• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 14 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

South Shore lender takes possession of engineering subsidiary for failure to repay debts

Ben Blaschke by Ben Blaschke
Mon 24 May 2021 at 05:47
Shareholder power play sees Tom Lau step down as director and Deputy Chairman of South Shore Holdings

THE 13

42
SHARES
1.1k
VIEWS
Print Friendly, PDF & Email

South Shore Holdings looks set to lose its engineering arm, Paul Y. Engineering Group Limited, after one of its lenders revealed it has executed its rights to sell all shares in a subsidiary of The 13 Hotel (BVI) Limited, operator of Macau’s THE 13 Hotel.

Details of the lender’s actions, which also include a demand for full repayment of outstanding loans totalling HK$593 million (US$76.4 million), were published Sunday night after South Shore had requested a trading halt late last week.

In an inside information filing ahead of the resumption of trading, South Shore revealed it had received a letter from the lender, Wise Park Business Limited, on 13 May 2021 terminating the ongoing renewal of a bridging loan and demanding full payment of the HK$593 million in loans and interest owing by the following day.

With South Shore unable to pay, Wise Park sent another letter on 18 May confirming it had exercised its rights under the original loan agreement to assume ownership of The 13 (BVI) Limited, a subsidiary of The 13 Hotel (BVI) Limited, and reached agreement with a third party to sell the shares for HK$150 million (US$19.3 million). Those proceeds will be applied to the money owing, however Wise Park is also demanding full repayment of the remaining balance or it will launch legal proceedings.

The 13 (BVI) Limited appears to be linked with Paul Y. Engineering Group Limited rather than The 13 Hotel, with South Shore stating “it is highly probable that Paul Y. Engineering Group Limited will no longer be a subsidiary of the Company and the results of Paul Y. Engineering Group Limited will not be consolidated into the Group’s consolidated financial statements,” as a result of the transaction.

The loan in question was originally provided by a company called Evo PE Opportunities in December 2016 to help fund the development and pre-opening costs of THE 13 Hotel. All rights to the loan were assigned to Wise Park in 2018.

South Shore Holdings last week issued a profit warning ahead of an expected loss of HK$950 million (US$122 million) for the year ended 31 March 2021, adding to a similar loss of HK$1.02 billion (US$131 million) recorded 12 months earlier.

RelatedPosts

Melco prices US$750 million Senior Notes offering

Melco locking in approval to fully complete US$500 million share repurchase program

Tue 8 Apr 2025 at 06:13
Macau GGR hits new post-pandemic high of MOP$20.8 billion in October

Macquarie: Arrest of Macau casino hosts could impact Macau mass and premium mass markets in coming months

Tue 8 Apr 2025 at 06:12
Analysts puzzled as combined market cap of Macau concessionaires falls back to 2022 COVID levels

Macau’s Hong Kong-listed gaming stocks all fall by more than 10% Monday on impact of US tariffs

Mon 7 Apr 2025 at 18:55
Macau visitor arrivals up 15% month-on-month to 3.3 million in February

Around 410,000 visitors entered Macau during the three-day Qingming Festival holiday

Mon 7 Apr 2025 at 12:32
Load More
Tags: Hong KongMacauSouth Shore HoldingsThe 13 Hotel
Share17Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – The real reason Philippines casino revenues are down

Editorial – The real reason Philippines casino revenues are down

by Ben Blaschke
Sun 30 Mar 2025 at 23:04

After enjoying a post-COVID surge in gaming revenues at its licensed casinos, the Philippines has hit a rocky patch. In...

Inside Thai IRs

Inside Thai IRs

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:59

No time to read this whole article? Here are the bullet points! With passage of Thailand’s Entertainment Complex Bill through...

Resorts World Las Vegas – Lighting up the north

Resorts World Las Vegas – Lighting up the north

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:52

Inside Asian Gaming recently visited Genting’s American icon Resorts World Las Vegas to take a closer look at a property...

A baccarat perspective

A baccarat perspective

by Ryan Hong-Wai Ho
Sun 30 Mar 2025 at 22:37

In the first of a two-part series, Ryan Ho explores how gaming innovations and market changes have shaped the prominence...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

by Newsdesk
Wed 9 Apr 2025 at 06:16

Star Entertainment Group confirmed Monday it had entered into a binding term sheet with US casino operator Bally’s Corp to take control of the company as part of a US$300 million (US$180 million) deal. The term sheet, comprising a multi-tranche...

China-owned contractor of Chow Tai Fook’s Baha Mar ordered to pay US$1.6 billion to original owner for “many acts of fraud”

New York appellate court dismisses China Construction America’s appeal in US$1.6 billion Baha Mar fraud case

by Ben Blaschke
Wed 9 Apr 2025 at 05:59

A New York court has dismissed an appeal by China Construction America, Inc (CCA) against a Supreme Court ruling in October requiring it to pay US$1.6 billion to the original owner of Bahamas casino resort Baha Mar for committing “many acts...

Trade union warns massively increased casino pokies tax in NSW will cost jobs

Pub baron Bruce Mathieson agrees additional AU$100 million Star investment, reduces Bally’s contribution to AU$200 million

by Ben Blaschke
Wed 9 Apr 2025 at 05:40

Star Entertainment Group’s largest individual shareholder Investment Holdings Pty Ltd has entered into a binding term sheet with US casino operator Bally’s Corp that will see it subscribe for AU$100 million (US$60 million) in convertible bonds, reducing in the process...

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

by Newsdesk
Wed 9 Apr 2025 at 05:35

Genting Group’s US flagship Resorts World Las Vegas (RWLV) has announced the appointment of casino industry veteran Greg Shulman as Executive Vice President of International Marketing. Continuing the property’s recent management overhaul, RWLV said Shulman will lead its international casino...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English