Macau (MNA) – The 13 Holdings Limited announced it will again delay the opening of its luxury hotel in Cotai, changing the previously announced opening date of the property from end of March to on or before April 30.
According to a filing with the Hong Kong Stock Exchange late Tuesday, the company noted that additional time was required by The 13 and Greater China Appraisal Limited – the company in charge of making the value assessment of the property – for the preparation and due diligence works of the aforementioned assessment.
However, the new opening date is still subject to an announced Rights Issue timetable, as well as the ‘confirmation of the key contractors, suppliers and vendors on the hotel works delivery and completion programme.’
The company is currently attempting to raise nearly HK$2 billion (US$256.32 million/MOP2.06 billion) through a combination of rights issue, the placing of shares, and a bridge loan.
The 13 also stated in the latest filing that a licence for the operation of the hotel has yet to be provided by the Macau SAR Government, with a gaming licence application only to be submitted to the Gaming Inspection and Co-ordination Bureau (DICJ) by the local gaming operator associated with the company once the hotel license is issued.
‘The authorisation to install and operate a casino in The 13 Hotel is subject to the approval of the Macau Government, and therefore its success remains an uncertainty,’ the company announced.
The 13 also anticipates that depending upon the granting of the property’s gaming licence, the casino and retail operations of the hotel should open on or before March 31, 2019.
Within the scenario that the gaming licence is confirmed, the company expects to open a 4,470 square metre gaming area with 66 gaming tables, comprising some 16 VIP room tables and approximately 50 high stake mass market tables, as well as some 50 slot machines with high-level minimum bets.
‘The capital required for the Gaming Operation, such as gaming operating supplies and equipment, and other casino-related pre-opening expenses, will be approximately HK$352 million,’ the company noted.
[Edited by Sheyla Zandonai]
