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Annual Report 2015 1 Co-Chairman & Chief Executive Officer’S Statement

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The International Gaming Awards City of Dreams Manila and Studio City won the Casino/Integrated Resort of the Year award in 2015 and 2016, respectively Forbes Travel Guide Star Ratings Melco Crown Entertainment operates the most Forbes Star awarded facilities in Macau, outperforming all local hotel operators in 2016 with eight Forbes Five-Star awards and one Four-Star award for its hotels, spas and restaurants at Altira Macau and Crown Towers at City of Dreams Michelin Guide for Hong Kong and Macau French contemporary restaurant, The Tasting Room, and the Cantonese culinary masterpiece, Jade Dragon, at City of Dreams received two-Michelin-star status in 2016 The extension of Chef Shinji Kanesaka’s restaurant in Tokyo, Shinji by Kanesaka, at City of Dreams received one-Michelin-star status in 2016 Melco Crown Entertainment Limited ‧ Annual Report 2015 1 Co-Chairman & Chief Executive Officer’s Statement Amidst a challenging market environment in Studio City is an ideal addition to our current portfolio of Macau, Melco Crown Entertainment has stayed assets, enabling us to cater to a broader customer base on course in 2015 to strengthen its market and strengthen our leadership in developing Macau’s mass market, while highlighting our commitment to the presence with exciting projects completed ongoing evolution of Macau into a “World Center of in Macau and Asia. Embarking on a forward- Tourism and Leisure”. In just four months of operation, thinking strategy several years ago to expand this new integrated resort was honored as “Casino/ our exposure to the mass market segment, we Integrated Resort of the Year” at the International are thrilled by the successful opening of the Gaming Awards 2016, representing the culmination of long-anticipated Hollywood-inspired integrated our efforts in delivering high quality non-gaming and resort, Studio City, which provides the perfect gaming facilities. We are confident that further synergies complement to our flagship integrated resort, between Studio City and City of Dreams will be realized. City of Dreams in Macau. Enhancement works at City of Dreams including our fifth hotel tower, designed by the late legendary architect Supported by the Central Government’s long term Dame Zaha Hadid, together with the addition of the first infrastructure blueprint, Macau is undergoing a transition street-front retail area in Cotai, are further evidence of towards a more mass market-focused business model. our dedication in bringing a multi-dimensional leisure and Being at the forefront of innovation and diversification, tourism experience into the region, ultimately enabling us our US$3.2 billion, Macau’s first Hollywood-themed to compete at the highest levels by leveraging our world- integrated resort, Studio City, has successfully opened class products and services. on October 27, 2015. It has further expanded our market share in Macau and increased our exposure to the In the Philippines, our expansion is highlighted by the more resilient and profitable mass market segments. successful grand opening of City of Dreams Manila. Offering unique world-class non-gaming attractions, Marking another major milestone for the Company, the 2 Annual Report 2015 ‧ Melco Crown Entertainment Limited Co-Chairman & Chief Executive Officer’s Statement property continues to grow a more diversified revenue remained constantly committed to uphold the highest stream, with expansion in our rolling chip business standards of corporate governance and corporate social complementing its mass market gaming and non-gaming responsibility. We are committed to deliver greater segments. Driven by our business approach, City of sustainability in our business operations for future Dreams Manila was also awarded as “Casino/Integrated generations as well as the community to meet our long- Resort of the Year” at the International Gaming Awards term objectives of creating a greater, more sustainable 2015 shortly after its opening. Despite infrastructure impact benefitting our stakeholders, including staff, challenges in the Philippines such as the delay of the customers, suppliers and members of the communities expressway that leads directly from the airport to the where we operate. Manila Bay Entertainment City, the extension of the Finally, I would like to express my sincere gratitude City of Dreams brand is expected to drive local tourism to our board, shareholders, employees and business and eventually reinforce our presence in the region. partners for their continuous support which was Meanwhile, we anticipate the country itself will undergo an important driver of our significant achievements further improvements and economic growth that will during the past