In Macau and the operator behind The 13 hotel has released its unaudited financial results for the six months to the end of September showing that its net loss had risen by 15% year-on-year to reach just over $64.73 million.
Hong Kong-listed South Shore Holdings Limited used an official Monday filing to detail that the half-year deficit was mainly down to the costs associated with running the iconic venue located along the border between Macau’s Coloane and Cotai Strip. It explained that The 13 had racked up revenues of almost $2.51 million but that it had nevertheless ended the six-month period in the red to the tune of about $29.53 million.
However, South Shore Holdings Limited stated that it had still managed to record a 16% increase year-on-year in company-wide revenues to $657.35 million with approximately $655.31 million of this being generated by its PYE engineering business.
Opened in August of last year, The 13 features 200 opulent rooms and had hoped to complement these by offering an in-house casino complete with up to 66 gaming tables. But these plans soon fell through and South Shore Holdings Limited has since been attempting to recover some of the $1.6 billion it sunk into building the landmark hotel.
The Hong Kong-headquartered operator racked up annual deficits worth $201.1 million and $749.5 million for 2017 and 2018 respectively and last month inked deals that is to see it offload a 50% stake in The 13 to three parties in exchange for a cash consideration worth some $95.6 million.
Despite this, South Shore Holdings Limited used the filing (pdf) to proclaim that it remains optimistic about the long-term future of The 13 and soon hopes to be able to take advantage of Macau’s rising tourism market to improve revenues at the struggling property.
Read a statement from South Shore Holdings…
“The 13 has been focusing on repositioning its business and operational model without gaming since obtaining its hotel license in August of 2018. It is now poised to capitalize on its unique ultra-luxurious theme for the establishment of the brand and market penetration with a view to boost occupancy and the holding of special events in this financial year.”