• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

The 13 sells construction arm to complete Cotai hotel

Jun 29, 2017 Newsdesk Latest News, Macau, Top of the deck  


The 13 sells construction arm to complete Cotai hotel

The 13 Holdings Ltd – developer of The 13 hotel (pictured) – said on Wednesday that it had agreed to sell its construction arm to fund the completion of the property, a project on the border of the Cotai and Coloane districts in Macau.

In a filing to the Hong Kong Stock Exchange, The 13 Holdings announced the sale of its approximately 51.6-percent stake in Paul Y. Engineering Group Ltd for a total consideration of HKD300 million (US$38.4 million).

The 13 Holdings estimated it would record a loss of HKD338 million on the sale of its stake in Paul Y. Engineering. The latter company was responsible for the construction of The 13 hotel.

Precious Year Ltd, a wholly owned subsidiary of Hong Kong-listed ITC Properties Group Ltd, is acquiring a stake of approximately 45.76 percent in Paul Y. Engineering for a consideration of HKD265.2 million. Tycoon Bliss Ltd, a firm wholly owned by Chan Fut Yan, deputy chairman and an executive director of Paul Y. Engineering, is paying HKD34.8 million for the remaining stake that The 13 Holdings controls in the company it is now disposing of.

Approximately 48.23 percent of the shares of Paul Y. Engineering is owned by PYI Corp Ltd, a Hong Kong-listed company that offers engineering and construction services in China.

The 13 Holdings has said that the disposal of its stake in Paul Y. Engineering is in line with the firm’s strategy of focusing on the development of The 13 hotel project.

“As the group is working towards the opening of The 13 hotel, the board believes it is timely for the disposal to take place so that the management team can focus more of their time on the hotel management business of the group and the group’s resources can be effectively utilised for the hotel management business after the opening of The 13 hotel,” said the firm in Wednesday’s filing.

It added: “The disposal provides funding to finance the completion of the facilities and amenities of The 13 hotel as well as pre-opening costs of The 13 hotel.”

The firm said the proceeds are to be used to cover costs related to “furniture, fixtures and equipment, operating supplies, inventories and staff costs, debt servicing and the general working capital of the group”.

Opening date

In a separate filing the same day, containing the results for the financial year ended March 31, The 13 Holdings said it had obtained the occupation permit for the hotel at the end of March. “The group is now in the process of obtaining the necessary licences for the operational and soft-opening phase of The 13 hotel,” the company added.

The firm said it expected to open the hotel in the second half of 2017. It added that it already hired senior management for the property, “while hiring of functional staff is in the process”.

In a filing in April, The 13 Holdings said it expected the hotel to be opened by the end of July 2017. Wednesday’s filings to the Hong Kong Stock Exchange made no mention of gaming at the property.

In the latest earnings filing, the company said that certain loan covenants of its bank borrowing of approximately HKD3.02 billion require the opening of the hotel “to be no later than 31 July 2017”.

“If in mid-July the group anticipates that the hotel cannot be opened according to the … schedule, the directors of the company will obtain an extension of the opening date under this covenant. The group has successfully applied for an extension from 31 March 2017 to 31 July 2017, in mid-March 2017,” said The 13 Holdings.

For the year ended March 31, 2017, The 13 Holdings reported a net loss of approximately HKD45 million, compared to HKD197 million in the prior-year period. The group recorded consolidated revenue – entirely from its engineering segment – of about HKD6.13 billion, down 10.1 percent year-on-year.


  • tweet
Related articles
  • Genting Malaysia revenue at US$494mln in 1Q, narrows loss
    Genting Malaysia revenue at US$494mln...

    May 25, 2023  

  • Ponte 16 narrows 2022 EBITDA loss, revenue down 24pct
    Ponte 16 narrows 2022 EBITDA loss,...

    Mar 30, 2023  

More news
  • iGaming growing in Asia, ops tackling challenges: Uplatform
    iGaming growing in Asia, ops tackling...

    Jun 01, 2023  

  • SOFTSWISS Jackpot Aggregator powers US$1bln in 1Q bets
    SOFTSWISS Jackpot Aggregator powers...

    Jun 01, 2023  


Latest News

iGaming growing in Asia, ops tackling challenges: Uplatform

iGaming growing in Asia, ops tackling challenges: Uplatform

Jun 01, 2023  

The iGaming segment in Asia “has grown rapidly” since the onset of the Covid-19 pandemic in early 2020, says Rakhi Jaimini (pictured), sales manager at sports betting and online casino operating...
Read More
SOFTSWISS Jackpot Aggregator powers US$1bln in 1Q bets

SOFTSWISS Jackpot Aggregator powers US$1bln in 1Q bets

Jun 01, 2023  

G2E Asia 2023: Singapore

  • iGaming growing in Asia, ops tackling challenges: Uplatform
    iGaming growing in Asia, ops tackling challenges: Uplatform

    Jun 01, 2023  

    The iGaming segment in Asia “has grown rapidly” since...
  • ‘See before you play’ slot marketing tool, say tech suppliers
    ‘See before you play’ slot marketing tool, say tech...

