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Melco China Resorts (Holding) Limited Completes Reverse Take-Over; Adds to Experienced Management Team

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Melco China Resorts (Holding) Limited Completes Reverse Take-Over; Adds to Experienced Management Team NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES MELCO CHINA RESORTS (HOLDING) LIMITED May 28, 2008 TRADING SYMBOL: “MCG” AND “MCG.WT” TSXV NEWS RELEASE Melco China Resorts (Holding) Limited completes reverse take-over; adds to experienced management team Completes reverse take-over of Virtual China Travel Services Co., Ltd. Appoints Paul Zhang as Chief Financial Officer and Edward Chow as Director Melco China Resorts (Holding) Limited (“Melco China Resorts” or “MCR”) is pleased to announce that today it completed its reverse take-over (the “Transaction”) of Virtual China Travel Services Co., Ltd. (“VCTS”) (formerly NEX: CTX.H), an important step in MCR’s plans to further develop its position as China’s premier year-round destination mountain resort network. In connection with the Transaction, Melco China Resorts has also completed the exchange of subscription receipts offered by way of a private placement (the “Private Placement”) for common shares and warrants of Melco China Resorts and the net proceeds of approximately $68 million have been released from escrow to Melco China Resorts. Canaccord Adams acted as lead agent in a syndicate that included CIBC World Markets Inc. for the Private Placement. CIBC World Markets Inc. also acted as sponsor for the Transaction. The common shares and warrants of Melco China Resorts commenced trading today on the TSX Venture Exchange (the “Exchange”) under the symbol MCG and MCG.WT. The Business Immediately prior to the Transaction, Melco China Resorts completed its acquisition of Melco China Resort Investment Limited (“Melco Cayman”), which through its wholly-owned subsidiary owns five ski resorts in China that are located in Beijing, Heilongjiang Province and Jilin Province, namely: (1) the Sun Mountain Yabuli Resort; (2) the Star Mountain Beijing Resort; (3) the Adventure Mountain Changchun; (4) the Lotus Mountain Club; and (5) Sky Mountain Beidahu. Melco China Resorts plans to develop each resort in accordance with its distinct setting and to expand the range and variety of mountain resort experiences offered by its Suite 1202-03, Tower B, TYG Center, 2-Bing North Street, East Third Ring Road, Chaoyang district, Beijing, P.R.C., Post Code: 100-027 Phone: 86.10.84464588 Fax: 86.10.84464388 Website: www.melcochinaresorts.com - 2 - properties. This development is expected to attract and maintain resort customer interest and position Melco China Resorts as a leading owner and operator of village centred destination mountain resorts in China. According to the China Ski Association, the total number of ski visits in China increased at a rate of 109% per annum to over 4 million between 1999 and 2004 and is expected to increase to 10 million by 2010. Seeking to capture this tremendous opportunity, Melco China Resorts owns the largest portfolio of existing China ski resorts possessing location advantages, market position and healthy expansion potential. Melco China Resorts has plans to secure additional ski areas and develop further resorts in the coming years. When fully redeveloped the resorts will include the highest international standards, an abundance of international standard on-mountain and resort activities for both accomplished skiers and beginners, and unique “four season” facilities and attractions. Mr Lawrence Ho, Chairman of MCR and Chairman and CEO of Melco International Development Limited (“Melco”), who through a wholly-owned subsidiary, is a significant shareholder of MCR, said, “We are delighted to announce the completion of our listing in Canada which supports the strategic expansion of our business with MCR in developing, operating and managing world-class four season, village centred mountain resorts in China. Our move into the mountain resort business in China enables our expansion in the mainland and provides an exceptional range of new experiences to address the growing need for up-market recreational activities among the country’s fast growing middle and upper classes. This is consistent with our desire to attract and retain a discerning customer base that is actively seeking and willing to pay for a great leisure experience”. “The market demand for quality skiing and world-class facilities in China far surpasses the product that is currently offered,” said Graham Kwan, CEO of MCR. “There are limited quality ski destinations available for the more than five million annual skier visits in the country and as China’s middle class continues to grow, we believe that MCR is set to capitalize on this growing demand by providing the best facilities with the highest international standards”. In addition to the ski facilities and year-round activities, MCR’s plans include the development of four- and five-star accommodations, including full service hotels, apartment hotels, and slope side luxury resort vacation homes. Pedestrian villages that provide for a complete vacation experience with a variety of restaurants, retail shops, spa