MCE
Pakistan
MCE
Pakistan

Time filter

Source Type

News Article | April 24, 2017
Site: www.prnewswire.com

MADRID, April 24, 2017 /PRNewswire/ -- PharmaMar (MCE: PHM), a leading biopharmaceutical company focused on the discovery and development of innovative marine-derived anticancer drugs, will host today a Research and Development Event in New York from 10:30 am - 1:30 pm ET.    ...


MACAU, Feb. 21, 2017 (GLOBE NEWSWIRE) -- Melco Crown Entertainment’s (NASDAQ:MPEL) (“Melco Crown Entertainment”) flagship integrated resort City of Dreams announced today that its Chinese culinary masterpiece Jade Dragon and contemporary French restaurant The Tasting Room have both earned a place on the 2017 list of Asia’s 50 Best Restaurants, building on their two Michelin-star and Forbes Five-Star resumes. Jade Dragon and The Tasting Room, both homegrown restaurant brands, represented the only two entries from Macau on this year’s list. City of Dreams is now the only destination in Macau that boasts restaurants with this prestigious regional honor. Dubbed the “Oscars of the culinary world”, Asia's 50 Best Restaurants is a critically acclaimed gastronomic guide which recognizes the finest restaurants in Asia every year since 2013. With Jade Dragon (No. 32) and The Tasting Room (No. 39) joining the elite group of top 50 restaurants on the continent, City of Dreams once again elevated Macau’s presence and recognition in Asia’s dining landscape. “City of Dreams has been constantly living up to its promise of innovation, best-in-class hospitality and world-class experience. We are truly honored that our signature homegrown brands Jade Dragon and The Tasting Room are once again showcased to the world, highlighting what we have to offer. This prestigious recognition is a testament to our dedication and commitment to product and service excellence, and a tribute to our culinary teams who work seamlessly to create the ultimate dining experience for our discerning guests,” said Mr. Jarlath Lynch, Senior Vice President of Hotels and Food & Beverage, Melco Crown Entertainment Limited. “Going forward, we remain fully committed to continuously driving the quality and raising the bar on fine dining in Macau, which will help the ongoing transformation of this city into the top gastronomic destination in the region.” At City of Dreams, you will be taken on a culinary journey by our amazing team of award-winning chefs. Two Michelin-starred Jade Dragon showcases exquisite Cantonese specialties and innovative modern presentations by using the best organic and farm-fresh ingredients from around the world. The Tasting Room promises a two-Michelin-starred gastronomic adventure featuring artistically presented delicacies cooked using the authentic French technique based modern approach. Both with spectacular designer décor and superlative personalized services, the two restaurants have collectively set the new benchmark for fine dining in Macau. Asia’s 50 Best Restaurants is judged by Asia’s 50 Best Restaurants Academy, an influential group of over 300 leaders in the restaurant industry across Asia. With 12 countries and regions represented, the 2017 list features restaurants from Thailand, Japan, Singapore, China, Hong Kong, Macau, India, South Korea, Sri Lanka, Taiwan, the Philippines and Indonesia, showcasing a diverse variety of dining experiences across Asia. About Jade Dragon Located at Crown Towers, City of Dreams, Jade Dragon is renowned for its premium Cantonese specialties and creative presentations. The restaurant delights diners with delectable Chinese delicacies and exceptional bespoke services that have raised the bar on top notch Chinese dining in Macau. Honors and awards include: Asia’s 50 Best Restaurants 2017 (No. 32) MICHELIN Guide Hong Kong Macau 2016 – 2017 (two stars) MICHELIN Guide Hong Kong Macau 2014 – 2015 (one star) Forbes Travel Guide Five-Star Awards 2014 – 2016 Hong Kong Tatler Best Restaurants (Top 20 Restaurants) 2014 – 2017 Hong Kong Tatler Best Restaurants (Best Dim Sum award) 2015  SCMP 100 Top Tables 2014 – 2016 Food & Wine Magazine 50 Best Restaurants Award 2013 About The Tasting Room Located at Crown Towers, City of Dreams, The Tasting Room presents exquisite and contemporary regional French cuisine guaranteed to titillate the senses, by showcasing impeccable flavor combinations using the season’s most delicious ingredients from around the world. Honors and awards include: Asia’s 50 Best Restaurants 2017 (No. 39) MICHELIN Guide Hong Kong Macau 2016 – 2017 (two stars) MICHELIN Guide Hong Kong Macau 2013 – 2015 (one star) Forbes Travel Guide Five-Star Awards 2014 – 2016 Hong Kong Tatler Best Restaurants (Top 20 Restaurants) 2014 – 2017  SCMP 100 Top Tables 2014 – 2016 Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the gaming markets and visitations in Macau and the Philippines, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) gaming authority and other governmental approvals and regulations, and (vi) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law. About Melco Crown Entertainment Limited  Melco Crown Entertainment, with its American depositary shares listed on the NASDAQ Global Select Market (NASDAQ:MPEL), is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia. Melco Crown Entertainment currently operates Altira Macau (www.altiramacau.com), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. Melco Crown Entertainment’s business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, Melco Crown (Philippines) Resorts Corporation’s subsidiary, MCE Leisure (Philippines) Corporation, currently operates and manages City of Dreams Manila (www.cityofdreams.com.ph), a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. For more information about Melco Crown Entertainment, please visit www.melco-crown.com. Melco Crown Entertainment is strongly supported by its single largest shareholder, Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited and is substantially owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of Melco Crown Entertainment. About City of Dreams City of Dreams is developed by Melco Crown Entertainment Limited, an entertainment company listed on the NASDAQ Global Select Market (NASDAQ:MPEL). It is an integrated entertainment resort that has established itself as a premier leisure and entertainment destination in Macau. Located in the heart of Cotai in Macau, it combines electrifying entertainment, a diverse array of accommodation, regional and international dining, designer brand shopping and a spacious and contemporary casino. The resort brings together a collection of world-renowned brands including Crown, Grand Hyatt, Hard Rock and Dragone to create an exceptional entertainment experience that aims to appeal to a broad spectrum of visitors from around Asia and the world. City of Dreams features a 420,000-square-foot casino with approximately 500 gaming tables and approximately 1,250 gaming machines; over 20 restaurants and bars; an impressive array of some of the world’s most sought-after retail brands; ‘The House of Dancing Water’, the world’s largest water-based extravaganza showcased in the purpose-built Dancing Water Theater, represents the live entertainment centerpiece of City of Dreams’ overall leisure and entertainment offering. A comprehensive range of accommodation options at City of Dreams include Crown Towers offering approximately 300 guest rooms, Hard Rock Hotel offering approximately 300 guest rooms and Grand Hyatt Macau offering approximately 800 guest rooms. In addition, Morpheus, the new hotel at City of Dreams designed by the late legendary architect Dame Zaha Hadid, is expected to commence operation in 2018, offering approximately 780 guestrooms, suites and villas. For more information please visit: www.cityofdreamsmacau.com (Official Website) and www.cityofdreamsmedia.com (Media Portal). For The House of Dancing Water information, please visit www.thehouseofdancingwater.com (Official Website) and www.thehouseofdancingwatermedia.com (Media Portal).


