City of Dreams will be a must-see integrated urban entertainment resort that will combine electrifying entertainment, stylish nightclubs, an amazing array of accommodation options, top-notch dining, world-class shopping as well as a spacious and contemporary casino.

“Our dreams are taking shape. In approximately one year, City of Dreams will begin to welcome visitors from all over the world,” said Lawrence Ho, Co-Chairman and CEO of MPEL at the topping out ceremony. “Macau is transforming from a gaming-focused destination into a leisure hot spot. City of Dreams will continue to drive this phenomenon and usher in a new era of gaming and entertainment in Macau.”

In addition to approximately 2,200 guest rooms and a wide range of restaurants and bars, City of Dreams will offer a kaleidoscope of entertainment options including stylish nightclubs, live music venues, free attractions and the spectacular Dragone show. The resort will also incorporate a 420,000-square-foot casino with over 550 gaming tables and 1,500 gaming machines.

One of the iconic landmarks of City of Dreams will be a free attraction that will provide visitors with a totally immersive experience, unlike anything they have seen in Asia or elsewhere in the world. Housed in a unique dome-shaped theatre, the production will combine high-definition video content, a customized music score, thousands of theatrical lights and a variety of sensory effects to create a spectacular 10-minute visual extravaganza that is sure to become a must-see for every visitor to Macau.

Renowned for spectacular and imaginative productions, Dragone will stage a permanent show at City of Dreams. Founder Franco Dragone will personally direct the breathtaking water-themed show, created specifically for City of Dreams, which is due to open in Macau in the second half of 2009.

A variety of musical performances by well-known regional acts, emerging artists and cover bands will be staged at a live concert venue that can accommodate up to 1,500 people.

The different styles of accommodation at City of Dreams will meet the diverse tastes of the wide spectrum of visitors the resort will attract from Asia and around the world. The options will include Crown Towers Cotai, Hard Rock Hotel, the Grand Hyatt’s twin towers and the apartment hotel, which will together provide over 2,200 guest rooms and suites. Each hotel will also offer its own individual spa and leisure facilities.

“We introduced the Crown brand into Macau in 2007 with the opening of Crown Macau, which has quickly become the property of choice for high-rolling VIP customers in Macau,” said Mr. James Packer, Executive Chairman of Crown Limited, and Co-Chairman and Director of MPEL. “We are very excited about extending the Crown brand in Macau, which is synonymous with a luxury six-star experience, through the opening of the Crown Towers Cotai at City of Dreams. City of Dreams is testament to our optimism about the future rapid development of the Macau market.”

City of Dreams will also feature a broad range of restaurants, noodle bars, cafes and lounges. These food and beverage venues will be located throughout the resort offering fine dining experiences as well as casual meals.

The resort will be home to some of the world’s most sought-after and acclaimed brands, with approximately 175,000 square feet of boutiques featuring high-end fashion labels as well as premium jewellery and watch brands.

Phase one of the City of Dreams resort will feature the casino, restaurants, retail boutiques, nightclubs, the iconic audio visual attraction, Crown Towers and Hard Rock Hotel. Phase one will be completed during the first half of 2009 with the date of the grand opening to be set early next year. The operation of the entire City of Dreams will require the support of 12,000 employees, which the company intends to recruit through a series of career fairs in Macau and throughout Asia starting in the summer of 2008.

With permission :: Melco PBL

• Hard Rock Hotel and Casino Coming To Macau
• Hard Rock Hotel and Casino Macau Signs With Melco PBL
• DRAGONE “City of Dreams” Show Looking For Personnel
• May 12 | Official Opening Crown Macau
• Crown Macau Officially Opened by James Packer

Earlier this month Melco PBL announced a USD142 million loss for the nine months ending September 30. The third quarter saw the company lose USD45.2 million, five times the loss sustained in the same period last year.

While the poor result was blamed on license and opening costs, the company is confident a high-roller strategy will move it into the black.

Crown Macau is in the process of reverting to an almost totally VIP-focused casino, with some 187 tables to be dedicated to VIP gamers and a maximum of 60 for the mass market.

It is not so much a new idea but a reversion back to the original plan, according to Mr Ho.

