Macau (MNA) – South Shore Holdings Limited – the company responsible for The 13 Hotel – has reported about HK$5.8 billion (US$747.5 million) in losses for the financial year ended March 31, 2019.
These losses – about 271 per cent higher than in the same period last year – were mainly due to the HK$3.3 billion in impairment losses caused by the hotel property, plus HK$1 billion in prepaid land lease payments losses.
Still, revenue generated by the group went up 38 per cent year-on-year to HK$9.38 billion, with The 13 having also provided HK$4.4 million in income.
The hotel – once touted as the most luxurious of the world – held a soft opening on August 31, 2018 after several opening delays, welcoming guests for hotel stays and private functions in some of its 200 duplex villas.
A 66 table casino scheduled to open by March 31 of this year has also not opened yet, with no plans announced for a new official opening.
In June, South Shore even announced that it had sold 24 of its 30 customised Rolls-Royce Phantom Extended Wheelbase luxury cars – which were intended to be used to chauffeur VIP guests – for some HK$24 million (US$3 million), in order to repay bank loans.