News Article | November 21, 2016
Site: en.prnasia.com

GUELPH, Ontario, Nov 21, 2016 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the third quarter ended September 30, 2016. Net revenue in the third quarter of 2016 was $657.3 million, down 18.4% from $805.9 million in the second quarter of 2016 and 22.7% from $849.8 million in the third quarter of 2015. Module shipments recognized in revenue totaled 1,161 MW, compared to 1,290 MW recognized in revenue in the second quarter of 2016 and 1,150 MW recognized in revenue in the third quarter of 2015. Solar module shipments recognized in revenue in the third quarter of 2016 included 16.3 MW used in the total solutions business, compared to 18.7 MW in the second quarter of 2016 and 110.5 MW in the third quarter of 2015. The following table is a summary of net revenues by geographic region based on the location of customers' headquarters (in millions of US$, except percentages). Gross profit in the third quarter of 2016 was $117.3 million, compared to $138.5 million in the second quarter of 2016 and $126.8 million in the third quarter of 2015. Gross margin in the third quarter of 2016 was 17.8%, compared to 17.2% in the second quarter of 2016 and 14.9% in the third quarter of 2015. The sequential increase in gross margin was primarily due to lower module costs resulting from decreased purchase price of wafer and cell as well as improved manufacturing efficiency of the Company. Total operating expenses were $90.3 million in the third quarter of 2016, down 8.7% from $98.9 million in the second quarter of 2016 and 5.9% from $95.9 million in the third quarter of 2015. Selling expenses were $34.0 million in the third quarter of 2016, up 0.3% from $33.9 million in the second quarter of 2016 and down 8.8% from $37.2 million in the third quarter of 2015. The slight sequential increase in selling expenses was primarily due to higher labor costs, partially offset by lower shipping and handling expenses and external sales commission. The year-over-year decrease in selling expenses was primarily due to lower external sales commission, partially offset by higher labor costs. General and administrative expenses were $51.7 million in the third quarter of 2016, down 13.8% from $60.0 million in the second quarter of 2016 and 5.4% from $54.6 million in the third quarter of 2015. Excluding the non-recurring charges recorded in the second quarter, which include a $10.8 million charge for the terminated YieldCo launch and a $7.6 million estimated tornado damage to the Company's Funing cell factory, and a $20.8 million expense recorded in the third quarter of 2015 for the settlement of LDK arbitration case, general and administrative expenses actually increased sequentially and year-over-year primarily due to an approximately $6.6 million impairment charge for certain solar power systems as well as higher labor costs. Research and development expenses were $4.6 million in the third quarter of 2016, compared to $5.1 million in the second quarter of 2016 and $4.1 million in the third quarter of 2015. Income from operations was $27.0 million in the third quarter of 2016, compared to $39.6 million in the second quarter of 2016, and $30.9 million in the third quarter of 2015. Operating margin was 4.1% in the third quarter of 2016, compared to 4.9% in the second quarter of 2016 and 3.6% in the third quarter of 2015. Non-cash depreciation and amortization charges were approximately $25.4 million in the third quarter of 2016, compared to $25.5 million in the second quarter of 2016, and $24.8 million in the third quarter of 2015. Non-cash equity compensation expense was $1.8 million in the third quarter of 2016, compared to $1.9 million in the second quarter of 2016, and $1.4 million in the third quarter of 2015. Interest expense was $18.8 million in the third quarter of 2016, compared to $11.9 million in the second quarter of 2016, and $13.0 million in the third quarter of 2015. The increase in interest expense was mainly due to lower capitalized interest, a higher balance of outstanding debt and higher financing costs for the Company's projects in the U.S. Interest income was $2.1 million in the third quarter of 2016, compared to $2.4 million in the second quarter of 2016 and $4.2 million in the third quarter of 2015. The Company recorded a gain on change in fair value of derivatives of $2.0 million in the third quarter of 2016, compared to a loss on change in fair value of derivatives of $1.6 million in the second quarter of 2016 and a loss on change in fair value of derivatives of $12.3 million in the third quarter of 2015. The gain on change in fair value of derivatives in the third quarter of 2016 came primarily from the change in fair value of warrants of $1.7 million. The Company recorded a foreign exchange gain in the third quarter of 2016 of $4.4 million compared to a gain of $24.9 million in the second quarter of 2016 and a gain of $17.1 million in the third quarter of 2015. Income tax expense was $16 thousand in the third quarter of 2016, compared to $16.3 million in the second quarter of 2016 and income tax benefit of $3.9 million in the third quarter of 2015. Net income attributable to Canadian Solar was $15.6 million, or $0.27 per diluted share, in the third quarter of 2016, compared to net income of $40.4 million, or $0.68 per diluted share, in the second quarter of 2016, and net income of $30.4 million, or $0.53 per diluted share, in the third quarter of 2015. The Company had $986.0 million of cash, cash equivalents and restricted cash as of September 30, 2016, compared to $1.0 billion as of June 30, 2016. As of the end of the third quarter of 2016, $24.7 million of cash, cash equivalents and restricted cash, among other assets, was reclassified under 'Assets held-for-sale' as further discussed below. Accounts receivable, net of allowance for doubtful accounts, at the end of the third quarter of 2016 were $350.1 million, compared to $356.7 million at the end of the second quarter of 2016. As of the end of the third quarter of 2016, $18.7 million of accounts receivable was reclassified to 'Assets held-for-sale' as further discussed below. Accounts receivable turnover was 68 days in the third quarter of 2016, compared to 60 days in the second quarter of 2016. Inventories at the end of the third quarter of 2016 were $313.9 million, compared to $309.7 million at the end of the second quarter of 2016. Inventory turnover was 56 days in the third quarter of 2016, compared to 51 days in the second quarter of 2016. As of September 30, 2016, the Company had $436.0 million of solar power system assets carried as non-current assets, compared to $1.8 billion at the end of the second quarter of 2016. These assets included operating solar plants as well as plants under construction, which the Company held for the purpose of generating electricity income. In the third quarter, the Company has decided to sell certain solar power plants and as a result it has reclassified $1.6 billion of assets under these projects legal entities, including $1.5 billion of solar power systems, $24.7 million of cash, cash equivalents and restricted cash and $18.7 million of accounts receivable, to 'Project assets - current' and 'Assets held-for-sale'. Total project assets and assets held-for-sale at the end of the third quarter of 2016 were $1.2 billion and $529.2 million respectively. Correspondingly, the Company also reclassified $356.3 million of liabilities, primarily including $143.5 million of short-term borrowings and $151.7 million of long-term borrowings associated with these assets held-for-sale, to 'Liabilities held-for-sale'. Accounts and notes payable at the end of the third quarter of 2016 were $801.9 million, compared to $937.3 million at the end of the second quarter of 2016. Short-term borrowings at the end of the third quarter of 2016 were $1.51 billion, compared to $1.37 billion at the end of the second quarter of 2016. Long-term debt at the end of the third quarter of 2016 was $615.8 million, compared to $828.5 million at the end of the second quarter of 2016. Senior convertible notes totaled $125.4 million at the end of the third quarter of 2016, compared to $128.0 million at the end of the second quarter of 2016. Short-term borrowings and long-term debt directly related to utility-scale solar power projects totaled $1.18 billion at the end of the third quarter of 2016, compared to $834.9 million at the end of the second quarter of 2016. Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Our solar module shipments and revenue came in at the low end of our guidance, due to the dislocation of the global solar market during the quarter and the quarter-end logistic disruption caused by the bankruptcy of Hanjin Shipping in September. Our team has effectively managed the supply chain and our own production output to offset the macro impact of solar module ASP declines in the broader market. We achieved a gross margin of 17.8%, which was well above our guidance and reflects our strong inventory management and continued improvement in manufacturing efficiencies. During the quarter, we continued to develop our downstream energy business. At the end of the quarter, our late-stage solar project pipeline stood at 2.0 GWp and our portfolio of solar plants in operation totaled 948 MWp. Our footprint now covers the world's most attractive markets: the U.S., Canada, Japan, Brazil, China, Mexico, the United Kingdom and Africa. Investor interest in our high-quality project pipeline remains robust. We target to complete the sale of certain solar power plants in Canada and China either by the end of 2016 or early next year and have started the sales process of our projects in the U.S. as our projects there reaching COD. This follows our sale of 80% of the equity in our 191.5 MWp Pirapora 1 solar power project in Brazil to EDF EN do Brasil, the local subsidiary of EDF Energies Nouvelles. Developing and transferring will be an important strategy in our downstream energy business as it bolsters our balance sheet, reduces market risk, and allows us to redeploy our capital, while providing an attractive return for our shareholders." Dr., Senior Vice President and Chief Financial Officer of Canadian Solar, added: "Our results for the third quarter reflect our disciplined business strategy and successful execution. Declines in wafer and cell ASPs, together with improved management in inventory control and manufacturing efficiencies, helped offset the impact of further module ASP declines. We continue to strengthen our capacity profile with selective investments in new wafer, cell and module plants. The work to restore our Funing cell factory is proceeding on schedule. We expect to have the first two of our ten production lines up and running by the end of 2016, and remaining production lines back in full production by the end of the first half of 2017. We continue to discuss the amount of our total damages claim with our insurers and have received prepayments totalingfrom the insurer. Importantly, all of the equipment we are installing features the latest production technologies." The Company divides its utility-scale solar project pipeline into two parts: an early- to mid-stage pipeline and a late-stage pipeline. The late-stage pipeline includes primarily projects that have energy off-take agreements and are expected to be built within the next two to four years. The Company cautions that some late-stage projects may not reach completion due to risks such as failure to secure permits and grid connection, among other risk factors. As of September 30, 2016, the Company's late-stage pipeline totaled 2.0 GWp of utility-scale solar project pipeline, which included 940 MWp in the U.S., 597 MWp in Japan, 390 MWp in Brazil, 38 MWp in China, 63 MWp in Mexico, 15 MWp in the United Kingdom and 6 MWp in Africa. In the United States, as previously announced, three projects (Barren Ridge, Mustang and Tranquillity) totaling 470 MWp reached commercial operation in the third quarter of 2016. Four other projects (Astoria 1, Astoria 2, Garland and Roserock) are currently under construction and are expected to reach commercial operation before the end of December 2016. In September 2016, the Company announced the signing of a 15-year power purchase agreement ("PPA") for 100 MWac, or 140 MWp, of its solar power project Tranquility 8 in California with MCE, California's first operating Community Choice Aggregation program. Construction of the project is expected to begin in 2017. The project will begin providing power to MCE by late 2018. The Company's late-stage utility-scale solar project pipeline in the U.S. as of September 30, 2016 is detailed in the table below. In Japan, during the third quarter of 2016, the Company started commercial operation of two solar power plants, with a total capacity of approximately 1 MWp. In November, a 24 MWp solar power plant started commercial operation. As of September 30, 2016, the Company's pipeline of