The 13 missed opening deadline
The hotel from Macau that could include a casino missed a deadline that puts in risk a loan from Back of Communications Co.
Macau.- A report from Bloomberg revealed that The 13 Holdings Ltd. missed yesterday’s deadline to open the facility, an exclusive condition that Bank of Communications Co. set to loan US$384 million to the developers.
The news outlet said that the upcoming hotel wants to open before the end of 2017. Earlier this year, a note from Union Gaming Securities Asia Ltd revealed that the launch of hotel project could be pushed to early 2018 due to some delays. Union Gaming said that under the assumption that the company is able to raise sufficient capital, they would not be surprised if the opening were to slip into early 2018 given the time-consuming process of restarting what has become a stalled project.
Last week, MGTO director Maria Helena de Senna Fernandes informed that they were still waiting to inspect the facility, but they never received the request. “All documents are already approved but we’re still awaiting the request to inspect the property. Without the request we can’t initiate the process to grant a license,” she said.