year despite the challenging operating enable City of Dreams Manila to expand profitability and environment. We look forward to further strengthening realize its full potential in the foreseeable future. our industry presence and realizing sustained growth Looking ahead, although Macau is encountering a very internationally in order to generate long-term value for tough operating environment, with a combination of the our shareholders. slowdown of economic growth in China and government Lawrence Yau Lung Ho policies that may adversely affect the gaming market, Co-Chairman and Chief Executive Officer we believe our business approaches are in line with the government’s new direction from a macroeconomic and social perspective. We continue to see the city as an exciting and important global gaming destination and remain confident that our integrated resorts and the unrivaled non-gaming entertainment-centric amenities that we deliver are a leading force in diversifying Macau’s dynamic economy and tourism sector. For the Philippines, along with the government’s support, we remain confident in the long-term success of its gaming market given the country’s anticipated economic growth and supportive demographics. While bolstering our presence in Macau, Melco Crown Entertainment will continue to explore potential developments globally that would further build on our position as a leading international gaming, leisure and entertainment operator. Over the years, Melco Crown Entertainment has Melco Crown Entertainment Limited ‧ Annual Report 2015 3 Asia’s Entertainment Capital Studio City is a cinematically-themed integrated entertainment, retail and gaming resort, recently opened to the public on October 27, 2015. Just four months after its glamorous opening, it was awarded Casino/Integrated Resort of the Year by International Gaming Awards for 2016, marking the third time in four years an MCE property has taken the top award. Designed to capture the increasingly important mass-market segment, Studio City brings to Macau many “world firsts” and the very best in global entertainment, iconic landmarks and resort experiences that cannot be found anywhere else, displaying unprecedented support to Macau’s development into the World Center of Tourism and Leisure. Its world-class facilities attract not only visitors seeking high-quality hospitality services and thrilling entertainment, but also draws top regional and international star performers to its state-of-the-art multi-purpose entertainment center, Studio City Event Center, which hosted the enthusiastically-received Madonna’s Rebel Heart Tour in February 2016. With its wide array of collaborations with world famous brands, Studio City is the most diversified entertainment offering yet experienced in Macau. It includes gaming facilities, luxurious hotel offerings and various entertainment, retail and food and beverage outlets to attract a diverse range of customers. The resort was also named the ‘Best New Venue Opening’ in the 2016 CEI Readers’ Choice Awards organized by CEI Asia magazine, recognizing its excellence and success in bespoke meeting, incentive, conference and exhibition services and facilities that have distinguished it within the industry. 4 Annual Report 2015 ‧ Melco Crown Entertainment Limited The Fifth Hotel Tower at City of Dreams Realizing a Bigger Dream City of Dreams is Melco Crown Entertainment’s flagship integrated entertainment resort in Cotai, Macau. It is also home of the spectacular The House of Dancing Water – the world’s largest water extravaganza and the ‘Most Valuable Brand’ in the 2015 Business Awards of Macau. City of Dreams brings together a collection of world renowned hotel brands to create an eclectic variety of accommodation options to meet the diverse tastes of the wide spectrum of visitors the resort attracts from across Asia and around the world. In addition to the amazing array of accommodation options that include Crown Towers Hotel, a Forbes Five-Star hotel, Hard Rock Hotel, and the twin-tower Grand Hyatt Macau, the fifth hotel tower, at City of Dreams is progressing. Collaborating on the design with the late legendary architect Dame Zaha Hadid, our new hotel tower will add a truly iconic landmark to Macau, further extending City of Dreams’ leading position at the premium end of the market. The new tower’s inventive, expressive and powerful external structure envelops the building and reinforces the dynamism of the unique design. It further defines City of Dreams’ formal composition and establishes new relationships with its context within Macau. The retail expansion of City of Dreams is also in our development pipeline and is due to open this year. Upon completion, it will add approximately 300,000 square feet of space right at the main entrance of City of Dreams. The new expansion will help
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