CASINO

Macau gov’t grants remaining licenses for The 13 Hotel

TAGs: Macau, Macau Government Tourism Office, south shore holdings ltd, The 13, The 13 Hotel

Long-awaited The 13 Hotel looks set to open within the month, after the Macau Government Tourism Office (MGTO) issued the licenses needed for the hotel’s operations.

Macau gov’t grants remaining licenses for The 13 HotelThe Macau News Agency reported that the hotel’s developer, Hong Kong-based South Shore Holdings (SSH), has yet to secure a license for their casino. The company has stated that casino operations are to commence on March 31, 2019 at the earliest. It is still unknown, however, how it will be obtaining a casino license for the property. SSH had previously hinted that it is arriving at a deal with one of Macau’s licensed casino operators, but details of its application are to be submitted only after hotel operations begin.

In July, the developer said they were targeting an August 31 opening, pending the re-inspection of the facilities by the MGTO. When an earlier inspection was conducted last June, it was found that some of the hotel’s facilities, such as the elevators and rooms, were still being completed.

The 13 Hotel’s opening has been delayed multiple times, as SSH has sought additional funding to keep the project going. The company has also felt pressure from Chinese President Xi Jinping, who, since 2014, has sought to control outflows to Macau casinos as part of an anti-corruption campaign.

In October 2017, SSH said it was to raise $256 million in a combination of loans and a rights issue offering. Then in January, investment banker Stephen Hung, who founded the company, resigned from his positions in SSH, replaced by Peter Lee Coker Jr. as chairman. Last June, SSH announced that a $387.4-million loan was payable to its lenders on demand.

Located in Coloane in the south of Macau and reportedly costing $165.6 million to construct, the property is to offer 200 duplex suites and villas. The casino, if it ever opens, aims to offer 66 gaming tables.

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