City of Dreams Becomes a Reality Grand Opening Media Launch

MACAU, June 1 /PRNewswire-Asia-AsiaNet/ –

City of Dreams becomes a reality today. A press conference was held to
mark the official launch of City of Dreams, an integrated entertainment resort
set to become the "must experience" destination in Macau, developed by Melco
Crown Entertainment Limited (Nasdaq: MPEL), an entertainment company listed on
the NASDAQ Global Select Market.

Mr. Lawrence Ho, Co-Chairman and CEO of Melco Crown Entertainment and Mr.
Greg Hawkins, President of City of Dreams officiated at the press conference.

"This morning we stand ready to deliver on our promise to offer visitors to
Macau the ‘next generation’ of urban leisure experiences," said Lawrence Ho.
"City of Dreams heralds a new chapter in Macau’s ongoing development as Asia’s
premier leisure and entertainment destination.

"I am delighted that after years of planning and incredible effort, we can
now say that we have turned our City of Dreams into a reality. It is our
flagship development and represents a major milestone for Melco Crown
Entertainment as we progress towards our vision of providing a comprehensive
portfolio of leisure and entertainment experiences in Macau that meet the
rapidly evolving demands of Asian and international leisure customers.

"It is important too to thank the Macau SAR Government for its continuous
support over the years together with the financial institutions for their great
confidence in us and for their backing that has given us a solid capital
foundation for continuous growth. Also, without the support and guidance of the
Central People’s Government, it would have been impossible to make such dream a
reality."

The initial opening of City of Dreams features a 420,000-square-foot
casino, a diverse array of accommodation consisting of the Crown Towers, which
offers unrivaled levels of personalized service, lavish style and
uncompromising sophistication, and the exciting music-inspired Hard Rock Hotel,
with its unique combination of electrifying music themes and memorabilia. Over
20 restaurants and bars, an impressive array of some of the world’s most
sought-after retail brands within The Boulevard, a unique lifestyle precinct
operated by leading travel retailer DFS, and the iconic and spectacular audio
visual multimedia extravaganza, Dragon’s Treasure, featured in a dome-shaped
theater known as The Bubble, completes the line-up.

Greg Hawkins added: "On behalf of all our employees and our business and
creative partners, truly a dream team. Today we are ready to deliver visitors
to City of Dreams a new level of sophisticated, exciting and diverse leisure
and entertainment experiences."

The initial opening of City of Dreams will be followed by the opening of
Grand Hyatt Macau and the highly anticipated Dragone show. Grand Hyatt Macau,
offering approximately 800 guest rooms, is scheduled to be completed in the
third quarter of this year and the Dragone inspired theatre production will
open in the purpose-built Theater of Dreams soon thereafter. The final planned
phase of development at City of Dreams will feature a luxury apartment hotel
consisting of approximately 800 units.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements
are made under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. In some cases, forward-looking statements can
be identified by words or phrases such as "may," "will," "expect,"
"anticipate," "target," "aim," "estimate," "intend," "plan," "believe,"
"potential," "continue," "is/are likely to" or other similar expressions. The
parent company of City of Dreams, Melco Crown Entertainment Limited ("Melco
Crown Entertainment") may also make written or oral forward-looking statements
in its periodic reports to the U.S. Securities and Exchange Commission, in its
annual report to shareholders, in press releases and other written materials
and in oral statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including statements about
beliefs and expectations of Melco Crown Entertainment, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors affecting Melco Crown Entertainment could
cause actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the following: growth
of the gaming market and visitation in Macau; finalization of credit facilities
to finance construction of projects; the completion of the construction of
hotel casino resort projects; the acquisition and development of the Macau
Peninsula site; increased competition and other planned casino hotel and resort
projects in Macau and elsewhere in Asia; the completion of infrastructure
projects in Macau; government regulation of the casino industry; the ability to
raise additional financing; obtaining approval from the Macau government for an
increase in the developable gross floor area of the City of Dreams site; the
formal grant of an occupancy permit for City of Dreams; anticipated growth
strategies; and future business development, results of operations and
financial condition. Further information regarding these and other risks is
included in Melco Crown Entertainment’s Annual Report on Form 20-F filed on
March 31, 2009 and other documents filed with the Securities and Exchange
Commission. Melco Crown Entertainment does not undertake any obligation to
update any forward-looking statement, except as required under applicable law.
All information provided in this press release is as of the date of this
release, and Melco Crown Entertainment undertakes no duty to update such
information, except as required under applicable law.

