88IV - Public company info - Melco Crown Entertainment Ltd.

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Melco Crown Entertainment Ltd., 06883.HK - Company Profile
Chairman	Lawrence Yau Lung Ho 、James Douglas Packer
Share Issued (share)	1,631,000,000
Par Currency	U.S. Dollar
Par Value	0.01
Industry	Gamble
Corporate Profile	Business Summary: The Group is a developer, owner and operator of casino gaming and entertainment resort facilities in Asia. The Company is a holding company and through principal subsidiaries owns and operates City of Dreams, Altira Macau and Mocha Clubs and is in the process of developing Studio City, a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. Performance for the year: Net revenues for the year ended December 31, 2013 were US$5.09 billion, an increase of US$1.01 billion, or 24.7%, as compared with US$4.08 billion for the year ended December 31, 2012. Net income attributable to Melco Crown Entertainment was US$637.5 million for the year ended December 31, 2013, as compared with net income of US$417.2 million for the year ended December 31, 2012. Basic net income per share attributable to Melco Crown Entertainment was US$0.386 for the year ended December 31, 2013 compared to basic net income per share of US$0.254 for the year ended December 31, 2012. Adjusted EBITDA for the year ended December 31, 2013 was US$1,287.8 million, representing an increase of US$367.6 million, or 39.9%, compared to US$920.2 million for the year ended December 31, 2012. Business Review: The Group currently has two major casino based operations, namely, City of Dreams and Altira Macau, and non-casino based operations at the Group’s Mocha Clubs. The Company is also developing the planned Studio City project, a cinematically-themed integrated entertainment, retail and gaming resort, and the iconic ﬁfth hotel tower at City of Dreams in Cotai, Macau, which are expected to open in mid- 2015 and early 2017, respectively. The Group’s current and future Macau operations are designed to cater to a broad spectrum of gaming patrons, from high-stakes rolling chip gaming patrons to gaming patrons seeking a broader entertainment experience. The Group currently own and operate two Forbes Five-Star hotels in Macau: Altira Macau and The Crown Towers Hotel. The Group seeks to attract patrons throughout Asia and, in particular, from Greater China. The Group’s current operating facilities are focused on the Macau gaming market, which the Group believes will continue to be one of the largest gaming destinations in the world. In 2013, Macau generated approximately US$45.0 billion of gaming revenues, according to the DICJ, representing a 18.6% increase from the comparable period of 2012. In addition, Macau is currently the only market in Greater China, and one of only several in Asia, to offer legalized casino gaming. City of Dreams City of Dreams is an integrated casino resort in Cotai, Macau which opened in June 2009. City of Dreams is a premium-focused property, targeting high end mass customers and rolling chip players from regional markets across Asia. As of December 31, 2013, City of Dreams featured a casino area of approximately 448,000 square feet with approximately 480 gaming tables and approximately 1,400 gaming machines. The Crown Towers Hotel, a Forbes Five-Star hotel, and the Hard Rock Hotel each offers approximately 300 guest rooms, and the Grand Hyatt Macau Hotel offers approximately 800 guest rooms. City of Dreams includes over 20 restaurants and bars, approximately 70 retail outlets, an audio visual multimedia experience, recreation and leisure facilities, including health and ﬁ tness clubs, three swimming pools, spas and salons, and banquet and meeting facilities. The Club Cubic nightclub offers approximately 26,210 square feet of live entertainment space. The Dancing Water Theater, a wet stage performance theater with approximately 2,000 seats, features the internationally acclaimed and award winning “The House of Dancing Water” show. Altira Macau Altira Macau is designed to provide a casino and hotel experience that caters to Asian rolling chip customers and players sourced primarily through gaming promoters. As of December 31, 2013, Altira Macau featured a casino area of approximately 173,000 square feet with a total of approximately 140 gaming tables. Altira Macau’s multi-ﬂ oor layout comprises primarily designated gaming areas and private gaming rooms for rolling chip players, together with a general gaming area for the mass market that offers various table limits to cater to a wide range of mass market patrons. The Group’s multi-ﬂ oor layout allows us the ﬂ exibility to reconﬁ gure Altira Macau’s gaming areas to meet the changing demands of the Group’s patrons and target speciﬁ c customer segments. The Group considers Altira Hotel, located within the 38-story Altira Macau, to be one of the leading hotels in Macau as evidenced by its long-standing Forbes Five-Star recognition. The top ﬂoor of the hotel serves as the hotel lobby and reception area, providing guests with views of the surrounding area. The hotel comprises approximately 230 guest rooms, including suites and villas. A number of restaurants and dining facilities are available at Altira Macau, including a leading Italian restaurant Aurora, several Chinese and international restaurants, dining areas focused around the gaming areas and several bars. Altira Hotel also offers non-gaming entertainment venues, including a spa, gymnasium, outdoor garden podium and sky terrace lounge. Altira Macau continues to offer the most luxurious hotel experience to every customer with its internationally acclaimed accommodation and guest services. It has been awarded the “Forbes Five Star” rating in both Lodging and Spa categories by the Forbes Travel Guide (formerly known as Mobil Travel Guide) for the fourth year running in 2013. Mocha Clubs Mocha Clubs comprise the largest non-casino based operations of gaming machines in Macau. As of December 31, 2013, Mocha Clubs had eight clubs with a total of 1,369 gaming machines in operation, which represented 10.4% of the total machine installation in the market, according to the DICJ. Mocha Clubs focus on general mass market players, including day-trip