“That was the original vision three years back and when it opened we kind of went away from that,” he said.

“I think in hindsight, the original vision that I had was completely right and that’s why we’re going back to the original track.”

Market revenue from VIP Baccarat tables continued to climb last quarter to US$17o million or a 67 percent share of the games of fortune revenue.

The next earner for casinos is mass market baccarat that pulled in just over US$500 million for the nine months until September 30.

Contracts with some 20 junket operators, who will bring VIP gamers to the casino and finance their high stake betting, is the basis of Crown Macau’s strategy.

At a cheque presentation ceremony yesterday for a US$175,000 donation to the International School of Macao, Mr Ho said plans for the City of Dreams Cotai project were also now on track.

“We have received the contract from the government (for the land) and have agreed to it and now we are waiting for the gazettal,” he said.

Although not receiving the land that was originally asked for, Mr Ho hopes the company’s investment in Macau will help with future negotiations.

“Melco PBL Entertainment, you could make an argument, other than SJM who have been here for 40 years, have invested probably the most in Macau,” he said.

“If you look at what we had to invest in the gaming license, we bought it for 900 million, we’re putting close to 3 billion dollars into City of Dreams, we put about 550 million into Crown Macau so we hope that we have more opportunities and the government gives us opportunities.”

Melco PBL are targeting a March 2009 opening date for phase one of the City of Dreams project, which will include a 420,000 square foot casino and approximately 145,000 square feet of retail space, as well as the 370-room Hard Rock Hotel and Crown Towers Hotel, Cotai, with approximately 300 rooms, suites and villas.

The company will be hoping its relationship with the government will help the development of its first peninsula site, tentatively named Trinity.

The company pushed back a US$192 million land purchase from July this year until mid 2008, and reportedly is targeting a 2010 opening for the US$745 million resort-casino.

Yesterday Mr Ho said plans were not concrete and the company was assessing the effect of the first Cotai project on the peninsula.

“We’re 100 percent committed to building it (Trinity project),” he said.

“We want to see how the market plays out. Obviously the Venetian is a big draw away from the Peninsula so we just want to study that.”

Courtesy: Macau Daily Times

• Crown Macau Officially Opened by James Packer
• Crown Macau Getting Ready For May 9 Opening
• City of Dreams Suffers a US$600 Million Cost Overrun
• Leighton to Build City of Dreams
• Melco PBL Secrets About Macau Play Are Out

Hold adjusted property EBITDA has grown each month during the third quarter, and we are excited by our continued progress in expanding the business. VIP rolling chip volume has shown excellent growth, progressing from US$1.375 billion in July to over US$2.5 billion for the month of October. Based on our estimation for the month of October, Crown Macau’s combined VIP and mass table game market share of the whole market was approximately 8%, continuing the positive growth trend and despite the introduction of a major new entrant into the market.

“We are very optimistic that we can continue to drive additional improvement at Crown Macau, as a result of our previously announced reconfiguration of the property to accommodate additional VIP capacity with a commensurate reduction in mass market and slot capacity. This reconfiguration reflects the positive reception Crown Macau has received from the market and complements our competitive advantage in the VIP segment driven by our market leading amenities and strong local relationships with junket operators.

“We believe that this reconfiguration will lead to significantly increased gaming activity at Crown Macau and an expansion of our already strong junket network. Our previously announced Gaming Promotion agreement with Ama International Limited has the potential to meaningfully accelerate this process, largely due to the working capital solution this agreement brings to the property. The physical reconfiguration of the property is scheduled for completion by December 1, and, pending satisfaction of certain conditions, we anticipate that full Ama operations will commence at Crown Macau by year end. Final table mix plans for the reconfiguration of Crown Macau is still being finalised. Following completion of the reconfiguration and based on our current plan, Crown Macau is expected to have approximately 187 VIP gaming tables, 57 mass market gaming tables, and 230 gaming machines.”

Company-wide Operating Results

Total revenue, net of rebates paid on rolling chip play, for the third quarter of 2007 was US$113.4 million, up from US$7.3 million in the third quarter of 2006. Results for the third quarter of 2007 include the operations of Crown Macau, which opened on May 12. The year over year revenue increase was driven primarily by the opening of Crown Macau.

