NEW YORK, Oct. 17 /PRNewswire-FirstCall/ -- Melco Crown Entertainment
Limited (Nasdaq: MPEL) ("MPEL"), seeks to update the status of progress at
City of Dreams, its flagship integrated casino hotel resort development in
Macau, in response to recent turbulence in global financial market
conditions and certain press reports.
City of Dreams remains fully on target to open to the public during the
first half of 2009. Construction activity will be maintained at maximum
capacity through the end of 2008 to deliver the construction timetable to
completion. Our projected budget for phases one and two of City of Dreams
also remains unchanged.
Full financing is in place to complete the first and second phases of
development at City of Dreams. MPEL currently has over US$1.1 billion cash
on hand, having successfully drawn down approximately US$663 million in the
past month under its US$1.75 billion senior secured facilities. Subject to
satisfaction of the relevant conditions precedent, a further US$570 million
remains available for drawdown under the existing loan facilities as
required to meet any future financing needs for the completion of the first
two phases of development of City of Dreams.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements
are made under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. In some cases, forward-looking statements
can be identified by words or phrases such as "may," "will," "expect,"
"anticipate," "target," "aim," "estimate," "intend," "plan," "believe,"
"potential," "continue," "is/are likely to" or other similar expressions.
MPEL may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission, in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical facts,
including statements about MPEL's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve inherent
risks and uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking statement,
including but not limited to the following: growth of the gaming market and
visitation in Macau; finalization of credit facilities to finance
construction of projects; the completion of the construction of our hotel
casino resort projects; our acquisition and development of the Macau
Peninsula site; increased competition and other planned casino hotel and
resort projects in Macau and elsewhere in Asia; the completion of
infrastructure projects in Macau; government regulation of the casino
industry; our ability to raise additional financing; the formal grant of a
land concession for the City of Dreams site on terms that are acceptable to
us and obtaining approval from the Macau government for an increase in the
developable gross floor area of the City of Dreams site; the formal grant
of an occupancy permit for City of Dreams; our anticipated growth
strategies; and our future business development, results of operations and
financial condition. Further information regarding these and other risks is
included in our Annual Report on Form 20-F filed on April 9, 2008 and other
documents filed with the Securities and Exchange Commission. MPEL does not
undertake any obligation to update any forward-looking statement, except as
required under applicable law. All information provided in this press
release is as of the date of this release, and MPEL undertakes no duty to
update such information, except as required under applicable law.
About Melco Crown Entertainment Limited
MPEL is a developer, owner and, through its sub-concession holding
company, an operator of casino gaming and entertainment casino resort
facilities in Macau. Its first property, Crown Macau (http://www.crown-macau.com),
opened in 2007. Other development projects include City of Dreams, an
integrated urban casino resort located in Cotai, Macau. MPEL's business
also includes the Mocha Clubs (http://www.mochaclubs.com), which feature a total
of approximately 1,100 gaming machines and comprise the largest non-casino
based operations of electronic gaming machines in Macau. MPEL has entered
into an agreement, subject to certain conditions, to acquire a third
development site on the Macau Peninsula. For more information about MPEL,
please visit http://www.melco-crown.com.
MPEL has strong support from both of its major shareholders, Melco
International Development Limited ("Melco") and Crown Limited ("Crown").
Melco is a listed company on the Hong Kong Stock Exchange and is
substantially owned and led by Mr. Lawrence Ho, who is Co-Chairman and the
CEO of MPEL. Crown is a top-50 company listed on the Australian Stock
Exchange and led by Executive Chairman James Packer, who is also
Co-Chairman and a Director of MPEL.
SOURCE Melco Crown Entertainment Limited
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Related links:
http://www.crown-macau.com
http://www.melco-crown.com http://www.mochaclubs.com
CONTACT:
Geoffrey Davis, CFA, Senior Vice President,
Corporate Finance, +1-212-671-1936, geoffreydavis@melco-crown.com
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