During the fourth quarter of 2013, we invested approximately $184.9 million in our Cotai project, taking the total investment to date to $704 million.

Las Vegas Operations

For the quarter ended December 31, 2013, net revenues were $400.0 million, a 2.4% increase from $390.4 million in the fourth quarter of 2012. Adjusted property EBITDA was $124.2 million, up 7.7% from the $115.3 million generated in the comparable period in 2012. EBITDA margin on net revenues rose to 31.0% in the fourth quarter of 2013, from 29.5% in the fourth quarter of 2012.

Net casino revenues in the fourth quarter of 2013 were $202.3 million, a 12.1% increase from the fourth quarter of 2012. Table games drop of $724.4 million was up 6.6% compared to $679.4 million in the 2012 quarter. Table games win percentage was 28.8%, above both the property’s expected range of 21% to 24% and the 26.8% reported in the 2012 quarter. Slot machine handle of $731.9 million was 3.5% below the $758.4 million in the comparable period of 2012, while net slot win was down 6.3% due in part to lower hold in the 2013 quarter.

Room revenues were up 2.3% to $89.8 million during the quarter, versus $87.8 million in the fourth quarter of 2012. Average daily rate (ADR) modestly improved to $256 from $254, and occupancy increased to 80.8% from 79.2% in the fourth quarter of 2012. Revenue per available room (REVPAR) was $207 in the 2013 fourth quarter, 3.0% above the $201 reported in the prior-year quarter.

Food and beverage revenues in the fourth quarter of 2013 were $98.1 million, down 11.7% from the 2012 fourth quarter primarily due to declines in nightclub and catering revenues. Retail revenues improved 6.9% from last year’s quarter to $23.6 million, a result of reconfigurations to our retail area in the first half of 2013. Entertainment revenues declined to $18.0 million in the 2013 fourth quarter from $21.0 million due to a show that ended its run at the Encore Theater in November 2012.

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