MPEL 4Q YOUTUBE

In preparation for MPEL's FQ4 2013 earnings release tomorrow, we’ve put together the recent pertinent forward looking company commentary.

 

 

COD MASS

  • "City of Dreams has led the way in the premium mass segment, as is clearly evident in the properties mass market table yield which remain well above those of our peers in Macau."

COD VIP PREMIUM DIRECT

  • "Our premium direct actually grew from last year about 15% to the third quarter, roughly about 20% in COD total rolling volume basis. In fact, on a sequential basis, we grew more than 20% from the third quarter, which is quite substantial, in terms of our premium in-house business."

MACAU STUDIO CITY

  • "On track to open in mid 2015."

COD TOWER FIVE 

  • "Preliminary works on Tower Five at City of Dreams which we expect to open sometime in late 2016, early 2017."

COD MANILA

  • "Opening is anticipated at be around the middle of next year."
  • "Under PAGCOR's revised gaming guidelines, City of Dreams Manila can now operate up to 365 gaming tables from 242 previously and over 1,680 of each gaming machine and electronic table games."

LABOR 

  • "When 2015 rolls around and Galaxy Phase II and Studio City opens up, we are confident that we will be able to get the required labor that will be necessary to operate the property."

VIP

  • "By the end of third quarter September and particularly in October, we see some subsequent improvement on that segment, meaning that from share is actually getting back and also the productivity of per table is improving in that segment."
  • "We look at the liquidity in the last few quarters particularly this year. We only see some improvement in some liquidity."

PAGCOR TAX ISSUES

  • "There is a solution in place that will really neutralize some of the tax issues. But I think they are working it through their government. But again, all four operators are unanimous and working together on this front. So they tell us that they hope to have a resolution sometime end of the year or sometime early next year. So it will be comfortably ahead of when we open our property."

COD COST STRUCTURE

  • "On a luck-adjusted basis, the margin at City of Dreams was up similar to the overall margin, up 200 basis points." "So we got the flow-through on that incremental mass market business as well as having a higher margin within the mass market business."
  • "There were nothing particularly special about our overhead this quarter or call outs. Our provision for bad debt was in line with our normal range."

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