{"id":255,"date":"2019-10-17T00:37:06","date_gmt":"2019-10-17T00:37:06","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=255"},"modified":"2026-04-24T10:23:45","modified_gmt":"2026-04-24T13:23:45","slug":"south-shore-sells-40-stake-of-macaus-the-13-hotel","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/south-shore-sells-40-stake-of-macaus-the-13-hotel","title":{"rendered":"South Shore sells 40% stake of Macau\u2019s The 13 Hotel"},"content":{"rendered":"\n

South Shore Holdings has entered into an agreement to dispose of a 40% interest in luxury Macau hotel The 13.<\/p>\n\n\n\n\n\n\n\n

Macau.- The agreement, which follows nine months of negotiations, will see the buyer, described as \u201can associate of a substantial shareholder\u201d<\/em>, acquire the substantial stake in the South Shore subsidiary that owns The 13. <\/p>\n\n\n\n

According to the Hong Kong-listed South Shore Holdings, the developer and promoter of Hotel in Macau, this agreement could lead to the disposal of a 40% interest, for a total consideration of up to \u20ac86,7 million.<\/p>\n\n\n\n

South Shore\u2019s announcement was filed to the Hong Kong bourse on\nTuesday morning, followed by a suspension of trading in the shares of South\nShore with effect from 9am on that day.<\/p>\n\n\n\n

It is likely they will also enter\ninto a second agreement to acquire another 10%, South Shore said.<\/p>\n\n\n\n

The 13 Hotel opened on 31 August 2018<\/em><\/strong><\/a> <\/em><\/strong>following a series of delays due to funding problems, but the company recently revealed an average occupancy rate of just 8% through 30 June 2019. <\/p>\n\n\n\n

Originally envisioned as a luxury casino-hotel, The 13 has space for 66 gaming tables but hasn’t yet applied for their use under a potential \u201cservice agreement\u201d arrangement it previously reached with Macau concessionaire Melco Resorts and Entertainment. <\/p>\n\n\n\n

Macau\u2019s service agreements allow third party hospitality\noperators to have gaming in their properties under the license of one of the\ncity\u2019s six gaming licensees.<\/p>\n\n\n\n

South Shore had not made any formal agreement with any Macau\ngaming concessionaires or sub-concessionaires in respect of gaming operations,\nthe company noted in its annual report. That had resulted in a\n\u201csignificant reduction\u201d in hotel occupancy and room rates compared to the\nanticipated ones; with a similar impact on revenue compared to what had\nbeen earlier forecast in the company\u2019s business plans.<\/p>\n","protected":false},"excerpt":{"rendered":"

South Shore Holdings has entered into an agreement to dispose of a 40% interest in luxury Macau hotel The 13.<\/p>\n","protected":false},"author":133,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"South Shore Holdings has agreed to divest a 40% interest in its Macau luxury hotel, The 13, for up to \u20ac86.7 million, with a potential additional 10% sale. This follows the hotel's low 8% occupancy rate and its failure to secure formal gaming operations under a Macau concessionaire's license, despite being designed for 66 gaming tables.","focusai_entities":"South Shore Holdings, The 13, Melco Resorts and Entertainment","focusai_location":"Macau, Hong Kong","focusai_target_profile":"ceo_executive (0.95), regulator (0.85), compliance_legal (0.8), operator_casino (0.9), investor_analyst (0.98), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Buyer's Strategic Rationale?","query":"Given The 13's low occupancy and lack of formal gaming operations, what is the strategic rationale behind the buyer's acquisition of a significant stake, and what are their plans for operational turnaround or gaming vertical integration?"},{"label":"Capital Structure Impact?","query":"How will this partial divestment of The 13 impact South Shore Holdings' overall capital structure, its ability to service existing debt, and its future investment capacity?"}],"footnotes":""},"categories":[160,157,28,16338],"tags":[29,292,257],"class_list":["post-255","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-business-news","category-casino-news","category-east-asia-news","tag-casino","tag-investors","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/255","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\/133"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=255"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/255\/revisions"}],"predecessor-version":[{"id":21240,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/255\/revisions\/21240"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}