29-06-2017, 04:30 PM
Macau Hotel With 30 Rolls-Royces And No Guests Seeks Funds
By Denise Wee and Daniela Wei
June 29, 2017, 10:35 AM GMT+8 Updated on June 29, 2017, 3:38 PM GMT+8
Luxury builder 13 Holdings Ltd. has a fleet of 30 bespoke Rolls-Royce Phantoms for its hotel project in Macau, but no guests to ride in them.
That’s because the company has yet to receive a license to operate the exclusive The 13 project in Macau’s Cotai Strip, despite saying in 2016 that it expected to do so by the end of that year. The firm announced its fourth straight year of net losses Thursday as it considers trying to change conditions on its loans amid the delay. 13 Holdings has total debt of about HK$4.5 billion, more than 10 times its bank balances and cash of HK$323.6 million, according to its filing.
13 Holdings announced it would build the hotel in 2013, which was when total gambling takings for Macau peaked at a record $45 billion. After that, the world’s biggest gambling hub suffered a three-year slump in gaming revenue amid China’s anti-corruption crackdown and slowing economy. While there has been some recovery for the industry this year, risks remain from tightened regulations. Macau’s government announced plans in May to require facial recognition and identification card checks at ATMs, to curb money laundering and stem outflows.
More details in https://www.bloomberg.com/news/articles/...d-deadline
By Denise Wee and Daniela Wei
June 29, 2017, 10:35 AM GMT+8 Updated on June 29, 2017, 3:38 PM GMT+8
Luxury builder 13 Holdings Ltd. has a fleet of 30 bespoke Rolls-Royce Phantoms for its hotel project in Macau, but no guests to ride in them.
That’s because the company has yet to receive a license to operate the exclusive The 13 project in Macau’s Cotai Strip, despite saying in 2016 that it expected to do so by the end of that year. The firm announced its fourth straight year of net losses Thursday as it considers trying to change conditions on its loans amid the delay. 13 Holdings has total debt of about HK$4.5 billion, more than 10 times its bank balances and cash of HK$323.6 million, according to its filing.
13 Holdings announced it would build the hotel in 2013, which was when total gambling takings for Macau peaked at a record $45 billion. After that, the world’s biggest gambling hub suffered a three-year slump in gaming revenue amid China’s anti-corruption crackdown and slowing economy. While there has been some recovery for the industry this year, risks remain from tightened regulations. Macau’s government announced plans in May to require facial recognition and identification card checks at ATMs, to curb money laundering and stem outflows.
More details in https://www.bloomberg.com/news/articles/...d-deadline
Specuvestor: Asset - Business - Structure.