South Shore Holdings Limited winding up struggling subordinate worldcasinodirectory.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from worldcasinodirectory.com Daily Mail and Mail on Sunday newspapers.
Operator behind Macau’s luxury The 13 hotel has reportedly been served with a statutory demand for the immediate repayment of debt worth around $422.8 million.
May 21, 2021
In Macau and the company behind the luxury The 13 hotel has reportedly issued a profit warning after informally revealing that it expects to record an around $122.3 million deficit for the twelve months to the end of March.
According to a report from Inside Asian Gaming, the move from Hong Kong-listed South Shore Holdings Limited came only a few hours after it requested that trading in its shares be suspended pending the official release of its latest annual financial results. The source detailed that the firm’s expected shortfall would uncomfortably join the $131.3 million loss it racked up for the preceding twelve-month period.
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That s an oddly high valuation because the company, Hometown International, owns a delicatessen and only one small delicatessen in Paulsboro, where the Morina-coached high school wrestling team frequently wins state championships. The company has disclosed that it has shareholders based in China s Macau territory.
The shop, Your Hometown Deli, did just $35,000 in sales combined over the past two years, according to Hometown International s annual report, filed March 26 with the Securities and Exchange Commission. The pastrami must be amazing, Einhorn cracked of the company, whose stock from late March 2020 to early September rose to more than $9 per share from $3.25 per share despite the deli its only operating business being closed due to the coronavirus pandemic during that time frame.