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Melco PBL plays down fears

2 April 2007

MACAO -- As reported by the Sydney Morning Herald: "Publishing & Broadcasting Ltd's Asian casino joint venture has played down fears the construction of its $US2.1 billion ($2.6 billion) City of Dreams complex in Macao has got off to a rocky start, after reporting a $US73.5 million full-year loss.

"Melco PBL Entertainment warned that its plans to capture a big slice of the world's largest casino centre could prove more costly, after revealing the costs of the soon to open 36-storey Crown Macao had blown out 13 per cent to $US584 million. The loss was largely a result of the development of its two Macao casinos.

"…However, Melco PBL said the growth of gaming revenue and tourism in the former Portuguese enclave could offset any cost blowouts. Mr Dewhurst said the group was already considering possible additions to the City of Dreams project, which will house 450 gaming tables, 1500 gaming machines, an 'upscale' shopping mall and a 1600-room five star hotel…"

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