Genting Hong Kong Limited is a leading global leisure, entertainment and hospitality enterprise, with core competences in both land and sea-based businesses comprising of Star Cruises, “The Leading Cruise Line in the Asia Pacific”; Dream Cruises, “The first-ever Asian Luxury Cruise Line”; Crystal Cruises, “The World’s Most Awarded Luxury Cruise Line”; German shipyard, Lloyd Werft Group; prominent nightlife brand Zouk; and, Resorts World Manila, an associate of Genting Hong Kong.Headquartered in Hong Kong, Genting Hong Kong has a presence in more than 20 locations worldwide with offices and representation in Australia, China, Germany, India, Indonesia, Japan, Malaysia, the Philippines, Singapore, Sweden, Taiwan, the United Kingdom and the United States.
Genting Cruise Lines said on Thursday that it is recruiting Singaporeans to work on its ship World Dream, weeks before the commencement of a pilot scheme allowing two cruise lines to resume services with enhanced Covid-19 safety protocols.
Genting Hong Kong’s results briefing provided some reassurance that the loss-making company will be able to raise enough funds from the investment community without needing other entities in the group to bail it out.
Lim Kok Thay, chairman and CEO of Genting Berhad, is pledging almost his entire stake in troubled cruise ship operator Genting Hong Kong as collateral for loans, according to a report from Bloomberg. Lim’s personal wealth has already declined by more than half since the beginning of the year, according to the report, from about […]
Genting Hong Kong says it’s suspending payments to financial creditors to preserve liquidity during the crisis and is asking its creditors not to take any enforcement action while it seeks to restructure debt.
Genting Hong Kong’s Explorer Dream resumed operations over the weekend in Taiwan, with strict Covid-19 safety measures in place, including 22 isolation wards for any passengers who fall ill.
Genting Hong Kong, as part of its full year 2019, financial report, projected that the sectors it focuses on would suffer a “major setback” as a result of Covid-19. “Hospitality, travel and tourism sector suffered a major setback resulting from widespread travel advisories, temporary closure of cruise ports and suspension of flights as part of […]
Genting Hong Kong, a cruise ship operator, says it expects to post an operating loss in the first half despite cost-cutting measures such as senior executives agreeing to forego their salaries until the end of the year.
Genting Hong Kong said it has raised $453.9 million through the sale of a stake in its Dream Cruises unit to help fund the expansion of its cruise business.
Genting Hong Kong narrowed its 19H1 consolidated net loss by 60 percent to US$56.5 million, though revenue fell slightly in the half-year period. The narrowed loss was due mainly to an 18.6 percent reduction in operating expenses, and 59.6 percent reduction in expenses in shipyard and non-cruise activities. The Group is principally engaged in the […]
Genting Hong Kong said it has agreed to sell as much as 35 percent of its Dream Cruises unit, making a gain of about $470 million to reduce debt and strengthen its balance sheet.
Long-time Genting Hong Kong executive Michael Goh has been promoted to president of Dream Cruises, and head of international sales for Genting Cruise Lines. Goh succeeds Dream Cruises president Thatcher Brown, and will continue to be based in Singapore, reporting to Kent Zhu, president of Genting Cruise Lines. Goh joined the company 20 years ago, […]
Genting’s plans for a Resorts World-branded hotel in Macau appears to be moving ahead, after a billboard showing a concept for the hotel was erected at its construction site at Nam Van Lake, Macau Business reports. Genting first indicated plans to develop a boutique hotel on a plot of reclaimed land in Macau in January […]
The inclusion of the first full year operation of two Dream Class ships helped to boost total revenue for Genting HK to US$1.6 billion in 2018, an increase of 34.4 percent. The boost in revenue was also helped by higher third-party revenue recognized in the shipyard segment. Cruise revenue reached US$1.35 billion in 2018, with […]
Genting Hong Kong says one of its wholly owned units has entered into contracts worth EU33.54 million ($38 million) with two Finnish companies for design and site assistance services for a cruise ship that it is building.
Asia casino cruise operator Genting Hong Kong saw a 46 percent rise in revenue in the first half of 2018, attributed primarily to higher revenue from its cruise ship business. 18H1 revenue reached $777.6 million, compared to $532.5 million recorded in 17H1. Genting reported a 36.2 percent rise in revenue from cruise and cruise-related activities, […]
Genting Hong Kong said it expects to record a reduced loss in the first half of 2018, due mainly to improvement in its core cruise segment. However, Genting said the improved performance of its cruise segment is partially offset by a lower cost capitalization in the shipyards for the six months ended June 30, as […]
Genting HK said one of its units has agreed to buy turnkey systems for new cruise ship vessels from Finnish shipbuilding contractor Almaco Group for a total of EUR83.2 million ($97.1 million).