customers, outside the conventional casino setting. Except for Mocha Altira located at Altira Macau, the Group operates Mocha Clubs at leased or sub-leased premises or under right-to-use agreements. In addition to slot machines, each Mocha Club site offers electronic table games without dealers. The gaming facilities at the Group’s Mocha Clubs include what the Group believe is the latest technology for gaming machines and offer both single-player machines with a variety of games, including progressive jackpots, and multi-player games where players on linked machines play against the house in electronic roulette, baccarat and sicbo, a traditional Chinese dice game. The Macau government enacted an administrative regulation which came into effect on November 27, 2012, pursuant to which gaming machine lounges, such as the Group’s Mocha Clubs, may only be installed: (i) in hotels classiﬁ ed with at least ﬁ ve stars; (ii) in properties entirely allocated to nonresidential purposes and located within less than 500 meters of an authorized hotel-casino; or (iii) in commercial and leisure complexes, of relevant touristic interest, not inserted in a densely populated area. Under this regulation, all gaming machine lounges were required to comply with the applicable requirements by November 27, 2013. The Group closed three Mocha Clubs which did not meet the relevant location requirements before November 27, 2013. In May and November, 2013, the Group obtained approval from the Macau government to open two new Mocha Clubs, one of which opened in December, 2013 and the other one is expected to open later this year. Studio City The Group is currently developing Studio City, a large-scale cinematically-themed integrated entertainment, retail and gaming resort which is expected to open in mid-2015. Studio City upon completion will include signiﬁ cant gaming capacity, ﬁ ve-star hotel offerings and various entertainment, retail and food and beverage outlets to attract a diverse range of customers. Studio City is designed to capture the increasingly important mass market segment, with its destination theming, unique and innovative interactive attractions, and strong Asian focus. The Studio City’s site is on a plot of land of 130,789 square meters (approximately 1.4 million square feet) in Cotai, Macau and is located directly adjacent to the Lotus Bridge immigration checkpoint and one of the proposed light rail stations. The Group believe that the location of Studio City, in addition to its vast array of entertainment and leisure offerings, is a key competitive advantage. Studio City has an approved gross construction area of 707,078 square meters (approximately 7.6 million square feet). The Group currently estimate on a preliminary basis that the design and construction cost for the ﬁ rst phase of Studio City will be approximately US$2.04 billion. The Group’s plans for the expansionary phase at Studio City are under review. The Group successfully raised US$825.0 million through the Group’s Studio City Notes offering in November 2012. The Group signed the facilities agreement in January 2013 with the lead arranging banks for a US$1.4 billion Studio City senior secured credit facilities. These ﬁ nancings were achieved without a corporate guarantee from the Company. City of Dreams Manila City of Dreams Manila represents an important milestone for us, marking the Group’s ﬁrst entry into an entertainment and gaming market outside of Macau, which will enable the Group’s Company to deliver an incremental source of earnings and cash ﬂow. City of Dreams Manila meaningfully expands the Group’s regional offerings designed to cater to the needs and ever-growing demands of the increasingly important Asian middle-class which continues to seek a more sophisticated and broader leisure and entertainment experience. Prospects: In the Philippines, MCE Leisure Philippines, a subsidiary of MCP, has been cooperating with SM Group’s Belle Corporation to develop and operate City of Dreams Manila, a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila, which is anticipated to open later this year. City of Dreams The Company is moving forward with the development of the ﬁfth hotel tower at City of Dreams, which according to the Group’s current development schedule is anticipated to open in early 2017, helping us extend the Group’s leading position at the premium end of the market. City of Dreams Manila City of Dreams Manila is located on an approximately 6.2-hectare site in Entertainment City, Manila, close to Metro Manila’s international airport and central business district. City of Dreams Manila is expected to be one of the Philippines’ leading integrated tourism resorts and anticipated to open later this year. Upon completion and subject to any interior design modiﬁ cations, City of Dreams Manila is expected to have approximately 14,026 square meters (approximately 150,727 square feet) of aggregate gaming space and total gross ﬂ oor area of approximately 300,100 square meters (approximately 3.2 million square feet). Under the regulatory framework of PAGCOR, City of Dreams Manila will be permitted to operate up to approximately 1,680 slot machines, 1,680 electronic table games and 365 gaming tables upon completion. Notwithstanding the maximum permitted by PAGCOR, the actual number of slot machines, electronic table games and gaming tables upon completion, may be fewer. City of Dreams Manila is expected to have three hotels, including the ultra-luxurious and exciting brands such as Crown Towers Hotel and Nobu Hotel, with approximately 950 rooms in aggregate, including VIP and five-star luxury rooms and highend boutique hotel rooms, and five specialty restaurants along with a number of bars and a multilevel car park. City of Dreams Manila is also expected to feature three separate entertainment venues: a family entertainment center, a live performance central lounge within the casino and a night club encapsulated within the Fortune Egg, an attractive domelike structure accented with creative external lighting, which is expected to become a centerpiece attraction of the project. City of Dreams Manila will also feature a retail boulevard.

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