South Shore Holdings Limited, owner of the luxury Macau hotel The 13 has disposed of 24 of their customized Rolls Royce vehicles in an effort to pay down the group’s outstanding bank loans.
The fleet of bright red Rolls Royces Phantoms represented the single largest commission in Rolls-Royce history and was an icon of the casino operator’s lofty ambitions for Macau.
The vehicles will be sold for an aggregate consideration of HK$24 million (US$3.1 million).
Earlier this year South Shore Holdings says it has entered a non-binding memorandum of understanding for an investment of as much as HK$1.5 billion to cut debt at its luxury hotel in Macau, The 13.
The MOU expiry date has since extended a number of times since, to give both parties more time for negotiation.
South Shore Holdings has reported to the Hong Kong Stock Exchange that its revenues for the year ending March 31, 2020, amounted to nearly HK10.9 billion (US$1.4 billion), a figure that was up 16 percent over the previous year. Nevertheless, the firm recorded losses of about HK$84 million. South Shore is a hospitality, entertainment, and […]
Hong Kong-listed South Shore Holdings Limited has announced the resignation of Mr. Lau Tom Ko Yuen as deputy chairman and executive director of the company with effect from June 10, 2020. The news comes a month after the company announced it had received a letter from one of its registered shareholders Global Allocation Fund requesting […]
Walter Power has resigned his position as a non-executive director of South Shore Holdings in order to take up a new post as CEO of the Ho Tram Project in Vietnam. Until a year ago, Power had served as CEO of South Shore Holdings, owner and operator of The 13 Hotel in Macau. The Ho […]
South Shore Holdings, the owner of Macau’s luxury The 13 Hotel, is seeking a standstill agreement from a lender, which has demanded full repayment of a loan facility and interest after the company failed to make a payment.
South Shore Holdings Limited, operator of Macao luxury hotel The 13, reported a 15 percent widened loss for the six months ended Sept 30, despite a rise in revenue. Loss attributable to owners of the company reached HK$507 million, mainly due to an increase in finance costs, depreciation and amortization charges and hotel operation expenses […]
South Shore Holdings has announced that it has found three companies that have agreed to acquire an aggregate 50 percent interest in its luxury hotel The 13. The announcement follows nearly 10 months of talks with investors – which South Shore said would help reduce debt associated with the development of The 13, which opened […]