Melco Crown Entertainment Limited Announces the Successful Completion of the Acquisition of a 60% Interest in the Developer of the Macau Studio City Project (China)
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Melco Crown Entertainment Limited Announces the Successful Completion of the Acquisition of a 60% Interest in the Developer of the Macau Studio City Project (China)
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Category: Asia Pacific - China - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2011-07-28
Melco Crown Entertainment Limited ("MCE" or the "Company") (Nasdaq:MPEL), a developer and owner of casino gaming and entertainment resort facilities focused on the Macau market, today announces the successful completion of the acquisition of a 60% equity interest and shareholder loan in the developer of Macau Studio City, a large scale integrated gaming, retail and entertainment resort to be developed in Macau jointly by MCE and New Cotai Holdings, LLC ("New Cotai Holdings"), an entity controlled by funds managed by Silver Point Capital, L.P. and Oaktree Capital Management, L.P.
MCE also announces today the signing of a shareholders' agreement for Cyber One Agents Limited (together with its direct and indirect subsidiaries, the "Cyber One Group") with an affiliate of New Cotai Holdings. New Cotai Holdings retains its 40% indirect equity interest in the Cyber One Group.
Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of MCE, stated, "This transaction is a major milestone for the Company, as it provides us with an attractive growth opportunity and a substantial development pipeline. Macau Studio City will meaningfully increase our presence on Cotai, which we see as the primary driver of visitation and revenue growth in Macau going forward.
"Our vision for the project will fully explore the Macau Studio City concept and deliver a unique, entertainment-driven experience for visitors to Macau. Our plans include a variety of interactive, production studio derived attractions designed to captivate our target market and significantly expand Macau's appeal as a multifaceted tourism destination.
"We view Macau Studio City's focus on delivering innovative attractions based on the Studio City concept as one of its key strengths, along with its uniquely attractive location on Cotai."
"We are excited to be able to develop another integrated resort that will create new job opportunities for local Macau people, as well as additional career opportunities for our MCE colleagues.
"We look forward to working closely with the Macau government to bring this project to completion and help realize the next step in Macau's evolution as Asia's premier tourism center."
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