The 13 Holdings, formerly known as Louis XIII reported a widened annual loss of HK$232.8 million in the year ended March 31, 2016, according to an annual report released on Thursday.
The loss is an increase from 2015’s loss at HK$7.9 million.
In a statement from joint chairmen Stephen Hung and Peter Lee Coker Jr., the company saw a basic loss per share of 21.7 HK cents in 2016 versus basic loss per share of 5.5 HK cents in 2015. “This was primarily due to the decrease in the profit margin in PYE and pre-opening expenses in relation to hotel under development segment.”
The chairmen said they expect consolidated losses to continue until The 13 Hotel is operational and generating revenue.
“We have made substantial progress in development of the hotel in Macau since last financial year-end. Construction is proceeding on schedule for completion in 2016,” they added.
The 13 Hotel and entertainment complex, located at the southern end of Macau’s famous Cotai Strip, houses a unique collection of refined and remarkable luxury experiences.
With a gross floor area of approximately 945,000 square feet, The 13 Hotel is designed to ensure the highest level of luxury and privacy, offering approximately 200 duplex suites and villas.