late-stage utility-scale solar power projects totaled approximately 597 MWp with 191 MWp in construction and 66 MWp at the ready-to-build stage. As of September 30, 2016, the expected commercial operation schedule of the Company's late-stage utility-scale solar power projects in Japan is detailed in the table below. As of August 1, 2016, Canadian Solar had executed interconnection agreements for 397 MWp of projects. The Company expects that, by April 1, 2017, it will have executed interconnection agreements for an additional 130 MWp of projects, thereby securing the existing FIT contract subject to meeting the COD deadline. The Company is working to advance an additional 92 MWp of projects, so that the interconnection agreements can be executed by April 1, 2017 in order to secure the existing FIT contract. In Brazil, the Company's late-stage, utility-scale solar project pipeline as of September 30, 2016 is detailed in the table below. In October 2016, as previously announced, Canadian Solar sold 80% of equity interest in its Pirapora I solar project in Brazil to EDF EN do Brasil, the local subsidiary of EDF Energies Nouvelles. Canadian Solar will supply modules for this project from its new 360 MWp module factory established in Brazil to support the local market. In addition, during the third quarter of 2016, the Company connected a 5 MWp plant in the UK to the grid. In addition to its utility-scale solar project pipeline, the Company had a portfolio of solar power plants in operation totaling approximately 948 MWp as of September 30, 2016. Revenue from the sale of electricity generated by these plants in the third quarter of 2016 totaled $24.1 million, compared to $22.5 million in the second quarter of 2016. The resale value of these plants is estimated at approximately $1.4 billion, with an expected total profit margin contribution in low double digits. The Company cautions, however, that market conditions may change resulting in different sale values if and when the Company ultimately sells these plants. The sale of projects recorded on the balance sheet as 'Project assets' (build-to-sell) will be recorded as revenue once revenue recognition criteria are met, and the gain from sale of projects recorded on the balance sheet as 'Assets held-for-sale' and 'Solar power systems, net' (build-to-own) will be recorded within 'Other income (expenses)' in the income statement. During the third quarter of 2016, the Company adjusted its end of 2016 manufacturing capacity, as summarized in the table below. The Company's wafer manufacturing capacity has reached 1.0 GW, including 400 MW using slurry wire-saw and 600 MW using the new diamond wire-saw technology. The Company expects its wafer capacity to reach 1.3 GW by April 2017, all of which will use the diamond wire-saw technology. This is slightly behind the Company's previous schedule as the production capacity of the diamond wire-saw has to match with that of the black silicon surface treatment in the solar cell workshop. The diamond wire-saw technology works compatibly with the Company's proprietary and highly efficient Onyx black silicon multi-crystalline solar cell technology, reducing silicon usage and therefore manufacturing cost. The Company's cell manufacturing capacity as of the end of 2016 is expected to reach 2.4 GW, as compared to the 3.1 GW prior target. The decrease is primarily due to a delay in the construction of the Company's new 850 MW cell plant in Southeast Asia. While the module plant in the same compound went on line on schedule in September, the construction completion date of the solar cell plant has been extended to the first quarter of 2017. The decrease in the cell capacity will be partially offset by an earlier than expected partial resumption in production at the Company's Funing cell factory, which was damaged by a tornado in June 2016. The Company continues to expect that its internal module capacity will reach 5.8 GW by the end of 2016. The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to customer final demand and solar project construction schedule. Management's views and estimates are subject to change without notice. For the fourth quarter of 2016, the Company expects total solar module shipments to be in the range of approximately 1.4 GW to 1.5 GW, including approximately 30 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in fourth quarter 2016. Total revenue for the fourth quarter of 2016 is expected to be in the range of $600 million to $750 million. Gross margin for the fourth quarter is expected to be between 11% and 16%. The recent demand for the Company's solar module products has been very strong. The shipment volume in the fourth quarter is impacted by the availability of the Company's solar module manufacturing capacities. The Company is overbooked for the current quarter and fully booked for the first quarter of 2017. As a result, the Company has to use third party solar modules for some of its own projects, in order to satisfy the demand from its solar module customers. The gross margin in the quarter is impacted by the loss-of-service of the company's 1 GW solar cell factory in Funning damaged by a tornado in June and the delay in construction of the company's 850 MW new cell factory in Southeast Asia. The company expects to bring the Funning cell factory partially back in service at the end of the year and fully back in service by June 2017. Meanwhile, the Company expects to start production on its new cell factory in Southeast Asia in the first quarter of 2017. The Company expects to complete the sale of certain utility-scale solar power plants in Canada and China either in the fourth quarter of 2016 or early 2017. The total value of these solar power plants is estimated at approximately $500 million with a blended gross margin in high teens. According to US GAAP, the Company expects to recognize approximately $150 million of the proceeds of these sales as revenue. The remaining proceeds, net of the book value of the projects, estimated at $50 million to $55 million, will be recognized as gain from sale of projects under 'Other income (expenses)' in the income statement. The actual figures may be different, subject to the adjustments at the final closing. The Company expects to reach the high end of its revenue and gross margin guidance if all these solar power plant sales are completed in the fourth quarter, or the low end of the revenue and gross margin guidance if all these projects sales are closed in 2017 instead. Accordingly, for the full year 2016, the Company expects its guidance for total module shipments to be in the range of approximately 5.073 GW to 5.173 GW, compared to 5.4 GW to 5.5 GW as previously guided. Management expects its revenue under US GAAP for the full year 2016 to be in the range of $2.78 billion to $2.94 billion, compared to $3.0 billion to $3.2 billion as previously expected. The updated revenue guidance is based on US GAAP, therefore, does not contain the sales of approximately $300 million of solar power plant assets, which may occur in the fourth quarter or early 2017, as previously discussed. Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "We remain confident in our long-term outlook and in our proven ability to navigate through disruptive, lower-visibility market environments. Canadian Solar has always emerged in a stronger position from these periods of market volatility. We will continue to invest in advanced technologies that will deliver even higher module efficiency. We expect to further benefit from our global brand and flexible capacity structure. Our track record of stability and consistent long-term execution sets Canadian Solar apart from our peers. Our financial partners share our confidence and positive outlook for the global solar industry. Our bankability is further underscored by our recent issuance of total RMB900 million commercial papers and entry into a JPY9.6 billion 3-year loan facility." On November 17, 2016, Canadian Solar announced that it has started the commercial operation of a 24 MWp solar power plant in Yamaguchi Prefecture, Japan. The plant is expected to generate approximately 28,487 MWh of electricity each year, which will be purchased by Chugoku Electric Power Company, under a 20-year feed-in-tariff contract at the rate of JPY40.00 (US$0.38) per kWh. On October 13, 2016, Canadian Solar announced that it had entered into a syndicated 3-year loan facility for JPY9.6 billion (US$95 million) with Sumitomo Mitsui Banking Corporation as the lead arranger. The loan proceeds will be used to finance solar project development in Japan and for general corporate working capital requirements. On October 11, 2016, Canadian Solar and EDF Energies Nouvelles announced the sale of 80% interest in Canadian Solar's 191.5 MWp Pirapora I solar energy project in Brazil to EDF Energies Nouvelles' local subsidiary, EDF EN do Brasil. The project has started construction and is expected reach commercial operation in the third quarter of 2017. Canadian Solar will supply the modules for the project from its new 360 MWp modules factory established in Brazil to support the local market. On September 29, 2016, Canadian Solar announced the start of commercial operation of the 60 MWac/78 MWp Barren Ridge solar photovoltaic project developed by the Company's wholly owned subsidiary, Recurrent Energy. The Barren Ridge solar project, also known as the RE Cinco Project, supplies electricity and associated renewable energy credits to the Los Angeles Department of Water and Power under a long-term power purchase agreement. On September 28, 2016, Canadian Solar announced that it was awarded US$3.5 million funding from Australian Renewable Energy Agency for two solar power projects, totaling 47MWp in Australia. The Company plans to start the construction of both projects in the first quarter of 2017 and achieve commercial operations no later than January 2018. On September 27, 2016, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, entered into a 15-year PPA for 100 MWac of solar power in California with MCE, California's first operating Community Choice Aggregation program. Construction of the project is expected to begin in 2017 and the project will begin providing power to MCE by late 2018. On September 26, 2016, Canadian Solar announced the start of commercial operation of the 200 MWac/258 MWp Tranquility solar power project in California. The Tranquility solar power project was developed by the Company's wholly owned subsidiary, Recurrent Energy, and is majority-owned by Southern Company subsidiary Southern Power. On September 21, 2016, Canadian Solar announced that it signed a financing agreement pursuant to which Export Development Canada has agreed to provide guarantees or letters of credit of up to US$100 million to Canadian Solar to support its global activities of project development. Royal Bank of Canada and Toronto Branch of China Construction Bank Corporation will serve as fronting banks on the facility. In September 2016, Canadian Solar issued a RMB400 million (US$60 million) commercial paper with a fixed interest rate of 5.5% and a tenor of one year and a RMB500 million (US$74.8 million) commercial paper for a term of 9 months with a fixed interest rate of 5.3%. The Company intends to use the proceeds from these issuances to repay debt and to enhance its working capital. China CITIC Bank Corporation Limited acted as the underwriter and bookrunner of the issuance. On August 23, 2016, Canadian Solar announced that its wholly owned subsidiary, Recurrent Energy, reached commercial operation of the 100 MWac/134 MWp Mustang solar power project in Kings County, California. The Company will hold a conference call on Monday, November 21, 2016 at 8:00 a.m. U.S. Eastern Standard Time (9:00 p.m., November 21, 2016 in Hong Kong) to discuss the Company's third quarter 2016 results and business outlook. The dial-in phone number for the live audio call is +1 866 519 4004 (toll-free from the U.S.), +852 3018 6771 (local dial-in from HK) or +1 845 675 0437 from international locations. The passcode for the call is 98890711. A live webcast of the conference call will also be available on Canadian Solar's website at www.canadiansolar.com. A replay of the call will be available 4 hours after the conclusion of the call until 9:00 a.m. on Tuesday, November 29, 2016, U.S. Eastern Standard Time (10:00 p.m., November 29, 2016 in Hong Kong) and the replay can be accessed by dialing +1 855 452 5696 (toll-free from the U.S.), +852 3051 2780 (local dial-in from HK) or +1 646 254 3697 from international locations, with passcode 98890711. A webcast replay will also be available at www.canadiansolar.com. Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 15 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com. Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 20, 2016. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/canadian-solar-reports-third-quarter-2016-results-300366451.html


