming revenues.

Adjusted EBITDA (1) was US$330.1 million for the second quarter of 2013, as compared to Adjusted EBITDA of US$203.8 million in the comparable period of 2012. The 62% year-over-year increase in Adjusted EBITDA was attributable to strong growth in the mass market table games segment at City of Dreams, improved group-wide rolling chip volume and higher group-wide rolling chip win rate, together with our committed cost control culture.

On a U.S. GAAP basis, net income attributable to Melco Crown Entertainment for the second quarter of 2013 was US$181.0 million, or US$0.33 per ADS, compared with net income attributable to Melco Crown Entertainment of US$82.3 million, or US$0.15 per ADS, in the second quarter of 2012. The year-over-year increase in net income was primarily attributable to the strong group-wide operating performance and reduced interest expenses following the refinancing of the 10.25% US$600 million senior notes and redemption of the RMB notes in the first quarter of 2013, partially offset by US$8.6 million of finance charges associated with the Philippines capital lease obligation, US$15.8 million of net interest expense and other finance charges associated with Studio City and a higher capitalized interest, primarily related to Studio City. The net loss attributable to non-controlling interests during the second quarter of 2013 of US$16.6 million was majority related to Studio City and the Philippines Project. The increase in net loss attributable to non-controlling interests was primarily attributable to the non-controlling interests' share of Studio City financing costs and the Philippines Project's pre-operating expenses during the quarter.

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