Genting Hong Kong is seeking a shareholder mandate to sell the remaining shares in Norwegian Cruise Line Holdings to raise funds for future development.
Genting Hong Kong said it plans to sell the remaining shares it owns in Norwegian Cruise Line Holdings and is seeking a shareholder mandate to allow it to act when the timing is right. In a filing with the Hong Kong Stock Exchange, the company said that after a series of disposals last year, it […]
Genting Hong Kong has announced that its wholly-owned subsidiary, Star NCLC along with other selling shareholders, have agreed to sell an aggregate 19.5 million shares in Norwegian Cruise Line Holdings (NCLH) to its underwriter. As part of the offering, Star NCLC has proposed to sell 9.75 million NCLH shares, representing approximately 4.26 percent of the […]
Casino cruise operator Genting Hong Kong has announced the sale of 10 million shares in Norwegian Cruise Line Holdings for an aggregate amount of US$270.1 million. Genting said on a Friday filing that the proceeds of the sale will be used for general working capital and to fund new investments of the group should opportunities […]
Casino cruise operator Genting Hong Kong has requested a halt in the trading of its shares on the HKEx pending an announcement relating to the disposal of Norwegian Cruise Line shares, according to a filing from the operator. Trading in shares in the company will be halted with effect from 9am, November 16, 2017. Earlier […]
Genting Hong Kong is looking to delist from the Singapore Stock Exchange and maintain only a single primary listing on the Hong Kong Stock Exchange. Genting said a single listing in Hong Kong will increase the visibility of the company among North-Asian investors, and that it “intends to focus its efforts and resources on its […]
Genting Hong Kong announced the appointment of Tom Wolber as the president and CEO of Crystal Cruises on Friday, succeeding Edie Rodriguez. According to a press release from the company, Mr. Wolber has over three decades of experience in general management, operations, new-build construction and business development to Crystal during the company’s most significant expansion […]
Genting Hong Kong says it expects to record a widened net loss for the six months ended June 30, 2017, attributable to operating losses in its Crystal Cruises business, as well as additional depreciation of Genting Dream and shipyards. Excluding the share of results of Travellers, Genting says it expects to record a consolidated net […]
Genting Hong Kong reported a 39.1 percent gain in cruise ship related activities in 2016, but it swung to a loss on higher costs and as one-time gains last year weren’t repeated. On an adjusted basis, excluding one-time items, the loss before taxation for 2016 was US$121.5 million, compared with a loss before taxation for […]
Travellers International Hotel Group, the operator of Resorts World Manila in the Philippines, reported higher revenue and EBITDA for 2016, driven by income from hotels, theatres and retail operations. Net revenue for the year increased by 2 percent to P25.09 billion ($499 million). Gross gaming revenue dropped 2.3 percent to P23.65 billion, due to a […]
Genting Malaysia saw its net profit increase four-fold to RM1.7 billion (US$382.8 million) in the fourth quarter ended Dec. 31, 2016, compared to RM 338.6 million in 15Q4. Revenue for the quarter was RM2.3 billion, down 0.4 percent year-on-year. The huge jump in profit was attributed to a one-off gain of RM1.3 billion from the […]
Genting Hong Kong Ltd. says it expects to record a consolidated net loss of US$500-550 million for the year ended Dec. 31, 2016, according to a filing on Monday. The net loss for the year compares to a consolidated net profit of US$2.1 billion recorded in the full-year 2015. According to the cruise casino operator, […]
Genting Hong Kong has entered into a EUR160 million (US$169.4 million) facility agreement with KfW IPEX-Bank GmbH in order to finance part of the cost of construction and purchase of ships. According to the company’s filing to the Hong Kong Stock Exchange on Thursday, the final repayment date of the loan will be 102 months […]
Malaysian investment holding company MQ Technology Bhd has appointed a former Genting Hong Kong executive director to its board, a move benefitting the company’s recent diversification into the hospitality and entertainment industry. According to the company’s filing to Bursa Malaysia, Wong Ken Hong, 46, has over 15 years of experience in the gaming and hotel […]
Luxury cruise operator Genting Hong Kong has entered into a master agreement to buy electronic equipment and devices from FreeStyle Gaming Ltd to use on its cruise ships. FreeStyle Gaming is a subsidiary of Resorts World Inc Pte Ltd, a company controlled by Genting Bhd and the group’s chairman Lim Kok Thay. “In order to […]
