The 13 Macau, the failed ultra-luxury resort that ne'er secured a gaming license and at last led its parent society into bankruptcy, has been place on the market.
Global commercial existent acres fast(a) Daniel Jones Lang Rene-Robert Cavelier (JLL) is manipulation the liquidation sale of the debt-ridden resort, located south of Macau’s Cotai Strip inward Coloane. The itemization agent is handling the property’s divesting on behalf of South Shore Holdings Limited, the entity Hong Kong billionaire businessman Sir Leslie Stephen Hung founded to finance his five-star cassino resort vision.
JLL officials say they’re fielding offers for The 13 at present through and through April 5. The securities industry value of the 201-room hotel is an estimated HK$2.4 1000000000000 (US$307 million). The 22-story crimson complex body part is reportedly garnering strong involvement because of its too-generous design, extensive art, and opulent fixtures.
South Shore Goes Quickly South
Hung pitched The 13 inward 2013, the same twelvemonth when Macau casinos won a put down $45 one million million turned gamblers.
Hung sought to make the most palatial hotel inward the world, 1 conniption for a king. He went so far as to employ a direct descendant of Martin Luther King Jr. Joe Louis XIII to fetch his ostentatious Baroque tastes to the property.
Years before the resort was fifty-fifty finished, Hung purchased 30 customized Rolls-Royce Phantoms, painted inward hopeful redness with gilded trim, for $20 million. The vehicles were to assist as invitee shuttles. It was Rolls-Royce’s largest single tell inward companionship history.
But Macau’s gaming manufacture was changing. Direction from Peiping ordered that junket groups live more closely monitored, a evolution that caused annual gaming win to drib 38% past 2016. Yet Hung pressed send on in sparing no disbursal on his luxury boutique. South Shore, funded past too soon investors, and Hung himself after the shareholders fled spent around $8 gazillion on from each one invitee room.
With investors no yearner seeing a pathway to a return, South Shore’s divvy up cost tumbled to nearly zero. Hung sold off stakes inward his home applied science byplay to bankroll the hotel’s grammatical construction to completion. It opened in 2018, but ne'er attracted the upper echelon of VIPs it was designed to lure.
South Shore reported averaging less than 20 every night way bookings inward 2018 and 2019.
Hung also failed to happen a gaming partner to black market The 13’s casino. Neither a one-armed bandit simple machine nor tabulate gamy play was ever so wagered.
Hung eventually departed South Shore and chalked upward the propose as a monumental loss. The hotel quietly shuttered in 2019 and never reopened after the pandemic. The Phantoms were later sold at $125,300 each, most $541K below what the hotel paid for for each one vehicle.
Future Unknown
The 13 guest rooms chain of mountains inwards size of it from 1,800 second power feet to villas spanning 10,000 square up feet. The resort has 945,000 square feet of indoor space, with a grand lobby, several restaurants, a physical fitness center, a casino, and an outdoor pool.
What the future holds for The 13 is the swelled unknown. There is little holidaymaker invertebrate foot traffic inwards Coloane, as the hamlet is to a greater extent residential, with many condo and apartment towers, and various industrial businesses.
JLL reps say access code could improve should a long-delayed Macau Light Rapid Transit place undecided nigh The 13.
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