Investor Jitters<\/strong><\/h2>\n13 has not pivoted, although it should have, says Ben Lee, of Asian gaming consultancy, IGamiX.<\/p>\n
“This hotel was exceptional in that it was positioned in the ultra-stratospheric segment,” he told Bloomberg “That market segment has long disappeared in the aftermath of the anti-ostentation campaign, and it\u2019s a wonder they never revised their business plan and structure when they still had the opportunity to do so.”<\/p>\n
Needless to say, investors are getting ansty. Interested parties like Janus Capital,\u00a0Fidelity International and\u00a0Omega Advisors have watched shares in 13 Holdings plummet by 92 percent since 2013, dwindling to little more than penny stocks. Some, including the Ontario Teachers Pension Fund, have cut their losses and bailed out early.<\/p>\n
“Some of the original investors had already taken haircuts to exit the project, and they were the fortunate ones,”\u00a0said Lee. “The project needs more equity, as they are already up to their leverage ceiling, and future fundraising will only continue to dilute the shareholding.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Thirteen, in Chinese culture, is actually a lucky number, but for the 13 Hotel, the western interpretation is proving to be more apt. Luck is all about timing, of course, and the flamboyant investment banker Stephen Hung\u2019s dream of building a palace to ostentatious wealth came at exactly the time that China\u2019s Communist government launched […]<\/p>\n","protected":false},"author":42,"featured_media":55893,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\n
Investors Sweat as Macau\u2019s Impossibly Opulent 13 Hotel Misses Opening Date<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n