Casino Louis Xiii Macau
Louis XIII Targets Ultra-Wealthy Chinese Travelers
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Answer 21 of 35: News on Stephen Hung's ambitious Louis XIII Hotel and Casino that is supposed to be the most luxurious casino in the world once completed on the Cotai Strip in Macau. Important Notice The health and safety of guests and colleagues are The 13 Hotel top priority. In accordance with the Macau SAR Government, The 13 Hotel will temporarily close from 15 February until further notice in order to curb the spread of the new strain of Coronavirus. 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.
Chinese billionaires with a taste for gambling will soon have a regal pied-à-terre to call their own.
This past weekend saw the official groundbreaking in Macau for the Louis XIII boutique casino and hotel. Sited south of the Cotai Strip near the tony One Oasis residential complex, the Louis XIII will be so exclusive that, with the top suite going for $130,000 a night, it’s doubtful the hotel’s namesake monarch could have managed more than a weekend stay.
Slated to open in late 2014 or first quarter 2015, the boutique complex will include 230 or more rooms, as many as 66 gaming tables, and an outpost of Michelin three-star restaurant L’Ambroisie. The developers have announced Graff Diamonds as the first retailer in the complex’s invitation-only, appointment-only shopping atelier, in which no bauble will go for less than $1 million.
Stephen Hung, chairman of the Louis XIII development company (formerly Paul Y Engineering), promises an “unprecedented, über-luxury experience” for guests. There is little doubt as to who those guests are likely to be: in an April 29, 2013 article in the Financial Times, Hung commented that “The willingness of mainland Chinese to spend money on the very best is unprecedented.” It may be no coincidence that Louis XIII is also the name of one of China’s premium cognacs, carrying the kind of price tag – $2,500 a bottle – that would fit right into an ultra-luxe mini-bar.
By the time Louis XIII opens its doors, it may well have a waiting list. According to the Financial Times article, visitor numbers to Macau have swelled by 20 percent annually, with gross gaming receipts topping $38 billion in 2012. And as Jing Dailyreported in February, after sluggish fourth-quarter traffic last year, China’s “big whale” high-stakes gamblers have begun returning to Macau.
The last word, however, belongs to Macau’s gaming regulators, who have yet to grant formal approval to the project.
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]
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.
Casino Louis Xiii Macau Casino
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]
Casino Louis Xiii Macau Hotel
- ^'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