Louis XIII Holdings Ltd said in a filing that its exclusive luxury casino hotel in Macau is on schedule to launch in the middle of 2016.
“The directors believe that the completion of the Hotel followed by a fully operational Hotel in Macau with provision of ancillary facilities will, in due course, generate strong cash flows for the benefit of all shareholders,” the company said, adding that the property will be on a site of some 65,000 square feet located on the Cotai Strip.
As of 30 September, the company recorded a hotel under development asset of approximately HK$4.46 billion ($575.3 million) representing an increase of HK$1.82 billion for the last six months.
Around HK$1.82 billion out of a six-year term loan facility of HK$3.04 billion was drawn from a Mainland China-based bank for the hotel construction project during the period, representing 60 percent of the loan facility.
“We believe the loan facility above together with the fund raising from placing and convertible bonds in last two years and further anticipated working capital facilities will be adequate for completing construction and opening the Hotel in the summer of 2016,” the company said.
For the six months ended September 30, the group recorded consolidated revenue including joint operations of approximately HK$4.35 billion, compared with HK$3.64 billion in 2014.
Loss attributable to owners of the company for the period was approximately HK$148 million up significantly from HK$18 million last year.
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