Melco Wins Praise for Governance

Melco Crown Entertainment’s new Philippines subsidiary has taken home a clutch of awards in recognition of its corporate practices.

FinanceAsia, based in Hong Kong, named Melco Crown Philippines one of the country’s “Best Managed Companies” in its 13^th annual poll of Asia’s top businesses. The company also was singled out for “Best Corporate Governance” and “Best Corporate Social Responsibility”.

The widely read monthly conducts the survey among investors and analysts across the region. MCP, which recently listed on the Philippines Stock Exchange, is the first casino operator to be recognized in the voting.

MCP also was honored by Hong Kong-based quarterly Corporate Governance Asia as the “Outstanding Company on Corporate Governance” in the magazine’s 9^th Corporate Governance Asia Recognition awards, held recently in Manila.

“We are particularly pleased to learn that MCP has been recognized in this manner at this stage of its expansion in the Philippines,” said Lawrence Ho, co-chairman of parent Melco Crown Entertainment.

MCP is partnering with Philippine retail and property tycoon Henry Sy on the development of a US$1.1 billion mixed-use resort with a casino slated to open next summer on bayfront land in Manila. The area, known as Entertainment City, has been designated by the government for four casino licenses. Solaire Resort & Casino, the first licensee, opened in March.

Mr Ho said that “Moving forward, we will continue to adopt measures to maintain the highest standards of corporate governance by bolstering governance and transparency, which will enhance the long-term trust and confidence of our major stakeholders.”