MACAU, Feb. 16, 2017 (GLOBE NEWSWIRE) -- Melco Crown Entertainment Limited (Nasdaq:MPEL) (“Melco Crown Entertainment” or the “Company” or “we”), a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2016. Net revenue for the fourth quarter of 2016 was US$1,192.9 million, representing an increase of approximately 13% from US$1,058.0 million for the comparable period in 2015. The increase in net revenue was primarily attributable to the net revenue generated by a fully-operating Studio City, which started operations in October 2015, and the increase in casino revenues at City of Dreams Manila, partially offset by lower casino revenues at City of Dreams in Macau and Altira Macau. On a U.S. GAAP basis, operating income for the fourth quarter of 2016 was US$116.0 million, compared with operating loss of US$17.8 million in the fourth quarter of 2015. Adjusted property EBITDA(1) was US$304.3 million for the fourth quarter of 2016, as compared to Adjusted property EBITDA of US$236.4 million in the fourth quarter of 2015, representing an increase of 29%. This year-on-year improvement in Adjusted property EBITDA was mainly attributable to the contribution from a fully-operating Studio City and increase in casino revenues at City of Dreams Manila, partially offset by lower contribution from Altira Macau. On a U.S. GAAP basis, net income attributable to Melco Crown Entertainment for the fourth quarter of 2016 was US$43.3 million, or US$0.09 per ADS, compared with a net loss attributable to Melco Crown Entertainment of US$12.3 million, or US$0.02 per ADS, in the fourth quarter of 2015. The net loss attributable to noncontrolling interests during the fourth quarter of 2016 of US$26.8 million was related to Studio City and City of Dreams Manila. Mr. Lawrence Ho, Chairman and Chief Executive Officer of Melco Crown Entertainment, commented, “We delivered a strong set of results in the fourth quarter of 2016, highlighted by record mass table gross gaming revenues in Macau and a 29% year-on-year increase in group-wide Adjusted property EBITDA. “Our Flagship property in Macau, City of Dreams, generated Adjusted property EBITDA of approximately US$190 million, an increase of over 10% compared to the prior quarter, despite an increase in supply in Macau, highlighting the property’s ongoing position as a leader in the premium gaming segments in Macau. “Studio City’s mass table games revenues continued to expand, increasing almost 10% from the prior quarter which, combined with the rolling chip operations that began in November 2016, delivered a strong improvement in underlying earnings. While the recently opened rolling chip operations broaden the property’s gaming proposition, Studio City’s core focus remains on its mass market offerings which are ideally aligned to the demand landscape in Macau. “Macau continues to show signs of a broader recovery, with January 2017 representing the sixth month in a row of year-on-year increases in Macau’s gross gaming revenues. We believe that Macau’s long term success relies on its ability to cater to the rapidly evolving demands of leisure and entertainment seekers from around the region, most notably from Mainland China. Our world-class portfolio of properties in Macau gives us a unique ability to cater to a wider spectrum of gaming customers, including mainstream mass, premium mass, junket and direct VIP customers, while also offering tourists a vast non-gaming and entertainment proposition which is unrivalled in Macau. “City of Dreams Manila, our integrated resort in the fast growing gaming market of the Philippines, continues to increase its gaming market share by delivering another strong quarter fueled by revenue growth across all gaming segments. The improvement in gaming operations together with cost efficiencies identified through our company-wide focus on managing reinvestment and other operating expenses, resulted in our Adjusted property EBITDA in Manila increasing by 224% on a year-on-year basis. “As previously announced, we have changed our ordinary dividend policy to one targeting a quarterly cash dividend payment of US$0.03 per ordinary share (equivalent to US$0.09 per American depositary share (“ADS”), each representing three ordinary shares) of the Company, providing a larger, stable and more predictable ordinary dividend payout. In addition, we recently announced and paid an approximately US$650 million special dividend to shareholders, highlighting our continued commitment to returning surplus capital to shareholders, while retaining significant financial flexibility to pursue other value-accretive development opportunities. “Our Company has undergone an exciting transformation over the past several months. Melco International Development Limited, a company of which I am Chairman and Chief Executive Officer, has completed the acquisition of an additional 13.4% of the shares of Melco Crown Entertainment earlier today, increasing its ownership in the Company to approximately 51.3%. This transaction highlights the steadfast confidence and commitment I have in the markets where we operate, the development and expansion opportunities that are available to our Company, the positioning of our world-class properties and, most importantly, our tremendous employees and current management team that continue to deliver a level of service and experience which underpins our Company’s success.” For the quarter ended December 31, 2016, net revenue at City of Dreams was US$661.1 million compared to US$669.0 million in the fourth quarter of 2015. City of Dreams generated Adjusted EBITDA of US$188.7 million in the fourth quarter of 2016, representing a decrease of 2% compared to US$192.2 million in the comparable period of 2015. The decline in Adjusted EBITDA was primarily a result of lower mass market table games revenues and rolling chip revenues, partially offset by an increase in non-gaming revenue mainly driven by the opening of the new retail precinct in 2016. Rolling chip volume totaled US$11.1 billion for the fourth quarter of 2016 versus US$10.2 billion in the fourth quarter of 2015. The rolling chip win rate was 2.6% in the fourth quarter of 2016 versus 2.8% in the fourth quarter of 2015. The expected rolling chip win rate range is 2.7%-3.0%. Mass market table games drop decreased to US$1,109.9 million compared with US$1,124.9 million in the fourth quarter of 2015. The mass market table games hold percentage was 36.3% in the fourth quarter of 2016 compared to 37.1% in the fourth quarter of 2015. Gaming machine handle for the fourth quarter of 2016 was US$1,051.8 million, compared with US$1,071.1 million in the fourth quarter of 2015. The gaming machine win rate was 3.9% in the fourth quarter of 2016 versus 3.4% in the fourth quarter of 2015. Total non-gaming revenue at City of Dreams in the fourth quarter of 2016 was US$79.2 million, compared with US$67.6 million in the fourth quarter of 2015. For the quarter ended December 31, 2016, net revenue at Altira Macau was US$103.3 million compared to US$142.0 million in the fourth quarter of 2015. Altira Macau generated Adjusted EBITDA of US$3.3 million in the fourth quarter of 2016 compared with Adjusted EBITDA of US$9.7 million in the fourth quarter of 2015. The year-on-year decrease in Adjusted EBITDA was primarily a result of lower rolling chip revenues. Rolling chip volume totaled US$4.4 billion in the fourth quarter of 2016 versus US$4.8 billion in the fourth quarter of 2015. The rolling chip win rate was 2.7% in the fourth quarter of 2016 versus 3.3% in the fourth quarter of 2015. The expected rolling chip win rate range is 2.7%-3.0%. In the mass market table games segment, drop totaled US$112.8 million in the fourth quarter of 2016, a decrease from US$133.4 million generated in the comparable period in 2015. The mass market table games hold percentage was 19.2% in the fourth quarter of 2016 compared with 19.4% in the fourth quarter of 2015. Gaming machine handle for the fourth quarter of 2016 was US$7.9 million, compared with US$7.7 million in the fourth quarter of 2015. The gaming machine win rate was 6.8% in the fourth quarter of 2016 versus 5.8% in the fourth quarter of 2015. Total non-gaming revenue at Altira Macau in the fourth quarter of 2016 was US$7.1 million compared with US$7.6 million in the fourth quarter of 2015. Net revenue from Mocha Clubs totaled US$28.9 million in the fourth quarter of 2016 as compared to US$32.0 million in the fourth quarter of 2015. Mocha Clubs generated US$5.4 million of Adjusted EBITDA in the fourth quarter of 2016 compared with US$6.4 million in the same period in 2015. Gaming machine handle for the fourth quarter of 2016 was US$614.4 million, compared with US$669.6 million in the fourth quarter of 2015. The gaming machine win rate was 4.6% in the fourth quarter of 2016 versus 4.7% in the fourth quarter of 2015. For the quarter ended December 31, 2016, net revenue at Studio City was US$246.2 million compared to US$123.2 million in the fourth quarter of 2015. Studio City generated Adjusted EBITDA of US$56.7 million in the fourth quarter of 2016 compared with Adjusted EBITDA of US$12.6 million in the fourth quarter of 2015. The year-on-year improvement in Adjusted EBITDA was primarily a result of having full operations in the fourth quarter of 2016, since Studio City started operations on October 27, 2015 and began rolling chip operations in November 2016. Rolling chip volume totaled US$1.3 billion for the fourth quarter of 2016. The rolling chip win rate was 1.4% in the fourth quarter of 2016. The expected rolling chip win rate range is 2.7%-3.0%. Mass market table games drop increased to US$683.2 million compared with US$365.3 million in the fourth quarter of 2015. The mass market table games hold percentage was 26.9% in the fourth quarter of 2016 compared to 22.4% in the fourth quarter of 2015. Gaming machine handle for the fourth quarter of 2016 was US$519.3 million, compared with US$264.9 million in the fourth quarter of 2015. The gaming machine win rate was 3.9% in the fourth quarter of 2016 versus 4.9% in the fourth quarter of 2015. Total non-gaming revenue at Studio City in the fourth quarter of 2016 was US$53.3 million, compared with US$37.8 million in the fourth quarter of 2015. For the quarter