Melco PBL Entertainment (Macau) Limited, a developer and owner of casino gaming and entertainment resort facilities focused exclusively on the Macau market, today reported financial results for the second quarter and six months ended June 30, 2007. The Company reported a net loss of US$69.2 million for the second quarter of 2007, compared to a net loss of US$5.2 million for the second quarter of 2006.

In announcing the Company's second quarter 2007 results, Lawrence Ho, Chief Executive Officer and Co-Chairman of MPEL, said, "The second quarter was a period of transition for MPEL. Our results reflect the partial opening of Crown Macau in mid-May with VIP facilities, hotel room inventory and other facilities progressively becoming available. The second quarter results at Crown Macau are clearly not yet representative of the property's longer-term potential.

"Market share is also trending in the right direction. In May and June, Crown Macau's market share of total gaming revenue was roughly 1.7% and 2.7%, respectively. In July, its market share increased to 4.9%. The gaming market in Macau as a whole has enjoyed unparalleled growth over the last few years, fuelled by the strong growth of the VIP segment. Our decision to position Crown Macau as an up-market VIP property is proving to be a sound one.”

James Packer, Co-Chairman of Melco PBL Entertainment, said, "Additional emphasis on Crown Macau's premium position in the market is the right one, in our view. We also believe that the Crown International marketing network throughout the region will provide a strong advantage to Crown Macau."

Gaming revenue from the Company's Mocha Clubs totaled US$19.1 million in the second quarter of 2007. The number of gaming machines in operation at the Mocha Clubs averaged approximately 1,000 in six locations during the second quarter of 2007. During the second quarter of 2007, average net win per gaming machine per day increased by 17% to US$223 from US$191 as compared to the same period last year.

For the six month period ending June 30, 2007, the Company reported revenue of US$65.4 million versus US$10.9 million in the six month period ending June 30, 2006. The year over year revenue increase was driven primarily by the opening of Crown Macau. The Company reported a net loss of US$96.4 million for the first half of 2007, compared to a net loss of US$12.8 million for the first half of 2006.

Phase One of City of Dreams remains targeted for opening by the end of March 2009. It will include substantially all of the 420,000 square foot casino and approximately 85,000 square feet of retail space, as well as the 366-room Hard Rock Hotel and the 295-all-suite Crown Towers Hotel, Cotai. The 1,005-room Grand Hyatt Macau hotel is scheduled to open in September 2009, and the 1,700-seat Theatre of Dreams is scheduled for completion in the first quarter of 2009. (E-08.17.07)

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