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Thursday, December 21, 2017

The 13 Holdings Limited extends deadline for sale of construction arm

World Casino News
The 13 Holdings Limited extends deadline for sale of construction arm

In Macau, hotel developer The 13 Holdings Limited has reportedly announced that it has reached a deal to extend the deadline for the sale of its Paul Y Engineering Group construction arm by a further two months. According to a report from Asia Gaming Brief, Hong Kong-listed The 13 Holdings Limited is currently in the process of completing work on its The 13 luxury hotel on a 65,000 sq ft plot of land near the border between the Cotai and Coloane districts of Macau. The under-construction property is set to be one of the most expensive hotels-per-key ever built but the developer missed a July 31 opening deadline set by creditors that had loaned the project around $387 million. In an effort to bring in additional funds and ultimately open The 13, the developer reportedly explained in October that it had agreed a deal to sell Paul Y Engineering Group for $38.41 million while also raising approximately $262.18 million via a loan and rights issue. It moreover purportedly stated that it had secured an indicative conditional offer worth a further $76.73 million that would only be available once the property began welcoming guests. Asia Gaming Brief reported that The 13 Holdings Limited, which was previously known as Louis XIII Holdings Limited until a 2016 name-change, was due to have sold its Paul Y Engineering Group subordinate by December 28 but that the new deadline ultimately means that this transaction could now run into March of next year.

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