Third quarter results also reflect the impact of the acquisition of the gaming sub-concession in September 2006, which resulted in a change in reporting of gaming revenues from the Company’s Mocha Clubs from a service fee basis prior to acquisition of the sub-concession, to gaming revenue based on net win after gaming taxes since the acquisition of the sub-concession.

Total group operating costs and expenses were US$159.7 million in the third quarter of 2007, up from US$16.9 million for the third quarter of 2006. The increase was largely attributable to the opening of Crown Macau and the commencement of amortization of the Company’s gaming sub-concession, increased amortization of land use rights for projects under development, and increased pre-opening, selling and marketing investment costs associated with the development of Crown Macau and City of Dreams. Pre-opening expense for the third quarter of 2007 was US$3.3 million, mainly associated with the final phase of opening of Crown Macau during July 2007.

Total non-operating income for the third quarter of 2007 was US$0.8 million, including US$1.9 million in interest income and US$1.0 million in net foreign exchange losses. Capitalized interest during the third quarter of 2007 was US$2.0 million.

The Company reported a net loss of US$45.2 million for the third quarter of 2007, compared to a net loss of US$7.7 million for the third quarter of 2006. Net loss per share for the third quarter of 2007 was US$0.037, compared to a net loss per share of US$0.015 in the third quarter of 2006.

Crown Macau 3Q Operating Performance

In the third quarter of 2007, net revenue at Crown Macau totaled US$97.6 million. Prior period comparisons are not available.

Adjusted EBITDA(1) at Crown Macau for the third quarter of 2007 was a deficit of US$10.4 million.

Our expected rolling chip table games hold percentage is 2.7%. In the VIP table games segment, rolling chip volume totaled US$4.8 billion for the third quarter of 2007. Actual rolling chip table games hold percentage (calculated before discounts and commissions) was significantly below expectation at 2.3%. Life-to-date of the property through November 13, rolling chip table games hold percentage is slightly below 2.5%.

In the mass market table games segment, drop (non rolling chip) totaled US$99.3 million and table-hold percentage was 17.4%. The expected range for mass market table games hold percentage is 16% - 18%.

Gaming machine handle (volume) was US$67.1 million and gaming machine revenue was US$4.2 million in the third quarter of 2007.

Total non-gaming revenue at Crown Macau in the third quarter was US$8.1 million. Occupancy in the third quarter of 2007 was 51.9% and the average daily rate (ADR) was US$233 per occupied room.

Mocha Clubs 3Q Operating Performance

Gaming revenue from the Company’s Mocha Clubs totaled US$19.8 million in the third quarter of 2007. Revenue for the third quarter of 2006, before the Company had acquired its gaming sub-concession, totaled US$5.7 million in the form of service fees received under the terms of a revenue-sharing service agreement with SJM, where the revenue share was calculated as 50% of net gaming revenues after deduction of Macau gaming tax at 39% of gross gaming revenue. On a pro forma basis (which assumes that the Mocha Clubs had operated under an owned gaming sub-concession during the third quarter of 2006), gaming revenue from the Mocha Clubs was essentially flat year-over-year, despite a reduction in the average number of gaming machines in service in third quarter 2007 as compared with third quarter 2006.

Mocha generated US$5.9 million of adjusted EBITDA(1) in the third quarter of 2007, which compares with US$1.1 million in the third quarter of 2006.

The Company’s seventh Mocha Club opened on October 3, 2007 at Mocha Square, a prime location in central Macau. It added approximately 130 gaming machines to our total existing installed base of gaming machines at Mocha Clubs. Additionally, the first phase of a two phase expansion of an existing facility at Hotel Royal opened in November and phase two is expected to open in January 2008. Taking into consideration both of these developments, Mocha Clubs is expected to have over 1,250 gaming machines by the end of January 2008.

In the third quarter of 2007, the number of gaming machines in operation at the Mocha Clubs averaged approximately 980 in six locations versus 1,015 in the third quarter of 2006. Average net win per gaming machine per day increased by 4.3% to US$220 from US$211 as compared with the same period last year. Over the same period, the total number of gaming machines in the Macau market as a whole more than doubled on a year-over-year basis.

