Louis XIII revenue gains, foundations on Cotai project complete

    Louis XIII reported a 20 percent rise in revenue for the year to end-March 2014 and said foundation work on its luxury hotel project on the Cotai strip is nearing completion.
    The group also said it has substantially filled out its management team for the project.
    The company had revenue of $8.58 billion ($1.1 billion), up from $7.1 billion the previous year.
    However, it posted a loss of $51 million, compared with a profit of $18 million in 2013, mainly because of a significant increase in the share of profit attributable to non-controlling shareholders.
    Louis XIII said a mainland Chinese bank has approved a $3.04 billion loan to finance the development of the Macau project.