• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 30 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Bermuda court orders winding up of THE 13 Hotel owner South Shore Holdings

Ben Blaschke by Ben Blaschke
Wed 28 Jul 2021 at 06:16
Shareholder power play sees Tom Lau step down as director and Deputy Chairman of South Shore Holdings

THE 13

55
SHARES
1.4k
VIEWS
Print Friendly, PDF & Email

The Supreme Court of Bermuda has ordered that South Shore Holdings, owner and operator of Macau’s THE 13 Hotel, be wound up for failure to pay a HK$7 million (US$902,000) debt.

The order was issued this week after PYI Management Limited issued a winding up petition in June in relation to the debt, accrued via a term loan facility agreement. PYI Management is a wholly-owned subsidiary of PYI Corp Ltd, which co-owns Paul Y. Engineering Group Limited (PYE) alongside South Shore.

According to a filing on Tuesday, South Shore has now been ordered to be wound up with Ernst & Young Transactions Limited and Edward Whittaker of R&H Services Limited appointed as joint provisional liquidators of the company. No further details of the action against it were provided.

The winding up petition comes as South Shore faces legal action on multiple fronts closer to home, including a writ of summons recently issued in the High Court of Hong Kong which relates to a statutory demand the company received from a lender to make payment of HK$3.28 billion (US$423 million) in outstanding loans and interest. That summons also came with the threat of a winding up petition.

In June, South Shore applied to the Macau court for voluntary liquidation of its wholly-owned subsidiary New Concordia Hotel Limited, the sole beneficial owner of THE 13 Hotel.

The application could see New Concordia declared bankrupt and South Shore potentially delisted from the Hong Kong Stock Exchange due to insufficient operations as required under listing rules.

The brainchild of long-departed Chairman Stephen Hung, THE 13 had been envisioned as an uber-luxury hotel with space for 66 VIP gaming tables aimed at capitalizing on Macau’s booming VIP segment of the early 2010s. Instead, a series of funding and construction delays saw the property open in September 2018 with no gaming and with a number of rooms unfinished – all at a cost of US$1.6 billion.

RelatedPosts

Robert Goldstein to step aside as LVS Chairman and CEO from March 2026, replaced by Patrick Dumont

Robert Goldstein: Macau gaming market challenged by increased competition, online gambling and US-Sino trade war

Fri 30 May 2025 at 06:42
Macau’s hotel occupancy rate reaches 89% in July

Macau’s hotel occupancy rate climbed to 87.8% in April

Thu 29 May 2025 at 17:27
On the brink

On the brink

Thu 29 May 2025 at 13:27
Macau GGR rises 43.7% year-on-year to MOP$86.86 billion in 2021

Moody’s maintains investment-grade rating for Macau as fiscal reserves climb to US$77 billion

Thu 29 May 2025 at 05:23
Load More
Tags: BermudaHong KongMacaureceiversSouth Shore Holdingsstephen hungThe 13 Hotelwinding up
Share22Share4
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.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Robert Goldstein to step aside as LVS Chairman and CEO from March 2026, replaced by Patrick Dumont

Robert Goldstein: Macau gaming market challenged by increased competition, online gambling and US-Sino trade war

by Ben Blaschke
Fri 30 May 2025 at 06:42

Las Vegas Sands (LVS) Chairman and CEO Robert Goldstein has bemoaned the lingering impact of the US-China trade war, as well as increased domestic and regional competition and the rise of online gambling across Asia for sustained flatness in the...

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

by Ben Blaschke
Fri 30 May 2025 at 05:38

Industry figures taking part in the Thai Entertainment Complex Roundtable (TECR) next Thursday 5 June hope to find common ground with those who oppose Thailand’s Entertainment Complex Bill, citing the opportunity to use an evidence-based approach to achieve outcomes that...

Genting Malaysia misses 4Q24 estimates, slashes dividends as rising costs hurt profitability

Genting Malaysia reports US$613 million in Q1 revenue, impacted by lower VIP at Resorts World Genting

by Ben Blaschke
Fri 30 May 2025 at 05:23

Genting Malaysia reported a 6% decline in group-wide revenue to MYR2.60 billion (US$613 million) in the three months to 31 March 2025, including a 7% drop in revenue at flagship Malaysian property Resorts World Genting (RWG) to MYR1.62 billion (US$382...

Macau’s hotel occupancy rate reaches 89% in July

Macau’s hotel occupancy rate climbed to 87.8% in April

by Pierce Chan
Thu 29 May 2025 at 17:27

Macau’s average hotel occupancy rate rose by 4.7 percentage points year-on-year to 87.8% in April, with the number of guests increasing by 3.4% to 1.2 million. According to data from the Statistics and Census Service (DSEC), there were 147 hotel...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English