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Melco Announces the Status of Their Crown Macau Hotel Casino
On March 9, 2007, Melco PBL Entertainment, a known developer and owner of various casino and entertainment facilities, announced that they will be focusing mainly on their Macau market. Hence, their Crown Macau Hotel Casino or the Crown Macau is targeted for opening a temporary business on April 28, 2007.
The Crown Macau is scheduled to open officially to the gaming public on May 9, 2007 and their grand opening will be on May 12, 2007. Simon Dewhurst, the Executive Vice President and Chief Financial Officer of Melco PBL Entertainment said that they are currently making great strides in their Crown Macau and that they are on target for their opening, despite the problems they have encountered during construction.
The construction of the Crown Macau began in December 2004 and it is currently being built into a top class hotel/casino resort. According to the prospectus of the company that was filed with the US Securities and Exchange Commission on December 19, 2006, the company states that the total cost of the project is estimated around $512.6 million, which already includes the value of the land and other miscellaneous costs.
The company estimates that they will have to spend around $71 million in added costs. They have incurred it on 3 areas: the pre-opening and property expenses, the gambling casinogambling casino expenses and the design and out fitting. Upon the completion of the property on April 28, 2007, the Crown Casino will showcase a 36 story establishment with about 183,000 sq ft of gaming area, containing 220 gaming tables and about 500 electronic gaming machines.
Thursday, March 22 , 2007
Brian Letendre