(Hong Kong, February 13, 2005) -- Melco PBL Entertainment Limited ("Melco PBL") today announced that the joint venture, between Melco International Development Limited and Publishing and Broadcasting Limited ("PBL"), has entered into an agreement with a syndicate of 5 Macau banks and 1 Hong Kong bank for a HK$1,280,000,000 transferable term loan facility for its Crown Macau project. This is the largest syndicated loan arranged in Macau by local banks.

The proceeds of the facility will be used to finance the construction of Crown Macau - Macau's first 6-star casino-hotel. This is the first joint project of Melco's exclusive Pan-Asian joint venture with partner, Australia 's PBL. Standing at 160 metres, Crown Macau will be the tallest building on Taipa island dedicated to serving prestigious elites from around the world. Total construction cost amounts to HK$1,500,000,000.

The loan facility has a tenure of 7 years and the interest rate for this loan is HIBOR + 2.2% and is the lowest interest margin being offered for similar loan arrangement in the Macau gaming industry. The facility is lead-arranged by two of Macau 's note-issuing banks, Bank of China Limited, Macau Branch and Banco Nacional Ultramarino, S.A.. Other participating banks include Banco Comercial de Macau, S.A., Industrial and Commercial Bank of China (Asia) Limited, Banco Espirito Santo do Oriente, S.A. and Liu Chong Hing Bank Limited, Macau Branch.

Mr Lawrence Ho, Director of Melco PBL , said, "We are delighted that the joint venture secured this syndicated loan by six reputable banks. It reflects the banking community's confidence in Melco and PBL and its future development. This term loan gives the joint venture a solid capital foundation thus greater flexibility in allocating resources for our future development."

BANK		TOTAL COMMITMENT (HK$)
	Bank of China Ltd., Macau	450mil
	Banco Nacional Ultramarino	450mil
	Banco Comercial de Macau	150mil
	ICBC (Asia) Ltd., HK	110mil
	Banco Espirito Santo do Oriente, Macau	70mil
	Liu Chong Hing Bank Limited, Macau Branch	50 mil
Total		1,280mil (US$165 million)

About Melco International Development Limited
Melco International Development Limited is an actively managed conglomerate with 3 main lines of business, spearheaded by Leisure, Gaming & Entertainment. The Group's main gaming activities are conducted via an exclusive joint venture with one of Australia's largest conglomerates and gaming groups - Publishing & Broadcasting Ltd, "PBL". The Melco/PBL joint venture's three main gaming assets are, namely, Crown Macau, The City of Dreams and Mocha. "Crown Macau" is the first 6-star casino-hotel in Macau and is targeted at high rollers. The "City of Dreams" is a world-class integrated entertainment resort, to be built on 27 acres of land in Cotai, featuring an underwater casino. It comprises 3 hotels offering a total of 2,000 hotel rooms in addition to time-sharing serviced apartments, iconic theatres for permanent shows, retail and restaurant outlets, and nightclubs. The Mocha Slot Lounges, on the other hand, presents slot machine parlours in a unique cafe setting. They have been highly successful and dominate the grind market in Macau.

In Hong Kong, Melco carries on the tradition of operating the world famous floating landmark - Jumbo Kingdom. The Group has two other supporting businesses in the Technology and Investment Banking areas.

The Group's technology business is represented by Elixir Group (Macau), a leading gaming IT infrastructure and system integration specialist, and iAsia - the software developer that is also a leading provider of comprehensive financial trading systems in Asia.

The investment banking and financial services business is conducted via the Group's Hong Kong listed subsidiary - Value Convergence Holdings Ltd. Melco has grown substantially in recent years and has opened offices in Hong Kong, Macau, Beijing, Shanghai, Shenzhen and Manila, employing a total of over 800 staff.