GGRAsia – Another delay flagged to The 13 Hotel launch

Another delay flagged to The 13 Hotel launch

Jan 24, 2018 Newsdesk Latest News, Macau, Top of the deck

Another delay, this time of at least a month, has been announced regarding the planned opening of The 13 Hotel (pictured) in Macau.

The new target date is for launch “on or before” April 30, said Hong Kong-listed The 13 Holdings Ltd in a filing on Tuesday. The firm added it had obtained all necessary operating licences from the Macao Government Tourism Office for the hotel’s non-gaming facilities.

In October the scheme’s promoter said it hoped to open the venue “on or before” March 31, 2018, upon securing new funding to complete the property. The firm had added that casino operations would follow “as soon as practicable,” subject to a licensed Macau casino operator – that wasn’t identified – submitting an application for gaming and obtaining approval from the Macau government. The 13 Hotel is on the border between the casino district of Cotai and Coloane.

In a Tuesday filing The 13 Holdings stated: “Additional time was required by both the company and the valuer for the preparation and the due diligence works in respect of the valuation assessment on The 13 Hotel project, which resulted in delays in the expected timetable for the rights issue… [so] the hotel opening, as at the latest practicable date, is expected to be on or before 30th April, 2018.”

In October the group announced a proposed rights issue to raise gross proceeds of approximately HKD1.01 billion (US$129.2 million).

It said on Tuesday: “The company has been exploring various options to finance this final development phase and successfully obtained a HKD300 million… bridge loan in December, 2016 as a temporary measure.”

The firm added: “The company is proposing to raise the further capital required through the rights issue, the placing and the bridge loan. The rights issue will be fully underwritten and it is expected that the proceeds from the rights issue will be sufficient for completion of The 13 Hotel.”

The 13 Holdings noted in its Tuesday announcement: “The authorisation to install and operate a casino in The 13 Hotel is subject to the approval of the Macau government, and therefore its success remains an uncertainty.”