13 Hold­ings misses launch dead­line

New Straits Times - - Business / World -

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.

BLOOMBERG PIC

Bar­ri­cades bar the en­trance to The 13 Ho­tel in Ma­cau. The US$1.6 bil­lion devel­op­ment is now tar­geted to open be­fore year-end.

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