South Shore Holdings has a huge loan payment to make, and no revenue to make it with.
While South Shore Holdings continues to show confidence, the numbers aren’t turning around at all with their new hotel.
South Shore is reportedly going to dump its 60% stake in the subsidiary of the property, according to a filing with the Hong Kong Stock Exchange.
South Shore Holdings, developer of The 13 hotel reportedly a net loss of $748.4 million, substantially more than the $201.1 million from the previous fiscal year.
South Shore Holdings is still battling to get the unlucky-numbered property shaped the way it wants and is hoping to add a full casino to the venue, but repeated money issues keep getting in the way.
South Shore Holdings, the parent company of The 13, has entered an agreement to sell a large portion of its bright red Rolls-Royce Phantoms fleet.
Walt Power is downplaying any potential rumors that he was forced out due to his handling of the 13.
The company behind the endeavor, South Shore Holdings Ltd., indicates that there will be a casino on the premises of the 13 Hotel at some point.