Melco Crown Entertainment Ltd continued the trend of soothing press statements on Tuesday by announcing to the Hong Kong stock exchange that its City of Dreams project at Cotai is on schedule to open in the first half of 2009.
The project will create about 7,000 jobs, said Melco Crown, the joint venture between Dr Stanley Ho’s son Lawrence and Australian billionaire James Packer.
The finance director of Melco Crown, Simon Dewhurst, told investors last week that its debt covenants would not come into effect until a year after the second phase of City of Dreams opened in the third quarter of 2010.
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