The 13 Hotel <\/a><\/em><\/strong>suffered heavier losses over the first half of this fiscal year than what was expected. According to the company, the loss over the six-month period that ended on September 30 reached HKD506.7 million ($64.7 million).<\/p>\n\n\n\nThis amount is more than HKD60 million increase over the same period of time from 2018. Since it opened at the end of August 2018, South Shore Holdings reported a net loss of HKD433.63 million for the first period.\u00a0<\/p>\n\n\n\n
The company released a statement that explained the situation. \u201cThe internal loss from the hotel operations was amounting to approximately HKD508 million and was mainly due to finance costs for hotel operations, depreciation and amortization charges and other hotel operation costs recorded in the current period.\u201d<\/p>\n\n\n\n
One of the biggest problem of The 13 Hotel is its location. Although Macau has six licensed casino operators, none of them has expressed any interest in bringing their tables and slots to the area near, so the occupancy is very low. And it happens: the hotel reported an occupancy rate of only 8%. <\/p>\n\n\n\n
\u201cThe hotel market in Macau continues to grow steadily, but the overall external economic environment is still posing uncertainty. The U.S.-China trade tension is expected to continue and raise uncertainty on the political and financial risks in the short-term, but it still looks optimistic in the long-term.\u201d, the company added.
<\/p>\n","protected":false},"excerpt":{"rendered":"
According to the company, the loss over the six-month period that ended on September 30 reached HKD506.7 million ($64.7 million).\u00a0<\/p>\n","protected":false},"author":2,"featured_media":0,"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' The 13 Hotel in Macau reported a significant loss of HKD506.7 million for H1 FY2020, exceeding prior-year figures and expectations. This underperformance is attributed to high finance costs, depreciation, and an exceptionally low 8% occupancy rate, primarily due to its unfavorable location and lack of interest from Macau's licensed casino operators. Macroeconomic uncertainties, specifically US-China trade tensions, are cited as contributing factors impacting the short-term market outlook.","focusai_entities":"South Shore Holdings Ltd., The 13 Hotel","focusai_location":"Macau, United States, China","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.8), investor_analyst (1.0), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Macau Non-Gaming Viability?","query":"What are the long-term implications for Macau's non-gaming diversification strategy given the persistent underperformance of high-end hospitality assets like The 13 Hotel, particularly without integrated casino offerings?"},{"label":"South Shore Restructuring Options?","query":"What strategic options, including potential asset divestment, restructuring, or partnership models, are available to South Shore Holdings to mitigate ongoing losses and improve the operational viability of The 13 Hotel?"}],"footnotes":""},"categories":[160,157,28,16338],"tags":[96,29,257,1720],"class_list":["post-1141","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-business-news","category-casino-news","category-east-asia-news","tag-asia","tag-casino","tag-macau","tag-the-13-hotel"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/1141","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=1141"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/1141\/revisions"}],"predecessor-version":[{"id":1147,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/1141\/revisions\/1147"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=1141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=1141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=1141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}