Thank you for participating in the first quarter 2007 earnings conference call of Melco PBL Entertainment (Macau) Limited. At this time all participants are in a listen only mode. After the call we will conduct a question and answer session. Today’s conference is being recorded. I would now like to turn the call over to Simon Dewhurst, Executive Vice President and Chief Financial Officer of Melco PBL Entertainment. China Direct (ticker: CHND.OB) is a diversified management and consulting company. Our mission is to create a platform to empower medium sized Chinese entities to effectively compete in the global economy. As your direct link to China, our organization serves as a vehicle to allow investors to participate directly in the rapid growth of the Chinese economy. :

Good morning. Welcome to the first quarter 2007 earnings conference call of Melco PBL Entertainment. Joining me on the call are Lawrence Ho, Co-Chairman and Chief Executive Officer, Garry Saunders, Executive Vice President and Chief Operating Officer, and Greg Hawkins, Chief Executive Officer of Crown Macau. Please note that today’s discussion may contain forward looking statements made under the safe harbor provision of federal securities' laws. Please see today’s press release under the section Safe Harbor Statement for a discussion of risks that may affect our results. With that I’ll now turn the call over to Garry Saunders who will update you on key developments during the first quarter of this year.

Thank you Simon. Good morning ladies and gentlemen and welcome to MPEL’s first quarter earnings call. It’s only been about six weeks since our full year ’06 earnings call but there have been important developments during the interim. During the first quarter our focus remained on executing the development projects under way and completing construction of Crown Macau which formally opened to the public just three days ago on May 12th as scheduled. The gala celebration marked the opening of the latest addition to Macau’s vibrant casino, gaming, and hotel scene. Opening festivities brought more than 10,000 visitors to the property. We believe that Crown Macau will raise the standard for servicing the VIP and premium mass market segments in Macau. Crown Macau opened with approximately 26 VIP tables, 142 premium mass tables, and 479 gaming machines operational. In its full configuration Crown Macau will have approximately 80 VIP tables, 142 premium mass tables and 550 gaming machines. We expect that the additional 54 VIP gaming tables and 71 gaming machines will be operational within approximately four weeks. Crown Towers hotel will be operational with approximately 60 rooms available within three weeks. Approximately 216 hotel rooms, including all villas and suites, will be operational by the end of July 2007. The revised fully operational gaming table configuration is projected to include 54% more VIP tables than initially planned reflecting Crown Macau’s strong positioning in the premium market. We continue to make significant progress at City of Dreams, our integrated casino entertainment resort in the island. All principle sub-structure construction is completed and a substantial portion of the steel podium superstructure has been manufactured off site in China. Erection of the podium structure has commenced and is transforming the visual status of the site. We have continued to revise and improve…

Gary might have mentioned this at the beginning but, did you say how many VIP tables are currently operational, and how many VIP tables do you expect to end up with and how does that phase between now and the eventual number? Lawrence Ho : What we count on is 26 VIP tables, 142 match tables in addition to 479 slot machines. A total of four weeks. The key I emphasize is our (inaudible) VIP level tables across the property will come on-stream in a staggered basis. We expect to have one of those levels open this week and the following week another one will come on-stream and then realistically ten days after that, the final VIP level will come on-stream. So the total in about three and a half weeks in a staggered basis will works towards those 80 VIP tables.

Do you think the fact that you won’t have all the hotel rooms open until the end of July, will that have some impact on the volume in the initial weeks for the VIP business? Lawrence Ho : The answer to that will be yes. As we work to full hotel room inventory across the next ten weeks, clearly as we stagger the hotel rooms up to the 216 capacity, the correlation between the VIP activity is quite direct. So, as we go from 60 rooms in the next three weeks and build up to 216, I think all of the rooms will progressively come on-stream towards the end of July, we commute it to our VIP gaming activity, so if I would have thought there was a correlation between the two, there is a real drive to finish the hotel room inventory location as quickly as possible without in any way impinging on the quality of the product which is obviously extremely important to our positioning.

OK, thank you.

Our next question comes from the line of Chan Pasterochi with National Securities. Please proceed.

