• 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

US$600mln impairment flagged by The 13 Macau backer

Jul 10, 2019 Newsdesk Latest News, Macau, Top of the deck  


US$600mln impairment flagged by The 13 Macau backer

South Shore Holdings Ltd, the developer of The 13 Hotel, a Macau facility that aspires to have a casino, has warned shareholders it expects to have made a bigger loss in its financial year ended March 31 than the year before.

South Shore told the Hong Kong Stock Exchange on Tuesday: “The company expects to make an impairment of approximately HKD4.7 billion [about US$601.69 million] on the carrying amount of assets under the hotel segment in its financial statements for the year.”

The company said the impairment was a non-cash accounting treatment and had no effect on cash flows.

But it added the move would “significantly increase the loss of the group for the year”.

The company said its auditor might still make adjustments to the numbers for the financial year just ended, but that it would disclose the results as soon as possible.

Trading in South Shore shares has been suspended since July 2. Trading will remain suspended until further notice, the company reiterated in its Tuesday filing to the bourse.

South Shore promotes The 13 Hotel in Macau, which opened in August 2018.

The company has said it intends to put a casino in the hotel, but the Macau government has previously said it has not received a request for permission to do that. Such use would require access to the gaming licence of one of Macau’s current six operators.

South Shore reported last November that it made a net loss of nearly HKD442.4 million in its financial first half ended September 30, having made a first-half net loss of HKD23 million a year earlier.

The company blamed its most recent first-half net loss mainly on an increase in financing costs, depreciation and amortisation charges, and hotel operating expenses.

In June South Shore announced that, with a view to reducing its debt, it had sold for HKD24 million 24 Rolls-Royce cars which had been bought to carry well-heeled customers of The 13 Hotel.


  • tweet
Related articles
  • Former The 13 Hotel backer gets one more liquidator
    Former The 13 Hotel backer gets one...

    May 05, 2022  

  • South Shore struggles as bank seeks US$381mln repayment
    South Shore struggles as bank seeks...

    Apr 07, 2020  

More news
  • Melco International ends JV for theme park in Zhongshan
    Melco International ends JV for theme...

    Sep 27, 2023  

  • Resorts World Sentosa fined again for AML rule breaches
    Resorts World Sentosa fined again for...

    Sep 27, 2023  


Latest News

Melco International ends JV for theme park in Zhongshan

Melco International ends JV for theme park in Zhongshan

Sep 27, 2023  

Hong Kong-listed Melco International Development Ltd says it has an agreement to terminate a joint venture that was to build a non-gaming complex – including a theme park – in Zhongshan...
Read More
Resorts World Sentosa fined again for AML rule breaches

Resorts World Sentosa fined again for AML rule breaches

Sep 27, 2023  

Wynn Macau Ltd, Broadway Asia tie up for resident show

Wynn Macau Ltd, Broadway Asia tie up for resident show

Sep 26, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”The gambling landscape will continue to evolve, and we must stay vigilant and responsive to emerging trends and technological advancements”

Teo Chun Ching

Chief executive of Singapore’s Gambling Regulatory Authority



Most Popular

  • Any Macau clamp on money changing may hurt GGR: punditsAny Macau clamp on money changing may hurt GGR: pundits September 25, 2023
  • Macau govt sets junket cap per casino operator for 2024Macau govt sets junket cap per casino operator for 2024 September 25, 2023
  • Wynn Macau Ltd cancels K-pop festival scheduled for OctWynn Macau Ltd cancels K-pop festival scheduled for Oct September 25, 2023
  • 26 Capital to delist, liquidate as Okada Manila merger fails26 Capital to delist, liquidate as Okada Manila merger fails September 25, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us