Melco Crown Entertainment Ltd. (MPEL:US), a casino venture between Australian billionaire James Packer and Macau magnate Stanley Ho's son Lawrence, said its second Macau casino project will open on schedule and is financed.
The $2.1 billion resort casino, called City of Dreams, ``remains fully on target'' for the first two phases to open in the first half of 2009, the company said today in a regulatory filing.
The casino venture has more than $1.1 billion in cash after borrowing $663 million in the past month from its senior credit line. Another $570 million remains available, Melco Crown said.
Macau, the only region of China where casinos are legal, overtook the Las Vegas Strip as the world's biggest gambling hub in 2006. Melco Crown's first casino hotel, the Crown Macau, opened May 2007.
Melco Crown rose 46 cents, or 16 percent, to $3.26 at 4 p.m. in Nasdaq Stock Market composite trading, the biggest gain in a month.
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