Studio City Loan Amendment Update
November 18 2015 - 6:42AM
Melco Crown Entertainment Limited (Nasdaq:MPEL) announced today
that its subsidiary, Studio City Company Limited, as the borrower
under the US$1.4 billion Studio City term loan and revolving credit
facility, has received the requisite lender consent to amend the
loan documentation as proposed by the Studio City borrowing
group. The amendments, which are in effect as of today,
include changing the Studio City project opening date condition
from 400 to 250 tables, consequential adjustments to the financial
covenants, and rescheduling the commencement of financial covenant
testing. Studio City, which opened on October 27, 2015, will
continue its operations and obtain disbursements from the US$1.4
billion Studio City loan, as scheduled.
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 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 also majority owns and
operates 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 Main Board of The Stock Exchange of Hong Kong Limited 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 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 enquiry,
please contact: Maggie Ma Senior Vice President,
Corporate Communications and Public Relations Tel: +853 8868 3767
or +852 3151 3767 Email: maggiema@melco-crown.com
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