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Melco Crown aims to double share with new casino

1 June 2009

MACAO -- As reported by Reuters: "Casino operator Melco Crown Entertainment Ltd on Monday said it is aiming to double its Macau market share within a year, as it opened a $2.1 billion casino and forecast the market would resume growing by the end of 2009.

"Melco Crown, which had an overall market share of about 14 percent of Macau's gaming market in 2008 through its Altira resort, opened its City of Dreams mega-casino resort on the Cotai Strip, a dusty strip of reclaimed land in Macau that is lauded as Asia's answer to Las Vegas' neon alley.

"'The darkest days for Macau are probably over,' Lawrence Ho, chief executive of Melco Crown ...told Reuters in an interview. 'Before the end of the year, we'll see flat or tiny growth.'

"...Melco Crown has expanded its business even as other competitors, including Las Vegas Sands Corp. and Galaxy Entertainment Group, have delayed projects in Macau due to financing problems and a slowdown in the sector..."

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