Financing Troubles Spark Share Slump at Macau Casino Developer – Wall Street Journal

Shares of Macau casino developer 13 Holdings Ltd. have plunged 57% so far this week as the company struggles to finish a more-than-$1.4 billion megaproject that was once intended to be one of the world’s most luxurious casino resorts.

The share slide was triggered by 13 Holdings’ disclosure that it plans to raise 2 billion Hong Kong dollars (US$256.4 million) to finish the project, known as The 13, raising concerns that the capital raising could substantially dilute shareholdings.

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