Nine Month Results

For the nine month period ending September 30, 2007, the Company reported revenue of US$178.8 million versus US$18.2 million in the nine month period ending September 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$141.6 million for the nine month period ending September 30, 2007, compared with a net loss of US$20.5 million for the nine months ending September 30, 2006. The net loss per share for the first nine months of 2007 was US$0.117, compared to a net loss per share of US$0.041 for the year ago period.

City of Dreams Update

City of Dreams is on budget and remains targeted for opening by the end of March 2009. The initial phase opening will include substantially all of the 420,000 square foot casino and approximately 145,000 square feet of retail space, as well as the 370-room Hard Rock Hotel and Crown Towers Hotel, Cotai, with approximately 300 rooms, suites and villas.

The 1,000-room Grand Hyatt Macau hotel is scheduled to open in September 2009, and the 2,000-seat Theatre of Dreams is scheduled for completion in the first quarter of 2009. Opening night is expected before year-end 2009 following four to six months of rehearsals. The approximately 800 unit apartment hotel complex integrated within the City of Dreams footprint is expected to be completed by December 2009 and to be marketed in advance of project completion, subject to compliance with legal and regulatory provisions.

The main podium superstructure works are now over 84% complete and roughly 40% of the hard costs associated with the project have been let to contractors. The Hard Rock hotel tower and Crown Towers hotel tower construction works have both progressed to the 9th floor.

Macau Peninsula Project Update

The Company continues to review and develop its plans for development of the Macau Peninsula project. Those plans are subject to completing the acquisition of the site and certain conditions including meeting applicable Macau regulatory requirements.

Financial Position and Capital Expenditure

Cash and cash equivalents as of September 30, 2007, including restricted cash, totaled US$599.1 million. Total outstanding debt at the end of the third quarter was US$614.3 million, consisting of US$500 million from the draw down of the first tranche of our US$1.75 billion bank facility and US$114.3 million in loans from the Company’s two major shareholders. Total debt to shareholders’ equity ratio as of September 30, 2007 was 32%.

The Company priced its follow-on public offering at US$15.50 per ADS following market close on Wednesday, October 31. The offering comprised a public offering of 37,500,000 ADSs representing 112,500,000 ordinary shares with each ADS representing three ordinary shares of Melco PBL Entertainment. The Company raised roughly US$580 million in proceeds from this financing before fees.

Capital expenditure for the third quarter 2007 was US$163.6 million, bringing capital expenditure to US$560.2 million for the nine months ending September 30, 2007. Third quarter capital expenditure consisted of US$2.0 million for Crown Macau and US$157.5 million for City of Dreams. Total capital expenditure for City of Dreams in the first nine months of 2007 amounted to US$339.6 million.

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The new loan facilities will allow the Company to retire its existing committed but undrawn borrowing arrangements. The new facilities will be denominated in Hong Kong dollars and/or United States dollars and provide both substantially improved pricing terms and increased flexibility as compared with the US$1.6 billion facility committed in September 2006. The Coordinating Lead Arrangers of the new facilities are ANZ, Bank of America, Barclays Capital, Deutsche Bank AG and UBS AG.

The new financing is comprised of US$2.5 billion of term loan facilities and a US$250 million revolving credit facility. The term loan facilities mature in seven years, with the new revolving credit facility maturing in five years. At peak borrowing levels, the Company expects to maintain its industry-leading debt to equity ratio.

Simon Dewhurst, Executive Vice President and Chief Financial Officer, said, “The banks’ commitment to provide us with the new credit facilities is a major milestone for our Company and its shareholders, as it secures the necessary financial capital to fully fund our existing development pipeline in Macau. The new facilities clearly demonstrate the confidence held by these leading financial institutions in the Company and its management team.

“We have successfully secured all capital resources necessary to build Melco PBL Entertainment into a leading participant in the gaming industry in Macau.”

Announces Substantial Investment in Cotai Serviced Apartment Hotel Units
Based on its confidence in the expected demand for vacation accommodation in Cotai and Macau in general, the Company has committed to developing a significantly expanded serviced apartment hotel complex comprising nearly 650 units and integrated into the existing footprint of City of Dreams. The serviced apartment hotel units will enjoy a pre-eminent location in Cotai with un-paralleled views of the Cotai Strip and will be marketed accordingly.

