The company intends to sell the hotel before March 2021 in order to improve the group’s liquidity amid the pandemic crisis.<\/p>\n\n\n\n\n\n\n\n
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\u2019s liquidity and financial position.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
According to South Shore, it expects to sell the venue before March 2021 to avoid an audit modification that values THE 13 \u2013 including the cash-generating units of the hotel business such as property, right-of-use assets, equipment and other assets \u2013 at HK$4.1 billion (US$528.8 million).<\/p>\n\n\n\n
South Shore has outlined an action plan to avoid that kicking in at the end of the financial year. <\/p>\n\n\n\n
It said: \u201cThe Company will continue with its endeavours to seek prospective buyers for the Hotel and execute a sale as soon as possible \u2026 within this financial year.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The company intends to sell the hotel before March 2021 in order to improve the group’s liquidity amid the pandemic crisis.<\/p>\n","protected":false},"author":2,"featured_media":11385,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"South Shore Holdings intends to divest The 13 hotel and resort in Macau by March 2021 to bolster its liquidity and financial position amidst the pandemic crisis. The property, initially designed for VIP gaming but opened without, is valued at HK$4.1 billion, with the sale aimed at avoiding an adverse audit modification.","focusai_entities":"South Shore Holdings, The 13","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.75), investor_analyst (0.95), journalist_researcher (0.85)","focusai_suggestions":[{"label":"Liquidity Impact?","query":"What is the projected impact of this divestment on South Shore Holdings' long-term debt obligations and capital structure, particularly concerning its ability to secure future financing?"},{"label":"Asset Valuation Analysis?","query":"How does the HK$4.1 billion valuation of The 13 compare to pre-pandemic market expectations for similar integrated resort assets in Macau, and what does this imply for distressed asset pricing?"}],"footnotes":""},"categories":[160,157,161,16338,158],"tags":[257],"class_list":["post-11380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-business-news","category-daily-news","category-east-asia-news","category-slider-home","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=11380"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11380\/revisions"}],"predecessor-version":[{"id":11387,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11380\/revisions\/11387"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/11385"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=11380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=11380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=11380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}