Unlucky 13: What happened to Hong Kong billionaire Stephen Hung’s Macau casino dream?
Five years ago, Hung announced a US$1.3 billion plan to develop “the world’s most luxurious casino resort” on the Cotai Strip. Today, The 13 remains neither open nor in possession of a casino licence
Asked a year ago what the secret of his success was, Hong Kong-born billionaire Stephen Hung was crystal clear. “There is no such thing as luck,” he said. “If you’re not willing to commit then don’t even think of starting.”
His being born to a family that made billions from property deals was apparently by the by.
But fast forward to now, and Lady Luck might be due an apology from the flamboyant 58-year-old with a thing for diamond-encrusted Rolls-Royce cars, dyed floppy hair and 17th century French aristocracy.
How the Venetian made Macau great again
Five years ago Hung announced a US$1.3 billion plan to develop “the world’s most luxurious casino resort” in Macau. But the property, tucked away at the Coloane end of the Cotai Strip, which started out called Louis XIII but was renamed The 13, is still neither open nor in possession of a casino licence.
The 13 Holdings Limited, which is listed on the Hong Kong Stock Exchange, and of which Hung is joint chairman, recently warned that building delays and a lack of cash had cast “significant doubt on the group’s ability to continue as a going concern”.
The company’s latest results revealed that its liabilities exceeded its assets by HK$300m. A further HK$951 million in capital commitments had not yet been provided for.
It sold a 52 per cent stake in what was its engineering subsidiary, Paul Y. The subsidiary built The 13 and accounted for much of the holding company’s revenue last year, when it made a HK$40m net loss.