South Shore seeks buyer for THE 13 resort

South Shore aims to sell THE 13 hotel before March 2021.
South Shore aims to sell THE 13 hotel before March 2021.

The company intends to sell the hotel before March 2021 in order to improve the group’s liquidity amid the pandemic crisis.

Macau.- South Shore Holdings has confirmed it intends to seek prospective buyers for The 13 hotel and resort. The company wants a sale as soon as possible to improve the group’s liquidity and financial position.

THE 13 was originally envisioned as an ultra-luxury hotel with space for 66 VIP gaming tables, but after financing trouble it opened in September 2018 with no gaming and a number of rooms unfinished.

According to South Shore, it expects to sell the venue before March 2021 to avoid an audit modification that values THE 13 – including the cash-generating units of the hotel business such as property, right-of-use assets, equipment and other assets – at HK$4.1 billion (US$528.8 million).

South Shore has outlined an action plan to avoid that kicking in at the end of the financial year.

It said: “The Company will continue with its endeavours to seek prospective buyers for the Hotel and execute a sale as soon as possible … within this financial year.”

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