South Shore Holdings Limited, owner of the luxury Macau hotel The 13 has disposed of 24 of their customized Rolls Royce vehicles in an effort to pay down the group’s outstanding bank loans.
The fleet of bright red Rolls Royces Phantoms represented the single largest commission in Rolls-Royce history and was an icon of the casino operator’s lofty ambitions for Macau.
The vehicles will be sold for an aggregate consideration of HK$24 million (US$3.1 million).
Earlier this year South Shore Holdings says it has entered a non-binding memorandum of understanding for an investment of as much as HK$1.5 billion to cut debt at its luxury hotel in Macau, The 13.
The MOU expiry date has since extended a number of times since, to give both parties more time for negotiation.