Formerly Bankrupt $1.4B Chinese Luxury Casino Hotel Rebrands in Macau
Posted on: June 25, 2026, 12:21h.
Last updated on: June 25, 2026, 04:49h.
- The failed ultra-luxury The 13 Hotel has been rebranded as The 13 Palace
- Originally conceived by Stephen Hung as a retreat for billionaire gamblers, the project became one of Macau’s most notorious failures
- Industry observers believe The 13 Palace’s long-term success may depend on securing a partnership with one of Macau’s six established casino operators
The most expensive hotel ever built has rebranded and reopened in Macau—the only territory under Chinese control where casino gambling is legally permitted.
The 13 Hotel in Macau is now The 13 Palace, an ultra-luxury, 199-room all-villa resort. The boutique hotel is located about a mile south of the Cotai Strip, where numerous multibillion-dollar casino resorts stand.
The 13 Palace, as it’s now called, was sold last year by the property’s creditors for just $76.6 million. The buyer was Loi Keong Kuong, a prominent real estate magnate in Asia and Australia, who founded the Rio Hotel Macau, which formerly housed a casino through a partnership with Galaxy Entertainment.
Loi isn’t an idle owner but immediately invested in needed updates to the longtime towering red eyesore, which has largely sat vacant since opening in 2018.
The destination, which remains free of a casino, quietly returned its 199 hotel rooms to the market earlier this year. A new gold exterior, website, and name have accompanied Loi’s takeover.
The 13 Macau Story
Originally conceived as a playground for billionaires, the ultra-luxury resort ultimately cost its creator his fortune. Flamboyant Hong Kong businessman Stephen Hung pitched the development in 2013, just as Macau’s casino revenue peaked at a record $45 billion.
But even as Beijing began dismantling the VIP junket groups that fed the market—causing gaming revenues to plummet—Hung ignored the warnings and pressed forward.
While shares of the company he founded to bring his Baroque-style resort worthy of King Louis XIII to life went to zero, Hung cashed out much of his portfolio, including his 52% stake in Paul Y Engineering, one of the largest construction and civil engineering firms in Hong Kong, to complete The 13.
Despite investors fleeing, and none of the six casino companies willing to operate a gaming space at The 13, Hung purchased 30 custom Rolls-Royce Phantoms in bright red for $20 million. The vehicles, which were to serve as guest shuttles, were later sold in bankruptcy for less than $4 million.
Can Loi Lure Casino?
There are far fewer VIPs in Macau today than there were a decade ago. The six casinos continue to target the coveted high rollers with lavish suites and perks, though they’ve also adequately pivoted to appealing to the premium and mass market players.
For The 13 Palace to become a VIP hotbed, the hotel must first get into bed with one of the six casinos. Loi Keong Kuong is expected to make a play to Galaxy to operate a small casino space within The 13.
The 13 Palace certainly has the accommodations to woo high rollers, with the villas ranging in size from 2,000 to 10,000 square feet. The resort also has a spa and fine dining, though it lacks other amenities compared with the Cotai integrated resorts.
The 13 Palace is reportedly now using Bentleys and Maextro S800s to whisk guests around town. Reservations can only be made by calling the hotel directly.
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