• 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
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

U.S. hedge fund takes position in Macau hotel The 13

Feb 17, 2017 Newsdesk Latest News, Macau, Top of the deck  


U.S. hedge fund takes position in Macau hotel The 13

U.S.-based hedge fund Evolution Capital Management LLC has acquired an interest in Hong Kong-listed The 13 Holdings Ltd, the developer of The 13 (pictured), a hotel project on the border of the Cotai and Coloane districts in Macau.

A filing by The 13 Holdings, said it had been notified on February 6 that Evolution Capital Management had taken an interest in 338,628,459 underlying company shares – in the form of unlisted equity derivatives – representing, respectively, “approximately 36.77 percent and 21.62 percent of the existing issued share capital of the company and the enlarged issued share capital of the company (assuming exercise, in full, of all the convertible securities of the company)”.

According to its website, Evolution Capital Management was – starting 2012 – one of the first investment firms to launch a family of funds dedicated to investing in U.S. consumer and small business loans originated by online providers.

The 13 Holdings’ filing added that the company noticed that on February 7 the Ontario Teachers’ Pension Plan Board – a longstanding investor in The 13 Holdings – had “come to have a short position” in the company, in exactly the same number of shares and in the same percentage structure as Evolution Capital Management.

GGRAsia approached several executives of The 13 Holdings seeking comment on the implications of the filing regarding the change of shareholding arrangements, but no comment was available by the time this story went online.

GGRAsia also approached Evolution Capital Management, which lists on its website an office address in Santa Monica, California, seeking comment on its investment strategy regarding The 13 Holdings, but had not received a reply by the time this story was published. We also approached the Ontario Teachers’ Pension Plan Board, seeking comment on the filing’s mention of its short position in the firm’s stock, but had also received no response by the time this story went live.

The 13 Holdings has in the past mentioned plans for a casino at the property. But the company has made no mention in its more recent releases of gaming facilities at the venue.

On Wednesday, Paulo Martins Chan, director of Macau’s casino regulator, the Gaming Inspection and Coordination Bureau, said the bureau had not yet received any request for a casino at The 13 hotel.

The 13 Holdings had previously stated that the average construction cost per room was more than US$7 million – an aggregate construction spend of more than US$1.4 billion for all the rooms in the property. It is described as an all-villa hotel with 200 accommodation units.

In the company’s interim report, filed in December, it was stated that the property was “on track” to open in the first quarter of this year.


  • tweet
Related articles
  • Launch date for Macau’s The 13 Hotel revised again
    Launch date for Macau’s The 13...

    Mar 28, 2018  

  • A rights issue for The 13 Hotel 90pct subscribed
    A rights issue for The 13 Hotel 90pct...

    Mar 20, 2018  

More news
  • Macau regulator approves Lucky 6 side bet for baccarat
    Macau regulator approves Lucky 6 side...

    Apr 25, 2018  

  • China lottery sales up 6pct March, 9pct for 1Q
    China lottery sales up 6pct March, 9pct...

    Apr 25, 2018  


Latest News

Macau regulator approves Lucky 6 side bet for baccarat

Macau regulator approves Lucky 6 side bet for baccarat

Apr 25, 2018  

Macau’s casino regulator has approved the introduction of a new betting option for the casino game of baccarat as it is offered in the local market. The announcement was published in the city’s...
Read More
China lottery sales up 6pct March, 9pct for 1Q

China lottery sales up 6pct March, 9pct for 1Q

Apr 25, 2018  

Konami wins Carnival Corp casino management tech deal

Konami wins Carnival Corp casino management tech deal

Apr 25, 2018  

Slideshow

Macau casinos celebrate Chinese New Year

Interviews

  • BMM prepped for Macau EGM regulation update: White
    BMM prepped for Macau EGM regulation update: White

    Jan 04, 2018  

    BMM Testlabs “ticks all the boxes” with regard to its...
  • Japan, Cambodia, Vietnam casino biz to watch: Klebanow
    Japan, Cambodia, Vietnam casino biz to watch: Klebanow

    Dec 08, 2017  

    The regulated casino industry is well versed in dealing...
  • Cloud services, e-Sports highlights of MGS 2017: Chun
    Cloud services, e-Sports highlights of MGS 2017: Chun

    Oct 23, 2017  

    The presence of some of the leading cloud computing...
  • Crunch time for Tokyo casino option: Caesars exec
    Crunch time for Tokyo casino option: Caesars exec

    Jul 11, 2017  

    The Tokyo local election setback for Japan’s governing...
  • Suncity bets on Vietnam, resurgent Macau VIP: Andrew Lo
    Suncity bets on Vietnam, resurgent Macau VIP: Andrew Lo

    Jul 06, 2017  

    A multibillion U.S. dollar casino project on Vietnam’s...

Pick of the Day

"As CEO, I am not interested in looking at the rear-view mirror… I am only focused in the future"

Matt Maddox

Chief executive of Wynn Resorts and Wynn Macau



Most Popular

  • Macau Legend plans min US$300-mln further Laos inputMacau Legend plans min US$300-mln further Laos input April 24, 2018
  • Wynn Macau Ltd profit doubles, peninsula revamp soonWynn Macau Ltd profit doubles, peninsula revamp soon April 25, 2018
  • Macau regulator approves Lucky 6 side bet for baccaratMacau regulator approves Lucky 6 side bet for baccarat April 25, 2018

Copyright 2017 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us