13 Holdings Casino has suffered many setbacks, including a change in date for their opening. In China and other parts of the world thirteen is not considered unlucky, or at least it was not. Now, 13 Holdings may be changing their mind about what is an unlucky number. Perhaps there is a reason why hotels do not have a thirteenth floor, and the casino has figured it out.
The casino is under construction; however, The 13 has suffered from several delays, with changes in the launch date, construction deadlines, and casino developers having to request more funds to complete the project.
The casino is hopeful that the name change will be the luck they need to get the casino on track. The 13 is trying to change their name to South Shore Holdings Ltd. The proposal was given to shareholders on Tuesday, May 8, 2018. The reason mentioned in the document was to have a clear delineation between the company’s corporate brand and the casino.
The casino will keep the name, but the company owning it will have a different one. The project is on the Cotai-Coloane border and was set to launch the hotel portion of the project on April 30, 2018. However, the date was changed to June 30.
The hotel will open in June; however, the casino will not be finished until March 2019. The casino will have 66 gaming tables, with plenty of VIP sections. The casino will also launch about the same time as some retail shops, as long as things go correctly.
Further Moves by 13
Negative year earnings suggests 13 Holdings may have trouble in the future unless they get their project open. The amount of money they have spent and asked for to get the hotel-casino back on schedule is being met with negative year earnings. The company needs to show a profit soon, or one is going to wonder where they can get the money to afford such an expensive project.
The shareholders meeting also included a request to dispose of interests it has in Paul Y Engineering Group. It is a subsidiary of 13, with about 51.3 percent owned by 13. The sale of their shares would bring in $38.2 million. Paul Y Engineering was a part of the construction for the casino and also worked on Studio City and Altira.
The 13 also lost Stephen Hung, when he sold his shares and stepped down from his position in January.