ended December 31, 2016, net revenue at City of Dreams Manila was US$144.7 million compared to US$80.9 million in the fourth quarter of 2015. City of Dreams Manila generated Adjusted EBITDA of US$50.2 million in the fourth quarter of 2016 compared to US$15.5 million in the comparable period of 2015. The year-on-year improvement in Adjusted EBITDA was primarily a result of increased casino revenues. Rolling chip volume totaled US$2.1 billion for the fourth quarter of 2016 versus US$1.3 billion in the fourth quarter of 2015. The rolling chip win rate was 3.5% in the fourth quarter of 2016 versus 2.1% in the fourth quarter of 2015. The expected rolling chip win rate range is 2.7%-3.0%. Mass market table games drop increased to US$149.0 million for the fourth quarter of 2016, compared with US$106.3 million in the fourth quarter of 2015. The mass market table games hold percentage was 27.8% in the fourth quarter of 2016 compared to 27.5% in the fourth quarter of 2015. Gaming machine handle for the fourth quarter of 2016 was US$671.3 million, compared with US$420.9 million in the fourth quarter of 2015. The gaming machine win rate was 5.9% in the fourth quarter of 2016 versus 6.2% in the fourth quarter of 2015. Total non-gaming revenue at City of Dreams Manila in the fourth quarter of 2016 was US$28.1 million, compared with US$25.0 million in the fourth quarter of 2015. Total net non-operating expenses for the fourth quarter of 2016 were US$95.3 million, which mainly included interest expenses, net of capitalized interest, of US$56.2 million, loss on extinguishment of debt of US$17.4 million, other finance costs of US$13.3 million and costs associated with debt modification of US$8.1 million. We recorded US$7.7 million of capitalized interest during the fourth quarter of 2016, primarily relating to the development of Morpheus at City of Dreams. The year-on-year increase of US$35.4 million in net non-operating expenses was primarily a result of loss on extinguishment of debt arising from the refinancing of the Studio City project facility and lower capitalized interest in the current quarter. Depreciation and amortization costs of US$137.5 million were recorded in the fourth quarter of 2016, of which US$14.3 million was related to the amortization of our gaming subconcession and US$5.7 million was related to the amortization of land use rights. Total cash and bank balances as of December 31, 2016 totaled US$2.0 billion, including US$210.8 million of bank deposits with original maturities over three months and US$39.3 million of restricted cash, primarily related to Studio City. Total debt, net of unamortized deferred financing costs at the end of the fourth quarter of 2016 was US$3.7 billion. Capital expenditures for the fourth quarter of 2016 were US$78.9 million, which predominantly related to various projects at City of Dreams, including Morpheus. For the year ended December 31, 2016, Melco Crown Entertainment reported net revenue of US$4.5 billion versus US$4.0 billion in the prior year. The year-on-year increase in net revenue was primarily attributable to the net revenue generated by a fully-operating Studio City and the increase in casino revenues at City of Dreams Manila, partially offset by lower casino revenues at City of Dreams in Macau and Altira Macau. On a U.S. GAAP basis, operating income for 2016 was US$363.1 million, compared with operating income of US$98.4 million for 2015. Adjusted property EBITDA for the year ended December 31, 2016 was US$1,087.5 million, as compared with Adjusted property EBITDA of US$932.0 million in 2015. The 17% year-on-year improvement in Adjusted property EBITDA was mainly attributable to the contribution from a fully-operating Studio City and increase in casino revenues at City of Dreams Manila, partially offset by lower contribution from City of Dreams in Macau and Altira Macau. On a U.S. GAAP basis, net income attributable to Melco Crown Entertainment for 2016 was US$175.9 million, or US$0.35 per ADS, compared with a net income attributable to Melco Crown Entertainment of US$105.7 million, or US$0.20 per ADS, for 2015. The net loss attributable to noncontrolling interests for 2016 of US$109.0 million was related to Studio City and City of Dream Manila. Shareholders and potential investors in Melco Crown Entertainment are advised not to place undue reliance on the unaudited earnings and financial information of the Company for the fourth quarter and year ended December 31, 2016. Shareholders and potential investors of the Company are advised to exercise caution in dealing in the securities of the Company. On February 16, 2017, our Board considered and approved the declaration and payment of a quarterly dividend of US$0.03 per share (equivalent to US$0.09 per ADS) for the fourth quarter of 2016 (the “Quarterly Dividend”). The Quarterly Dividend will be paid on or about Wednesday, March 15, 2017 to our shareholders whose names appear on the register of members of the Company at the close of business on Monday, February 27, 2017, being the record date for determination of entitlements to the Quarterly Dividend. Melco Crown Entertainment will hold a conference call to discuss its fourth quarter 2016 financial results on Thursday, February 16, 2017 at 8:30 a.m. Eastern Time (9:30 p.m. Hong Kong Time). To join the conference call, please use the dial-in details below: An audio webcast will also be available at http://www.melco-crown.com. To access the replay, please use the dial-in details below: This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the gaming markets and visitations in Macau and the Philippines, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) gaming authority and other governmental approvals and regulations, and (vi) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law. (1) "Adjusted EBITDA" is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and others, share-based compensation, payments to the Philippine parties under the cooperative arrangement (the “Philippine Parties”), land rent to Belle Corporation, net gain on disposal of property and equipment to Belle Corporation and other non-operating income and expenses. "Adjusted property EBITDA" is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and others, share-based compensation, payments to the Philippine Parties, land rent to Belle Corporation, net gain on disposal of property and equipment to Belle Corporation, Corporate and Others expenses and other non-operating income and expenses. Adjusted EBITDA and adjusted property EBITDA are presented exclusively as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses adjusted EBITDA and adjusted property EBITDA as measures of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors. The Company also presents adjusted EBITDA and adjusted property EBITDA because they are used by some investors as ways to measure a company's ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported adjusted EBITDA and adjusted property EBITDA as supplements to financial measures in accordance with U.S. GAAP. However, adjusted EBITDA and adjusted property EBITDA should not be considered as alternatives to operating income as indicators of the Company's performance, as alternatives to cash flows from operating activities as measures of liquidity, or as alternatives to any other measure determined in accordance with U.S. GAAP. Unlike net income, adjusted EBITDA and adjusted property EBITDA do not include depreciation and amortization or interest expense and, therefore, do not reflect current or future capital expenditures or the cost of capital. The Company compensates for these limitations by using adjusted EBITDA and adjusted property EBITDA as only two of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. Such U.S. GAAP measurements include operating income, net income, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other recurring and nonrecurring charges, which are not reflected in adjusted EBITDA or adjusted property EBITDA. Also, the Company's calculation of adjusted EBITDA and adjusted property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted EBITDA and adjusted property EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release. (2) “Adjusted net  income” is net income before net gain on disposal of property and equipment to Belle Corporation, pre-opening costs,  development costs, property charges and others, loss on extinguishment of debt and costs associated with debt modification, net of noncontrolling interests and taxes calculated using specific tax treatments applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to Melco Crown Entertainment and adjusted net income attributable to Melco Crown Entertainment per share (“EPS”) are presented as supplemental disclosures because management believes they are widely used to measure the performance, and as a basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to income and EPS computed in accordance with U.S. GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Melco Crown Entertainment and adjusted net income attributable to Melco Crown Entertainment per share may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income attributable to Melco Crown Entertainment with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release. Melco Crown Entertainment, with its American depositary shares listed on the NASDAQ Global Select Market (NASDAQ:MPEL), is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia. Melco Crown Entertainment currently operates Altira Macau (www.altiramacau.com), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. Melco Crown Entertainment’s business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, Melco Crown (Philippines) Resorts Corporation’s subsidiary, MCE Leisure (Philippines) Corporation, currently operates and manages City of Dreams Manila (www.cityofdreams.com.ph), a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. For more information about Melco Crown Entertainment, please visit www.melco-crown.com. Melco Crown Entertainment is strongly supported by its single largest shareholder, Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited and is substantially owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of Melco Crown Entertainment.


