One of the six casino concession or sub-concession holders in the intensely competitive gaming market in Macau. Revenue concentration in Macau. Good growth prospects and accelerated ramp-up of new casinos riding the industry rebound. Ability to provide diverse entertainment activities to attract customers. Debt-service capability could erode if shareholder-friendly capital spending continues. Creditworthiness could be constrained by weaker credit metrics of parent company. Good operating cash flow provide a financial buffer. Strong liquidity with high cash balance and low near-term debt maturities. The negative outlook on Melco Crown (Macau) Ltd. for the next 12 months reflects our view that Melco International Development Ltd. group has limited financial buffer at the current rating level over the next 12 months, given its
