In 2013 he set about developing a luxury casino-resort in Macau, under the name Louis XIII, with the help of Princess Tania de Bourbon Parme. By 2017, the project was lavishly built and under a new name 'The 13', but was in financial difficulties, having neither opened nor been awarded a casino licence. Louis XIII Holdings Ltd has raised enough money to proceed with its casino-resort project in Cotai, Union Gaming Research says. The research house says Louis XIII has raised about US$1.06 billion (MOP8.48 billion), comprising a loan of US$515 million from a mainland bank, US$411 million in proceeds from the company’s initial public offering this year and US$133 million from a recent combined.

洪永時
Stephen Hung and Deborah Valdez Hung at amfar2016 by Lyvans B
Born	1959
Alma mater	Columbia University University of Southern California
Occupation	Businessman
Spouse(s)	Deborah Valdez Hung
Website	www.the13.com

Stephen Hung (born 1959, Chinese: 洪永時) is a Hong Kong businessman.

Hong Kong-listed Louis XIII Holdings has hosted a spectacular ground breaking ceremony in Macau for its future, boutique casino-hotel in Cotai, which named after Louis XIII will be designed in styles from the Renaissance and Baroque eras.

The 13 main section: This casino is located in Cotai, Macau. The 13 has a total of 0 slots and 66 table games for you to enjoy. World Casino Directory also books hotel rooms in the major casino resorts in Cotai. You will also find pictures of The 13 or find news about The 13 on this page. We also have a message forum all about The 13. Important Notice The health and safety of guests and colleagues are The 13 Hotel top priority. In accordance with the Macau SAR Government, The 13 Hotel will temporarily close from 15 February until further notice in order to curb the spread of the new strain of Coronavirus.

He was the joint chairman of Hong Kong-listed The 13 Holdings Limited. He is the chairman of The Taipan Investment Group and vice-chairman of Rio Entertainment Group, which operates the Rio Hotel & Casino in Macau.

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Career[edit]

Hung was educated at Columbia University and the University of Southern California, where he earned a master's degree in business administration.^[1]^[2]^[3]

Stephen Hung

Hung was co-head of investment banking for Asia at Merrill Lynch^[when?]. He later formed his own investment company. Hung has also previously served as the Vice Chairman of eSun Holdings and as a non-executive director of Lippo Group's AcrossAsia Limited.

In 2013 he set about developing a luxury casino-resort in Macau, under the name Louis XIII, with the help of Princess Tania de Bourbon Parme. By 2017, the project was lavishly built and under a new name 'The 13', but was in financial difficulties, having neither opened nor been awarded a casino licence. Hung's main vehicle and the operating company for the project, 13 Holdings Limited, had targeted extremely wealthy officials and the business elite from the People's Republic of China. However, in 2014, Chinese Communist Party's general secretaryXi Jinping, in Macau for its 15th anniversary as an SAR, announced his government's displeasure at such ostentatious excess, as part of his crackdown on corruption, which severely impacted the project's ambitions. The company sold a 52 percent stake in its engineering subsidiary Paul Y Engineering.^[4]^[5]

Family and personal[edit]

Hung's parents were property agents.^[5]

References[edit]

^'Hong Kong tycoon places record $20m order for 30 Rolls-Royces'. Financial Times, 16 September 2014.
^'Chinese tycoon orders 30 Rolls Royces'. CNBC, 16 September 2014.
^'Excess for success'. South China Morning Post, 23 September 2014.
^Kate O'Keeffee (13 December 2013). 'The Wizard of Macau'. The Wall Street Journal. Retrieved 26 April 2016.
^ ^a^bUnlucky 13: What happened to Hong Kong billionaire Stephen Hung’s Macau casino dream?, SCMP, 10 Sept 2017

External links[edit]

Retrieved from 'https://en.wikipedia.org/w/index.php?title=Stephen_Hung&oldid=984260287'

Louis XIII Targets Ultra-Wealthy Chinese Travelers

Chinese billionaires with a taste for gambling will soon have a regal pied-à-terre to call their own.

This past weekend saw the official groundbreaking in Macau for the Louis XIII boutique casino and hotel. Sited south of the Cotai Strip near the tony One Oasis residential complex, the Louis XIII will be so exclusive that, with the top suite going for $130,000 a night, it’s doubtful the hotel’s namesake monarch could have managed more than a weekend stay.

Slated to open in late 2014 or first quarter 2015, the boutique complex will include 230 or more rooms, as many as 66 gaming tables, and an outpost of Michelin three-star restaurant L’Ambroisie. The developers have announced Graff Diamonds as the first retailer in the complex’s invitation-only, appointment-only shopping atelier, in which no bauble will go for less than $1 million.

Stephen Hung, chairman of the Louis XIII development company (formerly Paul Y Engineering), promises an “unprecedented, über-luxury experience” for guests. There is little doubt as to who those guests are likely to be: in an April 29, 2013 article in the Financial Times, Hung commented that “The willingness of mainland Chinese to spend money on the very best is unprecedented.” It may be no coincidence that Louis XIII is also the name of one of China’s premium cognacs, carrying the kind of price tag – $2,500 a bottle – that would fit right into an ultra-luxe mini-bar.

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By the time Louis XIII opens its doors, it may well have a waiting list. According to the Financial Times article, visitor numbers to Macau have swelled by 20 percent annually, with gross gaming receipts topping $38 billion in 2012. And as Jing Dailyreported in February, after sluggish fourth-quarter traffic last year, China’s “big whale” high-stakes gamblers have begun returning to Macau.

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The last word, however, belongs to