for early access to the latest igaming videos!
and get the latest igaming news first!
The iconic property, which has long been a symbol of ambition and financial difficulty within Macau’s hospitality industry, is finally being sold. Tourism authorities have verified that the handover of THE 13 Hotel to its new proprietors is now in process, with extensive renovation plans currently undergoing government examination.
Handover Process Begins
Maria Helena de Senna Fernandes, Director of the Macao Government Tourism Office, spoke with the media this week regarding the change of ownership. The new owner is closing out the takeover, with plans for major renovations to the property already underway.
“The new operator is currently handling the handover process, and there are plans to introduce new partners and restaurants,” Senna Fernandes explained. Her company, which deals with hotel licensing in Macau, has already met with the new owners to discuss their proposed changes, including changes to existing restaurants and the addition of new restaurants..
The tourism bureau has been keeping in close touch with the new proprietors to discuss their renovation plans, which they vow to remake the property into one they say will be a new tourist landmark for Macau.
Major Sale at Significant Discount
The property changed hands last month when it was purchased by family members of Rio Hotel owner Loi Keong Kuong for HK$600 million. This sale price represents a dramatic 75 percent discount from the initial asking price when the hotel was first put on the market in early 2024.
The new owners have outlined ambitious plans for the property that go beyond simple renovations. According to real estate agency JLL Macau, the buyers intend to redesign and renovate the property comprehensively, with plans to introduce “renowned restaurants from around the world” as part of their vision for the hotel’s future.
Market Recovery and Industry Confidence
Mark Wong, Director of Value and Risk Advisory Services at JLL Macau, provided insight into what the deal implies for the overall tourism sector in Macau. In recent remarks, Wong pointed out the importance of the sale as a sign of market trends.
“This transaction reflects the ongoing recovery of Macau’s tourism industry and the new buyer’s strong confidence in Macau and commitment to driving industrial diversification.” Hotel occupation rates also improved, which points to the continued revival of Macau’s tourism sector and investor interest, Wong added.
The sale follows an extended marketing period that started in March 2024. The property was first put up for sale at HK$2.4 billion, or about US$306 million. Although previously there were reports that as many as 24 interested parties had looked at the property when it was first marketed, no agreement was eventually signed at that time. There was a further bidding process that commenced on May 19, 2025, and which ultimately resulted in the successful sale.
Financial Difficulties and Insolvency
The financial difficulties of the hotel did not end when it opened. The Hong Kong-listed parent company, South Shore Holdings, which owned the asset, faced mounting financial pressures that ultimately came to be too much to bear.
In October 2021, South Shore Holdings indicated that it had suspended all its operations and was bankrupt. The move was made after the company received a statutory demand from a lender for payment of HK$3.28 billion, or about US$423 million, in outstanding loans and interest accrued.
Looking Forward
The tourism office’s involvement in reviewing and approving the renovation plans indicates that the transformation will need to meet regulatory standards while aligning with Macau’s broader tourism development goals. As the handover process continues and renovation plans are finalized, the property may finally have the opportunity to fulfill its potential as a significant contributor to Macau’s hospitality sector.
Source: Inside Asian Gaming (IAG)
