Last week over 8,500 employees at three staff rallies were witness to Melco Crown Entertainment’s unveiling of its Studio City Events Center.
COO Ted Chan along with other senior company executives were in attendance at the rally that was officiated by MCE’s co-chairman and CEO Lawrence Ho. Joining the rally to celebrate the countdown of Studio City’s grand opening which will feature a performance by singer , songwriter, record producer and actress Mariah Carey, were the more than 8,500 employees. Ho commented at the rally, “Born with Melco Crown Entertainment’s unique innovative DNA, the epic stage of Studio City is going live. It will be under the world’s entertainment spotlight and revolutionize Macau’s tourism landscape through its world-class non-gaming offerings.”
Due to the current market scenario and in order to accommodate the Macau government’s new strategy of attracting more tourists and to be a more family-friendly vacation destination, Melco Crown Entertainment Ltd. decided to downgrade its original five star rating and launch the hotel as a four star property. According to Sterne Agee analyst David Bain, recent trending stock rallies are not likely to be experienced again until the early results of the Macau City opening have been absorbed.
Melco Crown awaits a decision from Macau Gaming Inspection and Coordination Bureau, regulators that will decide how many tables will be allowed at Studio City Macau when the US$3 billion plus Hollywood-themed integrated resort opens on October 27 as scheduled.