MANILA, Philippines, March 15, 2013 (GLOBE NEWSWIRE) -- Melco Crown Entertainment Limited ("Melco Crown Entertainment" or the "Company") (SEHK:6883) (Nasdaq:MPEL), a developer and owner of casino gaming and entertainment resort facilities currently focused on the Macau market, announced that its subsidiary, Melco Crown (Philippines) Resorts Corporation ("Melco Crown Philippines"), a company listed on the Philippine Stock Exchange today held an Officiating Ceremony to inaugurate MCE Leisure (Philippines) Corporation ("MCE Leisure")'s alliance with SM Group's Belle Corporation, and to announce MCE Leisure's integrated resort development in Entertainment City, Manila. MCE Leisure is a subsidiary of the Company and an affiliate of Melco Crown Philippines.
As a great honor for Melco Crown Philippines, Her Excellency Ms. Ma Keqing, China's Ambassador to the Philippines, His Excellency Mr. Bill Tweddell, Australia's Ambassador to the Philippines and Mr. Cristino L. Naguiat, Jr., Chairman and CEO of PAGCOR attended today's Officiating Ceremony as Guests-of-Honor. They joined Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment, Mr. James Packer, Co-Chairman of Melco Crown Entertainment, Mr. Willy Ocier, Vice Chairman of Belle Corporation and senior representatives of the SM Group, in marking the official beginning of the entry of Melco Crown Entertainment into the fast-growing and dynamic leisure and tourism industry in the Philippines.
Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment, said, "We are grateful of the support from the Chinese and Australian Embassies regarding our new integrated casino resort in Manila, which provides us with an opportunity to showcase our vast experience in designing and operating World-Class gaming and entertainment resorts in Asia. We would also like to express our gratitude to the Government of the Republic of the Philippines and PAGCOR for providing us with this unique opportunity to be involved in the exciting and dynamic Entertainment City development, which we believe will meaningfully enhance the Philippines as a World-Class leisure and tourism destination.
Located on a 6.2 hectare site at the gateway of Entertainment City, within the Manila Bay area, MCE Leisure's integrated resort complex will include mass market and VIP gaming facilities, unique food and beverage offerings, numerous innovative entertainment attractions together with high-end boutique and VIP and five-star luxury hotel rooms, suites and villas.
With a vision of bringing an outstanding and multi-dimensional entertainment experience to Manila, the resort's entertainment elements will leverage off Melco Crown Entertainment's experience in delivering spectacular entertainment attractions catering towards Asian tastes and preferences. The integrated resort will feature three distinctive entertainment venues, including Manila's first branded Family Entertainment Center, a live performance central lounge inside the casino and a night club situated at the Fortune Egg, an architecturally-unique dome-like structure, which will be accented with creative exterior lighting design and is expected to become an iconic landmark of the Manila Bay area.
Mr. Ho continued, "It has always been our vision to pioneer the most innovative, world-class entertainment and leisure attractions throughout Asia, including the Philippines. The Philippines is a rapidly emerging market, with a burgeoning middle class and strong economic growth expected to contribute to robust growth in domestic tourism. Helped by a committed and forward-thinking Government approach to driving tourism, the Philippines is also well placed to cater to the increasingly affluent and growing middle class throughout Asia, who continue to seek new travel destinations and experiences throughout the region. We are confident that our Manila resort project would contribute meaningfully to the Philippines Government's aim to promote tourism. We are also looking forward to working with Belle Corporation of the SM Group, one of the leading developers of high-end residential and leisure properties in the Philippines, to bring this exciting project to realization and ensure its long term success."
Melco Crown Entertainment has been a pioneer in delivering innovative, top-notch entertainment attractions to enhance the tourism and economic diversity of Macau, as illustrated by the multiple award-winning extravaganza, The House of Dancing Water Show at City of Dreams, Melco Crown Entertainment's flagship integrated entertainment resort in Macau, which has redefined the entertainment landscape in the region.
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. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), 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 the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the gaming market and visitation in Macau, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, and (v) our future business development, results of operations and financial condition. 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. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is as of the date of this release, and the Company undertakes no duty to update such information, except as required under applicable law.
About Melco Crown Entertainment Limited
Melco Crown Entertainment, with its shares listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") (SEHK:6883) and its American depositary shares listed on the NASDAQ Global Select Market (Nasdaq:MPEL), is a developer, owner and through a Macau subsidiary which holds a gaming sub-concession, an operator of casino gaming and entertainment casino resort facilities currently focused on the Macau market. Melco Crown Entertainment currently operates Altira Macau (www.altiramacau.com), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. Melco Crown Entertainment's business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company is also developing the planned Studio City Project, a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, MCE Leisure (Philippines) Corporation, a subsidiary of Melco Crown Entertainment, has been cooperating with SM Group's Belle Corporation to develop and operate a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. For more information about Melco Crown Entertainment, please visit www.melco-crown.com.
Melco Crown Entertainment 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, an Executive Director and the CEO of Melco Crown Entertainment. Crown is a top-50 company listed on the Australian Securities Exchange and led by Executive Chairman Mr. James Packer, who is also Co-Chairman and a Non-executive Director of Melco Crown Entertainment.
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Source:Melco Crown Entertainment Limited