Friday, September 30, 2022

The 13 posts interim loss, timeline to March opening


Luxury hotel operator The 13 Holdings posted a loss of HK$23.6 million for the six months ended September 30, 2017.

The interim result in 2017 is narrowed from a loss of HK$28 million recorded in 2016, due mainly to an increase of gross profit. For the six months, the group’s consolidated revenue increased around 1 percent to HK$3.1 billion.

The group is building an exclusive luxury hotel and entertainment complex on a site of some 65,000 square feet located on the Cotai Strip of Macau called The 13 Hotel.

It is  currently expected to open by the end of March 2018 following suspension of works since July 2017 pending securing additional financing.

“The estimated opening date is, subject to keeping to the rights issue timetable and confirmation of the key contractors, suppliers and vendors on the hotel work delivery and completion program,” said the company in its latest filing.

According to its hotel development timetable, The 13 said it expects the completion of remaining works and installation of furniture, fixtures and equipment and operating supplies and equipment for inspection by the Macau Government Tourism Office (MGTO) to happen by mid-February 2018.

By March 2018, it expects to receive a hotel license from MGTO, and from the middle of March to the end of March, it expects to complete its preparation works for the hotel opening.

As disclosed in an October filing, The 13 is also intending to submit an application for gaming operation after the license for the operation of the hotel is given.

However, the authorization to install and operate a casino in THE 13 Hotel is subject to the approval of Macau Government, and therefore its success remains an uncertainty, it said.

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