At last, a failed luxury hotel in Macau is officially bust.
Last week, the prophetically named 13 Hotel was declared bankrupt in Macau’s Court of First Instance. The declaration came 20 months after parent South Shore Holdings first sought voluntary liquidation of the hotel’s owner, New Concordia Hotel Ltd.
In addition, according to Inside Asian Gaming, on February 9 South Shore was delisted from the Hong Kong Exchange after an 18-month pause in trading. The company now has 60 days to settle its debts.
Under long-departed chairman Stephen Hung, the $1.6 billion hotel was positioned as a high-roller hangout with ultra-luxurious suites, a fleet of custom red Rolls Royce Phantoms for patrons, and room for 66 VIP gaming tables. But the plan never quite came together. After a series of construction and financial speed bumps, the property opened in September 2018—but with no casino, and a number of suites still unfinished.
In October 2021, when a lender demanded payment of HK$3.28 billion (US$423 million), South Shore acknowledged that it was insolvent. Former Chairman Peter Coker Jr., who exited the company in last October, was arrested in Thailand in January after being charged by the U.S. Department of Justice with manipulating the stock market.
