Profit warning after informally stating that it is expected to post a deficit of about $122.3 million in the 12 months to the end of March.
The move by Hong Kong-listed South Shore Holdings Limited comes just hours after it recently asked to suspend stock trading until its annual financial results are officially released. Sources detailed that the company's projected shortfall will inconveniently join the $131.3 million loss it has accumulated over the past 12 months.
About 33 months ago, the luxury 13 200-room hotels debuted as the 'world's most luxurious hotels', but the $1.6 billion facility, located on the border of Macau's Coloan and Cotay Streep, has consistently struggled to make a profit after being denied permission to move VIP casinos to the lower floors.
He tried to find a buyer for The 13 but was forced to end negotiations with three potential suitors in September after extending the deadline three times earlier. The company reportedly hoped the discussion would allow the company to recoup about $96.7 million by reducing spending and reducing its stake in the failing hotel by at least 50%.
The resignation of the company's secretary, as well as the three directors, have shone in agony, reaching the point of missing at least the self-imposed deadline of March 31 for concluding a partial sale agreement. This latter disappointment has reported that the company may have to undergo an "audit correction" process due to discrepancies in the value of the official auditor's holdings, estimated at approximately $528.8 million.
South Shore Holdings is further hampered by the historical achievements of 13, which operated only at partial capacity, the local absence of similar facilities and the inability to prove the value of its business due to the impact of the coronavirus pandemic.
In October, it announced that it was continuing its discussions with the bank after being obliged to apply for a "suspension" order about seven months ago. This came to light after the company's lenders began threatening to seize operations instead of immediately recouping widely publicized debt worth about $320 million.