South Shore Holdings warns that it may be delisted from the Hong Kong Stock Exchange should its Macau subsidiary be declared bankrupt.
The company on Wednesday announced that its Hotel Concordia unit has requested voluntary liquidation. The unit owns the ultra-high end hotel, The 13.
The liquidation process will give the company time to come up with a reorganization plan, however, if that doesn’t happen and the unit is declared bankrupt by a Macau court liquidators will take over its assets.
South Shore said at that point it will no longer have control over the unit and its assets and would have “insufficient operations” to comply with listing laws.
For this edition of our magazine, we focus on Southeast Asia, with a particular look at the Philippines. The country’s casino industry has been among the hardest hit in Asia, with the integrated resorts in Manila’s Entertainment City having remained mostly closed to the general public since the beginning of the crisis last year.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.