The Genting Group is making strides in China’s luxury cruise business, but it’s a market that hasn’t proven itself yet, says Genting’s chairman. “My bankers are all very nervous at the moment,” said Genting chairman Lim Kok Thay in an interview, the Straits Times reports. The Genting Dream, which was officially handed over to Genting […]
Genting Malaysia said it has sold its 16.87 percent stake in its sister company Genting Hong Kong for about $415 million. The sale price for the 1,431,059,180 shares was $0.29 a share, which represents an 8.2 percent premium to the five-day weighted average trading price. Genting sold the stock to Golden Hope Ltd, a discretionary […]
Philippines-listed Travellers International Hotel Group Inc saw a drop in net profit for the six months ended June 30, according to a filing from Genting HK. Travellers reported net profit of P1.8 billion ($38.6 million) in 16H1, down from P2.4 billion in 15H1. While net revenue remained flat at P12.5 billion in 16H1, second quarter […]
Genting Hong Kong has announced the launch of FSG (FreeStyle Gaming) Mobile, an on premise live-table mobile betting application which allows customers of Resorts World at Sea to wager real money on live casino games. The app is available for smartphones and tablets, and is available on Genting Hong Kong’s Star Cruises ships, namely SuperStar […]
Luxury cruise operator Genting Hong Kong has signed an order for ten ships with the Lloyd Werft Group, local media reports. The order includes two mega cruise ships for Star Cruises and eight vessels for Crystal Cruises. “We are focused on delivering a world-class vacation experience for Chinese cruise passengers,” said Genting chairman Lim Kok […]
Casino cruise ship operator, Genting Hong Kong has signed an agreement with China Merchants Shekou Holdings to develop an international cruise ship port in Shenzhen. “The co-operation comes as rapid growth in the world’s second-largest economy through the past decade has spawned a generation of middle-class, wealthy Chinese consumers who are eager to travel overseas […]
Casino operator Genting Malaysia has proposed the renewal of a disposal mandate for its entire 16.87 stake in cruise operator and Philippines casino investor Genting Hong Kong Limited. The original mandate obtained on July last year from its non-interested shareholders was created in order to dispose of its entire 1.4 million GENHK shares. According to […]
Genting Hong Kong Ltd says it has terminated a transaction in connection to the acquisition of an aircraft in relation to its luxury cruise and travel business, according to a filing to the Hong Kong Stock Exchange. The luxury cruise operator said that it anticipated “that the Purchaser’s conditions precedent under the Agreement cannot be fulfilled […]
Genting Hong Kong has announced it has entered into a sales and purchase agreement with three German shipyards for €230.6 million (US$250.8 million) in order to expand its cruise fleet, according to a filing to the Hong Kong Stock Exchange. Genting Hong Kong Ltd said it is purchasing three shipyards in Wismar, Warnemünde and Stralsund […]
Genting Hong Kong Limited has announced it’s expecting to record a net profit of not less than US$2 billion for the year ended Dec. 31, 2015, largely as a result of one-time items, but warned operating results will deteriorate due to tough conditions in Asia’s gaming industry, according to a recent filing with the Hong Kong […]
Genting Hong Kong said it has exercised a call option to buy out the remaining shares it doesn’t already own in Lloyd Investitions and Lloyd Werft Bremerhaven. The purchase amounted to a further 50 percent of German letting and real estate company Lloyd Investitions and 30 percent of German shipyard Lloyd Werft Bremerhaven. Genting […]
Genting Hong Kong said it expects a gain of about HK$14.5 million ($1.9 million) from the sale of shares in Norwegian Cruise Line Holdings. The company said in a Hong Kong Stock Exchange filing that its Star unit will hold 11.1 percent in the cruise line operator following the sale, down from 13.4 percent currently. […]
Genting Malaysia is buying the group’s U.K. online gambling business for GBP7.2 million ($10.9 million) as part of an ongoing effort to streamline the group structure. In a filing with Bursa Malaysia, Genting Malaysia, which is 49.3 percent-owned by Genting BhD, said it was buying Genting Alderney from RWI International Investments, which is 50 percent […]
Landing International, which is buying out its partner Genting Hong Kong in a business that runs a casino on Jeju Island, South Korea, said revenue at the property has surged 16 times in the six months to end June compared with the prior-year period. In a statement to the Hong Kong Stock Exchange explaining the […]
Genting Hong Kong has entered into an agreement to buy a stake in shipyard operations and related leasing rights in the German port of Bremerhaven to facilitate its fleet expansion. Star Cruises Singapore Investment, a subsidiary of the company, has agreed to acquire 50 percent of the total share capital of real estate company Lloyd […]
