• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 15 July 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

A New Macau

Macau gaming tax hits US$5.6 billion through first six months of 2025

Sun 13 Jul 2025 at 05:27
Macau After Dark – MAD 30: Official Highlights Video

Macau After Dark – MAD 30: Official Highlights Video

Sat 12 Jul 2025 at 10:38
OPINION: Macau wants to recruit “foreign” customers? Great! Here are some ideas.

Air Macau suffers more losses, receives near US$300 million capital injection from shareholders

Sat 12 Jul 2025 at 10:36
Shareholder power play sees Tom Lau step down as director and Deputy Chairman of South Shore Holdings

MGTO says handover of THE 13 Hotel to new owner underway, renovation plans being reviewed

Sat 12 Jul 2025 at 10:15
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 – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Casinos Austria hit with fine for unlawful use of junket agent at Cairns casino

Hospitality firm Iris Capital formalizes US$116 million offer to acquire Australia’s The Reef Hotel Casino

by Newsdesk
Tue 15 Jul 2025 at 06:08

Reef Casino Trust, the operator of Australia’s The Reef Hotel Casino in Cairns, said Monday that it has entered into a Takeover Bid Implementation Agreement that will, if completed, see the property acquired in full by hospitality group Iris Capital...

Don’t stop moving

Philippines central bank looking to impose daily cash, time limits on transactions for online gambling

by Newsdesk
Tue 15 Jul 2025 at 05:49

The Philippines’ central bank has issued a draft circular that would, if implemented, place daily limits on the amount of money players can transfer to online gambling sites via digital payment platforms. The bank also wants to implement a maximum...

European Parliament approves EC recommendation to remove Philippines from list of high-risk jurisdictions

European Parliament approves EC recommendation to remove Philippines from list of high-risk jurisdictions

by Newsdesk
Tue 15 Jul 2025 at 05:24

The European Parliament has approved a recommendation by the European Commission to remove the Philippines from the EU’s list of countries with high money laundering and terrorist financing risk. The Philippines’ Anti-Money Laundering Council (AMLC) confirmed the news on Friday,...

SBC announces debut of Affiliate Leaders Summit in Lisbon

Joel Corry and Imanbek to headline star-studded SBC Summit Opening Party

by Newsdesk
Tue 15 Jul 2025 at 05:20

Chart-topping artists Joel Corry and Imanbek will headline SBC Summit 2025’s Opening Party at Urban Beach, Lisbon, on Tuesday 16 September, the organizer has announced. The event is expected to welcome thousands of industry professionals for an evening of high-energy networking and world-class entertainment at one...



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