Melco PBL Extends Time for Purchase of Macau Peninsula Site
JULY 31, 2007. Melco PBL Entertainment (Macau) Limited (NASDAQ: MPEL), a developer and owner of casino gaming and entertainment resort facilities focused exclusively on the Macau market, announced today that it has negotiated an extension to its agreement to purchase its Macau Peninsula site.
This extension provides additional flexibility in the timing for the closing of the transaction and preserves the Company's ability to complete the transaction through July 2008, subject to various closing conditions.
In light of recently imposed restrictions affecting mainland tourists visiting Macau under the Individual Visitor Scheme, such extension provides the Company additional flexibility to evaluate the uncertain impact of such restrictions on the evolution of the market, and allows the Company to thoroughly review its development plans for the Macau Peninsula site.
The Company remains firmly committed to its plans for development of the Macau Peninsula project upon completing the acquisition of the site, including the residential elements for which pre-sales are targeted to commence by the end of 2009, subject to certain conditions including meeting applicable Macau regulatory requirements.
In May 2006, the Company, through its subsidiary Melco PBL (Macau Peninsula) Limited, entered into a promissory agreement to purchase the Macau Peninsula site by acquiring the shares of Sociedade de Fomento Predial Omar, Limitada. Other than the extension of the completion deadline, all other provisions of the agreement remain in force. There were no fees associated with this extension.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
