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Melco PBL Gaming, New Cotai Entertainment sign deal

24 May 2007

NEW YORK -- (PRESS RELEASE) -- Melco PBL Entertainment (Macau) Limited (NASDAQ: MPEL), a developer and owner of casino gaming and entertainment resort facilities focused exclusively on the Macau market, announced today that its subsidiary, Melco PBL Gaming (Macau) Limited, has signed its services agreement with New Cotai Entertainment (Macau) Limited to operate the casino portions of the Macau Studio City project, a large scale integrated gaming, retail and entertainment resort development that is targeted to open on the Cotai Strip during 2009.

The project is being developed by a joint venture between eSun Holdings Limited and New Cotai Holdings, LLC, which is primarily owned by investment funds and David Friedman, a former senior executive of Las Vegas Sands. A percentage of the gross gaming revenues from the casino operations of Macau Studio City will be retained by Melco PBL Gaming.

Melco PBL Entertainment will not be responsible for any of the project's capital development costs, and the operating expenses of the casino will be substantially borne by New Cotai Entertainment.

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