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South Shore closing in on sale of 60% interest in THE 13 as losses mount

Ben Blaschke by Ben Blaschke
Tue 6 Aug 2019 at 06:55
South Shore Holdings issues profit warning over THE 13

THE 13 Hotel

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South Shore Holdings Ltd has confirmed it is involved in ongoing negotiations that could see it dispose of a 60% interest in the wholly-owned subsidiary that beneficially owns luxury Macau hotel THE 13.

Providing an update on the potential disposal in a Hong Kong Stock Exchange filing on Monday, South Shore revealed that, subject to a contract being signed, the deal could see it offload a 60% interest in THE 13 as well as respective bank borrowings of approximately HK$2.94 billion and accrued interest amounting to HK$1.20 billion.

The company has already received a HK$70 million deposit, with the party in question – described as “an associate of a substantial shareholder” – having previously signed a Memorandum of Understanding (MoU) to invest up to HK$1.5 billion in acquiring a stake.

South Shore’s update came on the same day as it released its final results for the full year ended 31 March 2019, which saw revenue increase 38% to HK$9.38 billion but more importantly a widened loss of HK$5.85 billion – around 272% more than in 2018.

The majority of that loss, HK$5.80 billion, came from THE 13, which opened for business last August. It includes an impairment loss on hotel assets of HK$4.70 billion, depreciation and amortisation charges of HK$465 million for the year and finance costs on bank and other borrowings of HK$272 million.

The hotel’s loss before interest, tax, depreciation, amortisation and impairment was HK$236 million, the company said.

South Shore, which has not yet applied for gaming to be included at THE 13, recently sold 24 of its fleet of 30 red Rolls-Royce Phantoms in order to pay down bank loans.

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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