In preparation for MPEL's F3Q 2013 earnings release tomorrow, we’ve put together the recent pertinent forward looking company commentary.
CITY OF DREAMS PREMIUM MASS/NON-GAMING
- We're very much focused on one segment, the premium mass, whereby most of our competitors they have (been focusing) between portfolios (of segments)...Non-gaming improvement, really, really help us to improve our length of stay for those customers.
- Studio City, our unique cinematically themed integrated resort remains on budget and on track to open in mid-2015.
CITY OF DREAMS MANILA
- The development of our Philippines project is also moving forward as anticipated with the opening date remaining unchanged at around the middle of 2014.
CITY OF DREAMS 5TH TOWER
- We anticipate starting construction on a fifth tower at City of Dreams before the end of 2013. This iconic development will provide another powerful lever to drive our premium mass business and expand our high-end patronage at City of Dreams, in turn enhancing property-wide return on invested capital.
- Total depreciation and amortization expense is expected to be approximately $95MM to $100MM. Corporate expense is expected to come in at $20MM to $22MM, and consolidated net interest expense is expected to be approximately $38MM to $40MM, which includes finance lease interest of $11MM relating to the Philippines development and approximately $10MM of interest expense associated with Studio City. This takes into account approximately $8MM of capitalized interest related primarily to Studio City.
- I think the board is committed to look at a regular dividend policy because unlike some of our competitors, I think our board and the management team would prefer if we had stuck to one dividend policy. So we don't want to kind of make the decision like hastily. So anyways, it's going to be some time at the end of this year, early next year that we're going to sit down to discuss.