amenities and entertainment are already under construction. The first phase of the development project is underway at MCR’s Sun Mountain Yabuli resort in Heilongjiang Province, with new hotels, heated ski lifts, a full-service spa, retail shops and restaurants now under construction. Initial improvements at the Sky Mountain Beidahu and Star Mountain Beijing resorts will begin in summer 2008, while planning for MCR’s Adventure Mountain Changchun resort, as well as their private Lotus Mountain Club, is now underway. Mr. Kwan noted “Unlike most of the mountain resort developers in North America, we chose to immediately acquire five premium resorts in the country. The alternative of acquiring a single resort every few years would effectively see us buying our own value as we enhance the quality of ski resorts in the country. In each of our resorts we plan to have operational control over all of - 3 - our recurring revenue businesses that include lodging, dining, bars, retail, activities, and spa operations. Most North American and European resorts usually include third party tenants but our strategy allows us to control the quality offered, with more flexibility in packaging our vacation experiences, and developing and retaining our own concepts and profitability.” “MCR’s management team has extensive experience in the ski and hospitality industry, with a proven business record in China,” said Mr. Kwan, a former Intrawest executive who led the North American resort company’s China strategy. “We know the market, we understand the business environment and we have developed a sound business plan to leverage this virtually untapped market.” “We are in a unique position as compared to our North American competitors due to China’s high growth economy,” said Mr. Kwan. “Not only does MCR benefit from the accelerated pace of business, but we are able to take advantage of lower construction costs and greater real estate margins, requiring less capital investment to deliver on our promise to establish world-class four season destination resorts.” MCR expects to benefit from the experience of significant shareholder Melco. Melco has a successful track record of operating hospitality businesses in China and throughout Asia, including, through its major associate, catering to China’s ongoing prosperity through its 6 star Crown Macau Casino, the highest grossing casino worldwide in terms of gaming revenue. In addition, MCR expects to host the China Entrepreneurs Forum at its Yabuli resort each winter that gathers China’s leading business figures. The Transaction On May 15, 2008, the shareholders of VCTS approved, amongst other matters: (i) the continuance of VCTS from Alberta to British Columbia; (ii) a two-for-one share consolidation of the then existing VCTS common shares; and (iii) the Transaction including the amalgamation of VCTS with Melco China Resorts. The Transaction was completed by way of an amalgamation pursuant to the Business Corporations Act (British Columbia) on May 28, 2008. As a result of the completion of the Transaction, on a non-diluted basis, the shareholders of Melco China Resorts are as follows: Freely tradeable Non-voting Shareholder Common shares Percentage common shares (1) Class B Shares Former VCTS Shareholders 1,186,576 1.4% 1,186,576 - Shareholders of Hillwide Technology Limited (2) 3,480,000 4.0% 870,000 - Shareholders of Ying Wah Consultants Limited (3) 17,620,000 20.2% 4,405,000 - Melco (through its wholly owned subsidiary) (4),(5) 43,109,134 49.3% 12,277,284 8,437,565 Other placees and agents from the Private Placement 22,043,634 25.2% 22,043,634 - Total 87,439,344 100.0% 40,782,494 8,437,565 (1) Means those MCR common shares which have been released from or are not subject to Exchange escrow requirements. (2) Hillwide Technology Limited (“Hillwide”), a company controlled by the management of MCR. (3) Ying Wah Consultants Limited (“Ying Wah”) is a company controlled by management and senior employees, consultants and agents of Melco China Resorts group. The shareholders of Ying Wah are not acting jointly or in concert with one another. (4) Melco has acquired the above-noted securities of MCR for investment purposes only and may, depending on market and other - 4 - conditions, increase or decrease its beneficial ownership, control or direction over the securities of MCR through market transactions or private agreements, exercise of warrants, convertible securities or otherwise. (5) Approximately 3.48 million common shares held beneficially by shareholders of Hillwide have been pledged to a subsidiary of Melco as collateral to secure certain obligations. Up to 3.5 million of the common shares held beneficially by shareholders of Ying Wah may also be pledged to a subsidiary of Melco as collateral to secure certain obligations. In aggregate, approximately 87.4 million common shares will be listed and outstanding, of which approximately 40.8 million will be freely tradeable and the remaining common shares will be subject to Exchange escrow requirements. Appointment of Paul Zhang as Chief Financial Officer Melco China Resorts is pleased to announce the appointment of Paul Zhang as Chief Financial Officer effective June 1, 2008.
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