Melco Resorts and Entertainment Ltd (MLCO)

[*MARINE 1*]

NEW YORK, Oct. 17 /PRNewswire-FirstCall/ -- Melco Crown Entertainment Limited (NASDAQ:MPEL) ("MPEL"), seeks to update the status of progress at City of Dreams, its flagship integrated casino hotel resort development in Macau, in response to recent turbulence in global financial market conditions and certain press reports.

City of Dreams remains fully on target to open to the public during the first half of 2009. Construction activity will be maintained at maximum capacity through the end of 2008 to deliver the construction timetable to completion. Our projected budget for phases one and two of City of Dreams also remains unchanged.

Full financing is in place to complete the first and second phases of development at City of Dreams. MPEL currently has over US$1.1 billion cash on hand, having successfully drawn down approximately US$663 million in the past month under its US$1.75 billion senior secured facilities. Subject to satisfaction of the relevant conditions precedent, a further US$570 million remains available for drawdown under the existing loan facilities as required to meet any future financing needs for the completion of the first two phases of development of City of Dreams.