My question is, with the flight delays you are encountering now, what kind of gaming revenues would you be hopeful to expect for the end of this year? What would be a reasonable projection for you guys?

Chan, this is Simon Dewhurst. We’re not giving out forecasts for revenues whether its for the end of this year or over a shorter or longer period. At this stage we don’t give forward guidance.

OK, do you have a goal though? Is there any sort of goal that you would look for or something to point me towards?

Well, I would point you towards the research which is out on the market.

Thank you.

As a reminder ladies and gentlemen, please press Star One to ask a question. And there appears to be no additional questions at this time. I certainly do apologize. It does look like we have a question coming from the line of Waheed Shanith with Janus. Please proceed.

Obviously we’ve all learned that the delays can affect materially and wipe off a billion or two in market cap. As you look into that and you looked at City of Dreams, what are you guys going to do to make sure this doesn’t happen again and that you make it on time? Do you really have control or working 24 hours, looking at the site right now, it does not look like that’s going to be an easy target. It’s probably going to be a very aggressive target. So what do you have in terms of numbers you can pull to make sure that happens on time and according to plan? Lawrence Ho : First of all, we think we have a very good contractor, a consortium of contractors with John Holland and China State. We believe that getting the quality behind what they’re going to do is going to be very impactful in that. Second of all, we’ve also done a number of things as we’ve developed our own staff and added quite a few positions recently on the design, development and structural side. It gives us the confidence that you’re talking about that we would have the capability internally to be able to fully plan and execute.

And our next question comes from the line of Tony Pistosi. Please proceed. Tony Pistosi – Firm Unknown: Good morning. Are there any plans for increasing the number of Mocha clubs and is there room for further expansion at the Crown Macau after you reach the announced capacities you are going for right now?

Tony, it’s Lawrence here. In terms of Mocha clubs, yes I think there are and we have guided that we hope to open two new venues per year with an optimal 150 machines per venue. So we are looking for venues and we are working on a couple of new venues. In terms of the market itself, I think we need to look at the big picture here. And look at the growth in the first quarter at Macau’s; 43% year-in-year. Still, this could easily be a $10 billion US market by the end of the year. So there is definitely going to be a supply driven market. In terms of Crown Macau, I think at this point in time, it was designed for the number of gaming positions. There is the optimum size right now. They haven’t set that. If you look at Steve Wynn and what he has done with Crown Macua, he has effectively eliminated certain restaurants to make room for more gaming positions. In the old days of the Sands, they had removed office space for that. So from that perspective, we do have six restaurants at Crown Macau and when business is that phenomenal, I’m sure we’ll squeeze some space. Greg Hawkins : One other thing I might add also in term of the yield of the space we have, we’ve already made a decision to increase the number of VIP tables and that’s always a method we can use if we’re successful in that market place to continue to drive better yield on the floor. Tony Pistosi – Firm Unknown: Are the Mocha clubs as big a cash cow as I see them?

Tony, this is Simon Dewhurst. The Mocha clubs business has got a couple of embedded values that are very important to us. First and foremost we’ve got a thousand employees who are probably more expertise in terms of managing gaming machine activities at Macau than any other staff group that’s operating over there. So our ability to be able to take relationships with suppliers and the knowledge we’ve built up over the last three or four years in Macau, and extend that into our new property, specifically in City of Dreams which will have a two and a half thousand gaming machine inventory, it is huge. And that is really the embedded value. One of the practical tasks that we face, as alluded to in terms of our ability to expand the network is that there are limited venues that are considered to be appropriate by the government in what is a very, very small market for a non-casino based gaming parlor. Yes, they are very good cash generator. How big can we scale the Mocha business…it’s not going to scale by reference to the sort of scale that we can see on the casino operating side of our business. If there’s embedded value there, over and above what we can see, as far as our new venues, yes absolutely. And you’ll see that come through as we bring City of Dreams on stream in the future. Tony Pistosi – Firm Unknown: Thank you and best of luck. Simon Dewhurst : Thank you Tony. Operator : And now our next question comes from the line of Grant Chum with UBS. Please proceed. Grant Chum- UBS : Oh hi, just a couple of numbers questions. Simon, is it possible to give an indication what you expect for Q2’s caution of Crown’s…