Macau Hotel With 30 Rolls-Royces And No Guests Seeks Funds
- 13 Holdings negotiating with banks, shareholders for funds
- Firm negotiating with lender for borrowing maturity extension
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Luxury builder 13 Holdings Ltd. has a fleet of 30 bespoke Rolls-Royce Phantoms for its hotel project in Macau, but no guests to ride in them.
That’s because the company has yet to receive a license to operate the exclusive The 13 project in Macau’s Cotai Strip, despite saying in 2016 that it expected to do so by the end of that year. The firm announced its fourth straight year of net losses Thursday as it considers trying to change conditions on its loans amid the delay. 13 Holdings has total debt of about HK$4.5 billion, more than 10 times its bank balances and cash of HK$323.6 million, according to its filing.