• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 10 June 2023
    • 中文
    • 日本語
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

South Shore confirms sale of 50% stake in THE 13 to trio of Hong Kong companies

Newsdesk by Newsdesk
Mon 4 Nov 2019 at 15:01
South Shore Holdings issues profit warning over THE 13

THE 13 Hotel

36
SHARES
798
VIEWS
Print Friendly, PDF & Email

South Shore Holdings Ltd has revealed it will offload a 50% stake in embattled Macau hotel THE 13 for HK$750 million after reaching an agreement with three buyers.

The news comes three weeks after South Shore said it was selling a 40% stake to “an associate of a substantial shareholder” with the option to acquire another 10%.

That associate has now been revealed as Fine Intellect Ltd – a wholly-owned subsidiary of ITC Properties Group, which holds a 10.48% stake in South Shore. Under the terms of a Sale and Purchase Agreement signed on 14 October 2019, Fine Intellect Ltd and another company, All Fame Developments Ltd, will each acquire a 20% stake in Uni-Dragon Ltd, the South Shore subsidiary that controls THE 13, for HK$300 million each.

A second Sale and Purchase Agreement signed on 15 October 2019 will see a firm called Ease Link Investments Ltd acquire the remaining 10% for HK$150 million.

South Shore subsidiary Falloncroft Investments Ltd will retain a 50% interest in Uni-Dragon, however Fine Intellect has an option to purchase another 30% stake at any time in the next two years. South Shore said that, as part of the deal, Uni-Dragon will no longer be considered a subsidiary of the company and its financial results will no longer be consolidated into the financial statements of the group.

Located south of the Cotai Strip, THE 13 Hotel opened on 31 August 2018 following a series of delays due to funding problems, but the company recently revealed an average occupancy rate of just 8% through 30 June 2019. A number of rooms also remain unfinished.

Originally envisioned as an uber-luxury casino-hotel, THE 13 has space for 66 gaming tables but has yet to apply for their use under a potential “service agreement” arrangement it previously reached with Macau concessionaire Melco Resorts and Entertainment. Macau’s service agreements allow third party hospitality operators to have gaming in their properties under the license of one of the city’s six gaming licensees.

RelatedPosts

Morgan Stanley raises Macau 2023 EBITDA estimates by 70% on better gaming mix

Gaming-related crime in Macau rises 24.4% year-on-year in 1Q23

Fri 9 Jun 2023 at 06:17
Sands China promotes Macau tourism and MICE via three-day ‘The Macao Showcase’ at Marina Bay Sands in Singapore

Sands China promotes Macau tourism and MICE via three-day ‘The Macao Showcase’ at Marina Bay Sands in Singapore

Thu 8 Jun 2023 at 05:18
Macau’s mass GGR reached 70% of pre-COVID levels in March, aided by further China reopening: analysts

JP Morgan: Macau GGR slows in first days of June on seasonality

Mon 5 Jun 2023 at 15:31
Hong Kong’s Far East Consortium sees gaming revenues rise on re-opening of European casinos

Hong Kong’s Far East Consortium considering potential spin-off of Czech gaming business

Mon 5 Jun 2023 at 05:33
Load More
Tags: CotaiFine Intellect LtdHong KongMacauSouth Shore HoldingsThe 13
Share17Share2
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial: The calamity of unintended consequences

Editorial: The calamity of unintended consequences

by Ben Blaschke
Tue 30 May 2023 at 21:05

The World Series of Poker (WSOP) kicked-off in Las Vegas this week with the first of 95 events set to...

Francis Lui – Guardian of the Galaxy

by Andrew W Scott
Tue 30 May 2023 at 19:54

One of Macau's market-share leaders, Galaxy Entertainment Group has emerged from the COVID-19 pandemic in good shape with plentiful cash...

We need to talk about policies

We need to talk about policies

by Peter Cohen
Tue 30 May 2023 at 19:17

The Australian government is planning to establish an office tasked with evaluating the effectiveness of policies such as those linked...

When the party is over

When the party is over

by Ryan Ho, Zoe Leong, Chris Lu and Sergio Li
Tue 30 May 2023 at 19:02

A group of MBA students at Macao Polytechnic University recently conducted a study into the challenges facing former junket employees...

Softswiss
Evolution Asia
Aristocrat
Solaire
Hann
Okada Manila
BETER

Related Posts

Morgan Stanley raises Macau 2023 EBITDA estimates by 70% on better gaming mix

Gaming-related crime in Macau rises 24.4% year-on-year in 1Q23

by Newsdesk
Fri 9 Jun 2023 at 06:17

The number of gaming-related crimes in Macau in the first three months of 2023 climbed 24.4% year-on-year to 158 incidents, according to Secretary for Security Wong Sio Chak, with the increase linked to the rise in visitors to Macau and...

AGEM Index stays largely flat in February

AGEM Index down 1.5% in May as IGT suffers 12.8% fall in stocks

by Newsdesk
Fri 9 Jun 2023 at 06:15

The AGEM Index – a monthly stock performance guide comprising 12 global gaming suppliers – decreased by 1.5% or 14.54 points to 956.98 points in May, despite strong gains by Konami and Crane NXT. The index was, however, 8.4% or...

Ciarán Carruthers: Crowning glory

Blackstone preparing to “invest significant capital” into Crown Melbourne upgrade

by Ben Blaschke
Fri 9 Jun 2023 at 05:48

The President of US private equity giant Blackstone says the company is planning to invest heavily into a much-needed renovation and upgrade of Crown Melbourne following its AU$8.9 billion (US$6.5 billion) acquisition of the property’s parent company, Crown Resorts, last...

IGT slips to 2Q20 loss on 48% global revenue decline

IGT exploring possible sale or spin-off of Global Gaming and PlayDigital segments

by Ben Blaschke
Fri 9 Jun 2023 at 05:12

Global gaming giant International Game Technology PLC (IGT) revealed overnight that it is evaluating potential strategic alternatives for its Global Gaming and PlayDigital segments, including their potential sale or spin-off. The company is also considering various merger options but may...




IAG

© 2005-2023
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Consulting
  • Magazines
  • Advertise
  • Contact
  • About

© 2005-2023
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語