13 Holdings misses deadline to open Macau luxury hotel

Hong Kong

13 HOLDINGS Ltd missed a Monday deadline to open its luxury hotel in Macau, a condition of a HK$3 billion (S$521 million) loan from Bank of Communications Co for the gaming project just off the Cotai strip, according to people familiar with the matter.

The US$1.6 billion development, started by 13 Holdings co-chairman Stephen Hung, formerly co-head of Asia investment banking at Merrill Lynch, now aims to open before the end of the year, said the sources, who asked not to be identified because the discussions are confidential.