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Press Release -- July 31st, 2012

Melco Crown Entertainment Enables Four Local Music Prodigies to Study Abroad at Music Conservatory

Awarded Up to MOP1,000,000 to the Winners of Melco Crown Entertainment-Yundi Scholarship
MACAU,July 31, 2012(GLOBE NEWSWIRE) –Melco Crown Entertainment Limited(SEHK:6883) (Nasdaq:MPEL) (“Melco Crown Entertainment” or the “Company”), a developer and owner of casino gaming and entertainment resort facilities focused on theMacaumarket, has announced the winners of Melco Crown Entertainment-Yundi Scholarship (“Scholarship”). Founded byMelco Crown Entertainmentand international piano maestro Yundi in 2011, and in collaboration with theCultural Affairs Bureau of the Macao S.A.R. Government, the Scholarship was envisioned by Mr.Lawrence Ho, Co-Chairman and Chief Executive Officer ofMelco Crown Entertainmentto recognize and nurture gifted aspiring musicians inMacau.

At the grand final of the Macao Young Musicians Competitiontoday, Su Fei Ngatriumphed over the other five finalists. The eleven years old is a violinist, who impressed the panel of judges, led by international piano maestro Yundi, and two of the most respected musicians from the Central and Shanghai Conservatory of Music, Professor Zhao Rui-lin and Professor Li Ji-wu. Including the 1st runner-ups Chan Sin and Cheong Hoi Leong and the 2nd runner-up,Choi Hio Lam, the winners will receive a scholarship of up to MOP1,000,000 to attend a conservatory of choice, anywhere in the world.

The award presentation ceremony for Melco Crown Entertainment-Yundi Scholarship was held today at Grand Hyatt Macau, City of Dreams, attended by Dr.Leung Hio Ming, Acting President ofCultural Affairs Bureau of the Macao S.A.R. Government, demonstrating his full support to this culturally significant Scholarship.

Ms.Akiko Takahashi, Executive Vice President and Chief Human Resources/Corporate Social Responsibility Officer ofMelco Crown Entertainment, said, “Mr.Lawrence Ho’svision to inculcate love of arts and culture in young people is realized with this Scholarship. We sincerely thank theCultural Affairs Bureaufor their collaboration, and Yundi for giving of his time to inspire the people ofMacau.”

Dr.Leung Hio Ming, Acting President ofCultural Affairs Bureau of the Macao S.A.R. Government, said: “We sincerely appreciateMelco Crown Entertainmentand Yundi for their support and vision for an outstanding contribution to foster the diversified cultural development of the local community. The winners of this Scholarship, as selected by Yundi and the judges, hopefully serve as inspiration to others that it is possible to dream.”

Yundi was very impressed with the caliber of the talent inMacau, and commented, “It is gratifying to nurture the gifted young talent to achieve their full potential. Thank you to theCultural Affairs Bureau,Melco Crown Entertainmentand Mr.Lawrence Ho.”

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company may also make written or oral forward-looking statements in its periodic reports to theU.S. Securities and Exchange Commission(“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the gaming market and visitation inMacau, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, and (v) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with theSEC. All information provided in this announcement is as of the date of this release, and the Company undertakes no duty to update such information, except as required under applicable law.

About Melco Crown Entertainment Limited

Melco Crown Entertainment, with its shares listed on the Main Board of The Stock Exchange of Hong Kong Limited(SEHK:6883) and its American depositary shares listed on the NASDAQ Global Select Market (Nasdaq:MPEL), is a developer, owner and through a Macausubsidiary which holds a gaming sub-concession, an operator of casino gaming and entertainment casino resort facilities focused on the Macaumarket. Melco Crown Entertainmentcurrently operates Altira Macau (www.altiramacau.com) (formerly Crown Macau), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. Melco Crown Entertainment’s business also includes the Mocha Clubs (www.mochaclubs.com), which feature a total of approximately 2,100 gaming machines in ten locations and comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company is also developing the planned Studio City Project, a large integrated entertainment, retail and gaming resort in Cotai, Macau. For more information about Melco Crown Entertainment, please visit www.melco-crown.com.

Melco Crown Entertainmenthas strong support from both of its major shareholders,Melco International Development Limited(“Melco”) andCrown Limited(“Crown”).Melcois a listed company on theHong Kong Stock Exchangeand is substantially owned and led by Mr.Lawrence Ho, who is Co-Chairman, an Executive Director and the CEO ofMelco Crown Entertainment. Crown is a top-50 company listed on the Australian Securities Exchange and led by Executive Chairman Mr.James Packer, who is also Co-Chairman and a Non-Executive Director ofMelco Crown Entertainment.

For media inquiries, please contact:
Maggie Ma
Head of Corporate Communications
Tel: +852 3151 3767
Email: maggiema@melco-crown.com
Strategic Financial Relations Limited
Mandy Go Tel: (852) 2864 4812 Email: mandy.go@sprg.com.hk
Angela Ng Tel: (852) 2864 4855 Email: angela.ng@sprg.com.hk
Sherman Yu Tel: (852) 2114 4956 Email: sherman.yu@sprg.com.hk
Fax: (852) 2527 1196

Melco Crown Entertainment Limited

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