MACAU, Feb. 22, 2017 (GLOBE NEWSWIRE) -- Melco Crown Entertainment Limited (Nasdaq:MPEL) (“Melco Crown Entertainment” or the “Company”), a developer, owner and operator of casino gaming and entertainment resort facilities in Asia, proudly announced today that it has received nine Forbes Five-Star and one Four-Star ratings for its hotels, spas and restaurants at Altira Macau and Crown Towers at City of Dreams.  Melco Crown Entertainment has again won the most Forbes Five-star Awards in Macau this year, the recognition further cements the Company’s unshakable position as leader of the luxury travel segment. Astute travelers who look for the highest level of style, comfort and sophistication invariably return to Altira Macau and Crown Towers at City of Dreams as the Company never ceases to amaze. City of Dreams’ Crown Towers has been garnering Forbes Star Ratings since 2010 and is the first hotel brand in Macau to have earned the Forbes Travel Guide Five-Star distinction for its hotel, spa and all of its restaurants in 2014. City of Dreams has continued its eight-year winning streak this year with Five-Star ratings awarded for Crown Towers, Crown Spa, the contemporary French restaurant The Tasting Room, the Cantonese culinary masterpiece Jade Dragon, and premium Japanese fine-dining establishment Shinji by Kanesaka. In particular, Shinji by Kanesaka has stunned the jury with its gastronomic delights and sublime dining experience, consequently receiving a near perfect overall composite score of 95%. For eight consecutive years, both Altira Macau and its Altira Spa have received the highest Five-Star Award ratings, while the hotel’s signature Italian restaurant Aurora and prime Japanese restaurant Tenmasa have achieved Five-Star ratings for the fourth and third consecutive years respectively. Michelin-starred Cantonese restaurant Ying, has also been rated Four-Star for the third time, and the Japanese seafood restaurant Kira received a recommended rating. Mr. Lawrence Ho, Chairman and Chief Executive Officer of Melco Crown Entertainment, said, “We pride ourselves on being the purveyors of excitement and entertainment, and are at the vanguard of luxury development that breaks new ground. We are extremely thrilled and honored to be recognized by the authoritative Forbes Travel Guide. It is in the Company’s DNA to provide impeccable services and distinguished products for our esteemed guests. I would like to take this opportunity to thank our hotel operations and F&B teams for their unwavering dedication to excellence over the years, without which we would not be ahead of the pack today.” Forbes Travel Guide has established the most prestigious standard for luxury hospitality in the world. It is the originator of the respected Five-Star Rating system and has provided the travel industry with the most comprehensive ratings and reviews of hotels, restaurants and spas since 1958. Forbes Travel Guide has a team of expert inspectors who anonymously evaluate properties against up to 800 rigorous and objective standards. Presently, the guide covers 162 destinations across 44 countries. This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the gaming markets and visitations in Macau and the Philippines, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) gaming authority and other governmental approvals and regulations, and (vi) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law. Melco Crown Entertainment, with its American depositary shares listed on the NASDAQ Global Select Market (NASDAQ:MPEL), is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia. Melco Crown Entertainment currently operates Altira Macau (www.altiramacau.com), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. Melco Crown Entertainment’s business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, Melco Crown (Philippines) Resorts Corporation’s subsidiary, MCE Leisure (Philippines) Corporation, currently operates and manages City of Dreams Manila (www.cityofdreams.com.ph), a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. For more information about Melco Crown Entertainment, please visit www.melco-crown.com. Melco Crown Entertainment is strongly supported by its single largest shareholder, Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited and is substantially owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of Melco Crown Entertainment. For investment community, please contact: Ross Dunwoody Vice President, Investor Relations Tel: +853 8868 7575 or +852 2598 3689 Email: rossdunwoody@melco-crown.com For media enquiries, please contact: Maggie Ma Chief Corporate Communications and Corporate Affairs Officer Tel: +853 8868 3767 or +852 3151 3767 Email: maggiema@melco-crown.com


