Launch of The 13 Hotel Further Delayed in Macau
The 13 Bedrooms which so far has had no customers
There is some bad news for those awaiting the opening of Macau’s ‘The 13 Hotel’. The developers have announced another month-long delay before the place opens to the public.
The 13 Holdings Ltd. is targeting April 30 (or before) as the new date for the hotel’s launch. The company has also informed that all required operating licenses have been obtained from the city’s tourism office (Macao Government Tourism Office) with regards to the nongaming facilities of the hotel.
In October 2017, the promoter of the scheme had said that it was hoping to launch the property either on or even before 31st March 2018. This would be done as soon as the new funding for finishing the property was secured. The company had also said that the casinos would be operational as soon as a licensed city casino operator (unknown) would submit an application to the government and obtain approval. The property is located on the line of separation between the Coloane and Cotai casino district.
On Tuesday, The 13 Holdings made an announcement that some more time was needed by the valuer as well as the company for investigation and preparation works with regards to the valuation analysis on the project. This is the reason behind the delays for the launch of the hotel, which is not stated to be either on 30th April 2018 or sometime before.
In the month of October, the company had announced an anticipated rights issue for raising total proceeds amounting to nearly US$129.2 million or HKD1.01 billion. On Tuesday, it announced that the firm had been looking into various financing options for the last development phase of the hotel. It had managed to successfully obtain a bridge loan of HKD300 million in the month of December 2016. This was only a short-term measure.
The company further informed that it was looking to collect the additional required capital through its rights issue, its bridge loan and the placing. The issue would be completely underwritten. It is anticipated that the resulting proceeds would be enough to complete The 13 Hotel. The Tuesday announcement also had The 13 Holdings announcing that the receipt of permission for installation and operation of a casino at the property is dependent on Macau government’s pending approval. Hence, there is still some uncertainty in that area. The gambling audience in Macau would definitely like things to work out in the company’s favor.
