In Macau and the operator behind the $1.6 billion The 13 hotel has reportedly warned investors that it anticipates recording a larger-than-anticipated loss for the twelve months to the end of March courtesy of an around $601.69 million impairment.
According to a report, Hong Kong-listed South Shore Holdings Limited used an official Tuesday filing to reveal that the blemish had been non-cash and had not impacted its annual flow of cash. The firm purportedly also declared that its auditor may yet adjust the size of this defect but that its appearance would ‘significantly increase the loss of the group for the year.’
South Shore Holdings Limited’s filing reportedly read…
“The company expects to make an impairment of approximately $601.69 million on the carrying amount of assets under the hotel segment in its financial statements for the year.”
GGRAsia reported that The 13 began welcoming guests to its 200 opulent rooms almost two years ago with South Shore Holdings Limited proclaiming that it would one day like the iconic venue on the border between Macau’s Coloane and Cotai Strip districts to feature a casino. However, the operator has purportedly yet to agree a deal with one of the city’s ‘big six’ casino license holders and recorded an annual loss of almost $56.59 million for the half-year to the end of September, which was significantly worse than the $2.84 million deficit it chalked up for the comparable period in 2017.
In an attempt to recover, South Shore Holdings Limited reportedly indefinitely suspended the trading of its shares last week after earlier selling off its fleet of 24 specially-commissioned Rolls-Royce automobiles for around $3 million each.