Gaming Strategy
Featured Stories
Search News Subscribe
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Related Links
Related News
Search Our Archive of Gaming Articles 

Melco PBL reports Macau project update

9 March 2007

NEW YORK – (PRESS RELEASE) -- Melco PBL Entertainment (Macau) Limited ("Melco PBL Entertainment"), a developer and owner of casino gaming and entertainment resort facilities focused exclusively on the rapidly expanding Macau market, announced its Crown Macau Hotel Casino ("Crown Macau") is targeted to complete construction and open on a trial basis on April 28, 2007. The Crown Macau is scheduled to formally open to the public on May 9, 2007, and a grand opening event will be held on the May 12, 2007.

"We continue to make excellent progress at Crown Macau. Our construction program remains on schedule and we look forward to the trial opening," states Simon Dewhurst, Executive Vice President & Chief Financial Officer of Melco PBL Entertainment. "Against tough deadlines, our construction has progressed relatively smoothly, a testament to our Crown Macau contractors and staff."

The construction of Crown Macau commenced on December 2004 and is being developed to offer a luxurious premium hotel and casino resort experience. In the Company's initial public offering prospectus, filed with the U.S. Securities and Exchange Commission on December 19, 2006, the Company estimated that the total project development costs for the Crown Macau would be US$512.6 million ("Projected Costs"), which included the value of land for the project, land premium costs, anticipated construction costs, furniture, fixtures and equipment expense (or FF&E), pre-opening expenses, capitalized fees and finance costs, cage cash and initial working capital requirements.

The Company now projects that additional costs of approximately US$71 million will be incurred on the project, representing an increase against the estimated Projected Costs of approximately 14%. The increase in budgeted costs is in three principal areas: pre-opening and property marketing expenses; FF&E expenses for the casino operations; and design and fit-out expenses for the hotel and casino areas.

Upon completion of Crown Macau on April 28, 2007, the property will feature a 36-story tower including approximately 183,000 square feet of gaming space with approximately 220 gaming tables and more than 500 gaming machines.

< Gaming News