In declaring its unaudited financial results for the fourth quarter and full year ending 31 December 2008, Melco Crown Entertainment Limited (MPEL) reported a net revenue increase primarily driven by substantially improved operating performance at Crown Macau. Fourth quarter net loss was US$18.9 million compared to US$36.5 million for the same quarter of 2007. For the full year net loss was US$2.5 million compared to a net loss of US$178.2 million for 2007.

Lawrence Ho, Co-Chairman and Chief Executive Officer of MPEL, commented, "We are entering the homestretch in the development of City of Dreams, our flagship property in Macau. The opening of City of Dreams will solidify our portfolio approach to development and changes the complexion of our company in almost every measurable way, from the market segments we address to our overall market share. MPEL is about to emerge as a full blown operating entity from a company that has to date been largely focused on property development."

He added, “We held approximately US$825 million of cash excluding cage cash on our balance sheet at the end of the fourth quarter and had undrawn credit facilities available of an additional US$320 million. We expect to spend approximately US$620 million on construction activities and pre-opening preparations at City of Dreams from the start of the current quarter through the opening of the property in early June.”

MPEL expects City of Dreams to be the only new property to open in Cotai in 2009 and that the supply growth outlook in Macau has shifted in its favour. City of Dreams will hire around 7,000 employees from the 24,000 job seekers who have submitted applications. Lawrence Ho said, "City of Dreams remains on time and on budget with an expected opening date in early June of this year. Our conservative approach to managing our balance sheet continues to pay off. City of Dreams remains fully funded and our development pipeline is intact.” (E-02.25.09)

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