News Article | October 28, 2016
Site: globenewswire.com

MACAU, Oct. 28, 2016 (GLOBE NEWSWIRE) -- Studio City, the Hollywood-inspired, cinematically-themed resort, officially opened its doors a year ago, bringing a new era of thrilling entertainment to the rapidly developing region. Studio City proudly announces another impressive accomplishment, right on time to kick off its Year of ‘Firsts’ celebrations - setting a new GUINNESS WORLD RECORDS™ title yesterday for the longest selfie relay chain at the Golden Reel, the world’s first figure-8 and Asia’s highest Ferris wheel. Towering at 130 meters in Cotai, the Golden Reel is one of Studio City’s centerpiece attractions and a must-visit landmark in Macau. Recently, it has hit its first milestone of welcoming its one-millionth visitor. Celebrating this iconic landmark’s ever-growing popularity, Studio City has chosen the Golden Reel as the destination to achieve the incredible feat of creating the longest relay chain of selfies ever. Joined by hundreds of its excited employees, Studio City captured the Golden Reel from day to night with 888 selfies taken in 5 hours. The exercise reflected the team spirit and dedication of each employee, which are crucial to the success of the award-winning Studio City. The record-breaking achievement was kicked off by the icons that represent each of the world’s first entertainment offerings of the resort, including the world famous illusionist Franz Harary from “The House of Magic”, Batman from Batman Dark Flight, and world-renowned characters from Warner Bros.’ DC Comics, Hanna-Barbera Productions and Looney-Tunes entertainment franchises from the Warner Bros. Fun Zone. “One year ago, Studio City opened its doors to the world and started a brand new page in the Entertainment history of Macau. It brings to the city some of the most dazzling and innovative entertainment offerings ever seen in the region,” Mr. Lawrence Ho, Chairman and Chief Executive Officer of Melco Crown Entertainment said, “Studio City truly showcases our unwavering commitment to support the Macau Government’s vision of building Macau into a World Center of Tourism and Leisure.” “We are very proud of the success we have achieved so far, and I believe that the first anniversary of Studio City is a significant milestone not only for the resort but Macau as a whole. We would like to express our gratitude and appreciation to the Macau Government, our dedicated employees, and the local community for playing integral roles to the resort’s achievements. We intend to continue enhancing our non-gaming amenities to attract more travelers to Macau from all over the world.” Ms. Maria Helena de Senna Fernandes, Director of the Macau Government Tourism Office (MGTO), said, “The opening of Studio City in October 2015 has brought to Macau many ‘world’s first’ entertainment offerings, such as the Golden Reel, Batman Dark Flight, The House of Magic and Warner Bros. Fun Zone. These offerings appeal to a wide base of consumers and contribute to the diversification of the Macau tourism industry. The Macau SAR Government’s close collaboration with the gaming industry has enabled a sustainable development of the city’s tourism. We have seen a steady increase in the number of visitors and average stay time. The number of overnight visitors has exceeded the number of same-day visitors for three consecutive months, from June to August this year. Studio City has garnered acclaimed international recognitions in just one year of operations. In celebrating Studio City’s first anniversary, I would like to congratulate Melco Crown Entertainment on the resort’s remarkable success to put Macau on the global map of entertainment, and to further reinforce Macau’s reputation as the World Center of Tourism and Leisure.” To celebrate the first anniversary of Studio City, guests are invited to enjoy a slew of promotions and surprises exclusively presented by Studio City, from now until November 15, 2016: This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the gaming market and visitation in Macau and the Philippines, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) gaming authority and other governmental approvals and regulations, and (vi) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law. Melco Crown Entertainment, with its American depositary shares listed on the NASDAQ Global Select Market (NASDAQ:MPEL), is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia. Melco Crown Entertainment currently operates Altira Macau (www.altiramacau.com), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. Melco Crown Entertainment’s business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, Melco Crown (Philippines) Resorts Corporation’s subsidiary, MCE Leisure (Philippines) Corporation, currently operates and manages City of Dreams Manila (www.cityofdreams.com.ph), a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. For more information about Melco Crown Entertainment, please visit www.melco-crown.com. Melco Crown Entertainment is strongly supported by its single largest shareholder, Melco International Development Limited (“Melco”) and its other major shareholder, Crown Resorts Limited (“Crown”). Melco is a listed company on the Main Board of The Stock Exchange of Hong Kong Limited and is substantially owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of Melco Crown Entertainment. Crown is a top-100 company listed on the Australian Securities Exchange and led by Mr. James Packer, who is the Deputy Chairman and a Non-executive Director of Melco Crown Entertainment. Studio City is set to take Macau’s entertainment destination proposition to unprecedented new levels, by providing a ‘next generation’ of outstanding entertainment-driven leisure destination experiences that will help the territory’s evolution into a truly international tourism center. The Hollywood-themed studio-concept resort is a thrilling new cinematic inspired entertainment and leisure destination and is designed to be the most diversified entertainment offering in Macau. Ideally located on Cotai, close to the Lotus Bridge immigration point connecting Hengqin Island and a future station-point for the Macau Light Rapid Transit, Studio City will deliver more world-class entertainment amenities than any integrated resort in the market. Studio City’s stunning Art Deco facade includes the “Golden Reel”, the world’s highest figure-8 Ferris wheel which straddles the resort’s two-tower hotel at a height of some 130 meters. The integrated resort will provide the ultimate in sophisticated leisure entertainment, hotel, retail, dining and lifestyle experiences. The resort’s innovative entertainment offerings include “Studio City Event Center”, a 5,000-seat multi-purpose entertainment center designed to host live concerts, theatrical and sporting events; and “Studio 8”, a 300-seat live-audience TV broadcast studio for reality and game-show productions distributed in the Asia region. The entertainment experiences also include a magic theater “The House of Magic” and a Warner Bros. Batman-themed 4D flight simulation “Batman Dark Flight”, a 40,000-square-foot family entertainment center “Warner Bros. Fun Zone” for kids filled with Warner Bros.’ and DC Comics’ franchise characters and play-rides, together with “Pacha Macau” which will bring Ibiza-style nightlife to Macau. Studio City is destined to deliver an unparalleled leisure entertainment and hospitality experience, strengthening the depth and diversity of Macau’s leisure, business and tourism proposition as a leading visitor destination in Asia. For further information on Studio City, please visit: www.studiocity-macau.com, follow us on Sina Weibo at www.weibo.com/studiocity and like us on Facebook at http://www.facebook.com/studiocitymacau.  For our latest press releases, visuals and multimedia, please visit: http://www.studiocitymacaumedia.com


TOKYO, Feb. 22, 2017 (GLOBE NEWSWIRE) -- Melco Crown Entertainment Limited (Nasdaq:MPEL) (“Melco Crown Entertainment,” “MCE,” the “Company” or “we”), a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia, today unveiled the inspiration behind the potential concept of its integrated resorts in Japan, and reaffirmed its commitment to collaborate with potential host cities and the national government on the development of unique and exciting world-class integrated resorts that celebrate the  best of Japan and its culture. Photos accompanying this announcement are available at http://www.globenewswire.com/NewsRoom/AttachmentNg/27a18bf9-6f5e-4353-ad9a-667bfadc33d4 http://www.globenewswire.com/NewsRoom/AttachmentNg/3c212c73-e946-4efb-a139-df1a7b290841 http://www.globenewswire.com/NewsRoom/AttachmentNg/2345e5de-f36f-48c2-a6e1-742398156036 http://www.globenewswire.com/NewsRoom/AttachmentNg/67410d56-52d3-4646-b475-79ff2feedf58 Mr. Lawrence Ho, Chairman and Chief Executive Officer of MCE said, “Melco Crown Entertainment has always had a keen interest in Japan. Indeed, I personally, together with my executive management team, have been closely looking at this market for over a decade. We are thrilled by the active approach of the Japanese government on the recently passed integrated resort legislation.” Talking about his company, Mr. Ho said, “Melco Crown Entertainment’s integrated resort properties and facilities have always been the pride of the cities where we operate. We are never content to replicate past successes but focus on developing world-class integrated resorts that celebrate the culture and uniqueness of our partner cities. Our innovation and 5-star-plus service culture have garnered many international and Asian awards and recognition, as validated by the fact that we have the most Michelin-starred restaurants and the most Forbes five-star hotel facilities in Macau.” In regards to the concern on potential social issues related to the IR development, Ho continued, “The operation of integrated resorts is a highly regulated industry. With integrated resorts in multiple jurisdictions, Melco Crown Entertainment has consistently demonstrated its industry leadership in respect of social safeguards and has upheld the highest standards of corporate governance and social responsibility. The Company has widely-recognized responsible gaming programs that proactively educate the public and its employees, protect against problem gambling, and guard communities against criminal elements.” “Our commitment in Japan is for the long term. MCE is excited and honored to have the opportunity to take part in this transformational moment for Japan. We are determined to work with the Japanese government and local partners and communities to create the city’s first integrated resort which delivers long lasting benefits to Japan. As I have said, there currently is no predetermined cap on our intended investment in Japan; our focus is on uniqueness, great design and world-class entertainment offerings. I prefer not to constrain our dreams, ambitions, passion and commitment in Japan with price tags, particularly at this early stage. With our unsurpassed track record of developing and operating highly sophisticated and truly unique integrated resorts around the world, I am confident that MCE’s ultimate vision will support the government’s aspirations for an integrated resort that is unique to Japan and delights its people, as well as drawing tourists from around the world.” Aspiring to create an unrivaled and innovative integrated resort in Japan, Mr. Geoffrey Stuart Davis, Executive Vice President and Chief Financial Officer of the Company, gave a sneak peek of the inspiration behind the potential concept of its integrated resorts for the locations in Umekita and Yumeshima, Osaka and said, “Melco Crown Entertainment has long been known for its innovative architectural designs that thoughtfully and harmoniously reflect the culture and beauty of the city’s landscape. In past years, we have explored several potential locations in Osaka, Tokyo, and Yokohama. Today, I am pleased to present our cutting edge destination concept. The design for Umekita was the creation of the late Dame Zaha Hadid, DBE, who embraced simplicity and sustainability. Her work would help create an iconic new landmark in Japan. We are however open-minded as to location, and respectfully look for guidance from the Japanese government regarding the approach to building and operating integrated resorts in Japan because we believe they know what is best for the Japanese people and the national and local economies.” Mr. Davis also provided insights on the Japan integrated resorts outlook and said, “We believe that a culturally-sensitive, socially responsible, innovative integrated resort operator who also recognizes the importance of collaboration and partnership is the key element in an IR development. Melco Crown Entertainment and its affiliates have a proven track record in successful collaborations, including the Melco-Crown joint venture which secured the last of only 6 casino licenses in Macau back in 2006; a strategic partnership with SM/Belle Corporation, the Philippines’ largest corporation and real estate developer, on the IR development “City of Dreams Manila” in 2014; and as part of a multinational consortium with Hard Rock International and Cyprus Phasouri (Zakaki) Limited, member of the CNS Group, winning the IR bid in 2016 to build and operate the first casino resort in Cyprus. We have also teamed with many global brands – Warner Bros., DC Comics, DreamWorks, NOBU, Franco Dragone, Tenmasa and Kanesaka. Leveraging our successful relationships with different partners, we hope to engage and closely collaborate with local partners and communities in Japan, and will fully support the Japanese government in creating a truly inspiring, world-class integrated resort consistent with government’s visions." "The introduction of world-class integrated entertainment resorts will deliver enormous benefits to Japan, including diversifying the tourism sector, encouraging business, creating jobs and boosting local economic and social development. These advantages would in turn contribute meaningfully to economic growth and prosperity in Japan." This press release contains forward looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the gaming markets and visitations in Macau and the Philippines, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) gaming authority and other governmental approvals and regulations, and (vi) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law. Melco Crown Entertainment, with its American depositary shares listed on the NASDAQ Global Select Market (NASDAQ:MPEL), is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia. Melco Crown Entertainment currently operates Altira Macau (www.altiramacau.com), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. Melco Crown Entertainment’s business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, Melco Crown (Philippines) Resorts Corporation’s subsidiary, MCE Leisure (Philippines) Corporation, currently operates and manages City of Dreams Manila (www.cityofdreams.com.ph), a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. For more information about Melco Crown Entertainment, please visit www.melco-crown.com. Melco Crown Entertainment is strongly supported by its single largest shareholder, Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited and is substantially owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of Melco Crown Entertainment. The photos are also available at Newscom, www.newscom.com, and via AP PhotoExpress. For media enquiries, please contact: Maggie Ma Chief Corporate Communications and Corporate Affairs Officer Tel: +853 8868 3767 or +852 3151 3767 Email: maggiema@melco-crown.com For investment community, please contact: Ross Dunwoody Vice President, Investor Relations Tel: +853 8868 7575 or +852 2598 3689 Email: rossdunwoody@melco-crown.com


