\nDespite not even being open for business, Hung defended the opulent vehicle fleet purchase by saying, “It was functional. We needed 30 vehicles to serve our guests.”<\/strong><\/p>\n<\/blockquote>\nCasino Hung Up <\/b><\/h2>\n
With creditors pushing Hung to open the hotel, but in need of additional funds to complete the project, Hung agreed to sell his 52 percent majority stake in Paul Y. Engineering Group at a deep discount to get money fast.<\/p>\n
The transaction delivered Hung HK$300 million ($38.4 million), a roughly 35 percent discount on the engineering firm’s book value.<\/p>\n
\nBy all accounts, Hung is going to see The 13 through. But with rooms starting at $1,500 a night, the hotel needs a high roller casino space to capitalize off its well-to-do guests. Initial resort plans called for a casino, but as of now, The 13 hasn’t reached an agreement with one of Macau’s six licensed operators.<\/strong><\/p>\n<\/blockquote>\nLocated south of the main drag of the Cotai Strip, the closest casino is Studio City. That complex is majority owned by Melco Resorts, the Hong Kong company controlled by fellow Chinese billionaire Lawrence Ho.<\/p>\n","protected":false},"excerpt":{"rendered":"
Flamboyant Hong Kong businessman Stephen Hung is nearing completion on his $1.3 billion hotel resort named The 13. Macau Government Tourism Office (MGTO) Director Maria Helena de Senna Fernandes told reporters on Wednesday that the agency is ready to inspect the property once a formal request is filed. The news that the ultra-luxury hotel is […]<\/p>\n","protected":false},"author":42,"featured_media":58494,"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
Stephen Hung's Ultra-Luxury 'The 13' Resort Close to Completion<\/title>\n\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