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.
Walt Power is downplaying any potential rumors that he was forced out due to his handling of the 13.
No expense has been spared to make the most luxurious hotel in the world, but it appears not time has been saved either, as 13 Hotel’s casino will apparently not open on schedule.
Financing of The 13 Hotel has led to a $55-million loss for South Shore Holdings for the six months ending September 30.
After many years of delays and financial setbacks, The 13 Hotel in Macau’s Coloane district opened its doors to guests on August 31.
Long-awaited The 13 Hotel looks set to open within the month, after the MGTO issued the licenses needed for the hotel’s operations.
Hong Kong-listed South Shore Holdings Ltd. is now aiming to open The 13 hotel in Macau by the end of August.