Hong Kong-listed South Shore Holdings Limited detailed in an official filing on Monday that the half-year deficit was mainly in expenses related to the operation of the iconic venue located along the border of Macau's Coloan and Kotai Streep. The company explained that 13 companies generated nearly $2.51 million in sales, but nonetheless ended all six months of deficit, reaching about $29.53 million.

However, South Shore Holdings Limited still reported an increase of 16% year-over-year to $657.35 million in enterprise revenue, about $655.31 million of which came from its PYE engineering business.

Thirteen rooms have 200 luxurious rooms, and we hoped to make up for this by offering an in-house casino with up to 66 game tables. But those plans soon fell through, and since then, South Shore Holdings has been trying to recoup some of the $1.6 billion spent on building the landmark hotel.

The Hong Kong-based company posted annual deficits worth $201.1 million and $749.5 million in 2017 and 2018, respectively, and last month signed a deal to sell a 50% stake in the 13-3 parties in exchange for cash worth about $95.6 million.

Nevertheless, South Shore Holdings Limited has used its filing (pdf) to declare that it remains optimistic about The 13's long-term future and hopes to soon leverage Macau's growing tourism market to improve the struggling property's bottom line.

"13 has focused on redeploying its business and operating model without games since it acquired a hotel license in August 2018. With the aim of boosting occupancy and holding special events this fiscal year, we are poised to take advantage of our unique ultra-luxury themes to build brands and target the market."

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