News Article | February 16, 2017
Site: globenewswire.com

HONG KONG, Feb. 16, 2017 (GLOBE NEWSWIRE) -- Melco International Development Limited (“Melco” or the “Group”) (HKEx Code:200), a world leader in the leisure and entertainment sector, today announced that it has completed the purchase of additional interest in, thereby assumed majority ownership of, Melco Crown Entertainment (“MCE”) (Nasdaq:MPEL). The Group now holds approximately 51.3% stake in MCE versus approximately 37.9% before. The financial results of MCE will continue to be consolidated in the financial statements of the Company. The aggregate purchase price for 198,000,000 ordinary shares, equivalent to 66,000,000 American depositary shares (“ADS”s), of MCE was US$1,100,800,800. Melco immediately paid a deposit of US$100,000,000 upon signing the acquisition agreement. To support the purchase, Melco obtained a credit facility of up to US$1,000,000,000, comprising a US$700,000,000 term loan facility for this purpose and a US$300,000,000 revolving credit facility, from Industrial and Commercial Bank of China (Macau) Limited (“ICBC Macau”) and Industrial and Commercial Bank of China (Asia) Limited (“ICBC (Asia)”). The remaining amount of the closing payment was settled using the Group’s internal resources. Mr. Lawrence Ho, Group Chairman and CEO of Melco, said, “I am thrilled to announce today that Melco has assumed majority ownership of MCE. It is certainly another tremendous milestone for the Company. I would like to thank ICBC Macau and ICBC (Asia) for supporting and trusting us and facilitating the closing of the deal. The acquisition signifies my faith in Macau’s long term prospects and the strength and quality of MCE. The deal will enable both Melco and MCE to more effectively capture growth opportunities in Macau, Asia and around the world. This is also an important step forward to realizing our vision of becoming a global leader in leisure and entertainment.” Mr. Zhu Xiaoping, Chairman of ICBC (Macau) Limited, said, “Melco has proved to be a dynamic and innovative new force in the industry and its vision is to expand its business around the world. ICBC Macau is delighted to support Melco on expanding its business.  We are very happy to be a part of the Melco story, which is rather impressive, and are looking forward to seeing Melco achieve new heights with its business in the future.” About Melco International Development Limited Founded in 1910 and listed on the Hong Kong Stock Exchange since 1927, Melco International Development Limited (“Melco”) (HKEx Code:200) was among the first one hundred companies established in Hong Kong. Today, under the leadership of its Chairman and Chief Executive Officer, Mr. Lawrence Ho, Melco has become a world leader in the leisure and entertainment sector with operations in China, Philippines and Russia. Its promising performance and distinctive leadership in the industry are also well recognized worldwide. Since February 2017, Melco has held a majority stake in Melco Crown Entertainment (NASDAQ ticker symbol “MPEL”), a leading developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia. The recent acquisition further bolsters the Group’s financial position and enables its growth opportunities in Macau, Asia and around the world. Through different companies, the Group is also actively pursuing expansion opportunities in Spain and Cyprus. As a dynamic enterprise, Melco has garnered numerous accolades for excellence in corporate governance and contribution to CSR. Melco has been honoured with the “Corporate Governance Asia Annual Recognition Award” by Corporate Governance Asia magazine for the eleventh year in 2016. It is also the first entertainment company to receive the “Hong Kong Corporate Governance Excellence Awards” by the Chamber of Hong Kong Listed Companies and the Centre for Corporate Governance and Financial Policy of the Hong Kong Baptist University. For more information about Melco, please visit www.melco-group.com.


HOUSTON--(BUSINESS WIRE)--Industry Executives will discuss strategies to deliver Value, Efficiency & Flexibility in a cost challenged Deepwater market, April 3-5, 2017, during the 14th annual Deepwater symposium, MCE Deepwater Development 2017 (MCEDD) held at the NH Grand Hotel Krasnapolsky in Amsterdam. Interactive Special Sessions focused on "Leveraging Best Practices", "Industry Collaboration" and "Novel Contracting Approaches" compliment a strong, competitively selected 3-day technical program. For more details please visit www.MCEDD.com or call Quest Offshore Resources, Inc. at +1 (281) 491-5900.


DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Pharmaceutical Membrane Filtration Market by Product (MCE, Coated Cellulose Acetate, Nylon, PVDF Membrane), Technique (Microfiltration, Ultra Filtration, Nanofiltration), Application (Final Product, Raw Material) - Global Forecast to 2021" report to their offering. The global membrane filtration market for pharmaceutical is expected to reach USD 6.20 Billion by 2021 from USD 3.55 Billion in 2016, at a CAGR of 11.8% during the forecast period. Growth in the biopharmaceutical industry and advancements in the nanofiltration technology are the key factors driving the growth of the market. The global membrane filtration market for pharmaceutical has been segmented on the basis of product, technique, application, and region. On the basis of product, the global market is segmented into MCE membrane filters, coated cellulose acetate membrane filters, nylon membrane filters, PTFE membrane filters, PVDF membrane filters, and other membrane filters. The MCE membrane filters segment is expected to be the largest and fastest-growing segment of the global market in 2016. On the basis of application, the market is segmented into final product processing, raw material filtration, air purification, cell separation, and water purification. The final product processing segment is projected to grow at the highest CAGR during the forecast period. Rapid growth in the biopharmaceutical industry, expansion in generic production, increasing demand for nanofiber technology, and the rising prevalence of airborne diseases are the major factors driving the growth of this segment. On the basis of technique, the market segmented into microfiltration, crossfiltration, ultrafiltration, nanofiltration, ion exchange, and reverse osmosis. The microfiltration segment is expected to witness the highest CAGR during the forecast period. The high adoption of microfiltration over other techniques in pharmaceutical applications accounts for the large share of this segment. North America is expected to dominate the global membrane filtration market for pharmaceutical in 2016, owing to the increasing growth in the biopharmaceutical industry in North America. However, the Asia region is expected to witness the highest CAGR during the forecast period. The increasing incidence of airborne diseases, growing R&D spending by developed countries, and rapid expansion in generic drug production are the major drivers for the growth of the Asian market. For more information about this report visit http://www.researchandmarkets.com/research/gdvf9s/pharmaceutical

Loading MCE collaborators
Loading MCE collaborators