Melco Crown Entertainment : MCE Finance Limited Announces Quarterly Report

printmgr file Exhibit 99.1 Explanatory Note MCE Finance Limited's Quarterly Report for the Three Months Ended March 31, 2016

This quarterly report serves to provide holders of MCE Finance Limited's US$1,000,000,000 5.00% senior notes due 2021 (the "2013 Senior Notes") with MCE Finance Limited's unaudited condensed consolidated financial statements, comprising condensed consolidated balance sheets, condensed consolidated statements of operations and condensed consolidated statements of cash flows, for the three months ended March 31, 2016, together with related information, pursuant to the terms of the indenture, dated

February 7, 2013, relating to the 2013 Senior Notes. MCE Finance Limited is a wholly-owned subsidiary of Melco Crown Entertainment Limited.

MCE Finance Limited Report for the First Quarter of 2016 TABLE OF CONTENTS

INTRODUCTION	1
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS	3
GLOSSARY	4
EXCHANGE RATE INFORMATION	6
FINANCIAL CONDITION AND RESULTS OF OPERATIONS	7
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	F-1

INTRODUCTION

In this quarterly report, unless otherwise indicated:

• "2011 Credit Facilities" refers to the credit facilities entered into pursuant to an amendment agreement dated June 22, 2011, as amended from time to time, between, among others, Melco Crown Macau, Deutsche Bank AG, Hong Kong Branch as agent and DB Trustees (Hong Kong) Limited as security agent, comprising a term loan facility and a revolving credit facility, for a total amount of HK$9.36 billion (equivalent to approximately US$1.2 billion), and which have been amended and restated by the 2015 Credit Facilities;

• "2015 Credit Facilities" refers to the credit facilities entered into pursuant to an amendment and restatement agreement dated June 19, 2015, as amended from time to time, between, among others, Melco Crown Macau, Deutsche Bank AG, Hong Kong Branch as agent and DB Trustees (Hong Kong) Limited as security agent, in a total amount of HK$13.65 billion (equivalent to approximately US$1.75 billion), comprising a HK$3.90 billion (equivalent to approximately US$500 million) term loan facility and a HK$9.75 billion (equivalent to approximately US$1.25 billion) revolving credit facility;

• "Altira Developments" refers to our subsidiary, Altira Developments Limited, a Macau company through which we hold the land and building for Altira Macau;

• "Altira Macau" refers to an integrated casino and hotel development that caters to Asian rolling chip customers;

• "China" and "PRC" refer to the People's Republic of China, excluding Hong Kong, Macau and Taiwan from a geographical point of view;

• "City of Dreams" refers to a casino, hotel, retail and entertainment integrated resort located in Cotai, Macau, which currently features casino areas and three luxury hotels, including a collection of retail brands, a wet stage performance theater and other entertainment venues;

• "Cotai" refers to an area of reclaimed land located between the islands of Taipa and Coloane in Macau;

• "DICJ" refers to the Direcção de Inspecção e Coordenação de Jogos (the Gaming Inspection and Coordination Bureau), a department of the Public Administration of Macau;

• "HK$" and "H.K. dollar(s)" refer to the legal currency of Hong Kong;

• "Hong Kong" refers to the Hong Kong Special Administrative Region of the PRC;

• "Macau" refers to the Macau Special Administrative Region of the PRC;

• "Melco Crown (COD) Developments" refers to our subsidiary, Melco Crown (COD) Developments Limited, a Macau company through which we hold the land and buildings for City of Dreams;

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• "Melco Crown Macau" refers to our subsidiary, Melco Crown (Macau) Limited, a Macau company and the holder of our gaming subconcession;

• "Mocha Clubs" collectively refers to clubs with gaming machines, which are now the largest non-casino based operations of electronic gaming machines in Macau;

• "our subconcession" and "our gaming subconcession" refer to the Macau gaming subconcession held by Melco Crown Macau;

• "Parent" refers to Melco Crown Entertainment Limited, a Cayman Islands exempted company with limited liability;

• "Pataca(s)" and "MOP" refer to the legal currency of Macau;

• "Services Agreement" refers to a services agreement entered into in May 2007 as amended in June 2012 between Melco Crown Macau and Studio City Entertainment, together with other agreements or arrangements entered into between the parties from time to time, which may amend, supplement or related to the aforementioned agreement;

• "Studio City" refers to a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau;

• "Studio City Entertainment" refers to our affiliate, Studio City Entertainment Limited, a Macau company which the Parent acquired, through acquisition of 60% equity interest in Studio City International Holdings Limited, an intermediate holding company of Studio City Entertainment, an indirect holding of 60% of its equity interest in July 2011;

• "US$" and "U.S. dollar(s)" refer to the legal currency of the United States;

• "U.S. GAAP" refers to the accounting principles generally accepted in the United States; and

• "we", "us", "our" and "our company" refer to MCE Finance Limited and, as the context requires, its predecessor entities and its consolidated subsidiaries.

This quarterly report includes our unaudited condensed consolidated financial statements for the three months ended March 31, 2016.

Any discrepancies in any table between totals and sums of amounts listed therein are due to rounding. Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures preceding them.

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