djusted EBITDA was us$ 136.3 million for the third quarter of 2010, as compared to Adjusted EBITDA of us$ 55.6 million in the third quarter of 2009. The year-over-year improvement in net revenue and Adjusted EBITDA resulted primarily from a broad-based improvement in operating performance at City of Dreams.
On a U.S. GAAP basis, Melco Crown Entertainment recorded net income for the third quarter of 2010 of us$ 15.8 million, compared with a net loss of us$ 39.5 million in the third quarter of 2009.
The improvement in bottom line results was driven by a significant year-over-year improvement in the operating performance at City of Dreams, partially offset by increased depreciation and amortization expense associated with the opening of the
Grand Hyatt and The House of Dancing Water at City of Dreams and higher netinterest expense related to the refinancing of approximately us$ 600 million of bank debt through the issuance of a high yield bond in May 2010.
Lawrence Ho, Co-Chairman and CEO of Melco Crown Entertainment, commented, "We are pleased to report record net revenue and record Adjusted EBITDA during the third quarter of 2010. These milestones are driven by continued progress in expanding our mass market gaming volumes and by further success in our already robust VIP business, along with a favorable rolling chip hold percentage in the third quarter of 2010.
“We opened The House of Dancing Water in September and it has been well received by the market and our guests. This is one of several new amenities that we plan to introduce into City of Dreams over the coming months, including Cubic nightclub and
Hard Rock Cafe. We believe that these amenities, against a backdrop of solid market growth, will continue to drive improving gaming volumes at City of Dreams,” he added.
“Though our new operating management structure has only been in place for approximately two months, we are encouraged by its initial impact on our business and are already seeing tangible results from its implementation. The focus of our management team continues to be on maximizing returns on our portfolio of assets in Macau,” he concluded.
The City of Dreams results for the third quarter are the following: net revenue was us$ 504 million compared to us$ 287.7 million in the third quarter of 2009. City of Dreams generated Adjusted EBITDA of us$ 114.9 million in the third quarter of 2010
compared to us$ 46.6 million in the third quarter of 2009.
The year-over-year improvements in both net revenue and Adjusted EBITDA were driven by increased rolling chip volume, an improved mass market win rate, and higher mass market table games drop in the third quarter of 2010, as compared with the same measures in the third quarter of 2009.
Rolling chip volume totaled us$ 14.4 billion for the third quarter of 2010, up 59% from us$ 9 billion in the third quarter of 2009, and the rolling chip hold percentage was 3.4% in the third quarter of 2010 versus 3.3% in the third quarter of 2009. The expected rolling chip hold percentage range is 2.7%-3.0%.
Mass market (non rolling chip) table games drop increased 35% to us$ 523.7 million compared with us$ 389.6 million in the third quarter of 2009. The mass market win rate was 21.3% in the quarter under review and increased from 15.3% in the same
period last year. At City of Dreams, we expect our mass market table games hold percentage to range from 20%-22%.
Slot handle for the quarter ended last September 30 was us$ 437.3 million, up 54% from us$ 284.5 million generated in the quarter ended September 30, 2009. Total non-gaming revenue at City of Dreams in the third quarter of 2010 was us$ 31.7 million, up from us$ 18 million in the third quarter of 2009. Occupancy per available room in the third quarter of 2010 was 77% versus 92% in the third quarter of 2009. The average daily rate (ADR) in the third quarter of 2010 was us$ 158 per occupied room, which compares with us$ 166 in the third quarter of 2009.