Genting Hong Kong announced that the New South Wales Independent Liquor and Gaming Authority has allowed the company to increase its voting power in Echo Entertainment above 10 percent. The ILGA’s approval, which relates to the acquisition of certain stakes in Australian casino operator Echo Entertainment Group, will give Genting HK “the right to increase […]
Genting Hong Kong reported record interim profit, boosted by a stake sale and accounting changes, as well as higher revenue. Profit attributable to owners of the company was $2.16 billion in 1H2015, compared with $216.7 million in the year ago period. The group’s EBITDA for 1H2015 was $29.6 million compared with $20.2 million in 1H2014. The […]
Genting Hong Kong announced that Star NCLC, its wholly-owned subsidiary, has conditionally agreed to sell 10 million shares or 4.36 percent of Norwegian Cruise Line Holdings for about $590 million. The sale, which will result in a gain of $44.6 million, will see Genting Hong Kong’s stake in NCLH fall from 17.7 percent to about […]
Genting Hong Kong said it has sold a stake in a South Korean casino venture to partner Landing International to better focus on its cruise line business. In a filing with the Hong Kong Stock Exchange Genting said its Pearl Concept unit has sold its 50 percent interest in Magical Gains to Landing, its partner […]
Genting Hong Kong announced that the group is expected to record a year-on-year net profit of “not less” than $2.1 billion for the half year ended 30 June 2015. The figure compares to a net profit of $142.2 million for the half year ended 30 June 2014 and excludes the share of results of Genting’s […]
Genting Hong Kong said it’s selling down its stake in Norwegian Cruise Line Holdings for net proceeds of about $546.1 million to raise funds for working capital and fund new investment opportunities. The company’s Star NCLC unit will cut its stake from about 22 percent to about 17 percent as a result of the secondary […]
Genting HK announced that Resorts World Manila-operator Travellers International’s gross gaming revenues decreased 5.7 percent to P6.7 billion ($150.8 million) for 15Q1, down from P7.2 billion in the same period of 2014. The company’s 15Q1 net profit was P1.74 billion, a P26.9 million increase from P1.71 billion in 2014. Average table count increased to 295 […]
Genting Malaysia said it’s seeking a mandate from shareholders to sell its entire 17.8 percent stake in the group’s Hong Kong-listed unit Genting Hong Kong for a price of not less than $0.33 a share in cash, the company said in a Bursa Malaysia filing. The total number of shares being sold is 1,431,059,180, meaning […]
Norwegian Cruise Lines said its adjusted earnings for the first quarter rose more than 17 percent, helped in part by the $3.02 billion acquisition of Prestige Cruise Holdings in November last year. The company said it had identified greater synergies than it expected from the combination of $75 million for 2015 and $115 million for […]
Genting Hong Kong has warned that it’s profit for 2014 is likely to be less than half of that recorded the previous year as one time gains aren’t repeated, but said EBITDA, which reflects ongoing income, will be stable. Genting said its profit is likely to be not less than $235 million, compared with $483 […]
Landing International said it will hold its delayed ground-breaking ceremony on a planned resort on Jeju Island, South Korea on Feb. 12th. “The board considers that the groundbreaking ceremony is an important milestone in the group’s development and business growth,” the Chinese property developer said in a filing to the Hong Kong Stock Exchange. Jeju, […]
As the world struggles to get back to its feet, the Covid-19 pandemic has left the cruise community wondering if things will ever get back to the way they were before.
Resorts World Manila (RWM) was the first integrated resort (IR) to open in the Philippines and is the only one not located in Entertainment City, but opposite the country’s primary international airport. The property is currently in the third phase of its expansion, which will consist of a further three hotels, more gaming and other amenities, and is scheduled to be completed by 2018. Chief Operating Officer Stephen Reilly tells AGB about recovery from a deadly attack last year and how the resort fosters a loyal local base.
Two recent high-profile examples in Australia of deals not proceeding due to regulatory delays raise questions as to whether the approval process is taking too long, or whether the bar is set too high. An attempt by Tony Fung’s Aquis Group to buy the Reef Casino Hotel in Cairns failed because Queensland casino regulatory approvals were not obtained in time. The deal was publicly announced in February 2014 and more than nine months later, it lapsed. The reason is that Aquis had not responded to requests by the Queensland casino regulator for interviews and information in a timely way. Notwithstanding this, Aquis ultimately obtained approval to acquire the Canberra Casino.