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China – Decadent The 13 still hopeful of casino deal

By - 9 April 2019

South Shore Holdings, the owner of lavish Macau hotel The 13, remains confident that it will one day host a gaming floor, despite none of Macau’s six concessionaires linking themselves with the hotel.

The property, which opened in August 2018 in Macau’s Coloane district, says it has a memorandum of understanding which ‘remains in place’ with an ‘affiliate” of a licensed Macau casino operator.

It said: “No formal agreement has been entered into with any concessionaire or sub-concessionaire as operator, in respect of any gaming operations in The 13 Hotel although the memorandum of understanding entered into between a subsidiary of the company and an affiliate of one such operator remains in place. The entering into of a formal agreement continues to remain subject to, amongst other things, the operator making an application and obtaining approval from the Macau government to conduct gaming operations in The 13 Hotel.”

It hopes to open a boutique casino by Macau’s standards with 66 tables. Analysts are doubtful the business model would work without a casino.

Bloomberg analyst Margaret Ho said: “If the property operates as a standalone hotel, it may be difficult to justify room rates to match its high-end focus. Without a casino, it would be nearly impossible to have gamblers book rooms separately with them.”

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