The 13 Macao Hotel Insolvable, Doomed Casino liquidation initiated

Posted: Oct 3, 2021, 8:46 a.m.

Last update on: October 3, 2021, 11:42 a.m.

Macau’s 13th parent company declares its company and subsidiaries to be totally insolvent.

South Shore Holdings announced late last week that its organization had ceased operations and its companies and holdings were bankrupt. In documents filed with the Hong Kong Stock Exchange, South Shore informed investors that efforts to restructure the ownership of the company with its creditors and major shareholders had failed.

The Provisional Liquidators have made efforts to have discussions with different parties in order to explore the possibility of restructuring the Group. As of the date of this announcement, no commitment or formal agreement concerning a possible restructuring of the Company has been made or concluded by the Company ”, specifies the exchange file.

Therefore, South Shore says it has no choice but to initiate the insolvency process. This will primarily deal with how the assets of The 13, a resort costing $ 1.6 billion to complete, are divided between amounts owed.

The 13 story

Macau 13 was the grand vision of flamboyant Hong Kong businessman Stephen Chung. Amid the Chinese enclave that posted record gross gaming revenue (GGR) of $ 45 billion in 2013, Hung set out to build the region’s most luxurious VIP boutique gaming complex.

But Hung wasn’t the only one to notice that Macau’s casinos were generating tens of billions of dollars in revenue and profit. Chinese President Xi Jinping has also done so.

Xi, worried about the flight of capital under heavily taxed control from the mainland to the gambling tax haven. He called on law enforcement to better monitor youth groups who organize trips to the casino hubs for Chinese millionaires and billionaires.

The chairman’s leadership has resulted in a drastic reduction in the annual GGR. Macau casinos earned less than $ 28 billion in 2016, a 38% drop in just three years.

Macau’s six licensed commercial casinos, which have invested tens of billions of dollars in building their integrated resorts in Macau and the Cotai Strip, have waged a turf war for VIPs. The 13, a small 201-room hotel located a mile south of the south end of the Strip, opened in fall 2018. That’s two years after it was originally scheduled to host its first clients.

By this time, the major Chinese players had found the premium casino of their choice, and The 13 failed to attract the high-end clientele it was designed for.

Company being terminated

Macau 13 closed its hotel in February 2020 due to the pandemic. It never reopened. Trading in South Shore shares has been suspended since the end of June this year. It was then that the company hinted that it was approaching insolvency.

South Shore says the band’s disbandment will be completed in the coming months.

The main insolvency procedure in China is liquidation, which is defined in a special chapter of the corporate bankruptcy law, ”explained Xiuchao Yin and Zhiguo Yang, both partners of the international law firm Dentons.

“The objective is to assess and properly distribute the residual value of the debtor’s assets to its creditors and shareholders,” added the two China-based lawyers.

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