Melco Crown Entertainment Announces New Leadership Structure
November 08 2016 - 9:14AM
Melco Crown Entertainment Limited (Nasdaq:MPEL) (“
Melco
Crown Entertainment” or the “
Company” or
“
we”), a developer, owner and operator of casino
gaming and entertainment casino resort facilities in Asia, today
announced that Ted Chan, Chief Operating Officer (“COO”) has
resigned for personal reasons. Lawrence Ho said: “We thank Ted for
his many contributions to the Company over the years, and we wish
him all success in his future endeavors.”
Mr. Lawrence Ho, Chairman and Chief
Executive Officer of the Company, confirmed that he will
personally take on day-to-day operational leadership. Melco Crown
Entertainment is not naming a replacement COO. The Company is using
this opportunity to transform its leadership structure in a manner
designed to streamline operations. Melco Crown Entertainment
has been actively evaluating its operations to optimize financial
performance with a focus on improving its marketing initiatives and
creating a more efficient reporting structure.
Lawrence Ho said: “Melco Crown Entertainment’s
recent performance has improved, but I believe we have many more
near-term opportunities to drive growth and profitability.
The new structure will allow for quicker decision making and
reactions to a fast-changing market, which should make the company
even more competitive in this challenging period of time,” Lawrence
continued. “I am confident that with the continuous support and
dedication from the executive team and all of our colleagues, Melco
Crown Entertainment will attain an even higher level of operational
efficiency while creating innovative solutions to fulfill the
ever-growing demand for a world-class entertainment and gaming
experience by our existing and new customers.”
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, (v) gaming
authority and other governmental approvals and regulations, and
(vi) 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 is strongly supported
by its single largest shareholder, Melco International Development
Limited (“Melco”) and its other major shareholder,
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 the Chairman, Executive Director and Chief Executive Officer of
Melco Crown Entertainment. Crown is a top-100 company listed on the
Australian Securities Exchange and led by Mr. James Packer, who is
the Deputy Chairman and a Non-executive Director of Melco Crown
Entertainment.
For investment community, please
contact: Ross DunwoodyVice President, Investor
RelationsTel: +853 8868 7575 or +852 2598 3689Email:
rossdunwoody@melco-crown.com
For media enquiries,
please contact:Maggie MaSenior Vice President, Corporate
Communications and Public RelationsTel: +853 8868 3767 or +852 3151
3767Email: maggiema@melco-crown.com
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