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Melco Crown Entertainment's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: MPEL

Pleasingly, Altira's table yields have stabilized and have reached a more competitive level. We now work towards ramping up those tables, which have been mobilized to alternative uses in order to drive future operating performance. We continue to proactively manage our table allocation to ensure we not only maximize near-term performance, but ensure that we have appropriate operational flexibility to take advantage of the changing landscape in Macau.

Notably, our performance in the Junket Rolling Chip segment on a volume basis was better than the estimated market-wide performance sequentially, despite the introduction of new supply. As another example of our commitment in driving our current portfolio of assets, we recently introduced a limited-run cabaret style show at City of Dreams. This better utilizes our Club CUBIC space, and provides another exciting entertainment offering to further differentiate City of Dreams.

Importantly for Melco Crown, the market-wide mass market table games segment continues to demonstrate strong year-over-year growth, expanding over 33% during the second quarter of 2012. This once again reinforces our mass market focus strategy, particularly at the higher end of the market, which we believe will provide a more stable, loyal and profitable customer base for the foreseeable future.

Visitation numbers from China continue to increase, with visitors from Chinese provinces and further abroad, such as Henan and Sichuan Province, delivering strong year-over-year growth, reflecting the broadening of the catchment area of Macau. We believe Macau is perfectly positioned to take full advantage of the increase in infrastructure spend and development in the region, improving access to the expanding addressable markets, particularly throughout China.

We remain fully confident in the future of Macau and believe its future success as well supported by the long-term growth and increasing consumerism in our core feeder market, China, as well as a progressive and stable regulatory environment, together with an exciting infrastructure and development footprint from Macau and the broader region. We look forward to playing a key role in the development of Macau into the leading leisure and tourism destination in Asia.

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