The total cost of design, construction and fit-out of the serviced apartment hotel complex is estimated at approximately US$353 million. This represents a significant change in scope as compared with the earlier plan for a more modest apartment hotel development budgeted to cost approximately US$96 million. The net capital investment at City of Dreams will be substantially reduced by the proceeds derived from this serviced apartment hotel development.

Apartment hotel unit investors will be encouraged to revert periods of non-occupation into a managed accommodation pool in return for a rental yield. The Company will earn management fees under this arrangement, together with a significant improvement in the quantity and mix of accommodation available at the City of Dreams resort.

The gross saleable area of serviced units is projected to be in excess of 1.3 million square feet, translating into construction costs of approximately US$270 per square foot. The serviced apartment hotel units are scheduled for completion in December 2009 with a plan to pre-sell some units ahead of completion.

Completes City of Dreams Project and Program Review
In conjunction with the negotiation of the new credit facilities and as previously indicated, the Company has completed its project and program review for City of Dreams.

Primarily as a result of an increase in the scope of the project, the estimated design, construction and fit-out cost for City of Dreams is now approximately US$1,849 million, an increase of approximately 23% from the previous estimate of US$1,500 million.

This increase in budgeted cost is in-line with the increase in the related gross floor area under development (an increase from 3.6 million to 4.2 million square feet in total area). Direct cost per square foot amounts to approximately US$440, up 6% from the previously communicated budget and reflecting the current inflationary construction cost environment in Macau.

The first phase of City of Dreams is planned to be formally open to the public by the end of March 2009. It consists of 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 twin-tower hotel is scheduled to open in September 2009. The relevant agreements are being amended to reflect the decision to use the Grand Hyatt brand for both towers.

Land costs of US$279 million are currently projected, an increase of approximately US$63 million as compared with the previous budget, to reflect the expansion in the proposed development area at City of Dreams, together with expected changes in the market-wide formula used by the Macau government to calculate land premiums. A budget of US$345 million has been fixed for the projected capitalized interest charges, pre-opening expenses and working capital requirements (including cage cash) for the resort, which represents an increase of US$29 million from the previously reported budget.

Theatre of Dreams a Must-See Attraction for Cotai
The Company has transformed its original plans for a performance theatre at City of Dreams and will now build a unique ‘wet stage’ theatre to be known as the Theatre of Dreams. The theatre will house a brand-new live stage show production created exclusively for the Company by Dragone Entertainment, headed by Franco Dragone, the producer of some of the most spectacular theatre based production shows ever created.

World-class and truly unique entertainment attractions, anchored by live performances at the Theatre of Dreams, will ensure that the City of Dreams is a must-visit resort for any tourist or conventioneer visiting Macau from throughout the world.

The total projected cost to design, build and fit-out the 1,700-seat venue is estimated at US$169 million, an increase of US$148 million from the previously reported budget. The Theatre of Dreams is scheduled for completion in the first quarter of 2009. Opening night is expected before year-end 2009 following four to six months of rehearsals.

• Melco PBL Issues Update on City of Dreams
• Melco PBL Secrets About Macau Play Are Out
• City of Dreams Suffers a US$600 Million Cost Overrun
• Chinese Estates To Build US$230 Million Project
• Melco PBL Tops Out Hard Rock Hotel and City of Dreams

Melco PBL Entertainment, which is a NASDAQ-listed company, is developing the City of Dreams to be a “must-see” integrated casino and entertainment resort. The City of Dreams development is planned to feature an underwater- themed casino and four luxurious hotels, including Hard Rock Hotel, Grand Hyatt, Hyatt Regency and the Crown Towers, among other features. The development is planned to open in two phases, with the first phase (which is planned to include the Hard Rock Hotel and Casino Macau), expected to be opened late 2008.

“We are delighted with the prospective opening of Hard Rock Hotel and Casino Macau in the City of Dreams Resort and also to work closely with Melco PBL Entertainment,” said Hamish Dodds, President and CEO, Hard Rock International. “Macau is the entertainment gateway to Asia and one of the world’s premier gaming destinations, and Hard Rock Hotel and Casino Macau will be among its most unique properties. This development will chart the path for many more exciting Hard Rock leisure developments in Asia and a great new strategic relationship with Melco PBL Entertainment.”

