FOR IMMEDIATE RELEASE
Melco Crown Entertainment Announces Fourth Quarter 2009 Earnings
New York, February 2, 2010 — Melco Crown Entertainment Limited (NASDAQ: MPEL), a
developer and owner of casino gaming and entertainment resort facilities focused on the Macau
market, today reported its unaudited financial results for the fourth quarter and twelve months ending
December 31, 2009.
For the fourth quarter of 2009, net revenue was US$400.2 million, an increase of approximately 60%
from US$253.5 million for the comparable period ending December 31, 2008. The increase in net
revenue was as a result of the opening of City of Dreams in June 2009.
Adjusted EBITDA (1) was US$2.7 million for the fourth quarter of 2009, as compared with US$22.4
million in the fourth quarter of 2008. The year-over-year decrease in EBITDA in the fourth quarter of
2009 was primarily attributable to low table hold in the Company’s rolling chip operations and a
temporary slowdown in rolling chip volume at Altira Macau.
The company-wide mass market table games hold percentage (non rolling chip) in the fourth quarter
of 2009 was 17.5%, which is in-line with our target hold percentage range of 16.0% to 18.0%.
The combined rolling chip table games hold percentage (calculated before discounts and
commissions) across City of Dreams and Altira Macau in the fourth quarter of 2009 was 2.4%, below
our expected rolling chip hold percentage range of 2.7% to 3.0%.
If we normalize fourth quarter EBITDA using 2.85%, the mid-point of the commonly expected rolling
chip hold range, we would have reported Adjusted EBITDA of $56 million in the fourth quarter.
On a GAAP basis, the Company recorded a net loss for the fourth quarter of 2009 of
US$89.7 million, or US$0.17 per ADS, compared to a loss of US$18.9 million, or US$0.04 per
ADS, in the fourth quarter of 2008. The year-over-year increase in the net loss was due to increased
depreciation and amortization expenses and lower capitalized interest following the opening of Ci