Melco Crown Entertainment Announces a 2015 Stock Repurchase Program
May 20 2015 - 8:51AM
Melco Crown Entertainment Limited (SEHK:6883) (Nasdaq:MPEL)
("
Melco Crown Entertainment" or the
"
Company" or "
We"), a developer,
owner and operator of casino gaming and entertainment resort
facilities in Asia, announced today that its Board of Directors has
authorized a 2015 stock repurchase program following the expiry of
the 2014 share repurchase mandate and the grant of the 2015 share
repurchase mandates by the shareholders at the Company's annual
general meeting held on May 20, 2015. Under the 2015 stock
repurchase program, the Company is authorized to carry
out on-market repurchases of up to an aggregate of US$500 million
of their trading value from May 20, 2015 to the conclusion of the
next annual general meeting of the Company in 2016 or the
revocation or variation of such 2015 share repurchase mandates
by shareholders of the Company in general meeting.
Under the stock repurchase program, the Company is authorized to
repurchase, from time-to-time, shares of its outstanding common
stock in the open market. The timing and amount of share
repurchases will be determined by the Company's management team
based upon its evaluation of market conditions and other factors.
The stock repurchase program may be suspended, modified or
discontinued at any time, and the Company has no obligation to
repurchase any amount of its common stock under the program. The
Company intends to make all repurchases and to administer the plan
in accordance with applicable United States, Cayman Islands and
Hong Kong laws, the memorandum and articles of association of the
Company and regulatory guidelines, including, without limitation,
Rule 10b-18 of the Securities Exchange Act of 1934, as amended,
from time to time.
Safe Harbor Statement
This press 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 press release is as of the
date of this press 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
"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 casino 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 (www.studiocity-macau.com), 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 Stock
Exchange and is substantially owned and led by Mr. Lawrence Ho, who
is Co-Chairman, an Executive Director and the Chief Executive
Officer 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.
For investment community, please
contact: |
Ross Dunwoody |
Vice President, Investor Relations |
Tel: +853 8868 7575 or +852 2598 3689 |
Email: rossdunwoody@melco-crown.com |
|
For media enquiries, please
contact: |
Maggie Ma |
Head of Corporate Communications |
Tel: +853 8868 3767 or +852 3151 3767 |
Email: maggiema@melco-crown.com |
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