13 Holdings misses launch deadline
HONG KONG: 13 Holdings Ltd missed deadline yesterday to open its luxury hotel in Macau, a condition of a HK$3 billion (RM1.64 billion) loan from Bank of Communications Co for the gaming project just off the Cotai strip, according to sources.
The US$1.6 billion (RM6.85 billion) development, started by 13 Holdings co-chairman Stephen Hung, now aimed to open before the year-end, said the people.
Set to feature 200 villas with furniture evocative of the French Baroque period, marble Roman baths and 24-hour butler service, the project was planned before China’s crackdown on corruption scared VIPs away and sent casino revenue into a slump for almost three years.
A spokesman for the company said it was in the process of obtaining necessary licences for the pre-opening and operational phase, and was in the final stages of completion of the property known as The 13 Hotel.
13 Holdings has raised US$1.2 billion for the project, according to exchange filings.
Total budget for the development is US$1.6 billion, meaning US$400 million was needed to finish construction of the hotel, and pay financing fees as well as costs associated with a casino, said the sources.
Barricades bar the entrance to The 13 Hotel in Macau. The US$1.6 billion development is now targeted to open before year-end.