The high-energy Hard Rock property will be the first Hard Rock Hotel and Casino in Asia and will feature a state-of-the-art Hard Rock Casino with a mix of table games and slot devices; an approximately 380-room Hard Rock Hotel with guest rooms and suites designed by leading-edge Hard Rock designers, plus two custom “Rock Star” mega-suites; a Hard Rock Cafe offering Hard Rock’s updated menu, as well as a designated area for live music and a Rock Shop featuring Hard Rock’s traditional and new rock-star designed and inspired merchandise; a VIP roof-top nightclub with direct elevator service and the best nighttime views of Macau; a stylish casual dining restaurant offering round-the-clock service with Hard Rock accents; a stimulating health and fitness center complete with Hard Rock’s relaxing spa treatment rooms; a variety of uniquely designed meeting spaces; and an expansive pool and entertainment deck featuring Hard Rock’s custom cabanas and underwater music experiences.

Macau is already positioned as one of the world’s largest gaming markets, with annual gaming revenue topping $5 billion, on par with the Las Vegas Strip. Melco PBL Entertainment currently has two properties under construction including the City of Dreams.

Source | Hard Rock International

• Hard Rock Hotel and Casino Coming To Macau
• Melco PBL Tops Out Hard Rock Hotel and City of Dreams
• Melco PBL Issues Update on City of Dreams
• Melco PBL Sign Agreement to Operate Casinos at Macau Studio City
• City of Dreams Hit By Global Credit Crush

So they will have to find other ways to attract the punters and get them to stay longer, so they will need to create interesting activities to keep them coming. Mind you they are already trying with ventures such as Hard Rock Hotel, Elvis Presly Shows, Playboy Club, Planet Hollywood, but what about some popular Chinese concepts. Let’s face Hong Kong’s Disneyland is not faring all that well!

Full article here The Australian | THE heir apparent to Stanley Ho’s vast corporate empire in Macau, Pansy Ho, has suggested that James Packer’s PBL and his Hong Kong partner Melco should differentiate their product rather than try to attract Chinese gamblers generally.

PBL/Melco and other new entrants to the increasingly competitive Macau casino market ought to cater to provincial differences among their Chinese customers, she said yesterday.

Ms Ho is managing director of her father’s company, Shun Tak Holdings, which operates many Macau-related businesses. She also holds one of six Macau casino licences in her own right.

Speaking in Macau, Ms Ho, an older sister of Mr Packer’s Hong Kong partner Lawrence Ho, said PBL/Melco’s planned Crown Macau and City of Dreams casinos and other new entrants to the Macau casino market were yet to outline their strategy for attracting additional gambling business to the city.

• Melco PBL raising funds for City Of Dreams project.
• Hard Rock Hotel and Casino Coming To Macau
• Melco PBL Bought Peninsula Waterfront Casino Site
• Melco PBL Secrets About Macau Play Are Out
• Crown Macau Trading Below Expectations

Well it is getting better and better every day, first Playboy Club and now the Hard Rock Hotel Group. City of Dreams is expected to open late 2008.

Mr. Lawrence Ho, Co-Chairman and CEO of Melco PBL Entertainment said, “Being a fully fledged gaming license holder in Macau, Melco PBL Entertainment always strives to be the best player in each market segment through its unique, premium and innovative entertainment products. For example, Crown Macau (due to be completed in April 2007), will cater specifically for high rollers and VIPs who require a high degree of exclusivity. The City of Dreams will be a comprehensive integrated resort catering for all age groups, including children and families. With solid support from world-class partners such as Hard Rock International, Dragone, and Leighton-China State-John Holland as well as Hyatt International, I am confident that City of Dreams will attract visitors who seek the best in entertainment and leisure.”

Full article Hard Rock International and Dragone

• Hard Rock Hotel and Casino Macau Signs With Melco PBL
• Melco PBL Tops Out Hard Rock Hotel and City of Dreams
• DRAGONE “City of Dreams” Show Looking For Personnel
• May 12 | Official Opening Crown Macau
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