After announcing last week that the opening of its luxury The 13 property had been delayed until at least the end of April, local hotel developer The 13 Holdings Limited has now revealed that Stephen Hung (pictured) has stepped down from his roles as the firm’s Chairman and Executive Director.
The Hong Kong-listed company, which was previously known as Louis XIII Holdings Limited until a 2016 name-change, moreover declared (pdf) that last week saw Hung cease to be a member of its nomination and finance and investment committees with his role as Chairman now being filled by Peter Coker.
“Hung has confirmed to the board that he has no disagreement with the board and there are no matters with respect to his resignation that need to be brought to the attention of the shareholders of the company or the Stock Exchange of Hong Kong Limited,” read a statement (pdf) from The 13 Holdings Limited.
Set to cost upwards of $1.6 billion when finished, The 13 had originally been due to commence operations on a 65,000 sq ft plot of land near the border between the Cotai and Coloane districts of Macau last July but this deadline was later missed after the developer ran out of usable cash. The property, which is due to be one of the world’s most expensive hotels-per-key ever built, subsequently floated a March 31 opening date as it undertook steps to raise additional funds before stating last week that it now hopes to begin welcoming guests ‘on or before’ April 30.
Although rumors abound that The 13 may one day feature a casino, The 13 Holdings Limited explained last week that the authorization to operate any such venue remains ‘subject to the approval of the Macau government’ and, as such, the likelihood that such an enterprise will open ‘remains an uncertainty’.