China – Unlucky 13 still confident of landing Macau casino licenceBy Phil - 27 February 2018
Despite not yet having confirmed how it would be getting a casino licence, the gaming floor at the long-delayed The 13 Hotel could open in the Coloane Valley, close to Cotai by March 31 next year.
In a filing to the Hong Kong Stock Exchange, The 13 Holdings. said the casino planned to operate 66 live dealer tables, with around a quarter designated VIP and three-quarters for premium mass with minimum bets set ‘at a comparatively high level.’ The casino also wants to offer around 50 high-limit slot machines. It said it could also open some retail operations by this date.
It added though: “There may be substantial changes to these plans to accommodate the requirements of the Macau government.”
The company wants to raise more money through a new rights issue, saying it needs an extra US$124.4m to complete the hotel.
Peter Coker,Chairman, said: “We are extremely grateful for the overwhelming support shown by our shareholders and their desire to see us complete the incredible project that is THE 13. Once these financing transactions are completed at the end of March 2018, the Company will return to a solid financial position and have the resources to target opening THE 13 at the end of April 2018. The team has been tremendously busy completing remaining works, installing fixtures and Equipment, and loading in furniture and operating supplies. The hotel looks stunning and it is amazing to see it all finally coming together.”
The whole casino side of the project hinges though on a deal with an affiliate of one of Macau’s six casino concessionaires. The 13 said it has a deal in place but that it couldn’t yet identify who it was adding that the concessionaire ‘operates a number of integrated casino hotels in Macau and clubs with gaming machines as its non-casino based operations.’
Due to this comment analysts believe the concessionaire in question is Melco Resorts & Entertainment due to its slot-only Mocha Clubs which it operates in Macau. 13 added that it received a letter from the concessionaire at the end of january in which there was no indication that its commitment to the project had changed.
At the end of January 2018, Hong Kong investor Stephen Hung resigned as joint Chairman and Executive Director of The 13 Holdings. Mr. Hung was replaced by Peter Coker as company Chairman.