About Melco Crown Entertainment Limited

Melco Crown Entertainment Limited ("Melco Crown Entertainment") is a
developer, owner and through a Macau subsidiary which holds a gaming
sub-concession, an operator of casino gaming and entertainment casino resort
facilities. Melco Crown Entertainment’s first property, Altira Macau
( http://www.altiramacau.com ) (formerly Crown Macau), opened on May 12, 2007.
Other development projects include City of Dreams, an integrated urban casino
resort located in Cotai, Macau ( http://www.cityofdreamsmacau.com ). Melco
Crown Entertainment’s business also includes the Mocha Clubs
( http://www.mochaclubs.com ), which feature a total of approximately 1,300
gaming machines in eight locations and comprise the largest non-casino based
operations of electronic gaming machines in Macau. Melco Crown Entertainment
has entered into an agreement, subject to certain conditions, to acquire a
third development site on the Macau Peninsula. For more information about Melco
Crown Entertainment, please visit http://www.melco-crown.com .

Melco Crown Entertainment has strong support from both of its major
shareholders, Melco International Development Limited ("Melco") and Crown
Limited ("Crown"). Melco is a listed company on the Hong Kong Stock Exchange
and is substantially owned and led by Mr. Lawrence Ho, who is Co-Chairman, a
Director and the CEO of Melco Crown Entertainment. Crown is a top-100 company
listed on the Australian Stock Exchange and led by Executive Chairman James
Packer, who is also Co-Chairman and a Director of Melco Crown Entertainment.

About City of Dreams

City of Dreams is developed by Melco Crown Entertainment Limited (Nasdaq:
MPEL), an entertainment company listed on the NASDAQ Global Select Market, and
is an integrated entertainment resort that is set to become the "must
experience" destination in Macau. Located in the heart of Cotai in Macau, it
combines electrifying entertainment, a diverse array of accommodation, regional
and international dining, designer brand shopping and a spacious and
contemporary casino. The resort brings together a dream team of world-renowned
brands such as Crown, Grand Hyatt, Hard Rock and Dragone to create an
exceptional entertainment experience that appeals to the broadest spectrum of
visitors from around Asia and the world. The initial opening of City of Dreams
features a 420,000-square-foot casino with approximately 520 gaming tables and
approximately 1,350 gaming machines; over 20 restaurants and bars; an
impressive array of some of the world’s most sought-after retail brands; and
The Bubble, an iconic and spectacular audio visual multimedia experience; Crown
Towers offering approximately 300 guest rooms and the Hard Rock Hotel offering
approximately 300 guest rooms. Grand Hyatt Macau offering approximately 800
guest rooms will be completed in the third quarter of 2009 and a Dragone
inspired theater production will open in the purpose-built Theater of Dreams
soon thereafter. The final planned phase of development at City of Dreams will
feature an apartment hotel consisting of approximately 800 units. For more
information please visit: http://www.cityofdreamsmacau.com .

For media information please visit the City of Dreams Media Portal:
http://www.cityofdreamsmedia.com

For media inquiries, please contact:

Fleishman-Hillard Hong Kong
Louisa Wong
Tel: +852-2111-3170
Mobile: +852-9144-3513
Email: louisa.wong@fleishman.com

Rebecca Chiu
Tel: +852-2111-8434
Mobile: +852-9192-3493
Email: rebecca.chiu@fleishman.com

City of Dreams
Charles Ngai
Tel: +853-8868-8953
Email: charlesngai@cod-macau.com

Jennifer Lam
Tel: +853-8868-8989
Email: jlam@cod-macau.com

SOURCE City of Dreams