South Shore Holdings Ltd. has announced that it will voluntarily liquidate the subsidiary responsible for the 13 Hotel in Macau.
According to Macau Business, New Concordia Hotel Ltd., incorporated in Macau in 2009, was responsible for the initial construction of the 13, a luxury resort designed to cater to wealthy Chinese VIPs. The property may have been best known for a $20 million fleet of cherry-red Rolls Royce Phantoms acquired by its original chairman, Stephen Hung.
For all the hype, the US$1.6 billion property, conceived in the go-go 2010s, met with endless delays, was unfinished when it opened in September 2018, and worst of all, never got a gaming license for its casino. It closed in February 2020 when the pandemic hit, and never reopened.
After the unit’s debts and liabilities are settled, the remaining assets will be distributed to shareholders.
