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

Stocks in this article: MPEL

Now moving on to our exciting pipeline of future growth opportunities. We recently received our revised formal land grant for Studio City. We are very grateful that the Macau Government has given us this unique opportunity to bring another world-class integrated resort to Macau, which we believe will further drive and broaden Macau's appeal as a world-class entertainment and leisure destination. We have also received our permit from the Macau Government, which allows us to restart our construction work at Studio City, giving us the ability to expedite the development of this exciting project.

Studio City will aim to focus on the mass market segment, and will have approximately 1,600 5-star and luxury hotel room, approximately 200,000 square feet of retail, numerous food and beverage outlets, a range of uniquely themed interactive attractions, a multi-purpose theater, as well as capacity for approximately 400 to 500 additional gaming tables.

As mentioned previously, the property's location is one of its key competitive advantages. Not only is Studio City directly adjacent to the increasingly important Lotus Bridge immigration center. And it also has direct access to one of only three light rail casino stops in Kotai, and it enables to book in the North and the South of the Kotai strip. We also recently entered into a memorandum of agreement for the development and operation of an integrated casino resort in Manila.

This project represents an attractive opportunity to expand our footprint in Asia, allowing us to diversify and expand our sources of earnings and cash flow without impacting our ability to fully leverage our current portfolio of assets in Macau, or impact our ability to pursue either our strong pipeline with the development opportunities in Macau, or any other future regional opportunities. We look forward to keeping you updated on our progress in relation to both these important milestones for our company.

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