    May 31, 2023  

    Showing slot machine players – via animations on the...
  • Macau stocks tied to China outlook: Bloomberg analyst
    Macau stocks tied to China outlook: Bloomberg analyst

    May 31, 2023  

    Macau stocks in likelihood “have been punished too much...
  • Investors still eye possible fresh IR locations in Japan: scholar
    Investors still eye possible fresh IR locations in Japan:...

    May 31, 2023  

    There are foreign companies still interested in investing...
  • Thai casino law possible in 2024, IR in 2030: govt adviser
    Thai casino law possible in 2024, IR in 2030: govt adviser

    May 31, 2023  

    Thailand could pass the necessary enabling legislation for...
  • China still ‘critical’ to Asian markets: G2E Asia panel
    China still ‘critical’ to Asian markets: G2E Asia panel

    May 30, 2023  

    China will remain a key market for Asian gaming...
  • Much interest in state casinos sale, says Pagcor boss Tengco
    Much interest in state casinos sale, says Pagcor boss

    May 30, 2023  

    Alejandro Tengco (pictured in a file photo), chairman and...
  • Gaming industry in for a very exciting period: Bill Miller
    Gaming industry in for a very exciting period: Bill Miller

    May 30, 2023  

    There are “plenty of reasons” for the global gaming...
  • IGT flags route to high-performing games for Asia
    IGT flags route to high-performing games for Asia

    May 30, 2023  

    Gaming equipment provider International Game Technology Plc...
  • G2E Singapore trade show, conference begins today
    G2E Singapore trade show, conference begins today

    May 30, 2023  

    The Global Gaming Expo (G2E) Asia 2023 Special Edition:...
  • Novomatic’s Black Edition II cabinets at G2E in Singapore
    Novomatic’s Black Edition II cabinets at G2E in Singapore

    May 29, 2023  

    Austria-based gaming equipment maker and operator Novomatic...
  • Uplatform to show latest iGaming products at G2E Singapore
    Uplatform to show latest iGaming products at G2E Singapore

    May 25, 2023  

    Sports betting and online casino operating platform...
  • L&W ambition to be No1 in Asia well on its way: SVP gaming
    L&W ambition to be No1 in Asia well on its way: SVP...

    May 24, 2023  

    The business performance in Asia of gaming content and...
  • G2E Singapore expecting 6k visitors, 100+ exhibitors
    G2E Singapore expecting 6k visitors, 100+ exhibitors

    May 18, 2023  

    The organisers of Global Gaming Expo (G2E) Asia 2023...
  • ‘Dragon Unleashed’ slot link by L&W at G2E in Singapore
    ‘Dragon Unleashed’ slot link by L&W at G2E in...

    May 17, 2023  

    Gaming content and equipment supplier Light & Wonder...
  • Sega Sammy Creation new multi-ETG at G2E in Singapore
    Sega Sammy Creation new multi-ETG at G2E in Singapore

    May 16, 2023  

    Casino equipment maker Sega Sammy Creation Inc is to...
  • Aristocrat at G2E Asia in Singapore previews Year of Dragon
    Aristocrat at G2E Asia in Singapore previews Year of Dragon

    May 09, 2023  

    Casino slot machine and digital gaming content provider...
  • IGT ‘Prosperity’ link in Asia show debut G2E in Singapore
    IGT ‘Prosperity’ link in Asia show debut G2E in...

    May 05, 2023  

    The Global Gaming Expo (G2E) Asia event in Singapore is the...
  • Thai parliament adviser on casinos attending G2E Singapore
    Thai parliament adviser on casinos attending G2E Singapore

    May 04, 2023  

    An adviser to a Thailand parliamentary committee mulling...

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”[Macau casino] operators may want to remain prudent in not appearing to reward shareholders too early”

DS Kim

Head of Asia gaming and leisure research at JP Morgan Securities (Asia Pacific)



Most Popular

  • Dividend restart still far for Macau ops: JP MorganDividend restart still far for Macau ops: JP Morgan May 30, 2023
  • We’ll be in Singapore for many years: LVS chairmanWe’ll be in Singapore for many years: LVS chairman May 30, 2023
  • Macau stocks tied to China outlook: Bloomberg analystMacau stocks tied to China outlook: Bloomberg analyst May 31, 2023

Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us