In preparation for MPEL's Q3 earnings release Thursday morning, we’ve put together the recent pertinent forward looking company commentary.
MELCO CROWN EYEING HK LISTING BY INTRODUCTION-IFR (10/07/11)
- According to IFR, MPEL is considering listing in Hong Kong by way of introduction, instead of selling stock, because of current market conditions.
YOUTUBE FROM Q2 CONFERENCE CALL
- [House of Dancing Water] “The show while operating at above break-even on a stand-alone basis also generates a meaningful ripple effect throughout the whole business, including higher property visitation, improved hotel and food and beverage metrics, as well as provides a significant contribution to our gaming business through, amongst other things, adding key customers to our database to drive profitability and future growth.”
- 3Q guidance:
- D&A: $85MM
- Corp expense: $20MM
- Net interest expense: $30MM
- “On the competitive outlook side with Galaxy Cotai opening, it certainly has moved the center of gravity further into Cotai and I think we have benefited from that.”
- [Macau Studio City] “Effectively a three-year process. And we previously said that we hope to restart construction sometime before the end of Q1 of 2012.”
- “We’ll probably put the additional tower (Phase III of City of Dreams) on the back burner for now.
- [Within the mass segment] “This year, the percentage on our premium mass is somewhere about 50% to 60%.”
- “I think going into the third quarter, we plan on keeping operating expense essentially flat with what we’ve seen in the second quarter. So, we’ll fully benefit from any VIP or mass market top-line growth that we can generate.”
- [2013 Table cap] “So I think if you read between the lines, only new builds from now until 2013 will get those tables. So, I think we’ve sensed 5 and 6 opening up next year and the year after that, that’s where the allocation of tables will be. So from our internal perspective with regards to City of Dreams and Altira, and I think Ted alluded to it early on, we are continuing to yield up the business and we are trying to operate and utilize the tables as efficiently and as profitably as we can.”
- “We have some claims in terms of opening one to two junket operators, but due to some labor issue, we have to move those opening to the third quarter.”
- “Unlike some of our competitors who are still waiting for their land grant, as I pointed out earlier on, the previous owners of the Studio City project had already commenced construction a few years ago and had put in significant piling and foundation work, work that was worth over U.S.$100 million. So for us right now is really a process of recommencing and getting the necessary approvals to restart construction. So, it’s a much less complex and complicated process than what others would be looking at.”