MANILA, Philippines,
May 5, 2015 /PRNewswire/ --
Integrated casino resort developer Melco
Crown (Philippines) Resorts
Corporation ("MCP" or the "Company"), a company with its shares
listed on the Philippine Stock Exchange ("PSE") with trading symbol
"MCP" and a subsidiary of Melco Crown Entertainment Limited (SEHK:
6883) (NASDAQ: MPEL) which is a developer and owner of casino
gaming and entertainment resort facilities in Asia, today announced that its recently opened
world-class integrated casino resort City of Dreams Manila has
become the first property in Entertainment City to receive
the regular gaming license from the Philippine Amusement and Gaming
Corporation (PAGCOR) for having met the minimum US$1 billion investment under PAGCOR's regular
license requirement. On May 4, 2015,
PAGCOR's President and COO, Mr. Jorge
Sarmiento, on behalf of the Chairman and CEO, Mr.
Cristino L. Naguiat, Jr., and the
rest of the PAGCOR Board of Directors, presented the regular gaming
license to Mr. Lawrence Ho,
Co-chairman and Chief Executive Officer of Melco Crown
Entertainment. Details can be found in the Company's announcement
filed with the Philippine Stock Exchange on May 4, 2015.
A provisional license was issued to the consortium on
January 28, 2013. The regular
gaming license issued today is valid until July 11, 2033.
City of Dreams Manila features the ultimate in entertainment,
hotel, retail and dining and lifestyle experiences with VIP and
mass-market gaming facilities with up to approximately 375 gaming
tables, 1,700 slot machines and 1,700 electronic table games. The
integrated resort offers Crown, Nobu and Hyatt hotels; unique and
distinctive entertainment attractions, including Manila's first branded Family Entertainment
Center, DreamPlay by DreamWorks, which opened in March; a live
performance central lounge inside the casino, the CenterPlay; a
night club, Chaos, situated at the iconic Fortune Egg, an
architecturally-unique dome-like structure; and Pangaea, an
ultra-lounge.
"We are proud and honored to receive the regular gaming license
as it is a tremendous show of confidence by the government in Melco
Crown Entertainment and our local partners, the SM Group's Belle
Corporation," says Mr. Lawrence
Ho. "We have delivered a world class entertainment venue
to the Philippines and have raised
the bar for integrated resort development in Entertainment City. We
are proud of our contribution to the
Philippines and pleased to have created over 5,000 desirable
jobs at City of Dreams Manila. We will continue to cater to the
increasingly affluent and growing middle class across Asia, who are seeking new travel destinations
and entertainment experiences in the region," he adds.
"Since opening, City of Dreams Manila has contributed to the
integrated casino resort industry in the country. PAGCOR is pleased
that City of Dreams Manila has demonstrated strong operating
competency, and with just a few months after its sneak preview last
December, the PAGCOR Board of Directors is happy to issue to it the
regular gaming license to operate a casino resort in the
Entertainment City area. PAGCOR truly recognizes City of Dreams
Manila's contribution to the
Philippines' sound investment scenario as the fastest
growing economy among emerging markets in Southeast Asia," Mr. Sarmiento
remarks.
Safe Harbor Statement
This release 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 and the
Philippines, (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 release 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 City of Dreams Manila
City of Dreams Manila opened its doors to the public in
December 2014 and marked the formal
entry of Melco Crown Entertainment into the fast-growing and
dynamic tourism industry in the
Philippines. The new integrated casino resort at
Entertainment City, Manila Bay, Manila, is solely operated and managed by MCE
Leisure.
The dynamic and innovative resort complex, located on an
approximately 6.2-hectare site at the gateway to Entertainment
City, includes the ultimate in entertainment, hotel, retail and
dining and lifestyle experiences with aggregated gaming space,
including VIP and mass-market gaming facilities with up to
approximately 380 gaming tables, 1,700 slot machines and 1,700
electronic table games.
The integrated resort features 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 structure, with creative exterior
lighting design and an iconic landmark of the Manila Bay area.
City of Dreams Manila is destined to deliver an unparalleled
entertainment and hospitality experience to the Philippines and will ultimately play a key
role in strengthening the depth and diversity of Manila's leisure, business and tourism
offering, enhancing its growing position as one of Asia's premier leisure destinations. It has
been developed to specifically meet the needs of the large, rapidly
growing and increasingly diverse audience of leisure and
entertainment seekers both in the
Philippines and those visiting Manila from across the Asia region and around the world.
About Melco Crown
(Philippines) Resorts
Corporation
Melco Crown (Philippines) Resorts Corporation, with its
shares listed on the Philippine Stock Exchange (PSE: MCP), is a
subsidiary of Melco Crown Entertainment (SEHK: 6883; NASDAQ: MPEL).
It has developed City of Dreams Manila, a casino, hotel, retail and
entertainment integrated resort in Manila, which has six hotel towers, including
the Crown Towers hotel, Nobu Hotel and Hyatt City of Dreams Manila,
numerous specialty restaurants and bars, gaming facilities, a
multi-level car park, as well as three separate entertainment
venues. For more information about Melco Crown Philippines, please
visit www.melco-crown-philippines.com.
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 operator of casino gaming and entertainment
resort facilities in Asia. 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, Melco Crown
(Philippines) Resorts
Corporation's subsidiary, MCE Leisure (Philippines) Corporation, currently operates
and manages City of Dreams Manila (www.cityofdreams.com.ph), 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 Resorts 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 Chairman Mr. James Packer, who is also Co-Chairman and a
Non-executive Director of Melco Crown Entertainment.
Photo - http://photos.prnewswire.com/prnh/20150505/213829
Photo - http://photos.prnewswire.com/prnh/20150505/213830
Photo - http://photos.prnewswire.com/prnh/20150505/213831
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/melco-crown-philippines-proudly-becomes-the-first-gaming-operator-in-entertainment-city-to-receive-the-regular-gaming-license-from-pagcor-300077460.html
SOURCE Melco Crown Philippines