South Shore Holdings (0577.HK), continues to impress with their list of collaboration partners for their venture; the world’s first ever ultra-exclusive luxurious Cotai hotel, THE 13 Macau, which targets wealthy Chinese business tycoons. Five years ago Hung announced a US$1.3 billion plan to develop “the world’s most luxurious casino resort” in Macau. But the property, tucked away at the Coloane end of the Cotai Strip, which.
Louis XIII Holdings Ltd has raised enough money to proceed with its casino-resort project in Cotai, Union Gaming Research says. The research house says Louis XIII has raised about US$1.06 billion (MOP8.48 billion), comprising a loan of US$515 million from a mainland bank, US$411 million in proceeds from the company’s initial public offering this year and US$133 million from a recent combined. Louis XIII Holdings Limited has christened its Macau hotel, “The 13”, the most luxurious hotel ever built with an estimated cost of $1.4 billion which also calculates up to $7 million per room. Located in the gambling hub of Cotai, Macau, in China, it is expected to open in late summer 2016 as one of the most expensive hotels ever built. On that basis, a new Louis XIII-style hotel and casino in Macau, overseen by a Bourbon princess and aimed at the ultra-wealthy sounds a winner. But Louis XIII is still far from being.
洪永時 | |
Stephen Hung and Deborah Valdez Hung at amfar2016 by Lyvans B | |
| Born | 1959 |
|---|---|
| Alma mater | Columbia University University of Southern California |
| Occupation | Businessman |
| Spouse(s) | Deborah Valdez Hung |
| Website | www.the13.com |
Stephen Hung (born 1959, Chinese: 洪永時) is a Hong Kong businessman.
He was the joint chairman of Hong Kong-listed The 13 Holdings Limited. He is the chairman of The Taipan Investment Group and vice-chairman of Rio Entertainment Group, which operates the Rio Hotel & Casino in Macau.
Career[edit]
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Hung was educated at Columbia University and the University of Southern California, where he earned a master's degree in business administration.[1][2][3]
Hung was co-head of investment banking for Asia at Merrill Lynch[when?]. He later formed his own investment company. Hung has also previously served as the Vice Chairman of eSun Holdings and as a non-executive director of Lippo Group's AcrossAsia Limited.
In 2013 he set about developing a luxury casino-resort in Macau, under the name Louis XIII, with the help of Princess Tania de Bourbon Parme. By 2017, the project was lavishly built and under a new name 'The 13', but was in financial difficulties, having neither opened nor been awarded a casino licence. Hung's main vehicle and the operating company for the project, 13 Holdings Limited, had targeted extremely wealthy officials and the business elite from the People's Republic of China. However, in 2014, Chinese Communist Party's general secretaryXi Jinping, in Macau for its 15th anniversary as an SAR, announced his government's displeasure at such ostentatious excess, as part of his crackdown on corruption, which severely impacted the project's ambitions. The company sold a 52 percent stake in its engineering subsidiary Paul Y Engineering.[4][5]
Family and personal[edit]
Hung's parents were property agents.[5]
References[edit]
- ^'Hong Kong tycoon places record $20m order for 30 Rolls-Royces'. Financial Times, 16 September 2014.
- ^'Chinese tycoon orders 30 Rolls Royces'. CNBC, 16 September 2014.
- ^'Excess for success'. South China Morning Post, 23 September 2014.
- ^Kate O'Keeffee (13 December 2013). 'The Wizard of Macau'. The Wall Street Journal. Retrieved 26 April 2016.
- ^ abUnlucky 13: What happened to Hong Kong billionaire Stephen Hung’s Macau casino dream?, SCMP, 10 Sept 2017
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